Whatever people’s political leanings, hopefully all will agree that Brexit uncertainty is not good for the property or construction industries.
The sooner we have clarity on what is and what isn’t going to happen after March 30th the better.
I hope emerging local plans will successfully balance the need for achieving much-needed private and affordable housing targets, while also supporting developers to deliver viable developments.
I look forward to and hope to see the opening of the much-awaited Elizabeth Line, which despite its controversies will provide greater capacity and connectivity to the transport system, while unlocking value in the areas it serves and providing a catalyst for yet further investment and development.
I expect an uptick in property and construction activity next year, driven by a flurry of occupier activity after a period of pre-Brexit hesitancy, on top of the continuing and persistent demand for UK property from overseas investors. Though reduced business rates will offer some welcome relief to retailers, I expect that unfortunately more household names will disappear.
Meanwhile, inventive developers and investors will put forward alternative ideas to repurpose assets and inject life back into high streets and retail destinations. The bourgeoning co-working market will continue to grow as start-ups and mature businesses needing a flexible approach demand different kinds of space. While well-known brands will continue to grow with the trend, we’ll see more traditional landlords challenge the co-working pioneers with their own concepts.
Resolution: To expand TFT’s experience in growing property sectors such as senior living, build to rent and private residential, which we believe will flourish in the years ahead. TFT will also be researching and trialling innovative kinds of technology that can augment our teams’ skills and help them add even more value to client work.
Daniel Henn, development and project consultancy partner at TFT
2019 forecasts: what lies ahead
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2019 forecast: Daniel Henn (TFT)