Scotland’s commercial property industry is likely to see a boost after the independence debate, an industry expert said.
New developments and pent-up demand will move the sector forward north and south of the border, said Walter Boettcher, of Colliers International. “Uncertainty has been lifted for businesses on both sides of the border. central government.
“The referendum has highlighted how a new balance of local and central powers and decision-making must evolve to accommodate local aspirations and perceptions of economic opportunity.
“From a narrow business perspective, economic and financial confidence has perhaps regained its balance and this will drive higher levels of activity as pent-up demand and projects shelved temporarily will be dusted off and pushed through.
“Certainly property sector leasing and investment transactions both north and south of the border will see a decisive boost.”
Mr Boettcher said the UK property industry had much to gain, adding: “From a broader strategic business perspective, given international appetite for infrastructural development by sovereign wealth funds in a very low interest rate environment, the opportunity for commercial real estate investment and development is staggering.
“It may sustain activity levels well beyond the normal limits of traditional property cycles.”
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