Office rents and values have begun to slip across the central London commercial property market with some firms nervous about Brexit, a new report suggests.
Post-Brexit, the British commercial real estate sector experienced a period of stress: many managers and insurers had been forced to temporarily close their real estate funds in order to cope with the buybacks of investors. "The three years before the Brexit had been marked by double-digit returns," said Tony Brown, head of investment at M & G Real Estate.
During 2016, the UK’s office market experienced a few ups and downs linked to political uncertainty and decreased consumer and investor confidence. In spite of this, the overall market performance did not stray far from what was expected: strong levels of leasing activity in the Big 6 office markets (namely Birmingham, Bristol, Edinburgh, Glasgow, Leeds and Manchester), sustained rental growth due to the limited availability of Grade A space in cities like Birmingham, Bristol, Leeds, Manchester, London, Cardiff, Edinburgh, and Glasgow, and a notable surge in the number of lettings closed in London towards the end of the year. Are these trends expected to continue during 2017?
Findings from CBRE’s Scotland Property Quarterly Report.
Leading property consultant CBRE has released the findings of its latest Scotland Property Quarterly report, with statistics showing Glasgow and Edinburgh’s office and industrial markets to be the strongest performers in the twelve months to the end of Q1 2016.
Joint developers British Land and Universities Superannuation Scheme have got the green light for a plan to regenerate Kingston town centre’s Eden Walk shopping centre in West London.
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