Property developer Trump moves into the White House

Property developer, billionaire businessman and reality TV star Donald Trump’s victory in the US presidential election this week came as a shock to many, with some suggesting it could precipitate a major worldwide economic and political shift.  Whatever the global impact, it will be felt first and foremost in the US. Here five Americans working in property look ahead to what they believe a Trump presidency could mean for sentiment and the global real estate industry. Elisabeth Troni, head of EMEA research, Cushman & Wakefield “Looking at the US market, the rate rises being delayed is probably a good thing because yields are already quite low and there won’t be a re-rating of US commercial real estate as quickly as interest rates remain low. But in Europe it becomes more difficult to find a direct impact. Barring a significant slowdown in global growth, we don’t expect occupier markets here will be affected by the outcome in the US.” Dan Harvey, vice president, CBRE San Francisco “I don’t think there will be any great immediate impact on the property industry. There are already some hints he might invest heavily in infrastructure – hopefully not building walls.” Walter Boettcher, chief economist, Colliers International “The focus on London in particular as an epicentre for Brexit risk is a little bit more diluted now. Consequently that particular risk perception is going to spread across most of the core financial markets around the world. So it has evened the playing field in a certain way. “It could well be that the financial markets in the US suddenly become vulnerable by virtue of the uncertainty.” Brandon Weber, founder, Hightower “This vote was a rejection by an under-served majority of both established political parties. My hope is that Trump recognises the gravity of the office, moderates his inflammatory positions, and the world can move forward.” Pippa Malmgren, founder, DRPM Group “Initially everyone is going to want to sell the dollar, but I suspect it will all calm down. In the end Trump’s lowering of taxes will be attractive. And Britain will have the same thing: lower taxes, less red tape than the EU and that will see more capital flowing into UK property. “In terms of property, I still think the two most attractive locations on the planet are the Mexico/Texas/Midwest corridor and the Midlands.” Chlump Chatkupt, founder, Placemake “I am depressed, disheartened, disgusted, horrified, terrified, anxious and embittered. But at the same time I recognise that mobilisation, activism and action are now more important than ever. Now the real work begins. The only option is to fight back, to serve others, and especially to protect the most vulnerable.” Click here for more comment and analysis on the 2016 US Election