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French Property Show MIPIM Launches

CANNES-Organisers expect up to 16,000 property professionals from all over the world to converge on the French Riviera this week. In the the sunny Mediterranean weather, they are brightening up, as three new reports reveal that European property is not as badly-off as everyone thought

By Charlie Jacoby | Updated on March 12, 2002

CANNES-MIPIM launches to the fanfare of three heavyweight property reports predicting better times ahead for European commercial property. The reason is low inflation and a decline in the availability of office space in Europe.

DTZ’s European Commercial Property Markets Overview 2002 predicts that the availability of office space in Europe will remain near a 10-year low as developers and investors have adopted a more measured approach to investment, following the excesses of the last property boom. DTZ says that rents are likely to remain flat for the foreseeable future but there is little danger of oversupply.

Gardiner & Theobald’s 10th annual survey of international construction costs says that the global inflation rate in this sector will slip to 1.4% next year. The European figure is likely to be slightly higher with both France and Italy pedicted to esperience cost escalations at around 3% and with the Olympic Games pushing up costs in Greece by 5%.

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