Market Updates
What recession means for property
According to the latest data from the Office for National Statistics (ONS) the UK economy fell into a recession at the end of 2023, as gross domestic product (GDP) for October to December dropped to 0.3%, a sharper decline than economists were expecting, and the second quarterly fall in a row, after a decrease of 0.1% in the previous quarter, between July and September 2023.
UK Commercial Real Estate Market - Q1 2023
The UK commercial real estate market is currently experiencing a mix of sentiments, with certain sectors performing better than others. The office sector, which has historically been a strong performer, has seen a reduction in demand due to the COVID-19 pandemic and the rise of hybrid working. As a result, we have seen a flight to quality as vacancy rates have increased in secondary assets.