• CBRE’s 2017 Outlook report provides a comprehensive overview of the key trends affecting UK property markets in 2017. Alongside core sections covering the economic, political and investment outlook there is coverage of every major investment and occupier sector.
• There is an improved global economic outlook, but inflation is now a more significant risk than previously. There is less concern about emerging markets.
• UK GDP growth is expected to slow to 1.4% in 2017 due mainly to Brexit-related uncertainty and a tighter labour market.
• The Brexit process will mean a very uncertain 2017, with some volatility in markets expected even if the underlying economy is performing well – not least when Article 50 is served.
• 2016 investment volumes likely to be 30% down on a very strong 2015, with 2017 slightly weaker than 2016.
On the 23rd June 2016, the UK as a whole voted to leave the European Union. However, in stark contrast to the majority of England and Wales, Scotland voted firmly in favour of remaining in the EU.
It is only two years since the Scottish electorate were asked whether they wished Scotland to be an independent country. The answer then was a firm 'No'. However, the result of the EU referendum, and the massive disparity in the response from different parts of the UK, has brought the prospects of a second independence referendum back on the table.
In this ViewPoint we look at how this situation has come about, some of the hurdles that need to be jumped in order for a second referendum to take place, and the implications on Scotland's commercial real estate markets.