As Cannes’ Croisette begins to empty and delegates make their way back to airports and train stations, another MIPIM draws to a close.

The event remains one of the largest gatherings in global real estate, typically attracting around 20,000 delegates from more than 90 countries and bringing together investors responsible for trillions of euros in assets.

But the early impression this year was that the crowd felt thinner. Taxi drivers, hoteliers and seasoned MIPIM attendees all seemed to share the same observation: it felt quieter. Whether that was due to travel disruption, geopolitical tensions or simply a more cautious industry mood is hard to say. Several people suggested that delegations from the Middle East were smaller than usual, with travel logistics to and from the region proving more complicated.

And yet, as ever, the property industry found reasons to be upbeat.

The Eurologix logistics real estate party was as packed as ever and full of the sector’s biggest names – a reminder that logistics remains the industry’s dominant investment theme.

There was also genuine news. Savills used the week to announce its acquisition of Eastdil Secured, one of the most significant deals in the advisory world for years.

Even the geopolitical backdrop was being interpreted through a real estate lens. Some investors suggested that increased defence spending could boost demand for logistics infrastructure, while others argued that heightened global instability may reinforce Europe’s status as a relative safe haven for capital.

Whether those arguments prove correct remains to be seen. For now, the broader picture remains uncertain. Each morning seemed to bring fresh headlines about geopolitical tension, economic instability or political upheaval somewhere in the world.

Perhaps that contrast is what makes MIPIM such a curious event. Inside the Palais and along the Croisette, thousands of people discuss rents, yields and development pipelines as if the world is perfectly normal. Outside the conference bubble, the global news cycle tells a very different story.

As ever, the property industry carries on. And by next year, the cycle may look very different again.

– James Whitmore, director

– Learn more about Tavistock’s real estate team