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03 May 2016

EU vote ‘hitting demand for commercial property’

Questions over the upcoming EU referendum have pushed global demand for UK commercial property downwards, according to the Royal Institution of Chartered Surveyors (RICS).

Demand among foreign investors has dipped to its lowest level on record, the trade body said, with some firms choosing to put off their investment plans until after the vote on June 23.

Since the confirmation of the referendum last year, the RICS said international demand for UK office, industrial and retail properties has gone down.

Only 5% of the group's members have witnessed increased interest for commercial property from overseas companies in the past quarter.

During the second quarter of last year, the figure was significantly higher, at 36%.

Discussing the findings, RICS chief economist Simon Rubinsohn said: "There is no doubt that since the EU referendum became a certainty following the general election last May, we have seen a decline in interest from overseas investors in UK commercial property."

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