Office prices fall following Brexit

The value of commercial space across the UK fell by 3.3% in July following the Brexit vote, with the City of London hit the hardest, according to the monthly index compiled by CBRE.

In the City, office prices dropped by 6.1% following the vote to leave the EU. CNBC reports that this is proof of the area’s dependency on financial institutions, with the sector reigning in UK operations in preparation for Brexit.

Miles Gibson, Head of UK Research at CBRE told CNBC that the office and retail property sectors saw the biggest fall, at 4.1% and 3.6% respectively. He said a break in value growth was expected in 2016, with the EU referendum acting as a catalyst for the downturn.

Read the original article at cnb.cx/2aOkVlb