Green Street Advisors

Wall Street Journal: So Far So Good: Financial Firms Commit to London Despite Brexit Concerns

According to the WSJ, two years ago, the U.K. vote to exit from the European Union set off alarms in the London office market that tenants and investors would flee the city. However, the market is proving to be surprisingly resilient.

Green Street analyst Hemant Kotak said his firm has had a number of “informal discussions with market participants” that a number of financial institutions are looking for space in London. “When you look at the opening/expanding of satellite operations in the EU, it appears to be driven by banks hedging their bets, rather than indication of wholesale moves so far,” he said in an email.

“The fragmented nature of these moves also gives us reason to be more optimistic that no one market can really be a challenger to London’s dominance in the near or even medium-term,” Mr. Kotak said.

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To read the full article from Wall Street Journal, click here.