The 2026 edition of the Mipim real estate conference in Cannes stood out for moving between sombre caution and strong optimism, directed by news filtering in from around the world. CoStar News caught up with industry leaders during the event to reflect on the key trends, stories and moments.
The organiser has confirmed there were 20,000 delegates representing 90 countries at the 36th edition of the conference – a respectable figure, if slightly down on last year, given the difficulties travelling in from some parts of the word.
Initial despondency caused by fears that the war unfolding in Middle East was choking off real estate's fragile recovery led quickly to renewed optimism about strategies that had been carefully crafted for 2026, and to wooing partners and investors. Then came news of a raft of major investment opportunities, and finally a game-changing brokerage takeover that shifted the mood entirely to give the conference lift-off.
The event did not get off to an auspicious start on a gloomy, rainy Tuesday morning as it emerged the UK's Housing Secretary Matthew Pennycook would be a no-show, no doubt because there were more important things going on in the world and he was needed in Parliament.
There was much talk at that stage of the interest rate cuts that had been projected now more likely to be replaced by rises, of inflationary pressures and paused deals. In addition, many delegates from Australia and the Middle East had been unable to attend because of war-influenced travel difficulties and the usually show-stealing tents and stands put up by the Emirates and Saudi Arabia were inevitably much quieter.
But by Tuesday afternoon, the focus was very much on real estate fundamentals again, and planned strategies aimed at taking advantage of a slow but clear recovery. The UK's central government ministers and London mayors may have been missing but the regions were more than making up for that with Mayor of Greater Manchester Andy Burnham, for instance, a visible presence in the Palais throughout, and actor Steve Coogan turning up to bang the drum for regeneration of his native Middleton in a standing-room only event. And the padel court on the beach was packed with delegates too.
By Wednesday evening it emerged that Savills was buying Eastdil Secured – one of the biggest and boldest real estate brokerage takeovers of recent years – and the talk was of nothing else. Once again, the real estate sector's ability to keep moving, look for opportunities, refresh and keep deal-making was setting the agenda.
As always, there was much to look out for on the booths, in the auditoriums, tents and hubs. CoStar News reviewed the sheer variety of opportunities the UK alone was promoting.
It was not a vintage Mipim for major transactions completing, no doubt in part because of a pause in decision-making caused by the war in Iran.
But it was a great event for news emerging of major sales being prepared, as with the £600 million-plus Google campus in Central St Giles, as revealed by CoStar News, as expectations mount of a strong uplift in fresh campaigns in the second quarter. That said, Oman announced a major set of investment agreements at the conference, with 11 deals signed across its Future Cities Programme at a confirmed or in‑principle value exceeding $1 billion.
There was also a gamut of roundtables, debates and interviews, not least at CoStar News and sister title Business Immo's recording studio in the French tent.
Topics across the event ranged from localised discussions about finding life science and data centre sites, to navigating AI and proptech changes to recognising the world’s most sustainable and visionary projects with the Mipim Awards. The year’s ‘Special Jury Award’ was awarded to Sydney Fish Market while London's 85 Gracechurch Street was best new development.
The conference opened with a keynote from Philippe Aghion, winner of the 2025 Nobel Prize in Economics, who spoke on the acceleration of artificial intelligence, emphasising the need for responsible control to ensure AI serves public interest and sustainable urban development.
The MIPIM 2026 programme introduced several new conferences and expanded formats, including the strengthened Housing Matters!, which hosted the debate on supply, affordability and future living models, and the Data Centres Summit, for the first time, a signal of the sector’s evolution from niche to core infrastructure.
The broad outlook
So what were the key take aways for those there to do business and understand the major trends influencing the sector?
Adam Shah, head of real estate asset management Europe at Blackstone says investor appetite to make new investments this year appears to be increasing across sectors and geographies.
"Despite ongoing geopolitical uncertainty, the sentiment at Mipim felt more positive than it has been for several years, with signs of new capital becoming available for deployment. In terms of where that capital is focusing, logistics and residential emerged as major areas of interest for a number of investors."
