It seemed to me like the whole industry was being cautious for the six months before the referendum from when the result we got started becoming a possibility.
A fair chunk of the largest multinationals have their EU HQs in the UK (40% form some figures I've seen). It is inevitable that these will downgrade to UK offices should we exit the EEA. Why would they do anything more than the minimum to keep running, until they are sure they are staying put?
Had the vote gone the other way, then there would have been a mini boom as the delayed projects get taken off hold.
Of course there has been a minor recovery since the date of article 50 has been made more certain, and businesses know that anything on a 2 year cycle can resume, and anything that can be accelerated to be complete within 2 1/2 years can as well.
However, a lot of stuff is on a cycle of four or more years. (Including equipment).
Given we have no idea how this mess will turn out, no-one whose business involves the EU can make any long term plans. (Without some sort of promise being made to protect them).
There are many possible outcomes.
We might end up remaining in the EEA (which is really all that the referendum question gives a mandate for).
We might end up remaining in the European Customs Union, meaning goods can travel freely, but people and services can't. (like Turkey) I wonder if this is what has been promised to Nissan, it would also fulfil the promise made about the Irish Border.
We might end up paying a few tens of millions a week to keep our bank passporting.
Or we might keep insisting on no freedom of movement, while the EU insists it is non negotiable, and end up with WTO rules (or even nothing at all, if we don't get a smooth entry into it as a standalone.)
Giving the UK access to the single market without freedom of movement would destroy the EU, and they know it. We get it, Switzerland will have to be given it too, then the whole thing will fall apart. Quite why they set a precedent for doing it with Canada, I don't know.
It could mean a game of chicken in the negotiations.