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Great Portland Estates has said it is braced for a 鈥渘egative impact on economic growth in London鈥� following the EU referendum.

In a trading statement, the developer鈥檚 chief executive Toby Courtauld said: 鈥淚n the near-term, we expect confidence to reduce and some business investment decisions to be deferred whilst negotiations to establish our trading arrangements with the EU are undertaken.

鈥淎s a result, we can expect London鈥檚 commercial property markets to weaken during this period of uncertainty with the benefits of lower bond yields and weaker sterling offset by reduced rental growth prospects.鈥�

The firm said it was well-positioned to get through any dip, given three years of net property sales, giving a strong balance sheet, while 62% of its active development programme is already pre-let or pre-sold.

Prior to the Brexit vote, the firm said it experienced a strong three months of leasing.

Its development programme includes eight committed schemes comprising a combined 851,200 sq ft of floor space, 81% in London鈥檚 West End, all expected to complete in the next 18 months. The schemes include 420,000 sq ft mixed-use scheme Rathbone Place (pictured).

The firm said it was making 鈥済ood progress鈥� across further two near-term uncommitted schemes, comprising 311,800 sq ft, including planning permission secured at Oxford House in central London, with potential starts over the next two years.