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Why MIPIM?

May 2019 Insight: Why MIPIM Feature Image

“MIPIM gives North Carolina a chance when global real estate investment decisions are being made.”

BY MARK ZIMMERMAN, SENIOR VICE PRESIDENT OF EXTERNAL AFFAIRS

As REALTORS®, our members realize that business doesn’t magically appear at their doorstep. If prospective clients and customers don’t know about you, they will take their business elsewhere.

The same is true for our state, its many communities and the increasing number of real estate projects that need investment to take advantage of our state’s growing economy. If real estate investors don’t know about North Carolina, they will invest elsewhere.

In 2017, $8.5 trillion dollars was invested in real estate worldwide. The United States is perhaps the most attractive market for foreign investment. Unfortunately, most of the people responsible for making those investment decisions do not have any awareness of North Carolina or why it is a safe, productive market for their dollars.

NC REALTORS® wants to encourage real estate investment in our state. It is good for our economy, our communities and our members who engage in commercial transactions and sell to homebuyers who want good amenities nearby.

One annual conference brings together a majority of global real estate investors. It is called MIPIM and has been held in France for the last 29 years. Over 5,000 developers and local authorities from around the world promote themselves to over 20,000 eager investors.

Until last year, North Carolina has had no presence at MIPIM. Neither the North Carolina Department of Commerce nor the Economic Development Partnership of North Carolina work on this kind of economic development. However, the National Association of REALTORS® (NAR) does have a presence at MIPIM, and state associations are invited to participate at subsidized costs. About 10 states take advantage of that each year.

Beginning last year, NC REALTORS® joined NAR at MIPIM. We have a commitment to promote North Carolina economic development because a healthy general economy is necessary to a healthy real estate market. NC REALTORS®’ objective is to raise awareness of North Carolina as an opportunity for global real estate investors.

When I attended this year, I was not prepared for the scale of this conference. There was so much real estate activity on display that it was almost overwhelming. Same for the investor community in attendance. Thousands of serious real estate investors with huge funds at their disposal to deploy.

Most of the people we talked to had never heard of North Carolina. Now they know.

If NC REALTORS® wants to have impact on North Carolina economic development, raising our state’s flag at MIPIM is one concrete way to do that. Who better than us—the leading real estate organization in the state—to promote North Carolina as a great place in which to invest?

MIPIM gives North Carolina a chance when global real estate investment decisions are being made.

Without NC REALTORS® presence, we wouldn’t even be in the running.

Pictured above is the 2019 MIPIM delegation including from left, Tony Harrington, Chair, NC REALTORS® Economic Development Committee; Sledd Thomas, CCIM North Carolina; Andrea Bushnell, Chief Executive Officer, NC REALTORS®; Mark Zimmerman, Senior Vice President of External Affairs, NC REALTORS®; and Jake Cashion, Vice Chair, NC REALTORS® Economic Development Committee.