"There is always something influencing the mood of the market, whether geopolitical or economic. And this year was no different. However, there is also a sense of perspective. "
- Tom Jansons - Jansons Property
What MIPIM 2026 tells us about where real opportunity now lies.
MIPIM has always been a useful barometer of the market and not just because of what’s said on stage, but also because of the quality of conversations happening around it. This year in Cannes, one idea came through more clearly than anything else - capital hasn’t disappeared, but it has changed shape.
There is a growing perception that the market is subdued, that activity has slowed, and investors are waiting for clarity. In reality, what we saw felt more measured than muted. The capital is still there. It is simply being deployed differently, by various sources, and with far greater care, and that shift is quietly redefining the market.
Capital is there but it’s more selective
One of the most noticeable themes this year was the volume of debt in the market. Private finance houses are stepping into the space traditionally occupied by banks and institutional investors. There is liquidity available, and in many cases a significant amount of it, but it is no longer being deployed loosely. It is being directed with intent. Capital today is not chasing activity; it’s backing conviction.
At the same time, many of the traditional sources of capital, particularly pension funds and major banks, felt less visible. You notice that absence, and it changes the tone of conversations as well as the way opportunities are assessed.
Put simply, the market hasn’t lost its funding. It has just become more discerning about how that funding is used. Deals will happen, but only where they are well considered, well structured, and grounded in something real.
A more disciplined market
MIPIM this year felt more focused than it has in recent memory. Teams were smaller, but more senior. Conversations were more direct, more purposeful, and in many cases more honest. There was less noise and more intent. This tends to happen in
more uncertain conditions, and in response, the market becomes more disciplined, experience carries more weight, and decisions are made with greater care.
In many ways, it felt like a return to a more grounded way of doing business. There was also a sense that development is beginning to re-enter conversations.
For the past few years, many investors have been able to achieve returns without taking on development risk. That window is beginning to close, and there is now a growing recognition that development will be needed again to unlock value.
But this is not a return to previous cycles.
What we are seeing is more considered than that. Funding structures, for example, are tighter, assumptions are being tested more thoroughly, and there is less tolerance for things not going to plan. Risk is still part of the equation. It always is. But it is being approached with a deeper level of understanding and discipline.
Sector trends reflect capital behaviour
When you look at the market through the lens of capital, the sector trends begin to make more sense.
Logistics, for example, continues to perform because the fundamentals are clear and dependable. Demand remains strong, particularly in the South East, and supply is limited. Those are dynamics that capital understands and is comfortable backing. Hotels are also seeing renewed interest, supported by robust performance across Europe, and there is a sense of real confidence returning to that sector.
In contrast, the UK PBSA market feels as though it is reaching a point of maturity. After a prolonged period of growth, sentiment is more cautious, and investors are taking a more selective approach.
Data centres remain a point of interest, but conversations suggest a degree of caution is emerging. Questions are being asked about whether projected demand truly supports the scale of development being proposed.
Offices continue to evolve rather than decline. There is still a clear push to bring people back, but only into high-quality, well-located, ESG-led spaces. The best assets are attracting attention. Others are finding it harder.
Across all of this, the underlying pattern is consistent. Capital is still active, but it is choosing carefully.
External pressures remain part of the landscape
There is always something influencing the mood of the market, whether geopolitical or economic. And this year was no different. However, there is also a sense of perspective. The industry has adapted to operating in an uncertain environment and therefore uncertainty itself is no longer a shock to the system. It is something the market works through.
Another subtle change this year was the sense that global influence is evolving. London’s presence felt more subdued than in previous years, and at the same time and despite the conflict in the region, the Middle East continues to grow in confidence and visibility. These shifts are gradual, but they matter. They reflect how capital is moving and where momentum is building.
In a market like this, clarity becomes more valuable. The opportunities that attract attention are not the most complex. They are the ones that are easiest to understand with a clear demand, sensible pricing, and strong fundamentals in place.
And this has always been central to how we approach the market.
Long-term value, disciplined risk-taking, and a focus on sectors where the underlying dynamics are clear. As Andy often says, ‘real expertise comes from experience, judgement, and understanding what holds up over time.’
MIPIM remains one of the best ways to gauge a genuine reading of the market. Not through headlines, but through honest conversation and this year the message felt consistent.
There is no shortage of capital, but there is a shortage of opportunities that meet the standard now required. For those who can navigate that, by structuring deals carefully, working with the right partners, and staying close to fundamentals, there is still real opportunity.
This is not an easy market. But it is a more thoughtful one, and over time, that tends to lead to better outcomes.
