The UK’s top agency firms have shared their views on the EU, how they hope the vote will go and how they are handling the disruption.
Colliers chief executive Tony Horrell
Colliers chief executive Tony Horrell is in favour of a vote to remain.
“We have a house view on the implications of our sector. As a firm, we are in favour of a vote to remain,” he said.
However, Horrell is not trying to steer Colliers’ staff to necessarily do the same.
“Our culture at Colliers is entrepreneurial and one of collaboration. We leave it up to the individual to choose how and if they want to vote. Our people know their own minds. Once an outcome has been reached, we’ll advise clients accordingly.”
Colliers has plans for a “series of communications” to employees and clients depending on the outcome, and expects that “once there is an outcome to the referendum and the market settles after the disruption that the doubt has caused, we anticipate activity [in terms of deals] will resume.”
Strutt & Parker’s senior partner Andy Martin
Strutt & Parker’s senior partner Andy Martin said the company did not have a house view because of the differing impacts it expected on different asset classes, however: “In my view, certainty and a remain vote would get business back to normal quickest. It is clear that trading in commercial markets and some higher end residential markets have been affected by this referendum and it’s in the figures.”
The company is helping to encourage workers to vote by making sure they had time in the morning and evening but added: “I don’t think we will give guidance as this is a vote that must be for an individual as it impacts on the rest of their lives and not just their lives at Strutt & Parker.”
Contingency plans are in place, mostly around cash or containment, in case of a fall or lull in the market after a leave vote, Martin said. It is anticipated that Struts will see heightened deal activity following the vote.
“There are transactions that have stalled due to the vote and I am sure these will move forward if we have certainty and no change in the status quo.”
Cushman & Wakefield
Cushman & Wakefield said it was not expressing a public view: “We do not believe it is the role of our company to seek to influence how our employees exercise their democratic right. We have, however, sought to provide a balanced view on the background to the vote and the possible implications of a stay or leave decision,” a spokesman said.
The company has allowed staff to take an extra hour off at the start or end of the day to go to polling stations. It is not seeking to influence their vote but has “sought to provide a balanced view on the background to the vote and the possible implications of a stay or leave decision”.
Following the vote, the Cushman’s leadership team is due to meet to review the outcome and provide a staff update.
Knight Frank’s senior partner and group chairman Alistair Elliott
Knight Frank is refraining from taking a house view and Alistair Elliott, senior partner and group chairman, said: “Whilst opinions within the UK are most pressing, dealing with a global asset class such as property I feel it is best to remain open minded, let democracy take its course and then respond accordingly.
“I do not believe it is our role to advise our UK teams on whether or not they should vote nor the way in which their vote should be cast.”
Although the UK market has seen suppressed activity in the first half of the year, Elliott was optimistic in terms of a prospective pick-up.
“Whilst acknowledging volumes in the UK are generally down quite significantly year on year, there has still considerable market activity, even in the last few weeks, suggesting those behind these transactions either know the outcome or believe the UK will remain a good prospect over the long term regardless of the result,” he said.
CBRE
CBRE said that investors overwhelmingly think the UK’s attractiveness would be damaged by an out vote, but the firm itself does not have a house view.
A spokeswoman for CBRE added: “It is our responsibility as an employer to inform and educate our staff on the EU referendum process and to provide insight into what the different outcomes might mean for the economic and political environment. It is not CBRE’s role as an employer to advise our staff how to vote.”
The company has a “pre-scheduled programme of communications” for Friday when it will share its house view on the outcome with staff, clients and the media.
JLL
JLL said its house view was in favour of remaining in the EU but although it was encouraging staff to vote, it was not advising them which way to go.
The agency said it had a communications plan for its staff after the result was clear and “could hold an all staff webinar if required”.
Chris Ireland, UK CEO, has already held a company webinar on the pros and cons presented by its head of research.
Earlier this month JLL’s EMEA chief executive, Guy Grainger, gave an impassioned plea for voters to stay in the EU at the forthcoming referendum.
Lambert Smith Hampton
Lambert Smith Hampton does not have a house view on whether to vote yes or no, it said. Chief executive Ezra Nahome emailed all staff encouraging them to come in late or leave early in order to vote. It said that in or out was a decision staff needed to make themselves.
A spokesman said: “Regardless of the result, our focus won’t just be on Friday. We will ensure we have a plan in place to enable us to make the most of the opportunities that are likely to present themselves over the short to medium term.”
Its capital markets team will test the market early on with its first online sale a week after the referendum result, aiming to sell five properties valued between £800,000 and £7m on 30 June.
Deloitte’s chief economist Ian Stewart
Ian Stewart, Deloitte’s chief economist, said: “On the business and economic impact, our view is that prospects for growth, prosperity and jobs in the UK will be better if we remain in the European Union.”
He added: “Moreover, Europe will have a better future with the UK as a leading force for pro-growth, free market policies.”
Deloitte encouraged its staff to register and to vote but did not tell them which way to vote.
It will be holding webinars for both clients and staff on Friday.
Barratt Homes
David Thomas, chief executive of Barratt Homes, was one of the signatories in this morning’s pro-remain letter in The Times.
In May, he warned that Brexit would lead to a skills shortage across the UK. The Guardian quoted him saying: “We would much prefer that the UK stays within the EU. We have a significant part of our labour force, particularly within the London market, coming from continental Europe.”
Berkeley Group
Last year, chairman Tom Pidgeley said that staying in the EU is the “best way for London to thrive as a world city”. However, he added that business cannot thrive under over-regulation, “be this from our own government or from Europe”.
Managing director Rob Perrins told Reuters: “My concern would be around inward investment in London. If it retained less influence and fewer jobs, it would grow less quickly, so it would actually need fewer homes built.”
BNP Paribas Real Estate, Bilfinger GVA and Capita are yet to respond.
Savills declined to comment.
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