There are now only six months left to negotiate the deal under which the UK will leave the EU and move into a transition period. It is likely that we will now enter a quieter period for the market as occupiers pause any plans, similar to what was experienced in the months leading up to the referendum. On the investment front we still envisage strong levels of inflows, particularly from overseas investors who are seemingly unfazed by the EU negotiations. Whilst real estate returns are easing, they are still running at 11% − comfortably above many other asset classes. In our opinion uncertainty will continue to provide us with opportunity and a positive outlook for commercial property remains.