Watching the daily news, it
would be easy to assume that attracting inward investment to the UK
at present is a lost cause; with banks and large corporates
threatening imminent relocation, the landscape appears bleak, but
despite the clouds, there are green shoots of optimism that are
certainly worth nourishing.
As much as the threat of an
exodus of corporate relocation is prevalent in the news
agenda, we continue to see interest in Scotland - and certainly
Glasgow - from international investors. This is largely due
to differing perspectives on the
relative risks involved: as we sit in the midst of the
maelstrom, the perceived risk for overseas investors is very
different. In other words, if your own country or
region is volatile, politically, financially or
both, the current uncertainty within the UK can seem
minor in comparison. Certainly, we will see
some short-term instability, but the bigger picture over
the longer term is that stability will be re-established and
investors will see good returns - particularly if their
investment horizon is more than short term.
However, managing a property
investment portfolio from afar comes with its own set of problems,
with investors feeling a lack of control, so it
is key that the commercial property sector acknowledges
and adapts to this if it is to successfully capitalise
on these opportunities.
For example, the ability
to view and manage a portfolio income and
expenditure in 'real time', is vital, but generally
not possible within the sector. This is an issue
addressed by Cowieburn through our online management system.
This has allowed us to grow by 100% in the last 12 months
and to expand into Glasgow's IFSD, with a large part
of this growth fuelled by new instructions
from international investors.
Glasgow will always represent
good overseas investment opportunities; although the pipeline of
available commercial property opportunities is improving, there
remains an exceptional opportunity to invest, as the city's supply
remains limited. With large corporates such as Barclays recently
announcing huge investment in the city, and Glasgow's media hub
thriving, the city is seen internationally as a strong contender
for investment on an international level.
It remains to be seen how
coming months will play out, but on a global stage, the UK remains
relatively stable and an attractive investment option - we as a
sector however need to make sure we develop and innovate at a rate
that means we can welcome these opportunities.
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