Market View

Each week TheBusinessDesk.com asks experts from Yorkshire's commercial property community for their views on a burning issue affecting the market.

This week's question is:

Is MIPIM, the annual international property conference held recently in Cannes, a waste of time or a valuable event?

Paula Dillon, partner at law firm Addleshaw Goddard in Leeds:

“Like many things in life, you get from MIPIM what you put into it. It would be a waste of time to go out there and sit in the sun for a week chatting to your friends, tempting though that may be.

“For people and organisations who make it their business to get involved in dealmaking and introductions whilst they are out there, it can be immensely valuable.

“As a firm, we always monitor what we have got from MIPIM and we have never concluded that it was anything other than time well spent. On a local level, Location Leeds is a great advert for the way in which people in Leeds property work together and keeps the city's profile visible within the wider industry.

“Bradford, Sheffield and Hull were also there in force this year, reinforcing the impression of a region whose people are keen to do business. That has to be good for all of us, even those who did not attend.”

Alex Munro, head of commercial agency development at property consultancy Knight Frank in Leeds:

“Despite the economic climate, the mood from the UK was a positive one this year. This was particularly true from within the Yorkshire camp, which was in an unusually good position in comparison to other European cities, thanks to its location and current level of public and private investment.

“It is clear that hundreds of funds, investors, developers and senior decision makers still recognise the value of attending the festival and are shunning the view of the cynics who may believe that MIPIM is an unnecessary exercise and wasted use of resources.

“Networking appeared even higher on the agenda this year. Historically Knight Frank has always had a fantastic response from meeting up with potential clients who are actively seeking opportunities in Leeds and Yorkshire.

“Our focus was on initiating new contacts, progressing existing projects with current clients and catching up with Yorkshire's own existing agenda of development such as the exciting mixed-use developments in cities such as Leeds, Sheffield and Bradford, including the City Square House development and the refurbishment of Cloth Court Hall in Leeds.”

Simon Peters, managing director of Sheffield-based Network Space:

“You can't escape the fact that MIPIM is getting bigger and bigger year on year and yes, it's true, it's probably the biggest victim of its own success what with the increasing flight and accommodation costs scaring financial directors up and down the country. But you cannot ignore the fact that this is the ultimate networking event and in my position key relationships are the lifeblood of my role.

“Where else do you get the opportunity to meet investors, banks, chief executives from councils, development companies and RDA's from all over the UK and beyond all under one roof? Yes you probably could meet most of these people individually in the UK but it can take weeks to secure diary slots and you're unlikely to find this calibre of people embracing regional networking with a united front in the same place at the same time.

“Be well organised, maximise every opportunity and you can still achieve best value networking.”

David Stone, partner in commercial property at the York office of law firm Dickinson Dees:

“MIPIM seeks to reflect the old adage of 'people like to do business with people they like'.

“As the acknowledged international forum for property people (developers, investors, professionals and institutions in both public and private sector), its aim is to allow the key decision-makers to develop and foster working relationships – and not just for the short- term.

“Does it help Yorkshire's economy? Well, it certainly doesn't hinder it, but MIPIM is now a truly global event and the real challenge for those attending is to pick carefully on what and where they should focus their energies to maximise the return for their particular businesses.”

Russell Jowett, property finance consultant at Leeds-based Russell Jowett Commercial Property Finance:

“I have been to MIPIM for the last four years. The last two of these being since I set up my own business and having to pay for the trip myself!

“For me MIPIM is a 'must attend' event because in my business I interact and do business with all the different types of organisations that attend such as bankers, lawyers, developers, investors and property agents.

“One way or another I have always got business, or some valuable contacts which have led to business,out of MIPIM which have more than justified the cost/time.

“I think that MIPIM is more effective for some people than others. It also depends on attitude. Firms who send people to MIPIM expecting instant results may well be disappointed and therefore question the value.

“This year is a case in point where, as I have commented on your website at the time, there was a totally different atmosphere. There were probably less deals transacted but there were many very valuable meetings/discussions held regarding the state of the market and how everyone is dealing with it.

“One of the reasons this MIPIM debate has started has been the criticism of the amount of money that Bradford has spent on its MIPIM representation over the last 3 years. What has been achieved? Does it justify all the people that attend? I would agree that where it involves spending taxpayers money then these are reasonable questions and Bradford should come forward and say what specifically has been achieved.

“I would certainly agree that as a general comment MIPIM has raised the profile of Bradford and what is going on there, but is that enough?

“So MIPIM is a 'yes' for me and I will be there next year. However I also believe it is not for everyone and that some firms/Local Authorities are right to question the return they generate from the event.”

Claire Murphy, property partner at HLW Commercial Lawyers in Leeds:

“As three long days of concentrated networking with senior property executives and planners, MIPIM is a unique opportunity. Rather than being a jolly, the significant investment in time and money means that everyone there is keen to make the most of the event.

“Away from the office, family and other commitments you can devote your time to networking prolifically – as well as learning about the latest developments and activity within the sector. I have returned with a stack of key people's business cards to follow up over the next few weeks.”