Brexit, the economy and house prices (Part 3)

setmefree2

London’s commercial property market defies doomsayers

Fears of a Brexit slump have been replaced by the exhilaration of a dealmaking frenzy

After the Brexit vote last year, London’s commercial property market briefly fell into disarray. Investment volumes plummeted, deals fell through and property funds were forced to prevent immediate withdrawals of investors’ money. Yet more than a year on, prices for some of London’s best-known buildings are hitting records. Trading of office buildings has ramped up and property agents are toasting some of the largest deals of their lifetimes. Fears of a slump have been replaced by the exhilaration of a dealmaking frenzy, while landlords are reporting strong appetite in the leasing market.

The market has been rescued by twin saviours: an influx of money from China and Hong Kong seeking to invest in high-end commercial property assets, and a seemingly insatiable appetite among fashionable serviced office groups such as WeWork to lease new space. In the first half of 2017, Chinese and Hong Kong investors pushed a record £4bn into London commercial real estate, helping to drive total investment in the city to £12bn, according to data from the property advisers CBRE. That figure includes £1.15bn paid for the “Cheesegrater” skyscraper by Hong Kong-listed CC Land, a company previously little known in the UK market. Lee Kum Kee, a Hong Kong condiments group, has since exceeded that with its £1.3bn purchase of the nearby “Walkie Talkie” building. “To see two like that trade in such close proximity I think is quite rare, and also to find two buyers that are effectively new entrants [to the market] — that’s quite something,” says Chris Brett, head of international capital markets at CBRE. “I think you can safely say there is continued demand across London, and to a certain extent the UK, from overseas capital from all parts of the globe.”

https://www.ft.com/content/bcd274e6-6dff-11e7-b9c7-15af748b60d0

Conrad

CKhalvashi wrote: »

No



No, we need manufacturing workers, fruit pickers, nurses, etc.

It wouldn't be in the best interests of business or the country to restrict FoM

Link me to examples of Australia and Canada suffering LONG TERM lack of fruit pickers, unable to come up with solutions.


I expect scurvy abounds.

setmefree2

Tech players break ground on HQ sites around London

Apple, Google, Amazon and others are remaking the capital’s office map

In the first quarter of 2017, they sent rents in Shoreditch — which five years ago were more than 25 per cent lower than those in the neighbouring City of London — above those in the financial district for the first time, according to data from Knight Frank. Despite the growth of this so-called “Silicon Roundabout” area, however, global tech groups have made more impact in other parts of London hitherto barely seen as office locations. The latest was Apple’s announcement that it would create a headquarters in the old Battersea power station, on the south bank of the Thames, in a former industrial district. This was a triumph for the power station’s Malaysian-backed developers and echoes the move by Google to the King’s Cross area, which until about 15 years ago was a down-at-heel vicinity known for derelict buildings and the sex trade. Now, office rents in that area — where Google has multiple sites — also exceed those in the Square Mile.

https://www.ft.com/content/c00541b6-6dff-11e7-b9c7-15af748b60d0

CKhalvashi

Conrad wrote: »

Link me to examples of Australia and Canada suffering LONG TERM lack of fruit pickers, unable to come up with solutions.


I expect scurvy abounds.

Do both not import labour to do so?

Do we not import labour to do so?

Oh, wait......

mayonnaise

CKhalvashi wrote: »

nor would it be in the interests of Posh Spice's children, as they'll be more employable in 28 countries rather than just 1.

:rotfl::rotfl::rotfl:

CKhalvashi

setmefree2 wrote: »

The chief executive of UK Music, Michael Dugher, has pushed for the British government to end the “uncertainty and lack of clarity” following the Brexit decision, and introduce a EU-wide live music ‘passport’ for British musicians, who need to tour freely throughout Europe.

http://www.theindustryobserver.com.au/uk-music-call-for-a-europe-wide-live-music-passport/

And hopefully not lock the companies that support them that have created 120000 jobs in doing so out of the EU market

setmefree2

UK hotels find silver lining in Brexit-hit pound

London leads as tourists shrug off terrorism fears to take advantage of weak currency

https://www.ft.com/content/9860a016-9d3d-11e7-8cd4-932067fbf946

Luxury shops in London benefit from a sharp fall in sterling

https://www.ft.com/content/c33767b0-6dff-11e7-b9c7-15af748b60d0

Herzlos

setmefree2 wrote: »

http://www.theindustryobserver.com.au/uk-music-call-for-a-europe-wide-live-music-passport/

Why stop at musicians? Why not give everyone a EU wide passport?

A_Medium_Size_Jock

Another Brexit rumour debunked.

The FT on the alleged offer by TM of 20 billion:

Germany’s Angela Merkel has been told by the British government to expect Theresa May this week to offer to fill a post-Brexit EU budget hole of at least €20bn, the first attempt by London to meet European demands to settle its divorce bill.

https://www.ft.com/content/410cb88e-9d58-11e7-9a86-4d5a475ba4c5

And the response from German officials made within the past hour?

Berlin has not received a concrete Brexit settlement offer from Britain - government spokesman

http://uk.reuters.com/article/uk-britain-eu-germany-payments/berlin-has-not-received-a-concrete-brexit-settlement-offer-from-britain-government-spokesman-idUKKCN1BV1K7?il=0

System

Conrad wrote: »

But didn't you hear, they will merrily disrupt and risk their UK sales and jobs therein and gladly so for the sake of some abstract possibility of dissuading other leavers.

Everyone selling something to the UK is bricking it in case there isn't a deal. Meanwhile, in la-la land, leaving with a deal would be brilliant for the UK and super fabulous if there wasn't.

Our hand is so strong you'd think that would be enough but oh no - the government have been pretending to be inept cretins for over a year to cause further EU fear and trepidation.