Brexit: Implications For The Built Environment (July 2016)

As a leading firm in the built environment industry, we have seen the industry evolve through previous economic and political shockwaves, most notably the effect of the global financial crisis in 2008. We believe that it is important for the industry to allow the hysteria generated by the vote to subside and then take a considered view as to its short- and long-term future in relation to its key sub-sectors. Below we have outlined our view on the current status:

Investment and development

Short term

Whilst there may be a flurry of activity for investors looking to take advantage of the pound's depreciation against the dollar, yen and other safe-haven currencies, the overwhelming sentiment will be caution and delay in decision-making. The key difference between now and 2008 is that the proportion of distressed sellers is modest and the investment market is dominated by equity-rich ownership who would not be compelled to re-price assets and bring them forward for