2018 will be crunch time for Brexit. There will be substantial political noise and turbulence throughout 2018. Although an agreement on withdrawal issues has taken time to secure, it is now not likely to have significant impact on real estate.

Attention will now progress to the much more important question of future trade and migration arrangements. Trade access is likely to be no worse than the EU-Canadian deal, and no better than the EU-Swiss deal. Migration controls will be tighter than they are now, but remain extremely uncertain.

In the face of the uncertainties, some businesses are preparing to move some staff to elsewhere in the EU. However, the extent of such moves is probably overstated, with the majority of threatened moves not yet implemented.

Occupiers are less concerned about Brexit now than they were in late 2016. A CBRE survey of over 100 multinational firms finds that the proportion of occupiers worried about negative impacts from Brexit fell from 53% to 39% during 2017.