Cityscape firmly entrenched as a key global event
The minds that meet at property exhibition and conference collaborations with an established global reach often influence the direction that property markets are expected to take. Bringing major decision-makers together is vital in terms of germinating the seeds of a way forward in countries that need to harness differing market fundamentals in order to make their indigenous markets both attractive and successful.
In the Middle East market, Cityscape Dubai opens tomorrow. Europe is home to MIPIM, scheduled from March 16 until 19, 2010, in Cannes, France. The geographic location undoubtedly determines the dominance of the regional markets represented. In MIPIM's case, Western Europe and the emergence of its Central and Eastern counterparts in the open market represent an enormous spread of opportunity. However, both events extend global reach to entice farflung investment interest toward the
platforms they offer.
IIRME has expanded its horizons to encompass similar exhibitions and conferences in Cityscape India, Cityscape Asia in Singapore, Jeddah in Saudi Arabia and Cityscape USA. MIPIM has also added MIPIM Asia, focused on real estate in Asia Pacific.
MIPIM is an established 20-year-old event, logically positioned at the heart of EU commercial property markets. Cityscape, by contrast, launched in Dubai in 2002, was closely aligned with the opening up of the UAE real estate market previously closed to foreign freehold investment. The rapid rise to prominence of Cityscape as a global event has mirrored the dramatic growth in its domestic market.
The MIPIM forum is primarily focused on established global commercial property markets and integrates urban planning, architecture, multiple conferences, a high-level summit and rapid matching of cross-border investors.
Cityscape has been a regional showcase for the massive proliferation of developments within the UAE since 2002. Like MIPIM, it is a B2B and not a transactional event although undoubtedly major deals are struck on the sidelines of both.
However, given the large element of residential and mixed-use development released during the earlier phase of the Middle East's real estate markets, Cityscape's emphasis on purist commercial space was not pronounced until the likes of Dubai International Financial Centre, Business Bay, Jumeirah Lakes Towers and Downtown Burj Dubai districts appeared as key components of Dubai's 2015 initiative. Similarly, residential-dominated Cityscape expanded in the capital until Abu Dhabi Plan 2030 evolved, highlighting Masdar, Saadiyat Island's new Cultural District and designated Khalifa City as the revised inland location for federal and local government and foreign embassies vacating the commercial zones on Abu Dhabi City Island.
Like MIPIM, Cityscape mounts a wide ranging three-day conference concurrent with a four-day exhibition (occasionally five). This year's keynote speaker is Donald Trump Jnr. International sessions are devoted to the market status of France, Germany, Italy and the UK along with Japan and the US, an examination of the continued appeal of emerging markets and, naturally, a focus on where next for the Middle East. The event also promotes architectural awards and accelerated investor matching.
The exhibition tends to present major project district master plans within cities rather than regional developments overall and regular full-blown urban city plans. The GCC country presence is inclined to dwarf the international representation. However, the European and Russian entities at MIPIM also eclipse those from other continents.
Yet MIPIM, with its longer lifespan and crucial commercial property market billing, appears the more globally embracing event.
Cityscape receives a greater ratio of regional and UAE-based rather than long-distance visitors by comparison, but many more than MIPIM overall. Cityscape Dubai in 2008 welcomed 70,000 people from 150 countries. However, imposing MIPIM scale attendance charges would reduce these numbers drastically. The vast majority of MIPIM visitors travel from abroad, 2009's event attracted 18,000 visitors from 80 countries and 540 international journalists. There is of course the cost. Cityscape entry requires a business card. MIPIM charges start from €900 (Dh4,810) ex-VAT, rising to €1,550 for late registration. The substantial tariff plus high-brow hotel costs ensures attendees of sufficiently high net worth to transact high-end commercial assets, rather than browsing the aisles.
- Nicholas Maclean is Managing Director at CB Richard Ellis Middle East. The views expressed are his own
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