Just days after the controversial UK exit from the EU, a number of experts have said that demand for UK commercial property will weaken.
Experts, including JLL UK’s chief executive officer, Chris Ireland, have said that activity levels are expected to dampen while the exit terms are negotiated.
He comments: “The impact on rents may be limited by tight supply, but activity will be adversely hit while initial uncertainty about direction and timing continues.”
Mr Ireland goes on to say that in the short to medium term, investor sentiment will be “subdued”.
In regards to property markets, he says “the initial correction may be most severe but should be followed by an upturn as opportunities re-emerge in UK core markets and benefits of weak sterling are recognised. Sentiment and relative pricing will be key.
“Much will depend on the speed of negotiation, the wider political picture and whether a clear direction of travel and timetable for an EU exit is established early on.”
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