Colin Thomasson, head of UK investment properties, CBRE, suggests the story of the conference was ultimately the resilience of the market and the strong degree of optimism.
"The first quarter has been quieter, but we have prepped a lot and are expecting a major Q2 or Q3 uplift"
"There is strong appetite to invest in 2026. Despite the uncertainty, the market has built resilience over the last 10 years and has learned to navigate its way, continuing to focus on committed strategies. Q4 was an excellent quarter. The first quarter has been quieter, but we have prepped a lot and are expecting a major Q2 or Q3 uplift. It is understandable there may be nervousness to have large campaigns. The opening of [Local Government Pension Scheme] capital and the move to defined contributions [pensions] will bring further depth to the market. It's an important signal."
Simon Wallace, managing director and global co-head of real estate research at DWS, says the mood had clearly changed over the week. "Two weeks before I was thinking it would be about recovery and the 'what next'? On the Monday, though, sentiment was downbeat with 25% rises in oil prices. But by Tuesday there were fewer discussions of geopolitics and it was back to real estate. Swap rates and oil prices have come down a bit and the FTSE [index] is fairly steady and we have been through quite a bit of this now, and have thicker skin.
"The story has stayed the same really. We are early in the cycle and seeing falling vacancy and improving fundamentals. Real estate is in a good position on a relative basis. Residential still stands out for us."
Ben Cullen, the new head of UK and Ireland for Cushman & Wakefield, says that Mipim is ultimately a capital markets conference in many ways. "Taking the temperature at our drinks party and dinner for clients and on the stand, we are seeing an ongoing commitment of investors to continue with business plans. They remain committed to investing across Europe and the appetite for the latest occupier thinking, which is my specialism, alongside our capital markets expertise made for some fascinating and valuable client discussions. It is too soon to speak about the impact of what is happening in the Middle East if it continues but capital remains committed to deploy."
Cullen was there, in part, to talk about his aspirations in a key role in UK real estate. "My strategy for the business is one of growth. We have a really good position at present with very strong global results recently reported. It is now about the significant amount of market share we can take in the UK and Ireland. Some of that will be completed via keynote hires and some will be the leveraging of our global platform to work as effectively as possible in collaborating on the service we provide.
"This process has been accelerated under APAC and EMEA chief executive Matt Bouw, by bringing together the two regions and enhancing our connectivity with the U.S. too. This enables us to be coordinated on a global basis and consistent in our support for clients."
John Munday, one year into being chief executive of Colliers UK, says despite some of the macroeconomic uncertainty in the week, the over-riding sentiment for the industry was notably positive. "Attendance was strong, even with limited APAC representation due to the ongoing conflict in the Middle East. There's a clear sense that UK real estate can remain broadly optimistic, the level of engagement and the quality of conversations signal that confidence is very much present across UK plc.”
JLL's Thomas Mundy, head of capital markets research, EMEA, and Cameron Ramsey, EMEA and UK capital markets research and strategy director, were looking across the Continent to focus on the opportunities. Ramsey said: "We remain confident about the ongoing recovery in the UK market and anticipate further growth this year, with investment volumes potentially increasing by 10 to 15% compared to last year. Current developments in the Middle East have not materially affected activity to date, though we continue to monitor the situation closely.”
Mundy added: "While the UK's relative advantage over Continental Europe may be gradually moderating, we haven't seen significant evidence of this shift yet. We expect Germany could see some improvement this year following a challenging period for transactions, supported by positive policy developments."
Ramsey was positive about the impact of the transition from defined benefit or final salary to defined contribution pensions that is coming: "In the UK, the transition to DC pension provision is already providing more certainty of exit as it will improve the pool of liquidity [as the reforms are introduced] over the next three to five to 10 years."
