The escalating global military conflict and its likely impact on property, the artificial intelligence revolution and where international estate investors plan to place their money are set to dominate the discussions as Mipim 2026 gets under way.

More than 20,000 delegates are expected in the South of France for the world's biggest real estate conference. Last year delegates from 90 countries attended, including 70% of the world's top 100 investment managers, managing over €4 trillion of assets.

There have already been concerns that the recent attacks on Iran by America and Israel will see this attendance fall back. On Friday, Mipim director Nicolas Boffi said in a statement on LinkedIn that the conference was "closely monitoring the evolving situation in [the Middle East] and remain[s] in dialogue with our friends and partners" but there has been no confirmation of cancellations.

This year, the first under new organiser head Boffi, the event is promising to introduce fresh content as it supports what it sees as the latest trends shaping real estate. Boffi says this will include a stronger focus on AI disruption and the road to net zero, through to helping "industry leaders turn technological change into strategic advantage bringing together global investors, developers, and policymakers".

To see the schedule of events click here.

While an uncertain geopolitical backdrop and conflict have been constant topics in recent years, investors will be digesting the implications of the joint attack by Israel and the United States on Iran two weekends ago. What it means for international relationships, economics and real estate is certain to be front and centre of discussions.

The Chancellor of the Exchequer Rachel Reeves used her Spring Statement last week to argue that her focus on financial and economic stability would be critical to protecting the United Kingdom, but there are already expectations that surging oil and gas prices will drive up inflation and push back interest rate cuts. Reeves also committed again to the "biggest investment in defence" since the Cold War, and the real estate implications of this, and similar commitments by countries across the globe, will be a key focus.

One thing is clear, the United Kingdom will again be sending a lot of delegates. That will be, in part, because there is plenty for United Kingdom delegates in the programme. Matthew Pennycook, the Minister for Housing and Planning, will join other officials from the Ministry of Housing, Communities and Local Government, and Homes England, the government housing agency.

The delegation will also include metropolitan mayors such as those of the Greater Manchester Combined Authority, Liverpool City Region, the East Midlands and the West Midlands, and leaders of local authorities from Belfast, Cardiff, Central South and Hull.

London will be represented by Deputy Mayors Jules Pipe, Tom Copley and Howard Dawber, while Scotland is returning to Cannes for the first time since the pandemic, with a delegation led by Glasgow, Dundee and Edinburgh, supported by a wide network of investors, developers and Scottish Government representatives.

A dedicated UK Hub will return to Mipim for a second year, providing a platform for cities, regions and businesses to showcase their investment opportunities. It all underscores how important the event is perceived to be by countries, regions and cities that are jostling for global investment.

In the run-up to the event, CoStar News has asked leading figures what they think will be uppermost in delegates' minds. Many of the conversations took place before the military attack on Iran.

John Munday, who will be attending a year after he became United Kingdom chief executive for global brokerage Colliers, says he expects more positivity in a number of areas, although the market as a whole remains fragile: "I hope of course the discussion is around what a strong market the UK is and I expect sector-led opportunities will drive discussions. It is unrealistic that there will be the confidence in values to say the property market is thriving in all areas but it is getting closer to that in some – in living, in core London offices and major cities, in sheds, though there is not much stock available for trading here. Ultimately being at the conference is about ideas and bringing together conversations. How can we, as a country, provide a compelling story in terms of the case to invest here? I anticipate more positive sentiment and more targeted conversations given the improving economic picture."

Rob Wilkinson, who is only a few weeks into his role as chief executive at United Kingdom retail-focused real estate investment trust Hammerson, is equally hoping for his company's chosen sector to be presented in the best light. "We will be hoping for discussion of the re-emergence of retail as an asset class within real estate markets and the increase in transactions."

Neil Slater, chief executive at pan-European investor Redevco, is expecting it to be one of the more interesting Mipim conferences. "We are well into a normalised interest rate environment now, so compared to a couple of years ago, we can't look back too much, Covid is long gone and debt and equity markets are much more in equilibrium. Hence, I'm hoping for some honest conversations about the relative value of sectors and the asset class and how it fares against, say, certain challenges in the private equity model and volatility in public markets."  

Slater is hoping some of the big topics will be about "how we take real estate forward as an asset class in this normalised environment".

"Separately, on the development side, how do we continue to engage proactively with local government and planning authorities and key societal stakeholders to allow the industry to show what it can really do? Finally, what about the talent we need going forward: attracting, sustaining and retaining those individuals? AI will be part of that overall talent and efficiency conversation – there is no escaping it. ”

Melanie Leech, chief executive of the British Property Federation, will be in town partly to explain the lobbying body's new structure after it announced a merger with the Association of Real Estate Funds and the Investment Property Forum to create a new body for real estate, Real Estate:UK.

