Prof. François Ortalo-Magné Albert O. Nicholas DeanWisconsin School of Business

MIPIM 2012:Insights from participants

How is your business activity this quarter compared to same quarter last year?

Better

Same

Worse

49%

41%

11%

Why

• Tedious transition

• High stakes• The crisis

How

• Transparency• Control• Alignment• Trust

What

• Core: • Fixed income• Relative to

financial assets• Non Core:

• Alternative

A new paradigm for real estate investment?

Is now the time to invest beyond core/safe real estate assets?

Yes

No

70%

30%

71%

29%

2012 2011

Is the state of debt markets an impediment to your activity or an opportunity to make profits?

Impediment

Opportunity

53%

48%

Has uncertainty about the fate of the Euro affected your activity?

Yes

No

55%

45%

Low Risk

• Fiscal responsibility

• Social responsibility

• Local DNA

Spillovers

• Infrastructure• Catalysts• Cultural change

Concerns

• Who pays?• Elections• National

framework

Proactive and competitive cities

What do you consider the biggest impediment to investment in your city or region?

Political climate

Local economic fundamentals

Competition from other cities

Global economic conditions

13%

23%

28%

37%

What competitive advantage did you emphasize here at MIPIM to make your city attractive to investors?

Growth

Infrastructure

High-tech base

New vision

Location

14%

16%

16%

20%

34%

How has MIPIM changed your outlook?

More Optimistic

Same

Less Optimistic

54%

43%

3%

What is your perspective on your real estate market compared to same time last year?

More Optimistic

Same

Less Optimistic

50%

35%

15%

Are you planning to hire this year?

Yes

No

64%

36%

In conclusion

• FT this morning– “Bondholders back Greek bailout”– “Too much information –

are regulators overwhelmed?”• Core real estate: safe yield asset class• Cities as supporting-coordinating structures• A professional MIPIM

Survey conducted by

The Wisconsin Real Estate MBA Class of 2013With the support of Prof. Erwan Quintin