Hans Vrensen, head of European research and strategy team at AEW, said there had not been as much of a reaction to the headlines on the war as perhaps expected but it will have some repercussions if the conflict carries on. "In that scenario, it would be logical to expect higher inflation triggering rate hikes. Borrowing costs are then likely impacted and it is expected that some deals might need to be repriced and could take longer to be agreed. We are positive on UK offices and malls and Spanish office and malls and Dutch offices and they will be protected by high income returns and solid growth in market rents."
Prash Jaitley, chief executive of Blue Alpine Partners, said: "After more than a decade of coming to Cannes, MIPIM 2026 felt more disciplined and more purposeful. For commercial agents, the message was consistent: realistic pricing, accurate data and proper execution are now non-negotiable. The market is active, but only where the fundamentals stack up.
"Our event, Villa in the Hills, was about creating the right environment for those conversations. Working alongside CoStar and LoopNet, as market leaders in commercial property data, encouraged discussions about market reality.
"We're leaving Cannes with meaningful follow-ups rather than inflated optimism, which says a lot about where the market is heading."
Capital inflows
There was much interest in where capital from around the globe may be directed and why. There was optimism at Mipim about Asian and Middle East investors increasingly seeing UK real estate as a defensive and strong return option.
Nick Braybrook, head of global capital markets, Knight Frank, says Mipim is important for connecting with a lot of people in a very short space of time. "Obviously the wider world events are concerning and overshadowing a lot of discussions here. That said, I do feel a flight to safety will push more capital to Europe. A number of investor groups in the Middle East have been strategising on outbound capital towards Europe over the last six to nine months and this will accelerate that. Private capital from the Middle East is already mobilising."
Makoto Okuyama-Hall, Knight Frank's external consultant, is an expert on why Japanese real estate investors increasingly favour the UK presently: "Japanese investors have historically maintained significant exposure to the United States; however, recent geopolitical dynamics have led groups to shift focus to other markets as a diversification strategy. Australia and Europe are the biggest beneficiaries of this phenomenon, with the UK emerging as the premier destination for Japanese investment on the continent.
"In Japan, structural demographic challenges – especially persistently low birth rates – continue to influence long-term investment strategies. Among the most active participants are leading rail and infrastructure companies, which are real estate developers in their own right in Japan. These organisations own extensive land holdings and have longstanding expertise in creating integrated developments, including offices, retail centres, and vibrant communities centred around transportation hubs. They recognise strong potential to apply these proven capabilities and skill sets to attractive opportunities in the UK.”
Julian Sandbach, JLL's new head of UK capital markets, says the business had been encouraged by the positive momentum it had been seeing 10 days ago, though there is understandably more uncertainty in the market now. "
Participants were keenly following the volatility in swap rates – the fixed interest rates exchanged for floating rates in financial derivatives, benchmarking pricing fixed-rate mortgages.
Sandbach said: "Swap rates increased by 50 basis points in response to recent geopolitical events, though they've since moderated slightly. It's natural that some investors may take a more measured approach in the near term. That said, the UK continues to be viewed as a stable destination for international capital. We're seeing continued interest from selective Middle Eastern and other international investors. We're also noting a welcome increase in UK institutional capital considering domestic opportunities, particularly in London. At JLL, we remain optimistic about the UK real estate market, however financing conditions will remain uncertain due to the situation in the Middle East despite robust credit availability."
Joshua Liaw, chief executive at Elite UK REIT, the Singaporean listed investor that has a major portfolio of government-let assets in the UK, explains the country's appeal of the UK for Asian investors: "One of the key messages we’re here to share is that we can bring Asian capital into regional UK markets. For instance, when I stopped by the Cardiff stand, the team immediately understood the opportunity. For many Asian investors, allocating to government-let assets is effectively an investment into the sovereign itself – but at a premium. Beyond Singapore, our investor base spans Southeast Asia and North Asia, and there is a high degree of comfort with the UK’s tax framework, rule of law and political institutions.”
As always, sector specialists were able to provide deeper insight into how their areas were performing.
Industrial opportunities
In industrial, there was, unsurprisingly, a clear focus on what the war may do to global supply chains for energy and oil. There was also a renewed focus on the opportunities created by more investment by countries in their own supply chain and in defence.
