■ The occupational markets will respond more slowly, and in a more measured fashion to the recent news. We expect to see lower levels of leasing activity throughout this period of uncertainty. However, we were always expecting take-up to return to "normal" levels. This will combine with a reduction in the number of planned development starts to ensure that while vacancy rates might rise, they will not rise to the levels seen in previous cyclical downturns.
Opportunity after market shock?
Summary
■ The economic shock of Brexit is yet to be felt, and little data has emerged. However, the key questions around whether the UK and London are likely to remain as open as they have been in the past are already being asked.
■ The immediate response amongst investors has been mixed. Many of our global clients are telling us that they expect to see London as a buying opportunity (because of expected price falls and a favourable movement in currencies). Others are increasingly cautious, especially given the recent closure of many of the retail property funds.
