Having enjoyed a bumper run in the years following the financial crisis, London’s vast and wealthy commercial property industry came unstuck when Britain voted to leave the European Union two years ago.
Office landlords such as Land Securities, Derwent and British Land saw millions wiped off the value of their shares and investor cash flowing into the capital waned amid fears the City would lose its dominance of Europe’s financial sector, leading to an exodus of employers.
But the panic didn’t last long. “We had six months when nothing happened,” says Will Colthorpe, a partner at the property developer Argent.
