Business

Brexit worries ease for commercial property occupiers

Brian Lavery, head of CBRE’s Belfast office

COMMERCIAL property occupiers across Europe are less concerned that Brexit will have a detrimental impact on their business, according to a survey from agents CBRE.

The proportion of occupiers worried about the negative impact from the UK leaving the EU fell to 39 per cent in 2017 compared to 53 per cent the previous year, it says in its report Brexit: A Guide for Real Estate Decision Makers.

The statistic emerged from a survey of 100 major occupiers across Europe by CBRE, most of which have pan-European or global operations. In the UK, levels of concern have also fallen.

Only 38 per cent of UK occupiers had significant or very significant concerns about Brexit in late 2017 compared to 65 per cent the previous year.

“There will be substantial political noise and turbulence throughout 2018,” the report said.

“Although an agreement on withdrawal issues has taken time to secure, it is not likely to have significant impact on real estate.”

Brian Lavery, head of CBRE's Belfast office, said: “Occupiers are following progress in the Brexit negotiations closely but worries about the impact on their business has eased slightly as more clarity starts to emerge about the exit deal.

"However, the survey respondents are typically large businesses with representation across many countries, which is likely to dilute their concerns.”

CBRE's report argues that real estate decision makers will be most focused on how the Brexit process handles migration controls on the UK labour market, trade restrictions with the EU, and regulatory and tax change.

The full report can be found at www.cbre.com/research-and-reports/United-Kingdom-Brexit---A-Guide-for-Real-Estate-Decision-Makers-March-2018

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