Jack Cox, head of European industrial and logistics capital markets, CBRE said: "We have CBRE research that has charted how cycles have developed alongside big political events and it goes back a long way and there are little to no correlations. Market cycles are most affected by interest rates and employment.”
"The situation in the Middle East remains extremely fluid with a variety of possible outcomes. Impacts on real estate are highly dependent on both the length and scope of the conflict.
"There will be a significant impact on industrial and logistics take-up from the increased spending on defence. It will be positive for the market in terms of the boost it will deliver to GDP, but in terms of how it manifests on ground is the question. There will be more square footage of product, but how much will be delivered by the private market versus how much will be delivered on secured government sites is not clear. 3PL's will still benefit from contracts to service such assets, but from the investment market’s perspective some of the locations may be remote and therefore non-core.”
In terms of the investment market Cox explained: "In 2025, we spent a lot of time supporting capital formation, helping [general partners] lock in [limited partner] capital with seed portfolios and pipelines of stock. The I&L market is now amply capitalised by equity and extremely well supported by the debt market, so it is a very different dynamic in 2026 and we are currently experiencing a shortage of quality product relative to the number of willing bidders."
Simon Ross, head of portfolio management at Blackstone company Indurent, said 2025 had been a boom year for its multilet industrial platform and there was no sign of this changing in 2026: “Fifty percent of our lettings last year were to UK manufacturers, with the letting to Regency Glass our largest. Structural demand continues to come from third-party logistics, which was also strong last year. With cyclically constrained new supply, vacancy rates trending down and continued robust occupier demand, 2026 has the potential to be a great year.”
Hotels and hospitality on the rise
The hotel sector is becoming a bigger part of the conference as it becomes a more mainstream real estate asset class – and one other sectors look at for lessons on running operational real estate businesses. CoStar Group business STR sponsored the HTL Connection tent.
Felicity Black-Roberts, senior vice-president of development, Hyatt, Europe, Africa and the Middle East, is a regular visitor to an event she sees as an important opportunity to tell hospitality's story to infrastructure and real estate investors: “Hyatt has almost completed its shift away from owning real estate and in Europe, Africa and the Middle East we are now firmly focused on a multi-pronged growth strategy with aspirational products in gateway destinations and growth at scale with brands in our Classics and Essentials portfolios in destinations like Leeds, Bristol or Cardiff in the UK.
“We’re seeing particularly strong momentum in resorts and all-inclusive destinations globally, and the brands within our Inclusive Collection are some of the biggest opportunities for Hyatt as we continue to expand our portfolio.
“Our strategy is about building a connected ecosystem of brands where aspirational brands like Thompson can introduce guests to Hyatt and ultimately lead them into our luxury and resort experiences as well as our select service offerings and business-traveller focused products."
As with pretty much everyone at the event, what others are doing around AI and technology was a key point of interest.
“We’re investing in technology and AI so Hyatt can meet guests where they search and plan travel. Being integrated into platforms like ChatGPT helps us reach travellers directly and reduce reliance on traditional intermediaries.
She added: "It’s great to see hospitality play a larger role at Mipim, with the hospitality tent now firmly embedded into the event landscape."
Kenneth Hatton, head of CBRE's hotels team across Europe, agrees there is more hospitality participation at Mipim: "The reason is the capital is here and more broadly amenable to looking at hospitality. In 2007, 3 to 4% of the real estate market investment market was hotel deals. That has now been between 8% and 12% of the market over 2024-25.
"The reasons are clear. The investors understand that travel demand in Europe is growing strongly while growth in supply is very low. Multiple factors have driven that, but the market is way off the historical average of supply and development while at the same time corporate demand is back and leisure demand is strong too.
