Conferences are an occupational hazard in our business. Real estate remains, still and at heart, a people business in a way that, say, equities, bonds or commodities are not.
Notwithstanding the marvels of data – capture and technology, the length and complexity of transactions involving real assets means that you often need to trust people for longer. So, conferences play their part in creating and reinforcing business relationships. I find the best events provide both real intellectual stimulus and the space to lean back and get to know people.
As all Property Chronicle readers will know the two “Biggies” of our conference season are MIPIM and UKREIF. MIPIM has been running for over 30 years and remains a very influential event – even if, as one head of capital markets at a very large advisory firm once told me that after Christmas, the two things he dreaded most were the round of bonus discussions and MIPIM. But it still is a truly global event and is arguably the best place to judge the mood of global real estate investors for the year ahead. UKREIF is the new kid on the block but is certainly starting to become a date in the diary that UK operators need to be mindful of.
I am a bit embarrassed to confess that, at RICS, we only started to get the most out of UKREIF when we realised the importance of …wait for it …yes, real estate space at the event itself. As the rain tipped down at the 2024 event, it struck me that our members and our members’ clients would get the most out of a gathering the size of UKREIF if we offered them a place to come and meet, hang out and listen to interesting speakers. That is why I was very happy that our “Built Environment Lounge” at this year’s UKREIF went down so well with our members. Along with our sister professional bodies, we hosted some great events and round tables as well as offered our members a large, well kitted-out space for them to rest, have meetings, and grab a coffee.
My sense was that the mood was more optimistic at UKREIF than a few months earlier at MIPIM. This might have had something to do with the glorious sun and blue skies in Leeds versus the rain and wind at Cannes (not a sentence I expected to be writing) but actually I think it was more down to two things. Firstly, the interest rate outlook for the UK is starting to become a bit clearer and the market expects further cuts during the rest of 2025 suggesting that, by 2026, we could see signs of the next growth cycle. Secondly, the tighter focus of UKREIF (clue is in the name) meant that discussion, engagement was all about what mattered for the UK.
You could not help but notice the extent of government interest in, and presence at, UKREIF. Local government had pavilions and spaces to attract investors. Central government was represented by the secretary of state and her housing minister, and, at RICS, we hosted a large number of MPs all of whom were keen to speak to our members and others to find out what they can do to get the UK building again. I can almost hear readers of The Property Chronicle saying as I write the above,
“yes, yes, we have heard all of this before, where is the beef?”
Whilst it is true that the time is now here to see practical steps to free up planning and allow house-builders to get building it is also only fair to say that the new government has been in office less than a year and no-one can be in any doubt that many of the key players ‘ political futures are staked on increased house-building and planning reform. At RICS we are right in the mix of advising government on what we think is both desirable and achievable to get the UK building again. We are about to find out if Government has listened to what we and other industry voices have been saying but , at this stage , we can be sure of one thing and we haven’t always been able to say this : The success of our industry and what we do and how we do it is right at the very top of this government’s agenda and priority list.
The “how we do it” part of the building agenda doesn’t always get the same amount of attention as “how much are we doing”.
But at RICS, we are laser-focused on this. We must ensure that we are building places that are sustainable, attractive and affordable. To that end perhaps the pick of the events that I attended at UKREIF was one put on by Octopus energy, Vistry and Homely which looked at how to build great places and make them affordable and accessible to as many as possible. It tied together energy sustainability, house-building and finance and was a reminder, again, of how our industry is at its best when it is collaborative and creative.
The other aspect of “how we do it” is something that is right at the top of my agenda at RICS. The range of skills, and the breadth of talent, we must attract into our industry has never been wider. To help us ensure we secure those people and those skills we must adapt. So, over the next year or so we will be making it more straight-forward for candidates to access our profession. This is not about lowering standards – it is the opposite. We need to refine and modernise the way we consider who is best able to contribute to our industry. This will enable those from outside the traditional pathways to come into RICS and add to the sum of our expertise and knowledge.
As a final note, as we look forward to modernise the profession and attract the next generation, we should also take inspiration from the past. I was recently in Rajasthan, home to extraordinary forts and palaces from the 16th and 18th Centuries. The scale, design, craftsmanship, durability, and sense of purpose of these structures are breathtaking – the built environment at its jaw-dropping best.
This article was originally published in The Property Chronicle Summer Issue.
