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UK Update – 07.20.2010I am on the beat in London this week and thought I would update you on the mood of the market “across the pond.” In sharp contrast to an emerging, albeit slow, recovery in the US, the UK real estate community is bracing for a double dip. This is not 2009, but most real estate types are very cautious about predicting that the worst is over. Also, on the real estate investment banking front, activity in the equity capital markets has slowed appreciably, signaling that the public exit strategies that were being pursued by many private owners will be on the shelf until the markets come back to life. I should note that this is not too different from the US scene where a number of IPO’s have been withdrawn recently due to pricing. The translation of this in England, on the hiring front, is as expected: little activity and not much hope for recovery for the balance of the year. Essentially, my read is that the UK is 12 months behind the US in the turnaround. Another tea, please.

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