The Autumn Budget marked a shift to a larger state, with a rotation in spending away from the private sector and a material uplift in public investment. 

• The Autumn Budget is likely to generate faster economic growth and higher inflation over the next couple of years.
• Chancellor Reeves changed the government’s fiscal rules to fund higher levels of public investment in a bid to boost the UK’s longer-term growth prospects.
• UK commercial real estate investment volume fell 31% q/q in Q3, but was still up 7% on Q3 2023. Industrial was the standout performer over the quarter.
• Bidding for prime assets is growing more competitive, resulting in prime office yield compression in Central London.
• New business tax rises could have implications for commercial leasing demand, but other announced spending measures suggest the Build-To-Rent, Affordable Housing and Industrial sectors are among the winners.

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