Commercial property in London and the south east has been buzzing for some time, but now the rest of the UK is catching up. In fact, returns from regional investments look set to outpace those in the south east as Britain's economic recovery gathers further momentum.
So with demand for offices, industrial units and even shops outside London showing no sign of abating - particularly as new supply has still to regain sufficient momentum to meet that demand - why are some people starting to become a little more wary about investing in such assets?
There are a number of 'what ifs' that could see prices retreat. Most obviously, returns on property have been boosted by institutional tourists from fixed-income markets looking for a better return. This has inflated values, a trend that will reverse when interest rates start to rise meaningfully. This is unlikely to happen for a year or two at least, but property investment is a multi-year game.