A team of consultants from our General Practice team at Cobalt Recruitment attended the EG London Question Time post-referendum debate last night at the Shakespeare’s Globe theatre. Real Estate Research Recruiter, Rosanna Gisbourne shares some of the key takeaways.
The overall sentiment was positive with reference to finding ‘opportunities out of the ashes’. Companies will have to become more agile, but all those on the panel were optimistic about the Real Estate market and may see more foreign capital coming into the market in the short term.
Interestingly, the panel were asked what they thought the difference would be if the Remain vote had won. The view was that it would have been back to business and the market would have risen again in line with trends. However, the slow down in investment turnover was already happening so it would have been unlikely for the boom to exceed last years activity. The Real Estate market will always be cyclical and there has been such a rapid rise over the last couple of years, the panellists agreed the market would plateau in spite of either result of the referendum.
To conclude, generally speaking there is unlikely to be a crash in the Real Estate market and business will keep going as normal. What we need now is stability and direction from strong leadership of the country.
London is still a key financial centre and so organisations will always need a base here and generally speaking it is still unattractive for companies to actually leave London. The panellists all agreed that London is a global hub and Victoria Quinlan of Lendlease said that London is one of the best places in the world to base a global business. Whilst it was felt that some business might relocate to Paris or Frankfurt, the consensus was that any losses would be small. Goodwin Gaw of Gaw Capital talked quite movingly about the unique ‘colour’ of London and described the UK as the ‘best friend of China’ saying that that wouldn’t stop being the case anytime soon.
Although this is a brief summary of the evening, the overall feel was overwhelmingly positive. This has been reflected at Cobalt and we are continuing to receive new mandates and existing roles are still progressing.
The EG London Question time panelists:
Presentation by Claire Emes, Chief Innovation Officer, Ipsos MORI
Goodwin Gaw, Chairman, Gaw Capital
Paul James, Head of Public Affairs, Telefonica O2 UK
Stephen Down, Head of Central London & International, Savills
Charles Staveley, Partner and Head of Real Estate Investment, Mills & Reeve LLP
Victoria Quinlan, Chief Operating Officer – Europe, Lendlease
Chaired by Damian Wild, Editor, Estates Gazette
If you would like to discuss any recruitment requirements or opportunities available, please contact your nearest Cobalt office.
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