"We report on the top 20 standout locations and London and Paris are always top. Overall travel dynamics are positive, and it looks good for all segments, particularly luxury and extended stays have done well. It is a bit squeezed for the solid four-star hotel, upscale because there has been competition on rate in a more price-sensitive segment. In general, across all segments, utilities are higher and wages have lifted but gross operating profit has held steady, as ADR has lifted sufficiently to cover the increase in costs."
James MacNamara, head of value-add and alternatives real estate investments, Schroders Capital, is looking to tap into the lessons learned by hospitality groups in how they use real estate: “I've been active in European real estate markets for nearly three decades focusing on investment opportunities when markets or sectors undergo rapid change. A current area of focus is real estate sectors, where the customers and users of buildings increasingly expect the owner to do more than simply provide space. They want assets that can adapt quickly to changing demand, operate efficiently, meet tighter sustainability requirements and remain relevant as technology, energy costs and customer expectations evolve. In response, owners have become much more active, combining capital investment with specialist management teams that understand customer behaviour in greater detail and can adjust pricing, service and the asset itself more quickly.
"From an investment perspective, the opportunity is most compelling where that specialist capability creates a real competitive advantage rather than simply a higher service burden. In hotels, that is often in supply-constrained markets such as Amsterdam, Barcelona and Edinburgh, where strong demand, limited new development and careful revenue management can translate into greater pricing power and better asset utilisation."
MacNamara, whose company is in the process of being bought by Nuveen, in one of the biggest asset management mergers of recent times, is taking lesson learned here to other areas. "In self-storage, the advantage can come from local market knowledge, digital customer acquisition and dynamic pricing. In specialist industrial formats such as industrial outdoor storage, it can come from understanding how customers use sites and from the scarcity of well-located land near major cities and transport routes.
"For investors, AI, energy constraints and geopolitics make this even more relevant because they are changing where demand emerges and which assets remain fit for purpose. The edge is not complexity for its own sake, but the ability to turn better information and faster adaptation into more durable income.”
London offices are back
The movers and shakers in London office development, leasing and capital markets were at Mipim discussing the sector, a crucial barometer for how the wider UK and European real estate markets will ultimately perform.
With regards to central London offices, Nick Braybrook from Knight Frank says: "There is not a great amount of stock on the open market but there is 'pent up supply' so I do feel that will pick up."
Felix Rabeneck, director central London investment, Savills, was in upbeat mood: "London offices are very much back in. There is an emerging enthusiasm from buyers to get back and that is due in part to clear recognition of the strength of the occupational market. You are also seeing some institutional capital coming back and people have growing confidence about an exit strategy. The lending environment is also supper competitive and margins have really come in.”
Jay Drexler, head of asset management – office, retail and life science Europe at Oxford Properties, said: "The Middle East crisis is being taken seriously, but the response from investors has been calm and measured. The unexpected is something we are more and more used to responding to as an industry. The occupier fundamentals are strong and we have what we need to carry on with conviction in London offices. We have a talented, diverse team and a strong track record. We understand operational real estate and developing experiential buildings in the right locations – all against a backdrop of constrained supply.
“While retail went through a decade of structural demand decline, we doubled down on our best assets in North America, and we are thrilled we did. Today retail is one of the biggest contributors to total return. I think that is now proving true with office space.
"Working from home and AI will both impact demand and reshape how offices are used. Understanding this shift is the opportunity. We are in a market where occupiers are seeking spectacular HQs, liquidity is improving and the debt markets are strong. potential cut. We are increasingly unique in how we structure our partnerships in that we are an asset manager as well as an aligned institutional investor. Nearly all of our existing partners are here at Mipim and we are also talking to future partners about the opportunities in this space."
Oliver Bamber, central London investment director at Savills, says the questions on the impact of war in the Middle East are a bit too early to respond to. "There is a lack of stock and what is happening could potentially erode buyer convictions. From the other point of view in refinancing there is a great level of availability and the cost of debt still looks accretive although higher than a couple of weeks ago."
Oliver Fursdon, head of the central London development team at Savills, adds: "We are running a couple of live processes on major development projects and whilst bidders have flagged the matter, there has not been a material change in appetite in the short term. Compared to last year the atmosphere is noticeably more upbeat."
