Unlike their cousins in residential property, professionals in the commercial sector are not searching their souls after the crisis. Property is cyclical, they shrug. The basic drivers of demand are unchanged, and supply did not get out of hand. Now is a time to pick up bargains. But beneath the cyclical rhythms, the crisis has left its mark. First, the industry's cast has changed. Both its asset-management and its financing sides have been winnowed out, thanks to the disappearance or withdrawal of several big banks, ing, a Dutch bank that has been told to lose weight by European regulators, sold most of its huge property fund-management arm to cbre in February, for example.
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