Capital Economics, says that the UK commercial property rental market is on relatively strong foundations. However, it does point out that retail rents are "worryingly high"  so we must ask whether this perhaps also means that capital values will also be overstated. Not ruling out a "demand shock", it is still worried about the effect of a recession.

Our recent survey about the effect of Brexit  (available at notes that office occupiers do not think that the vote itself will have an effect on their need for occupational space. But all are looking nervously for any sign of recession. Earthquakes have a very scary way of turning solid ground into running sand.