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MIPIM has been and gone for 2017 and there was much to take away from this year’s offering in Cannes including a few burnt foreheads. Under the clear skies, there was a strong sense of optimism in the wider market and our consultants were kept extremely busy informing their clients of the latest market trends but also taking on a number of new and exciting briefs. So what was there to take away other than a heavy head and sunburn? Our attendees share their insights.
Much was made of the UK presence and the level of optimism in Team UK at MIPIM this year. And rightly so. Having had a Brexit Referendum vote to leave the EU, a potential second Scottish Referendum and a General Election due at some stage, the mood could have been very different amongst the UK representatives.
The market sentiment seemed to be that this year would be quieter on the UK investment front but the appetite to acquire in Europe remained strong. From a recruitment point of view, European focused candidates and asset managers in the UK remain in demand.
Whilst a lot of our clients are waiting to find out more about the terms of the Brexit negotiations before committing any more capital to the UK market, they do think this is more of a pause in activity than a decline in the market. That said, a recurring theme was that it will be harder to make money this year and that a harder, better work ethic was definitely a requirement for 2017.
Lucy Cook, Head of Real Estate
From the Residential side the talk was still all about the PRS machine. Sentiment is strong for this and most of the major players were there. One of the main issues is that they can’t buy enough sites. PRS is in the big development stage, and those that I spoke with are excited to see what comes of all the developments as it is such a new sector. It is still hard to get the numbers to stack up for the PRS model in London, so the majority of the focus is in the regions.
Undoubtedly, our clients are looking to strengthen their residential teams, interestingly, more on the investment side which has been the first time since Brexit. Analyst and Development Managers will also be in demand with more and more developments starting.
Toby Speke, Head of Residential
Overall, we feel that MIPIM 2017 was a success for the UK with not only London displaying its opportunities for investment but the regions too. As we await the triggering of Article 50, it seems that Brexit might slow the Real Estate market but it will not be stopped. There will be no shortage of opportunities in the year ahead for those seeking a new career challenge.
Now that MIPIM is out of the way, our teams are certainly busy with new opportunities to discuss with you. Feel free to register with your CV or contact your nearest Cobalt office.
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