Savills said that across Britain there could be a decline of up to 40 percent from 2017 until 2021 in development activity of retail, office and industrial property, with up to 50 percent delayed in central London.“This would definitely be Brexit-related – a mix of lender, developer and occupier risk-aversion,” Head of Commercial Research Mat Oakley told Reuters.

Returns for investors, primarily made up of the rents they receive and the growth in the value of the asset, will rise by just 0.4 percent this year, compared to an increase of 13.2 percent in 2015, Savills said.There would be a slow recovery over the next few years with returns increasing by 1.4 percent next year, 5.3 percent in 2018 and 7.8 percent by 2021, it added.”We were forecasting a declining total return more…