The UK will trigger Article 50 to start the process of leaving the European Union on March 29.
The announcement was made Monday by Tim Barrow, the UK’s ambassador to the EU, the Wall Street Journal reports. But before Britain can officially leave the union there will be a two-year period of negotiations where the UK and EU will try to find common ground and establish a future relationship.
This will likely to be a difficult task, considering the two parties are publicly split on central issues. In addition to dealing with the EU, Prime Minister Theresa May is already facing serious opposition from Scotland, where political leaders are calling for another independence referendum. Scotland voted overwhelmingly to stay in the EU.
The commercial real estate impact of Brexit will continue to unfold as companies and the industry respond to the move. Here are four quick analyses of the potential fallout:
1. Brexit has caused fear that London will lose its crown as one of the most dynamic cities in the world.
2. London office values could decline by as much as 20%.
3. CRE companies' stock rising as Theresa May sets hard Brexit date.
4. Brexit will boost Ireland's commercial property sector.
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