Bradley Baker, chief executive of CO—RE, was keen to discuss one of the most familiar debates – what makes an occupier choose a building. "Location remains a significant factor in any firm’s move, with occupiers looking for more prominence so that they can promote their brand and brand values through their HQ. Occupiers are also using their offices as a means to attract and retain the best talent.
"The lack of supply in central London is unprecedented too. There is a significant opportunity for developers in this space. One of our big developments coming forward at present is Vista at 72 Upper Ground where we have broken ground with Mitsubishi Estate. It's a game-changing £800 million riverside development that includes 58,000 square feet of outdoor terraces."
In terms of AI and tech, Baker reflects: "In the office development world, AI is interesting but developing a building is a very creative and collaborative process that will always need significant initial artistic input from the architect. Another trend now is there is more appetite from investors to have joint ventures. Investors are buying into the strong rental story in London offices and the unprecedented lack of supply."
Simon Glenn, head of London capital markets at Colliers, said: "The market remains keen for repositing of assets across London."
Glenn is referring, in particular, to 123 Victoria, where Colliers is advising Landsec on a potential sale process. "Despite the initial deal not happening, we are reacting to new interest already, highlighting continued investor demand for repositioning opportunities. In London there is great investment in infrastructure in Oxford Street pedestrianisation, Marble Arch and Euston projects for instance.”
"I am suggesting that achieving £300 per square foot in the West End Core, for instance, is not far away"
Charlotte Ashton, head of London leasing, Colliers, said: "Despite the geopolitical backdrop, confidence in London offices remains. There is strong demand and a severe lack of supply. There is strong rental growth and therefore reversionary opportunities. I am suggesting that achieving £300 per square foot in the West End Core for instance is not far away. At the prime end there is almost a three-tiered market. There is good quality refurbished, best-in-class new build, and an emerging super prime, but pricing will be sensitive. The question is, is it really super prime if it does not have everything attached? Ultimately my belief is location is still king."
Regional offices
The national office investment market is clearly more difficult but in Birmingham, Manchester and Edinburgh there are major transactions set to happen that will shift the mood, as well as a major development and redevelopment opportunities.
Simon Rickards, head of national offices, capital markets, at Knight Frank says: "We are seeing increasing levels of capital looking to invest in our sector. The general view is that pricing is relatively attractive, especially with significant rental growth in most major centres and a complete lack of stock being built."
Companies are increasingly committed to retaining a strong office presence, something that is being monitored by ever-moresophisticated data resources.
Samu Salmelin, head of major projects in Europe at global lifts specialist Kone, which means "machine" in the company's native Finland, is embedded in the London property market providing lifts and escalators for office, residential and retail landlords. The company's global reach – Kone moves more than two billion people per day on its equipment – and focus on data and technology means it is increasingly able to help landlords more efficiently use their real estate, measuring for instance elevator use in offices and homes across major cities.
Salmelin says the data feedback loop from connected lifts helps Kone, its landlords and occupiers keep ahead of potential problems, resolve issues with predictive maintenance actions and optimise the use of office space. "Connecting the dots helps us and our clients predict and prevent problems to ensure smooth people flow without unnecessary interruptions."
The government is listening
Melanie Leech, chief executive at the British Property Federation, has had a busy schedule of networking as she promotes UK real estate, not just to investors but to the many local government officials and partners at the show: "This is a big year for us. Next month we formally legally launch Real Estate:UK, a single voice and convenor, a focal point for real estate. The new chief executive should be announced soon. The existing Shadow Board will execute the merger and after that we will finalise the search for a permanent chair to work alongside the new board and CEO."
Leech says Mipim is a positive chance for the UK to showcase opportunities. "The fundamentals in the UK market remain strong, and the issues we face are not UK-specific. It is about viability, the housing crisis, and this is a shared challenge across countries."
