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Brexit fears reducing, according to latest real estate survey

03 April 2018

Concerns over the impact of Brexit in the UK are reducing among occupiers, according to the recent study conducted by CBRE.

Just 6% of major occupiers of facilities across Europe thought that Brexit would have a "very significant" impact on their UK operations.

This had reduced from a figure of 15% and there was also a drop in those stating concerns that there would be a "significant" effect, falling from 38% 12 months ago to 33% in the most recent study.

Overall, the number of occupiers worrying over negative impacts from Brexit saw a reduction to 39% this year compared with 53% in last year's survey.

Although economic uncertain is expected to continue, the weaker pound has also attracted international real estate investors, the study revealed.

With domestic exports and UK tourism now more affordable, the survey showed growing demand for office, prime retail, industrial and hotel facilities.

However, falling net migration and new controls after 2021 could see reducing demand for office space, shortages in construction, retail, healthcare and hospitality and raised occupier and developer costs.

The survey also showed that few changes in real estate legislation are expected in the next few years, as Parliament continues to deal with other issues during and after the Brexit process.

CBRE head of UK research Miles Gibson said that although the Bexit process is "long and complex", his company's view is that an agreement with the EU will be reached and a hard exit avoided.

"Occupliers seem noticeably less concerned about Brexit now than a year ago. However we still expect 2018 to contain its fair share of surprises," said Mr Gibson.


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