Brexit and the Commercial Property Market – Calamity or Opportunity?
A messy Brexit could prompt the start of a downturn in UK commercial property. If that’s the case, should investors be concerned? Will there be any potential benefits to the Irish commercial property market?
The UK commercial property market paused after the referendum result, as owners and tenants mulled its potential impacts on their properties. Meanwhile, other trends have continued, including the decline in demand for retail units due to the growth of online shopping.
The Bank of England has even gone so far to warn that a disorderly Brexit may cause U.K. commercial property prices to fall by more than they did following the global financial crisis. Prices of offices, warehouses, malls and hotels could drop as much as 48 percent in a no-deal Brexit scenario—more than the 42 percent decline following the 2008 global crisis, according to the Bank of England.
Many sectors of the Irish commercial property market have already seen or anticipate enjoying benefits of Brexit despite the overall impact of Brexit for Irish economic performance is negative.
Please join us on the 21 March, at the Stephens Green Hibernian Club, to hear from Thomas O’Malley of Tully Rinckey, Richard Ball of Hibernia REIT, and Willie Norse of CBRE, on this topic.
Contact Cassidy Herman at cherman@tullylegal.com with any questions.
MEET THE PRESENTERS
Thomas O’Malley, Managing Partner, Tully Rinckey Ireland
Thomas O’Malley is a Partner in Tully Rinckey Ireland’s Dublin office, where he acts for a range of property developers, housing and government bodies on large-scale, mixed retail, commercial and residential projects. Additionally, he advises on the property and planning aspects of renewable energy projects.
Thomas provides counsel on loan restructures and consensual property sales and acts for Receivers in distressed property sales in relation to partially completed industrial, residential and mixed retail office and residential developments. Thomas is a CEDR (Centre for Effective Dispute Resolution) mediator, and which allows him to advise on a variety of property-related disputes.
Richard Ball, Chief Investment Officer, Hibernia REIT
Richard Ball has been the Chief Investment Officer for Hibernia Reit since the company IPO in December 2013, however is leaving the company at the end of March to pursue another opportunity. Prior to that he has held senior investment roles with Clancourt Group and Michael McNamara & Company and worked for three years in corporate finance at BDO, where he qualified as a chartered accountant. He has a Masters in Accounting from University College Dublin and a BSc from Trinity College Dublin.
Willie Norse, Executive Director, CBRE
Mr. Norse has over 25 years’ experience in the commercial property market in Ireland. He has responsibility for brokerage across a number of business divisions within CBRE, including, but not limited to, capital markets, offices, industrial and development land. Willie acts on behalf of some of the most active investors in the wider commercial property market in Ireland including indigenous institutions, REITs and international funds and investors.