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Last week saw the annual property networking event, MIPIM, which takes place in Cannes on the French Riviera. The city welcomes 20,000 property professionals, and the event contributes significantly to the local economy – more so even than the better-known Cannes Film Festival.
In the past, the event was arguably more party than property, but in these leaner times, the attendees were all keen to assess the current Europe-wide property climate. And the result this year appears to be a quiet optimism, despite persistent economic fragility in the UK and abroad.
The reasons? At least in terms of London, since the economic crisis began, 2012 saw the highest level of investment in commercial property, helped by increased lending against property and a relatively healthy tenant market. The strength that built up in the capital during 2012 also seems to have continued into 2013, possibly indicating a good market for the coming spring and summer.
Tom Lax, of Morgan Pryce, comments, “There will have been lots of discussions this year about whether the market is going up or down, but the underlying feeling was that things are heading in the right direction. The MIPIM event can be a good indicator of the market – not just an excuse for a good time.”
Morgan Pryce is a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.