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Implications of Brexit on international capital flows into the London office market

Author

Listed:
  • Martin Haran
  • Michael McCord
  • Olawumi Fadeyi
Abstract
The London office market is a primary destination for international real estate capital and a key global city and financial centre for international real estate investment. However, the increase in global uncertainties in recent years due to political events and economic and inflationary challenges highlights the need for more insights into the behaviour of international real estate capital flows. The purpose of this study is to evaluate the influence of the global and domestic environment on international real estate investment activities within the London office market over the period 20016–2023, concentrating on the separation of the UK from Europe due to the Brexit referendum, which seemingly have influenced investment flow patterns in and out of London. We employ an auto-regressive distributed lag approach using quarterly MSCI cross-border investment transactions within the central London office market for the period 2016-2023. We measure both long-run and short-run co-integrating effects and causality relative to Long-term interest rates, real effective exchange rates, total returns and yields from the London office market, GDP, Stock Market Capitalisation, the VIX index and Global Liquidity.

Suggested Citation

  • Martin Haran & Michael McCord & Olawumi Fadeyi, 2024. "Implications of Brexit on international capital flows into the London office market," ERES eres2024-257, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2024-257
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    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2024-257
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    More about this item

    Keywords

    Brexit; Capital Flows into Real Estate; International Property Investment Trends; London Offices;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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