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How Brexit Changed the Dynamics of UK Commercial Real Estate: Evidence from the Roles of Domestic and Foreign Monetary Policies

Author

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  • Alain Coen
  • Philippe Guardiola

Abstract

The main objective of this article is to investigate the impact of monetary policies led by the Bank of England, the ECB and the Fed on the dynamics of British commercial real estate markets between 2000 and 2023, using vector autoregression and structural vector autoregression (SVAR) models. With our modelling, we also shed new light on the role played by the stock market and REITs as transmission channels. Our results report that monetary policies have a highly significant impact on eight British commercial real estate sectors, with different implications. As an illustration of financialization, REITs seem to be a transmission channel for all asset classes. However, Brexit appears to mark a major turning point as the BoE and BCE monetary policies effects drop sharply after 2016.

Suggested Citation

  • Alain Coen & Philippe Guardiola, 2025. "How Brexit Changed the Dynamics of UK Commercial Real Estate: Evidence from the Roles of Domestic and Foreign Monetary Policies," ERES eres2025_56, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2025_56
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    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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