London offices could fall 10% as Brexit bites

摘要

The value of London office property is expected to fall by about 10% following the UK's decision to leave the EU - and could slump even further. The real estate team at Green Street Advisors has forecast that the initial impact would be a 10% drop in values, with the City likely to suffer a 12% drop and the West End a more modest 8%. "The City is expected to be hit harder and is likely to see a bigger fall-off in demand because it has a large banking and financial tenant base," said Hemant Kotak, managing director at Green Street Advisors. "The development pipeline is also skewed to the City."