AFIRE Podcast #73: A Look at the UK Office Market

(Featuring Christopher Muoio, Vice President, Data and Research, Madison International Realty)

With Brexit and pandemic resolutions coming into focus, pricing disparities could dissipate based on improved cross-border liquidity and cap rate compression in the London office market.

Because the global real estate industry is so interconnected, what happens in one part of the world affects what happens everywhere. The UK’s 2016 vote to leave the European Union (Brexit) created financial uncertainty that permeated into commercial real estate capital markets, particularly London’s office market.

London, historically a top destination for foreign capital, saw a decline in liquidity as investors fretted over the economic implications of the vote. Cross-border liquidity was further impaired by the COVID-19 pandemic and its ensuing travel restrictions.

On this episode of the AFIRE Podcast, Christopher Muoio examines why cross-border liquidity has eroded, leading to higher cap rates than those of the Great Financial Crisis. As Brexit and pandemic resolutions come into focus, this divergence could dissipate.

This podcast is based on the article “London Calling” from Summit Journal (Summer 2021). Read the full article here.


Christopher Muoio is Vice President, Data and Research at Madison International Realty. Madison focuses on capital partner replacements, equity monetizations and recapitalizations for Class A properties and portfolios located throughout the US, UK and Western Europe. Since inception, Madison has raised $6.5 billion in capital commitments from more than 150 institutional investors worldwide and has invested in more than 185 million square feet of privately owned commercial real estate with a gross asset value $116.1 billion.




The publisher of AFIRE Podcasts is not engaged in providing tax, accounting, or legal advice through this publication. No content published in the AFIRE Podcast is to be construed as a recommendation to buy or sell any asset. Some information included in the AFIRE Podcast has been obtained from third-party sources considered to be reliable, though the publisher is not responsible for guaranteeing the accuracy of third-party information. The opinions expressed in the AFIRE Podcast are those of its respective contributors and sources and do not necessarily reflect those of the publisher.


Benjamin van Loon, Communications Director | +1 202 312 1405

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