Oversupply beats Brexit as biggest London office risk: UBS

London

THE wave of office buildings under construction in London is a bigger threat to rents and values than the risk of companies moving out after the UK's vote to leave the European Union, according to UBS Group AG.

"We saw a build-up of oversupply of office space long before Brexit which can't be stopped," Thomas Wels, global head of real estate at the Zurich-based bank's asset-management unit, said.