■  The supply versus demand dynamics have been compelling over the last 12 months, with all regional cities significantly below their average years of supply as we move through 2016.

■  Large-scale speculative developments have started to materialise. With institutions now having money for funding and with a restored market confidence, we expect this to continue.

■  In the meantime, the lack of office space available in the regional office markets will continue to drive the demand for value-add office refurbishment opportunities as we go through 2016.

^{▲ The Pithay, Bristol, which is about to undergo extensive refurbishment}