Cohen & Steers: Property investors should think global as Brexit bites
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We have held a positive view of UK property in recent years, as investors seem to have consistently underestimated the market’s growth potential. But even before the referendum last year, the economy was shifting gears, prompting us to adjust our UK exposure away from more economically sensitive real estate.
Since voting to leave the EU, the UK economy has faced even more pressure. The declining pound and rising cost of imports, the prospect of businesses departing for other parts of the EU, general uncertainty surrounding Brexit, and anticipated job losses—particularly in London City—all suggest rising vacancies for the major UK office, retail and residential sectors. Compounding the challenge is the high supply of new offices coming to market.
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Source : Cohen & Steers: Property investors should think global as Brexit bites