MIPIM 2024 Wrapped
With the market having turned a corner, MIPIM has become a “working conference”
#Week11 was of course dominated by MIPIM, with thousands of delegates making the annual pilgrimage to Cannes in search of deals, contacts, insights and opportunities.
For Innesco’s on-the-ground team, it was a chance to support clients from the UK, Europe and the Middle East – including Invest Newcastle, Swedish developer TAM Group and international architectural studio Benoy – renew acquaintances, learn from the industry’s best thinkers and even chair a panel or two. Walks along the Croisette offered the chance not only to enjoy some spring sunshine (in marked contrast to the weather back in London, as the rest of the team are quick to remind us), but also to take the temperature real estate.
Happily, the over-riding mood was of a sector and market that has turned a corner. While some specific asset classes are still causing concerns, and financing in general remains challenging, the prevailing mood was one of busy-ness amid the realisation that the opportunities were there for those that can put the time in. MIPIM may have lost none of its vital socialising aspect, but this is now very much a “working conference”, with a general feel of people quietly getting on with business.
In part, this is a natural progression from the increased emphasis delegates place on securing something tangible from their time on the Cote d’Azur. The days of huge teams turning up for a bit of a jolly are long gone, and the seniority of attendees was notable. These are busy people with packed schedules, and a few days in Cannes needs to prove its worth. The vast majority of people we spoke to were of the firm opinion that the conference had been more useful than some editions in years gone past.
If headline-making deals being signed were thin on the ground, this reflects a market only just entering this new phase, rather than fears over what the future holds. Plenty of people talked about more realistic expectations form both sellers and buyers starting to feed through into transactional activity. People were optimistic – quietly so, maybe, but positive nonetheless.
After an at-times frantic week, many – Innesco’s team included – will be pleased to get back home, take stock of what they have learned, and plot the next steps in capitalising on the opportunities they unearthed. A restful weekend will be well-deserved, especially so after an event that has once again shown why it is the dominant date in the industry’s calendar.
So à bientôt MIPIM, until 2025.
Want to know more about our expertise and how we can support you at events such as MIPIM? Get in touch at here.