The property market, like the mergers and acquisitions market, tends to lag the broader economy, so real estate bankers have had it doubly hard. While their colleagues in defensive sectors such as healthcare and utilities have got by on a steady trickle of deals, bankers who advise property companies, funds and investors have suffered a barren spell.

While some investment banking teams have done well from the recapitalisations and restructurings undertaken across real estate, M&A bankers in the sector have been twiddling their thumbs.