Are the economic stars lining up for real estate investment? A conversation with Adam Challis, JLL.

So let's talk a little bit about the economic situation here that's going on in the market right now.

You know, I think since we last met, we've had a new prime minister coming in and you.

set of policies being announced quite regularly, actually, and some of them directly impacting the built environment sector.

You know, desire for more infrastructure investment, desire for more urban development to happen.

You know, we saw the recent NPPF coming out talking about wanting to focus very much around railway infrastructure and creating those urban centres and densification around there.

You know, all of this needs to translate into reality, of course.

But from a policy perspective, sounds quite good.

How have you seen the economic side of that equation balancing up? Where do you see the risks right now?

Yeah, I mean, I suppose the transmission points into the real economy, a bit premature to call out, certainly with any data points.

But we'll come to that in a moment with where we think some of that will go.

First and foremost, I think where we finished our last conversation was, you know, Thank you.

global disruption, the Strait of Hormuz, Middle East conflict, but an expectation that we'd see some resolution to that nearer term and normality, whatever that means, would resume.

And of course, here we are now three months on, recognizing that I could just, I suspect, play back things we talked about three months ago in that respect.

So that's sort of a wider dimension.

A global dimension is an important backdrop to what we see playing out in the UK and in London today.

Aligned to that, as you rightly alluded, Draven, we've had some political change, political change, of course, in terms of local elections, in terms of national change of leadership.

That change of leadership has come with some different policy imperatives that we're beginning to get a sense of and begin to adjust to.

So the first one that we, of course, have been thinking about from a London context first is is the positioning around devolution.

And does devolution represent to the exception of London or inclusive of London? Recognizing that the strength of London can be a benefit to the regions Or is, in fact, the focus going to shift with number 10 north to elsewhere? I certainly believe it's much more of the former.

We're better together.

It's an and rather than an or conversation.

But I think it's important to feel that and see that in a lot of the policy imperatives that the government are going to bring forward.

So we watch.

And, of course, the budget will be a really important factor.

moment for the national economy and international investors to observe what the new regime is going to look like in terms of how it's going to support investment activity, how it's going to more widely disperse economic growth potential.

So let's talk a little bit about the economic situation here that's going on in the market right now.

You know, I think since we last met, we've had a new prime minister coming in and you.

set of policies being announced quite regularly, actually, and some of them directly impacting the built environment sector.

You know, desire for more infrastructure investment, desire for more urban development to happen.

You know, we saw the recent NPPF coming out talking about wanting to focus very much around railway infrastructure and creating those urban centres and densification around there.

You know, all of this needs to translate into reality, of course.

But from a policy perspective, sounds quite good.

How have you seen the economic side of that equation balancing up? Where do you see the risks right now?

Yeah, I mean, I suppose the transmission points into the real economy, a bit premature to call out, certainly with any data points.

But we'll come to that in a moment with where we think some of that will go.

First and foremost, I think where we finished our last conversation was, you know, Thank you.

global disruption, the Strait of Hormuz, Middle East conflict, but an expectation that we'd see some resolution to that nearer term and normality, whatever that means, would resume.

And of course, here we are now three months on, recognizing that I could just, I suspect, play back things we talked about three months ago in that respect.

So that's sort of a wider dimension.

A global dimension is an important backdrop to what we see playing out in the UK and in London today.

Aligned to that, as you rightly alluded, Draven, we've had some political change, political change, of course, in terms of local elections, in terms of national change of leadership.

That change of leadership has come with some different policy imperatives that we're beginning to get a sense of and begin to adjust to.

So the first one that we, of course, have been thinking about from a London context first is is the positioning around devolution.

And does devolution represent to the exception of London or inclusive of London? Recognizing that the strength of London can be a benefit to the regions Or is, in fact, the focus going to shift with number 10 north to elsewhere? I certainly believe it's much more of the former.

We're better together.

It's an and rather than an or conversation.

But I think it's important to feel that and see that in a lot of the policy imperatives that the government are going to bring forward.

So we watch.

And, of course, the budget will be a really important factor.

moment for the national economy and international investors to observe what the new regime is going to look like in terms of how it's going to support investment activity, how it's going to more widely disperse economic growth potential.