MIPIM 2025: ‘Could this really be the year that “offices” stops being a dirty word?’

EDITOR’S COMMENT It’s the second day of MIPIM as I write this column. I’ve been soaked to the bone in numerous downpours, but there are far worse places for that to happen than the south of France, so you won’t catch me moaning. (OK, you might.) There’s an optimism in the air here, which I haven’t been able to say about that many MIPIMs in recent years. Seeing London mayor Sadiq Khan make his debut at the conference genuinely felt like a big moment for the UK – and the fact he was joined by deputies including Jules Pipe, Howard Dawber and Tom Copley really did underscore that City Hall appreciates the importance of the real estate industry and of this event in showcasing what London and the UK can offer global investors. Combine that with the Opportunity London prospectus launch and there’s a lot here for international investors to get their teeth into. And if you were looking for a further dose of infectious optimism, you could do worse than listen to Mark Rose, the chair and chief executive of Avison Young, who joined an Estates Gazette panel session in the agency’s marquee. Although the rain battered the canvas, Rose was upbeat. And like fellow panellists, he was even hopeful of a sustained recovery in the office investment market. Could this really be the year that “offices” stops being a dirty word? “We’ve been through the tough part of the cycle,” Mark told me after the event. “We managed to get through five years of pain – Covid first and a financial crisis, in its own way. The real estate industry lost its access to debt. But the worst is behind us. Now we get to look forward to incremental gains, we get to look forward to recovery, we get to look forward to product types like offices coming back in the mainstream because you will be able to pick them up at better pricing.” There’s always a note of caution, of course. “I always want to caution – don’t jump into everything at the same time with everybody’s capital,” Mark added. “But we’re on the right track. It feels good. The future looks pretty bright.” Maybe the bar has been low for a while, but “we’re on the right track” and “the future looks pretty bright” doesn’t sound like a bad a mantra right now. Finally, we appreciated all of the love for last week’s feature on tips for surviving for MIPIM – and it was awesome to catch up with Lucy Minton, Ben Danaher and Olivia Parson at Kitt after Lucy offered her own expectations in that feature as a MIPIM first-timer. So it’s only right to close out with some of her lessons once she got to Cannes, which she posted on LinkedIn: There are a LOT of blue suits. It gets confusing Plan things but don’t plan things. The MIPIM Magic – it’s a real thing Everyone is there to mingle, it’s networking made easy The cafés and bars are an extension of the conference. Find a table and enjoy a beer and see what happens Allow 20 mins-plus to order a cab Next year – take an umbrella and do not take a local taxi from the airport… Looking forward to MIPIM 2026 already.