U.K. transaction volume drops substantially in first half 2016
European transaction volume fell substantially during the first six months of 2016, driven by a steep decline in U.K. transaction volume. The United Kingdom had a 45 percent decline in commercial real estate investments during first half 2016, according to Real Capital Analytics.
The total value of commercial property transactions completed in Europe during the first six months of 2016 fell by 35 percent from the same period in 2015 to €107 billion ($119 billion), according to RCA. With transaction volume of €29.5 billion ($32.7 billion), the United Kingdom accounted for more than half of the total drop in investment in European commercial properties during the period due to the uncertain outcome of the country’s referendum on its European Union membership.
The value of transactions in London, which ranks second in the world to New York City as an investment destination, fell by 52 percent to €14 billion ($16 billion) in the first half. Pr