Reflections on MIPIM: Positivity shines along the French Riviera
You can’t hide the truth: MIPIM is a super event when the sun shines. Property has always been a people business and my belief that people work with people they like and trust is reinforced by the number of opportunities that are unearthed in Cannes. Delegates are positive, open and friendly. Friendships are formed from acquaintances, lost contacts get renewed and old friends meet to enjoy all that is good about French hospitality.
This year I learnt that:
1. The outlook is refreshingly positive, but realistic. There is enthusiasm to invest at the right price and many are talking about selling to adjust portfolio weightings. Willing buyers and willing sellers is the perfect combination for a buoyant market.
2. Concerns over European elections remain, although the result in the Netherlands has calmed some nerves. The interest rate policy of the US Federal Bank is being monitored and Brexit is still at the forefront of peoples’ minds, particularly the Europeans. That said, London and the UK are still a very attractive place to invest.
3. The role of consultants is more critical than ever. Valuers and building surveyors need to be working more closely together to provide accurate advice to help clients buy and sell. Occupier requirements for both specification and costs are often the difference between a purchase being a success or a failure; so understanding local markets and the different types of user requirements is not just the role of a leasing agent or a tenant representative; it’s got to form the basis of sound commercial technical advice.
4. Specialist market sector knowledge is key. Many clients I spoke to said that they were not afraid of taking on an element of risk or project work to reposition assets. The ability of a consultant to give the right advice is linked to understanding the nuances of each sector. Our specialist market sector teams are busier than ever and a host of new opportunities has been unearthed.
5. Spending time with clients is essential. A number of clients and potential clients made the same point: they like to know what’s happening and how their team is fighting on their behalf. No client ever complains that they are receiving too much information or too many updates.
So there’s plenty of work to do now I’m back, both in the gym and the office.
Brexit, Cannes, investment sentiment, Investors, MIPIM, real estate industry,
Charles Ingram Evans
+44(0) 20 7182 2637