MIPIM remains the daddy of property shows, of course, but nothing better captures the globalisation of the property industry than the retail-only MAPIC.
With approaching 9,000 delegates, MAPIC is little more than half the size of MIPIM. But while Cannes in the spring affords isolationists the opportunity to exist in a UK bubble, there is no escape in the autumn.
The statistics unfurled at this week’s bash in Cannes prove the point: all performance is comparative. Countries, cities and even streets get judged across timezones. Leeds not only has to prove itself against Liverpool or London but against Leipzig, Lille and Luzhou too.
From a UK perspective, much of the talk at the event was comforting.
Jones Lang LaSalle research showed that, by rents, London had pipped Paris to the post to be named the most expensive luxury retail destination.
London also has the highest presence of global retailers, with 235 different international brands. Its nearest rival, Paris again, has 217. Moscow, in third place, has 196.
And while London remains a focus, of course, Land Securities had perhaps the biggest UK presence in Cannes, promoting Trinity Leeds.
But London, Leeds and other western and southern European cities should feel vulnerable. As well as Moscow, St Petersburg is also in the top 10 cities for international brands. Prague is up there too and Istanbul is rising fast. Retailers are looking to eastern Europe for growth; indeed, most are also looking to the east of Europe as well.
Even among western European markets, the UK risks losing pace. Germany has five cities in the top 20 international brands ranking. And, according to CBRE research, Germany is the most popular EMEA target for retailers next year. Austria is next and the Netherlands is in third place. Only then do you find the UK.
Eric Pickles did a silly thing last week. Not for the first time, you might say. But the secretary of state for communities and local government’s labelling of Hackney as the worst planning authority in the UK smacked of 1980s politics and was plain wrong. He issued a correction.
EGi’s London residential research team crunched the numbers this week and, at 160 days, Hackney ranks as the 13th quickest of the 33 boroughs in terms of its average decision time. It’s a respectable mid-table position.
More worryingly, perhaps, the analysis shows eight councils in the capital would be under threat of losing their powers under new performance criteria. If Pickles doesn’t have ready access to proper figures to judge local planning authorities, EGi would be happy to help.
UK property values have posted their 12th consecutive monthly fall, according to IPD. It is a statistic that is perhaps more symbolic than meaningful, as there are signs of improvement. More significantly, property has underperformed other asset classes over the past 12 months, returning 3.1%, compared with 9.8% from equities and 7.6% from gilts. That’s the sort of statistic that resonates in a global investment market.
Movember continues. I have changed my Twitter pic, so do have a look at the sheer awfulness of that at www.twitter.com/DamianWild. Bond villain is perhaps the only verdict from which a scrap of comfort can be drawn; “genuinely terrifying” is perhaps the worst so far. Please donate at www.mobro.co/damianwild and I will continue to update with even more terrifying photos.
