It’s been more than just a bit interesting here along the French Riviera. The numbers are certainly down from previous editions of MIPIM, and the expected rush of people never quite materialized in the afternoon. But there’s a real sense of cautious optimism pervading most conversations, and if anything, what we’ll be watching for are signs of overheating in certain markets.
The parties here are far fewer than in past years, though companies like Salans, Stewart Title, Eurohypo, First Title, Wilson & Partners and others have been doing there share for the social scene. What you hear on the floor, and at the social functions, is that there’s a whole lot of money sitting on the sidelines, waiting for the right product to appear. More specifically, everyone’s looking for core. At the risk of spoiling the party, it should be said that the availability of CEE core is severely limited. If this combines with an excess of capital, how much brainpower does it take to work out the most likely outcome? We’ll be fleshing this out over the remainder of the event.
In the meantime, the picture parade has started: here’s a link to the MIPIM 2010 gallery.