Leech, who was talking before the Middle East conflict escalated, said Mipim was starting against a backdrop where confidence is cautiously improving but viability challenges in development persist, particularly in housing, commercial and mixed-use markets. "Cost of capital, regulatory certainty and planning are set to be amongst the most talked-about issues because they directly determine whether projects actually get built, not just proposed."

As with many delegates, Leech has a very specific aim to promote her own country, and its appeal as global real estate investment capital is more geographically agnostic than ever.

Leech says: “Global capital is beginning to re-engage, and the UK continues to stand out as an attractive destination. Its long-term fundamentals offer a compelling proposition for investors seeking stable returns, particularly where pricing has reset and opportunities are becoming clearer."

For her, housing and regeneration are centre stage. "This spans the need for increased traditional residential supply, the growing role of institutional build-to-rent in supporting rental markets, and newer entrants such as co-living that can help relieve pressure on wider housing delivery.

“There is also a strong focus on how urban centres evolve, how cities and regions position themselves as investable destinations, and how effective public-private partnerships can accelerate regeneration and support sustainable growth."

Leech expects sustainability, digital innovation and the role of proptech to be strong themes again. "Investors and occupiers alike are increasingly looking at how buildings and places can perform better, environmentally, socially, and economically, and how technology can unlock both efficiency and value.”

Brendon Frye, senior director, international capital at real estate services firm CBRE, says the most important question, given a rapidly evolving capital landscape is: where does the next wave of active capital come from after a year in which North America accounted for a significant portion of the United Kingdom's overseas capital? "I expect we’ll continue to see Japanese capital remain active, with a combination of push factors from their domestic market and a competitive low cost of capital.” 

The other question for Frye is whether the "continued depth of liquidity in the debt markets and a lower all-in cost of borrowing helps narrow the bid-to-ask spread and translates through to a continued increase in transaction volumes and leads to the return of larger lot sizes as seen in Paris and London," in the final quarter.

"Our European investor intention survey highlighted a theme that we saw play out in 2025, which I think will continue to gain momentum in 2026, and that is investors pursuing investments in alternatives.”   

Jessica Hardman, co-founder and chief executive of Aboria Capital, has her almost brand-new European living sector business to promote. 

"This year’s Mipim will be defined by a renewed focus on three interconnected themes: interest rates, investor allocation intentions and the importance of political and regulatory stability," she says. "After a prolonged period of uncertainty, markets are stabilising and recalibrating. As capital becomes more selective, investors are placing increasing emphasis on what I would describe as 'regulatory surety' – clarity of policy direction, planning frameworks and taxation – as a foundation for committing long-term capital."

In the United Kingdom specifically, Hardman says attention will focus on how macroeconomic recovery translates into real estate performance. "Sustainable economic growth, job creation and infrastructure delivery will be essential to underpin occupier demand and maintain rental resilience. Mindsets have shifted from defensive positioning to identifying where structural growth can be captured with conviction."

The real estate sector comeback, or the lack of one, will be the most pressing topic, argues Rajit Dass, who is head of capital markets at Round Hill Capital.

"Global investor surveys show sentiment improving and a modest under‑allocation to real estate versus long‑term targets. After two years of 'survive and de‑lever', investors are again talking about taking equity risk where repricing is clearer, however the sector faces stiff competition for allocations from infrastructure and selective credit."

Dass questions whether European investors are really pausing on United States investments. "It's unlikely to be a structural retreat and we expect to hear that many are in 'watch and wait' mode – driven by US policy uncertainty and relative good value opportunities across Europe."

James Stevens, head of global real estate equity at Aviva Investors, says mega-mergers and consolidation will be prominent.

"This has already, and will continue to, structurally reshape the real estate investment market in both private and public markets. Current consensus seems to be the big will get bigger and with a drive for both operational and capital efficiency, we expect to see further consolidation in the market.

"In parallel, the impact of AI is likely to be keenly debated, as the industry considers the potential scale of change it might bring, where it can provide most value, help to streamline processes, and where it can deliver efficiency. " 

Mark McLaughlin, chief executive – real assets, at alternative investment group Stoneweg, says that at a macro level, the market is looking for indications of where interest rates in the EU and United States will settle by the end of the year, as this is likely to be a big driver of sentiment and therefore liquidity.

"Connected to this is the return of core capital – there were early indications towards the end of last year that core investors were becoming more active, especially in the office sector, however geopolitical uncertainty, and market volatility put paid to this. Closer to home, the EU continues to grapple with a housing crisis – there remains a scarcity of good-quality, affordable housing. In Southern Europe for example, the cost of housing from 2015 to 2023 increased by almost half in Spain and doubled in Portugal. A boost in the construction and renovation of social and affordable housing is needed, whilst finding innovative ways that private and public capital can work together is key to the delivery of more homes."

