The time has not yet resumed and real estate professionals are still in phase of sobering after the euphoria of the years 2007 and 2008. With 18 000 visitors, the crowds at the 21st edition of the international market for real estate (MIPIM), Cannes, from March 16 to 19, was half that in 2008 a record year, and comparable to 2009.
The British and Russian delegations have been significantly reduced, the presence of the Middle East is almost symbolic and the absence of the Spaniards noticed. Attendance at MIPIM is a barometer of the health of the global real estate industry which, since 2008, acknowledged a serious decline. No resounding failure - even if the land Orco Property, very invested in the countries of Central Europe, and under the safeguard procedure, laid off 500 people - but a crisis for low noise, which undermines the morale and projects. A survey from the Royal Institution of Chartered Surveyors, conducted among 1 200 professionals, reveals that 11% of them have lost their jobs over the last twelve months.
The profession hopes that 2010 will be the year of stabilization, before restarting. The consulting firm Cushman & Wakefield predicts for 2010, a rebound of 30% investment in the world is 478 billion dollars, against 362 billion in 2009, a performance especially indebted to Asia. In France, twenty investors surveyed by Investment Property Data in February that provide 11 billion euros will go this year to commercial real estate (cons 7.6 billion in 2009 and 27 billion in 2007). For it is not money that is missing, as in some investors and banks, which begin to pay a reasonable to very low rates and up to 60% of the value of buildings (75% against it two years ago). The insurers have capital to invest. This is the case of Olivier Piani, Allianz Real Estate Europe, said that having 2 billion euros to invest in France, Germany and Italy. It would be acquiring the entire property Capital 8, former head of EDF in the 8th arrondissement of Paris.
UNCERTAINTIES
The fund manager AEW Europe has 3.5 billion euros and UFG 700 million euros, while German open funds themselves, collected 3.2 billion euros net. "The downside is that all these players looking for the same thing: beautiful buildings well located and secure rents, which leads to rising prices," notes Philippe Depoux, Property Manager of Generali France. The money is there, then, but not the love of risk.
Owners of office buildings, concerned about securing their future revenue, were granted to tenants of rent rebates and still expect to decline in 2010, about 7% after 15% in 2009. The concern is shared about the premises, some tenants accuse declines in sales of 10%.
Uncertainty equally among bankers, some not recover their bets in the volume of funds they have in recent years, awarded to real estate (970 billion euros across Europe). These "distressed assets" are present in Spain, looming in the U.S., but still rare in France.
The British and Russian delegations have been significantly reduced, the presence of the Middle East is almost symbolic and the absence of the Spaniards noticed. Attendance at MIPIM is a barometer of the health of the global real estate industry which, since 2008, acknowledged a serious decline. No resounding failure - even if the land Orco Property, very invested in the countries of Central Europe, and under the safeguard procedure, laid off 500 people - but a crisis for low noise, which undermines the morale and projects. A survey from the Royal Institution of Chartered Surveyors, conducted among 1 200 professionals, reveals that 11% of them have lost their jobs over the last twelve months.
The profession hopes that 2010 will be the year of stabilization, before restarting. The consulting firm Cushman & Wakefield predicts for 2010, a rebound of 30% investment in the world is 478 billion dollars, against 362 billion in 2009, a performance especially indebted to Asia. In France, twenty investors surveyed by Investment Property Data in February that provide 11 billion euros will go this year to commercial real estate (cons 7.6 billion in 2009 and 27 billion in 2007). For it is not money that is missing, as in some investors and banks, which begin to pay a reasonable to very low rates and up to 60% of the value of buildings (75% against it two years ago). The insurers have capital to invest. This is the case of Olivier Piani, Allianz Real Estate Europe, said that having 2 billion euros to invest in France, Germany and Italy. It would be acquiring the entire property Capital 8, former head of EDF in the 8th arrondissement of Paris.
UNCERTAINTIES
The fund manager AEW Europe has 3.5 billion euros and UFG 700 million euros, while German open funds themselves, collected 3.2 billion euros net. "The downside is that all these players looking for the same thing: beautiful buildings well located and secure rents, which leads to rising prices," notes Philippe Depoux, Property Manager of Generali France. The money is there, then, but not the love of risk.
Owners of office buildings, concerned about securing their future revenue, were granted to tenants of rent rebates and still expect to decline in 2010, about 7% after 15% in 2009. The concern is shared about the premises, some tenants accuse declines in sales of 10%.
Uncertainty equally among bankers, some not recover their bets in the volume of funds they have in recent years, awarded to real estate (970 billion euros across Europe). These "distressed assets" are present in Spain, looming in the U.S., but still rare in France.
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