The halfway point has been reached. Everyone has arrived at MIPIM and the numbers of delegates are noticeably down from the peak of a few years ago. The benefit is a noticeably less frenetic, more business-like approach. "Manageable" is the expression most in use. The general atmosphere, judging from the majority of people I have spoken to, is that the market is in for a long haul towards recovery. No one is suggesting any quick fixes. The mood is more of pragmatic acceptance and a desire to find creative solutions to development.
There is good news though. Enquiries from inward investors are picking up and this will provide a much-needed boost to the office market once they have been converted. Some interest is also being seen from offshore call centres returning to the UK.
The highlight on the Manchester stand was the launch of The Co-operative Group's masterplan for its ownership around Miller Street. The area has been branded NOMA (pictured). In total, the proposed development comprises 4m sq ft, with both new and refurbished accommodation, retail, office and residential uses.
Coupled with the plans for the regeneration of Victoria station, with the commercial quarter to be developed by Muse, this area of the city is set for an interesting and exciting rebirth.
Ken Bishop is director, office agency, for DTZ and is based in Manchester
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