McLaughlin is one of many who think the jury is out this year on how important ESG is for investors and occupiers.

"Flows into ESG funds have slowed, and for the first time since the ESG boom began around 2017, total assets in ESG-branded funds have declined. Whilst the sector’s commitment to decarbonisation remains strong, broader political debates have the potential to slow the pace of required change."

Luke Bartolo, head of occupier and portfolios Europe, at Turner & Townsend, the CBRE-owned global professional services firm, says he expects the global shortage of Grade A commercial space and the impact of that on rents and leasing decisions, to be top of the agenda, alongside continued cost pressures and the influence this is having on investment.

"In this relatively high-cost environment, I’d also expect there to be a lot of debate around the merits of re-modelling versus new build, and a greater interrogation of the interplay between hitting ESG targets and maximising the" return on investment.

Like most attendees, he thinks AI will be covered heavily. "I think that will be not just in relation to increased demand for data centres, but also more broadly in terms of how the sophisticated application of AI is helping institutions complete deals more quickly and deliver new products to market. In a volatile environment, I’d also expect a greater focus on investment diversification, with businesses increasingly considering the likes of student housing, and the need for hybrid portfolios and how that approach is driving new office typologies.”

Fergus Keane, head of BNP Paribas Real Estate UK's central London investment team, says there is a lack of good office stock in London formally available but lots of off-market activity. "The question will be is the ask-and-bid delta getting closer – close to circa 5%? Who is behind the core money and where is it coming from? Can rents continue to grow as supply is low?"  

Simon Verrall, head of national office investment at real estate services firm JLL, argues that discussions will centre on how the United Kingdom national office market is entering what he calls a more constructive phase. "After a period of price discovery and reset, confidence is gradually returning and we expect transaction volumes to build through the year, particularly across the stronger regional city centres and established South East locations."

At Mipim he will be telling clients that the occupational backdrop is proving more resilient than many anticipated. "In several core regional markets, availability of high-quality space remains relatively constrained, which is supporting rental tone and underpinning investor conviction."

Verrall says there is more capital available, across both core-plus and value-add strategies. "We are seeing the bid-ask gap narrow where vendors are aligned to today’s pricing reality. That is creating a clearer pathway to execution than we saw 12–18 months ago."

Victoria Towers, head of real estate at law firm Forsters, says collaboration and joint venture opportunities will be high on the agenda, with the importance of local knowledge and on-the-ground expertise more important than ever.

"The event is always a great barometer and indeed, catalyst, for how capital flows are shifting across regions and asset classes. The UK will certainly be hoping the momentum we’ve seen for overseas investment into the UK, particularly from the US and Middle East, continue to grow."

She expects to see a continued surge in prime office development and refurbishment, while logistics, living and "of course data centres" will continue to grab the attention of investors.

"I think we will see some significant mega-fund and portfolio deals this year. Like everyone else, I was fascinated by the conversations around technology and AI so I will be looking forward to hear how far the dial has moved over the last 12 months, and what we can expect on the horizon."

Francois Trausch, chief executive and chief investment officer of Pimco Prime Real Estate, describes Mipim as the first opportunity for the industry each year to share views and predictions for the year ahead.

He expects there to be four areas of discussion: "Has the real estate market 'turned the corner' and valuations bottomed out? Are investors and their capital flows returning to real estate after a few years of focus elsewhere? What are the ambition levels of the cities present at Mipim – particularly relating to housing? And what are the occupational expectations of each asset class – particularly office in the light of the fast development of AI."

Cristiano Stampa, managing director, transactions – Europe, Invesco Real Estate, argues that the key question is to do with restoring the "transaction fluidity" of the past.

"The cost and availability of financing have improved dramatically over the last quarters, making target returns more attractive and achievable. Going into the conference, we are convinced that the pan‑EU transactional level will be more sustained than last year, but I’m looking forward to getting a better feeling through the many players we will meet there."

Stampa says there is still uncertainty about core and multi‑asset‑class investors’ intentions, but the "2026 real estate investment vintage" will offer higher returns than in the past. "Some could decide to start allocating back to real estate to lock in attractive entry prices."

Steven Skinner, chief executive of pan-European developer HB Reavis, says that, as usual, the theme will be transactions, but given that returns from investments are likely to be driven by net operating income growth rather than yield compression, the focus will be on which sectors and geographies are still offering enough potential for income growth to achieve investors’ target returns.

