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| Global real estate industry is getting back to basics, MIPIM confirms  Some 18,000 delegates, spanning all sectors of the global real estate industry and representing 80 countries, leave Cannes saying that MIPIM confirmed their belief that €15 trillion international property industry remains a solid long-term investment asset and that the industry is getting back to basics. Summing up the mood in Cannes, senior executives suggested that the global financial downturn is encouraging real estate companies to focus their attention on property fundamentals rather than complex financial engineering.Despite the credit crunch, MIPIM continues to attract international investors en masse. Delegates from such industry heavyweights as Goldman Sachs, Deka Immobilien GmbH, Aviva Investors, Aberdeen Property Investors and SEB Investment were among some 3,500 investors and end-users who travelled to Cannes. One region where opportunities appear to exist is in the Baltic States. Re&Solution, a provider of integral real estate, financial and investment management services in Lithuania, Latvia, Estonia, Ukraine and Denmark arrived in Cannes looking to attract inward investment into the Baltic countries. The more bullish amongst the investment community at MIPIM predict that real estate will bottom out in 2009, with Western Europe's 'Big Five' – Germany, the UK, Spain, France and Italy – returning to popularity as investors seek the security of mature markets in preference to the higher returns that have been offered in Eastern and Central Europe. France, the United Kingdom and Germany were the three most represented countries at MIPIM 2009. Often referred to as the 'Davos' of international real estate, MIPIM 2009 brought together mayors and city administrators from some 200 cities and regions including Moscow, Paris, London, Budapest, Berlin, Madrid and Toronto. At the inaugural closed-door Mayors' Think Tank, discussions focused on policies to improve the urban environment and the challenges facing cities as they map out sustainable development strategies. Among the mayors attending MIPIM, Boris Johnson, Mayor of London, addressed delegates with a keynote speech highlighting the economic importance of the 2012 Olympic Games for the British capital. High-profile projects from cities and regions were in abundance at MIPIM 2009. France's GrandLyon urban community showcased its office real estate programme for the Part-Dieu business area, while internationally-renowned architect, Lord Norman Foster of Thames Bank, unveiled his plans for the Hermitage tower in Paris' La Défense suburb and Montreal exhibited plans to expand its Technoparc in the Ville St. Laurent area. U.S. architects Gensler unveiled the 632m Shanghai Tower which is due for completion in 2014 and which aims to receive certificates from both the China Green Building Committee and the U.S. Green Building Council. From the Federation of Russia, the Federal Agency of Special Economic Zones Management (RusSEZ) actively promoted two new special economic zones of tourism and recreation - 'Anapa Nova' in the Krasnodar region and 'The Gateway of Baikal' in the Irkutsk region. In an interesting development this year, the Italian Defence Ministry became a first time exhibitor at MIPIM, with the Deputy Defence Minister, Guido Crosetto, present on the exhibition floor. Defence ministries across Europe possess significant amounts of real estate and land and are now looking to maximise their value. Speaking at MIPIM, Mr Crosetto said "you have to remember that most of these buildings were either not built for military purposes at all, or were built for military requirements of different epochs, and are therefore not suited to military uses today. Many of them are city-centre sites, and many of them, such as the Arsenale in fact takes 15% of the cityscape of Venice, so it's a huge site." The Ministry noted that armed forces buildings have high potential for conversion into residential, office, logistical and tourism real estate projects. The French armed forces were also present at MIPIM. The French Navy frigate Le Guépratte steamed into Cannes at the start of the week to host a VIP dinner for some 100 'pioneers' who have attended all 20 MIPIMs. MIPIM 2010 will take place in Cannes from March 16 to 19, 2010. write your comments about the article :: © 2009 Construction News :: home page |