MIPIM Round-Up
Commercial Observer
Connecting and informing industry leaders of trends and individuals defining the global commercial real estate landscape
The MIPIM real estate conference that drew 21,000 attendees from around the globe to Cannes, France, is wrapping up. What did we learn? A lot about international opinions on U.S. property (and property financing). Also for today: Apartment rents in New York City rose to fresh records last month. Explore the causes.
— Tom Acitelli, Deputy Editor
MIPIM Conference Sounds Optimistic Notes for CRE’s Global Future
If last year’s mantra from the annual MIPIM real estate conference in Cannes, France, was “wait and see,” this year it looks like the waiting has an end in sight. The general sense from people inside and outside of the Palais de Festival de Cannes convention hall this week was cautious optimism that the worst is over for real estate and the deals will restart, including in major markets such as the United States. “People feel they’re past the worst of the surprises … the bad is now priced in,” said Aaron Block, managing partner of proptech venture capital firm MetaProp. “People are trying to find the pockets of opportunity.” Block was far from the only person out of the 21,000 people who attended MIPIM to share that sentiment.
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Manhattan and Brooklyn Apartment Rents Hit February Records
Even during the slow winter months, New York City apartment rents are still hitting new highs in Manhattan and Brooklyn as the housing market tightens even further. The median rents in both boroughs rose to their highest on record for the month of February, according to Douglas Elliman’s latest market report compiled by Miller Samuel. Median Manhattan rent hit $4,290 last month, the report found, up 2 percent from January and 3.3 percent year-over-year. Similarly, tenants signing new leases in February saw median asking rent per square foot rise 6.6 percent from a year ago, reaching $84, which was 18 percent higher than February 2020. The number of new residential leases signed also spiked, increasing 7.7 percent from a year ago and 11 percent from January to 4,349 new leases in February.
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