"I would expect a lot of discussion around the allocations of core investors, the cost of this capital and how active this group will be in 2026," he said. "I would also anticipate discussion about the relative attractiveness of leveraged returns in Europe versus the UK, given the more than 100-basis-point lower cost of borrowing on the continent."

Again, Skinner agrees the other key topic will be the opportunity and risks of AI. "Investors and advisors will be keen to demonstrate how they are harnessing the technology to drive efficiencies through quicker and more accurate execution. There will be much debate about how to invest in areas that will be long-term beneficiaries of technology but also the tenant-related risks associated with the potential for lower demand for physical space. The discussion will also lead into geopolitics around both energy cost and resilience."

Tom Goodall, chief executive director, Related Argent, describes the conference as being always a good bellwether for the industry and a crucial moment to take stock of where cities, capital partners and the industry are.

"This year, the focus must be firmly on delivery, not just ambition," he says. "If we are serious about growth and tackling housing need, we need coordinated action to unlock stalled sites, accelerate planning decisions and align public investment with long-term private capital. Mipim is a brilliant opportunity to bring all aspects of the built environment together and the industry needs to use this opportunity to reinforce a clear message: consistency drives confidence."

Nicolas Swiderski, head of property development at contractor and developer, Legendre UK, says Mipim arrives at a pivotal moment for a genuine pulse check. "It’s one of the few forums where the industry can align in one room, reset momentum and commit collectively to turning opportunity into delivery. Europe’s potential is clear, but realising it requires sharper ambition and long-term policy certainty that outlasts political cycles and makes housing delivery investable again."

He adds: “AI also needs to be addressed head-on not as hype, but as a tool to strip out friction, reduce inefficiencies and strengthen decision-making across the value chain. The energy we want to see on the ground is simple: less talk, more execution – and a clear message from Mipim that Europe is ready to match market appetite with real delivery.”

So what are delegates looking to get out of the conference on a personal and professional level?

Nick Kirby, partner, real estate, Mishcon de Reya, says that for the law firm Mipim is about "reconnecting with clients, bringing people together, and grounding these questions in what’s actually happening on the ground". In terms of his diary, it's full. "I’ll be hosting events, playing padel at the Howden stand, and joining a 5km charity run for [premature and sick baby charity] Bliss, so it should be a busy and energising week.”

Sascha Lewin, chief executive at developer W.RE, is expecting Mipim to centre far more on deals, acquisitions and projects that can be completed in the near term. "Our mission at Mipim is to meet future partners for more prime office projects in the coming year."

The BPF's Leech says she will be most focused on telling the story of United Kingdom real estate at "a pivotal moment for our sector, not just in terms of investment and development, but in how we organise ourselves to strengthen our" impact.

Leech adds: “One of the most exciting developments for UK real estate this year will be the launch of Real Estate:UK, a once-in-a-generation opportunity to bring together the strengths of the British Property Federation, the Association of Real Estate Funds and the Investment Property Forum into a single, unified voice for the industry.

“Alongside that, we’ll be engaging with global capital to highlight real opportunities across living, logistics, regeneration and technology-enabled real estate; discussing how regulation and planning reform can support delivery; and building partnerships that will help translate confidence into real projects on the ground."

Prash Jaitley, chief executive, Blue Alpine Partners, is collaborating with CoStar and LoopNet on its Villa in the Hills meeting point for real estate professionals.

“We’ve just arrived in Cannes for Mipim week. After more than 12 years of attending, what’s always clear at this stage is that expectations are high and the market is arriving with a sharper focus. For commercial agents, there’s a clear sense that this year will be about clarity, on pricing, demand and execution, rather than noise."

For Frye at CBRE, Mipim is principally a great opportunity to meet different investors from around the globe. "I’ll be focused on seeing parties from different countries to discuss their challenges, convictions and drivers to see how we are able to help advance their strategies across Europe in the year ahead. Having the opportunity to discuss the strengths and real opportunity offered in the UK and London markets.

"At the moment it can be easy for those not in the market day-to-day to get caught up in negative headlines, but there are many reasons London is consistently the number one destination globally for cross border investment.”

Mark McLaughlin, CEO - Real Assets, Stoneweg says Mipim provides the perfect opportunity to gauge the mood of global investors and lenders, and their appetite to do business. "We’ve had success in the past networking with potential capital partners which has translated into firm relationships, whilst at the same time it’s an opportunity to strengthen existing business connections."

Lawyer Victoria Towers adds no other conference or market place brings together such a broad and diverse range of developers, investors, advisors and decision-makers. "It’s hard work and at times exhausting, but I always return home enthused and inspired by the whole experience; full of ideas and opportunities to follow up, and making plans for the next year."

CoStar's UK, French and German real estate teams will be covering the conference in depth, with breaking news, features and video. Follow the UK coverage here.