MIPIM Real Estate Conference in Cannes Showcases Innovation and Development
Each year in Cannes, the MIPIM Global Real Estate conference takes place in March. Showcasing the most innovative and creative projects in the world of real estate, several important themes came out of this year’s proceedings.
From seismic changes in the office property industry to over a thousand properties being signed off by the Paris authorities for the Greater Paris project, this year’s MIPIM – Le marché international des professionnels de l’immobilier – conference was an eye-watering show for anyone interest in real estate, in France and globally. This year’s saw 23,000 property professionals converge on the Cote d’Azur to rub shoulders and show off their ideas.
MIPIM theme #1: Office Property
One of the biggest themes to come out was the new culture around office property and the changes it is going through. According to Jones Lang LaSalle, the occupation rate for ‘classic’ office spaces in France is now only 50% to 60%, these being replaced by lounges, informal meeting rooms, co-working spaces and ‘modifiable’ office rooms. Several important projects in Paris were announced, including Vivacity’s renovation of Kodak’s old HQ in the 12th arrondissement. This includes extending its usable space by 3000 m2, adding more co-working and meeting rooms, and bringing the meters squared per worker down to 10.
MIPIM theme #2: Innovation in the Industry
Innovation was a buzzword at the conference. Bouygues, the telecoms giant, launched a venture capital firm BIRD in 2015 to invest in innovative property projects. Nexity, a huge property development firm, has also made a point of investing in ideas and experimental property projects. At Nexity’s headquarters, new office property ideas are constantly being tested and proposed before being marketed as products.
Bouygues are helping to develop the ‘1000 trees’ project, an eco-friendly building of residential, office and commercial space at Porte Maillot in the 17th arrondissement. Small developers are increasingly eating their way into the market with smaller, ambitious projects. Things like 3d printing are also helping developers to faster deliver items to construction sites.
MIPIM Theme #3: Battle of Brexit
Some French media called the conference a ‘muscular combat on the theme of Brexit’. London had to defend its status as the most popular property investment destination worldwide, as talk of Europe pinching business from the soon-to-be economically separate UK was rife. The UK government had its own delegation, something never before seen in 28 years of MIPIM.
MIPIM Theme #4: Greater Paris
One aim of the conference was to facilitate private investment into the Greater Paris project. In this respect, it was a resounding success, as 1136 promesses de ventes were signed between the Greater Paris council and major property developers for a residential property project at Neilly-sur-Marne. They include:
- Bouygues Immobilier
- Icade and Vinci
- Kaufman&Broad and Ogic
- Nexity and Marignan
The deals are worth a total of 33.5 million euros.
image © Wikicommons