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Commercial property boom in wake of referendum

The report suggests a boom whatever the result. Picture: Jane Barlow

The report suggests a boom whatever the result. Picture: Jane Barlow

  • by DOMINIC JEFF
 

Scotland’s commercial property market is set to boom in the wake of the referendum whatever the outcome, according to a new report.

The study, by commercial property firm Colliers International, found some firms and investors are putting off decisions until after the vote.

Walter Boettcher, director of research and forecasting at Colliers’ Edinburgh office, said the demand being created could be released if Scotland votes to keep the status quo. “There are firms saying ‘we are close enough now, a couple of months isn’t going to make much difference’,” he said. “After the vote, I think the pent-up demand could storm ahead.”

A Yes vote would give companies less certainty, as negotiations on the nature of the new state are expected to take at least 18 months.

In the longer term, a Colliers survey suggests that it will take several years before full confidence is restored in the sector following a yes vote. But Mr Boettcher added: “It could recover quicker than that if after 12 months there is a clear vision of where we are headed.”

It follows a poll by another property consultancy, Ryden’s, which found that almost three quarters of its clients were against independence, with a further 9 per cent still undecided.

 

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