Scotland's Indy Ref 2 - Cushman & Wakefield

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Indy Ref 2

David Davidson
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David Davidson, Cushman & Wakefield’s Chairman in Scotland says there is no need for panic about Nicola Sturgeon’s decision to ask permission to hold a second referendum.

He said: “Indy Ref2 will be the third Referendum in four years in Scotland and we therefore have some perspective that we didn't have in 2014.

“Business has to go on.  There is a point where businesses have to focus on the day to day. That was one of the surprising outcomes leading up to the 2014 Scottish Referendum and immediately following the BREXIT vote.

“Activity levels were lower than in non-referendum years but tenants with lease events relocated and investment properties traded. Glasgow and Edinburgh had robust levels of office take up in 2016.

“While some investors sensed increased risk, some saw opportunity. Core international and UK capital was more risk averse but others sensed opportunity.

“Discounted pricing was not as bad as initially feared. Some investment sales stalled but most property on the market prior to BREXIT has now been sold.

“Cushman & Wakefield has a number of properties on the market in Scotland now and the next two months will test market appetite for Scotland.

“Perhaps after the surprise of the BREXIT and Trump votes, the prospect of more change in Scotland will seem less of a concern? And perhaps politicians north and south of the border can get on with the job of growing the economy?”

Media contact: Christine Ferguson