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Brexit is causing a time of uncertainty for Britain. A survey of more than 800 real estate professionals has indicated that London is now officially ranked among the European cities with the worst outlook for 2018.
According to Urban Land Institute and the European Real Estate Report, which compares 31 European cities, London stands at the wrong (bottom) end of the spectrum, after falling to 15th position earlier this year. Only Rome, Athens, Moscow, and Istanbul have poorer prospects, while Manchester and Birmingham both rank better than London, because they are less dependent on financial occupiers and foreign capital.
Eugene O’Sullivan, leading Chartered Surveyor and Managing Director at Morgan Pryce, explains; “Over the last year, there have been clear indications of London’s decreasing prospects, and reasons for pound depreciation within the real estate sector. For example, investment banks like J.P. Morgan have taken over 150,000 sq ft of office space in Dublin, steadily moving away from the biggest CBD in Europe – London.”
Both rents and capital values are expected to fall in the capital. Indeed, the European Real Estate Report has observed that the industry is “still taking a dim view of London’s prospects, judging them to be heavily clouded by Brexit.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.