MIPIM: Interest Grows in North American Property

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MIPIM, arguably the world's largest and most important commercial property show, is in full swing in Cannes. A few of the announcements coming out of the show:

Investors Targeting Americas Over Europe

Investment capital available for commercial property increased by 3 percent in the last six months, with the Americas attracting the largest increase, DTZ reports.

The Americas posted an 8 percent increase to $124 billion, the largest growth of any region. Capital for investment in Asia Pacific grew by 3 percent in the six month period to $82 billion, the consultancy says.

However, investors remain wary of investing across borders.

"Funds continue to remain focused on their home market or region, reflecting the uncertain market environment and investors' risk aversion," said Hans Vrensen, global head of research at DTZ. "In both EMEA and the Americas, over 90 percent of capital is to be deployed domestically or within the same region."

Irish Commercial Property Market Picking Up

After years in the doldrums, investors are turning their attention back to Ireland. Investment volumes could reach €1 billion by the end of this year, up from €600 million in 2012, Colliers International forecasts.

In 2011, as the market languished, Colliers only recorded €150 million in transactions in Ireland.

But reductions in taxes are helping lure investors back, the firm said.

"2012 was a turning point in Ireland's investment market and interestingly, the majority of the deals making up the €600 million figure completed in the final quarter as stock levels diminished," Michele McGarry, director at Colliers International, told Property Week. "Interest in secure prime assets continued to buoy values while secondary and tertiary assets have seen further declines as occupational markets remain very weak."

Cushman & Wakefield to Market Trump Project In Brazil

MRP International, the company developing the first Trump-branded project in South America, has appointed Cushman and Wakefield to lease space in the Rio de Janeiro development.

The Trump Towers project is described as "the largest ever urban office development in the BRIC countries, with more than 5.3 million square feet of space in five towers. The project, developed by MRP International and Salamanca Capital, is located in the port region of the city on Avenida Francisco Bicalho.

"Trump Towers Rio will certainly be the nucleus of Porto Maravilha which will become the new and dynamic central business district of Rio de Janeiro," Stefan Ivanov, chief executive of MRP International in Brazil said in a statement.

CBRE: London Still Tops With Investors

London was listed as the most attractive investment location in a survey of 362 investors by CB Richard Ellis. London received 31 percent of the vote, followed by Munich, Berlin, Paris and Warsaw.

Investment activity in London last year was the strongest since 2007, CBRE said.

"The current and significant improvements in leasing activity will reinforce the already strong investor confidence in the central London market," said Mike Edwards, central London executive director for CBRE.

However, while London was the top city destination, Germany was chosen as the top country for investment by the respondents.

Boris Johnson Promotes London in Keynote

London mayor Boris Johnson is now a regular at MIPIM, using the show as a platform to promote London to the industry. This year he delivered the keynote address, setting the tone with his usual flair and gift for hyperbole.

Here is video of the presentation: