Mipim 2022 in Cannes was billed as a return to normality for the global real estate market, with announcements from the organisers that over 20,000 people were registered for the event.
In truth, it really didn't feel that busy to me. The numbers seemed more like a pre-pandemic Mapic, which was usually attended by around 10-15,000.
Maybe it was the slightly unseasonal weather (it didn't snow this year!) that was responsible for keeping the crowds indoors, but certainly Café Roma, other bars and restaurants were not as busy as in years gone by. The London stand was also noticeably quieter than previously. Which, as it was about half the size of years gone by, was not a bad thing. Sadly, the giant 3D maps of the capital and The City did not feature this year, and there were fewer London businesses displaying their products or services.
The reduced numbers did however make it easier to meet people, and random, accidental meetings seemed more frequent. It was fabulous to be able to meet existing contacts, some I hadn’t seen for three years, and to make some new ones. For me, this is the real benefit of attending the event.
One thing that hadn’t changed from previous years was the high proportion of delegates that could be described as “pale, stale males”. As a pale, stale male myself, I’m just grateful I didn’t feature on the “Mipim Lads” Twitter feed (twitter.com/MipimLads), which highlights the industry’s diversity problems.
As might be expected, the war in Ukraine was on everyone’s minds and was marked by a poignant collection of images of buildings and landmarks in Ukraine, taken before the invasion, displayed inside the Palais des Festivals. There were many conversations about how this appalling human tragedy may impact the markets and how real estate businesses were dealing with the situation, particularly the question of Russian investment.
Beyond the war, talk at Mipim was about the issues that the wider market is facing up to. “Driving Urban Change” was the conference's slogan for 2022, and how we transform our towns and cities, particularly with the response to Covid-19, was always going to be a key focus for delegates. As you would imagine, ESG was also a major topic and seemed to feature in most conversations. Other hot topics were Real Estate Debt along with logistics, international supply chains and nearshoring.
In the numerous pavilions (and stands) promoting the UK and various cities, Levelling Up was the topic of the day. I sat through a few presentations on the subject (and housing in general) and concluded that everyone has a different view on what “Levelling Up” means. What is also unclear to me is why so many public bodies felt it necessary to travel to Cannes from the UK to talk about it in an echo chamber. My prediction for Mipim 2023 is that there will be fewer regional and local authorities in attendance.