Having started the renaissance of the commercial property market some years ago, London is now getting a more cautious message from the industry.
On the face of it, the market is healthy enough with a good flow of lettings, low vacancy rates and rising development but, as so often with markets after a long bull run, the mood starts to change.
Nothing dramatic has happened although there has been some falling off in the flow of investments and a sudden economic and stock market panic prompted by China at the start of the year.
Even so, London continues to be rebuilt with new accommodation, both residential and commercial. The appetite for tall towers is undiminished and they are being built for offices in the city and for residential in many places.
It would appear that many people do not realise the extent of the rebuilding. A relatively short while ago, Aldgate and the City fringe was being rebuilt and this process moved out to Shoreditch and now Hoxton.
Kings Cross sets the pace in north London and the centre of Camden picks up the message. Southbank has spread more widely into Bermondsey and will reach the Elephant & Castle. Vauxhall and Nine Elms are transformed and growth has returned to Paddington.
Even a suburb like Lewisham is being rebuilt with tall buildings and massive changes to the road system.
Docklands continues to expand and Stratford pull in new occupiers.
These changes create something of a juggernaut so it is hard to assess what a slowing market will bring.