There is a different picture emerging from the regions however, with centres such as Birmingham proving resilient. Here there is evidence of yield compression in high-yielding assets, signs of a return to rental growth and increasing occupational demand. It could be said that the retrenchment in London is simply a sign of the market getting a little ahead of itself, while conditions in the regions have trodden a path that's more reflective of the slowly recovering economy.
That pace of recovery in the Midlands looks set to accelerate, but it is well overdue. Middle England has spent decades reeling from a decline in manufacturing; steel, motor vehicles and mining are classic examples. But unlike London, demand for commercial property and interest from new investors, notably the Chinese, are sponsoring a distinct revival.