Back from MIPIM … the first lessons of the 2026 edition

The MIPIM trade show has come to an end.

At the end of our few days in Cannes, as we met and talked with investors, developers, lenders and advisors, one feeling dominates: the real estate market hasn’t taken off yet, but something is clearly moving.

After two years marked by a wait-and-see attitude and considerable macroeconomic uncertainty, the mood this year was markedly different. And that’s something to celebrate.

Several strong trends are emerging.

The market is close to its equilibrium point

Many players consider that the bulk of price adjustment is now integrated.

The question is no longer really “how far will values fall?” but rather:
“at what level can we start processing again?”

As a result, a number of investors have indicated that they are actively re-examining opportunities, particularly in prime assets or those with high transformation potential.

Asset transformation becomes the central issue

One point came up in almost every conversation: the future of the market will largely depend on the transformation of existing assets.

Offices to residential, mixed-use or hospitality; major restructuring…

These operations raise complex legal issues:

• restructuring detention facilities,
• modification of leases,
• urban planning issues,
• condominium management,
• adaptation of existing financing.

For investors and advisors alike, the ability to legally structure these transformations becomes a key element in value creation.

Regulation and ESG issues continue to reshape the market

In France in particular, ESG and regulatory issues are omnipresent:

• tertiary decree
• ESG requirements of investors
• European green taxonomy.

This accentuates the polarization between high-performing assets and assets in need of in-depth transformation.

Financing is back… but with demanding conditions

Against this backdrop, lenders are very much a part of the discussion.

But the rules of the game have changed:

• More cautious LTV
• higher margins
• enhanced analysis of business plans.

As a result, debt funds, alternative financing and more sophisticated structuring are on the rise.

A much more constructive atmosphere

Perhaps the most striking feature of this year’s MIPIM: the state of mind.

Despite the uncertainties arising from the Middle East conflict, discussions are more concrete and more projects are being examined.

The consensus remains cautious: 2026 will probably be a transition year.

But clearly, the market is on the move again.

To sum up, this MIPIM 2026 undoubtedly marks the start of a new cycle focused on :

• stabilizing values
• the ramp-up of asset transformation projects
• the importance of regulatory issues
• the gradual return of investors but more demanding financing conditions

In short, the market is demanding… but also full of opportunities for those who know how to rethink and structure operations.