With the gloomy news headlines seemingly mounting by the day, it is difficult for the real estate industry to be cheerful in the midst of a financial crisis that is rapidly becoming a full-blown global recession. But I think the profound structural changes that have been initiated in the listed industry in recent years will be extremely positive for the sector as we emerge from the downturn, as well as mitigating some of its baleful effects in current markets.

We also shouldn’t forget that in property we are the providers of a basic economic factor of production, that businesses will always need a roof over their heads, and that these are real tangible assets that underpin the values of our companies. That is a comforting thought when you consider the concerns over the complex web of derivatives and securitised instruments that played such a large part in triggering the credit crunch.

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