Disinvestment by offshore companies in response to the low oil price is one factor in this apparent stagnation.
Office markets continue to move in very different cycles. Glasgow offices are achieving strong Grade A take-up and Edinburgh has witnessed near record levels of sales and lettings. Aberdeen faces a multi-year market adjustment as the development lag delivers new schemes into weaker occupier markets.
Industrial property markets are active but are digesting the loss of vacant rates relief.
The retail sector is active and focused on re-energising, expanding and diversifying existing prime locations.
The property investment market has been selectively active, but is now slowing, with the prospect of a post-EU Referendum rebound for strong regional markets such as Glasgow and Edinburgh.
Read the full review.