"We are supportive of much of what government is doing to aid development and investment but viability is a big issue where national government could make changes that really help and we are keen to influence this." The BPF has hosted two roundtables with Joanna Averley, the government's chief planner and and senior officials from the Ministry of Housing Communities and Local Government to discuss the issues. In residential, this included restoring multiple dwellings relief from stamp duty land tax, and mitigating the challenges of the Renters’ Rights Act.
"There is now for instance no disincentive not to appeal rent rises and that is knocking investor confidence. We think there is a tidal wave of appeals coming and there is clearly not the resource to deal with this. We think there needs to be a way to mitigate against vexatious tenants – there should be a cost to appealing for instance.
"We’ve also highlighted the impact of policy moves coming out of the blue - for instance changes to upward only rent reviews. We want the chance to build our case with government before they announce changes."
Nick Maclean, the Royal Institution of Chartered Surveyors president for 2026, is in Cannes, he says, because it is a crucial way to hear from the body's members. "Here at Mipim it is useful for us to get to see our members and firms the organisation represents in the same place and judge where the RICS needs to go. On the aircraft over everywhere the talk was about data centres and that is indicative of investment flows here. In a good sense, the event is an unscientific bellwether. The bars are even better to pick up what is happening in the market."
Justin Young, chief executive, RICS, says one key theme is education: "We are looking at [...] the triangle that is the educators, the employers and the government. As a professional body, we are at the centre of that triangle to help ensure that students are as ready as possible for the world of work. We want to focus on education being more accessible also – to those who don't want to do a first degree or apprenticeship, but want to qualify as a chartered surveyor while in a full-time job."
Maclean adds: "We have 144,000 members and it is also about regaining the confidence of members and clients and that is well under way. It's also about promoting the earnings capacity of being a surveyor, and the mobility in the role."
Young also said the RICS wanted to do was: “The other thing is with likely big changes with government regulation in the UK. We want to provide that confidence that the profession is suitably qualified to respond to any increased regulation proposed by the government, particularly in the residential space."
Maclean worked for many years in the Middle East and is an experienced voice on the real estate impact of the current conflict.
"In terms of the Middle East: we have 8,000 members in the [Middle East and North Africa]. Many have practiced elsewhere. The UAE has done very well in evolving its offering after crises not of its making. Once this has settled, there will be opportunity. For instance if there is fundamental change in Iran there will be opportunities there for ours and other professionals. The other countries have so far done well to not be directly involved. And there is an opportunity for the UK and Europe as the volume of capital coming out of the Gulf Cooperation Council is likely to increase."
Saadia Sheikh, the 2025-2026 global president of the Society of Industrial and Office Realtors, a representative body for office and industrial real estate agents, founded in the US, said: "Globally 10% of members are international and outside of North America. We are in the fourth year of a five-year strategic plan so I will be focused on the next strategic plan. In terms of the global story the plan is to build but the questions are how and where and why.
SIOR is different to other representative bodies, Sheikh says, as membership is based on performance. Sheikh, whose speciality is in the office sector, said: "You have to be recommended and it is about ethics too. Different markets in the US adjust the performance thresholds, unrelated to being recommended or ethics, which is consistent across the board."
Sheikh says fundamental to the body's success is the dealmaking it unlocks across the globe, as trusted counterparties are put in touch. SIOR says approximately 80,000 deals each year complete between members. Examples include Germany's Blackbird Real Estate in Germany and Hanna Commercial Real Estate in Cleveland, Ohio, completing an 86,337-square-foot industrial letting last year in the Greater Stuttgart area in Germany, and Newmark in Dallas working on a 627,665-square-foot letting last year in the UK.
Residential living and other opportunities
The living sector remains very much the favoured destination for many investors, but has been noticeable at the conference how often such investors say they are considering other areas such as offices and retail once more.
