So the property market isn't great. But you know what? We had a pretty good run. Unlike others, I didn't stop buying two or three years back because I didn't want to miss out on a rising market. I might have regrets about one or two buildings we bought at the end of the run, but I did so well on the way up, it doesn't really matter. It's no good being greedy.
Things are horribly quiet at the moment. You can tell that times are bad when people spend more time hanging around at receptions. They are not itching to get back to the office because there's not much to do.
A new market is evolving. The sparkle has gone but I'm still buying selectively. It's frustrating because we can't be as aggressive as we once were, but when a good property comes up and the return is right, I just can't resist.
I am also looking at new opportunities. Property shares are so cheap that when you buy them you could be arrested for theft. We're also looking at maximising rental income in different ways. But the main thing is to keep the rental income flowing.
Just one thing everyone should remember - when the property market is going up, people think it's never going to stop; when it's going down, people also think it's never going to stop. It's not true - so don't get too depressed.
David Pearl is Chairman of The Structadene Group, a commercial and residential property investment company