What does Brexit mean for commercial property law? In our latest 'Brexit: Bitesize' article, Ruth Brewin, partner and head of commercial property, talks about what the exit may mean for this area of the law.
“In the world of commercial property, the first immediate impact of Brexit is the adverse effect uncertainty will have on the investment markets. This will feed directly into the property market - starting first in the City, where the majority of the top end property investment work is carried out, and then spreading through the rest of the country.
"It’s hard to predict the impact on this region, as it has been protected from some of the worst excesses of past recessions, but it’s difficult to see how Brexit could benefit the commercial property market locally.
In terms of future legislative changes, parliament may want to revisit various legislation driven by our former EU membership e.g. protective ‘green’ laws, protection for tenants deriving from human rights legislation and the complex VAT property regime.
"The most immediate challenge, though, will be for the country to avoid another recession. Wholesale legislative changes in the immediate future are unlikely to be a top priority for any government in Brexit territory.”