Parm Nijjar, executive director and head of strategic transactions and partnerships, Related Argent, is in Cannes to promote the company's major residential projects in London but he is looking at other investment opportunities including offices once again: "Brent Cross is continuing at pace with eight buildings starting on site this year across build to rent, PBSA, coliving, senior living, market for sale and affordable housing as well as the completion of a 250,000-square-foot office, half leased to Sheffield Hallam University. We are known for being a master developer but we also pursue individual plot sales as well as being the operator of our build-to-rent product.
"We are here at Mipim meeting equity partners and lenders. The general mood is very positive. We are talking about what set our schemes apart. At Brent Cross a big differentiator is the 50 acres of parks and playing fields – our ambition is for it to be the place in London to participate in sport and play.
"We are looking at new opportunities and not just in the living sector but also London offices – that market has made a recovery, and the debt market supports it."
Christie Wright, co-head of investment management at Patrizia, said: “At Mipim, I always meet people we do not normally see in London. We meet European partners and investors to reiterate our strategy, but what we also need to see is a pipeline of deals for that strategy.
"We have been able to showcase a living-sector deal that is emblematic of our value-add strategy – a deal that taps into the living transition megatrend we are seeing. The Berlin deal (a €500 million Berlin residential development platform as part of a pan-European strategy) responds to an acute housing shortage in the city, demand for modern energy-efficient product and a preference for living in the city. We are looking to replicate this across Europe in the living sector.”
On offices, Ker Gilchrist, head of UK investment management, also of Patrizia, said: “The differentiator is that we can look at data in each global city where we have offices. We have €14 billion of AUM in offices globally across key cities, and we can draw on what we are seeing in the portfolio when we get on site – at 108 Old Broad Street, for instance, where we are proposing a 15% uplift. The fact is, we are not going into the ground where challenges can emerge; we are not starting from scratch and there is no contentious planning. Otherwise, real patience is needed for capital to go on that journey.
He added: “London is a target opportunity for more investment, but so are other key cities on the Continent too, where we see the euro currency benefit.
"In the European commercial portfolio, new lettings have been secured at rents 12.1% ahead of [estimated rental value]. We are also seeing lease lengths extend. The market has worked out what works across Europe - less but better space - and our data is showing longer leases and [weighted average unexpired lease terms.”
Tom James, head of UK transactions at CBRE IM, said the investment manager continues to look at industrial and living but "we are looking more than ever at all parts of the market – looking at opportunities across the space and risk return spectrum".
"In terms of the global uncertainty we are still seeing inflows into our main flagship funds. Interestingly real estate is competing with infrastructure here. This year stock selection and counterparty will be important themes and living and industrial remain important opportunities but we are looking at all areas to find the value."
Retail in rude health
Charlie Barke, head of capital markets and national agency, capital markets, Knight Frank, and a key UK adviser in retail capital markets, says overall there is a sense of optimism and a hope that the crisis in the Middle East is a short-term challenge.
"There is an expectation that a sense of general market improvement over 2026 should return again soon. There are proper conversations being had here. We feel good that there will be more retail investment volume this year and sensible price conversations between buyers and sellers."
Allan Lockhart, chief executive, NewRiver REIT, is in particularly confident mood: "I am clear retail is back and in the best position it has been in for a decade."
Nicolas Boffi, Mipim director, said this year's event will be remembered as a "moment when the real estate investment market demonstrated its resilience and relentless optimism in the face of an uncertain geopolitical situation."
“The message I heard across the week from delegates was the need for action and the high cost of doing nothing when there are so many urgent topics that we must face together. This was best demonstrated in the coming together of the public and private sectors, of international investment with local real estate, and of politics with business."
Richard Rees, managing director, Savills UK, speaking before his company stole all of the headlines, summed up the feeling of caution but confidence particularly well. "We were remarkably positive coming into Mipim. But now we are all clearly concerned by what is happening in the Middle East and in the real estate market, albeit it is too early to say what the medium to long-term impact will be. There was an acceptance of price discovery but people will pause at least to digest the impact. If that can settle down relatively quickly the UK is in pretty good health across most sectors – London office, resi, prime retail."
For all of the UK news team's Mipim coverage, click here.