On balance, the Brexit vote looks like bad news for the commercial property market, which dislikes uncertainty and instability. It’s bound to cause some form of slowdown/dip in the short term but the prevailing market dynamics are such that we are unlikely to see the falls witnessed between 2008 and 2010.
The question that is impossible to answer is how long the effects of Brexit on the commercial property market will last. Long term we will recover and, who knows, we may be better off economically out but the country has taken a leap into the unknown.
Some development plans are bound to stall or possibly be shelved as developers wait to see how Brexit plays out on the economy. One could however also make an assumption that uncertainty creates opportunity for those who know where to look.
