While this year’s Expo Real wasn’t exactly bright in a literal sense, with rainy grey skies in place above Munich, there was a certain air of acceptance and a notable shift in energy levels compared to last year’s gathering that made the mood somewhat sunnier than the weather.

Everybody’s least favourite phrase ‘cautious optimism’ – which has been the go-to line for the real estate industry over the last few years – has finally been retired. Instead, delegates have accepted that they will have to work within the current conditions of the market and stop waiting for it to recover before acting. Thanks to the US president’s intense tariff war with the rest of the world, it’s safe to say that decisions were firmly put on hold and the property industry has been suffering. Combined with political instability in the Middle East, Eastern Europe and ongoing tensions between Taiwan and China, it has definitely not been the smoothest landscape for those wanting to secure investment and a flow of deals.  

Now, there are subtle hints of positivity in place. While it’s not the best news for those based in the US, as global capital reallocates to the safer haven of Europe, there is a buzz in the air that the property industry might finally begin to see some life breathed back into it. With around 40,000 people in the halls discussing the anticipated increase in defence spending by European countries and the growing demand of Chinese e-commerce companies for European logistics space, there were certainly glimmers of hope to focus on throughout the conference centre.

As one delegate summed it up neatly: “Well, at least people are talking this year. Last year they weren’t even doing that!”. Let’s just hope the talking turns into dealmaking…

– Liv Rhodes, consultant