The next 12 months will present a series of challenges for the UK property market. In addition to the ongoing turbulence caused by plummeting oil prices and economic turmoil in countries such as Russia and China, there's the Bank of England interest rate rises, the London mayoral election and the prospect of a looming EU referendum. Despite such uncertainties, CBRE still has a bullish outlook for 2016. Off the back of record-breaking investment volumes in 2015, total investment in UK commercial property is expected to hover around the £70bn mark in 2016. The watchwords for CBRE's head of UK research Miles Gibson are "steady" and "sustainable" as domestic and overseas investors increasingly look outside London for opportunities. It is a view shared by CBRE's UK managing director Ciaran Bird. Property will continue to be a bellwether for the UK economy, with 2016 set to offer "another year of strong returns for investors", he says, adding: "Clients will be looking to be more agile and to innovate in their operations as they look to capitalise on opportunities in what remains a market full of opportunity." Although Mark Ridley, chief executive officer at Savills UK and Europe, thinks 2016 will be a "very different" year to 2015 as the industry enters a new stage of the property cycle and faces a number of "known unknowns", like Bird he still believes there is plenty of room for optimism.
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