Driving Strategies and Creating Perspectives
Gunnar Gombert STRATEGY CONSULTING participated in this year’s WEITBLICK Conference, one of the most significant events for strategists in the real estate industry. From November 28 to 30, 2024, the picturesque town of Obergurgl in Austria became the central meeting point for industry leaders. The event was hosted at the state-of-the-art Gurgl Carat, Europe’s highest-altitude conference center, renowned for its impressive architecture and breathtaking location at 2,150 meters above sea level.
Organized by Hammer AG in collaboration with GSK Stockmann, Versicherungskammer Real Estate GmbH, ENGIE, and Wöhr + Bauer, the conference brought together leading minds to address pressing challenges and discuss innovative solutions for the future of the real estate sector.
Geopolitics and Economics as Foundations for Strategic Decisions
Dr. Christoph Heusgen, Chairman of the Munich Security Conference, opened the conference with an in-depth analysis of the current geopolitical landscape. He highlighted Europe’s position amidst power blocs like the USA, Russia, and China, as well as the political tensions in the Middle East. Dr. Heusgen emphasized how geopolitical uncertainties significantly impact the stability of international investments. Real estate strategies must increasingly align with global developments and incorporate flexible mechanisms to adapt to changes.
Prof. em. Dr. Dr. h.c. mult. Hans-Werner Sinn, former President of the ifo Institute, focused his keynote on the economic conditions underpinning Germany’s current real estate crisis. He detailed how the expansive monetary policy of the European Central Bank (ECB) fueled a property boom through prolonged low-interest rates. This era came to an abrupt end with interest rate hikes aimed at curbing inflation, leading to significant pressure on asset values. Regulatory measures such as climate targets, the nuclear phase-out, and the planned ban on fossil heating systems further increase costs for real estate projects. Prof. Sinn painted a comprehensive picture of the challenges faced by the industry and outlined strategies for building resilience in Germany and Europe.
Future Trends and "Weitblick": Utilization Concepts and Decarbonization in Focus
In a dynamic panel discussion, Oliver Vogt (Wöhr + Bauer), Raphael Gielgen (Vitra), and Prof. Dr. Thomas Beyerle (Biberach University of Applied Sciences) explored the question: “What should we build? The all-purpose property or highly specialized commercial real estate?” The panel identified remote work as a transformative force that fundamentally changes the demand for office spaces. Mixed-use developments that integrate living, working, and leisure were highlighted as a model for the future. However, the discussion also acknowledged that many cities face an oversupply of office space, necessitating creative approaches for secondary and tertiary locations.
Decarbonization took center stage in another panel, where Dave Gebauer and Torsten Betz (ENGIE Germany) discussed solutions for reducing CO2 emissions. They emphasized that high investment costs and electricity prices often slow progress, while long-term CO2 price scenarios underscore the need for early action. Their message was clear: decarbonization is not optional but a strategic imperative that combines ecological responsibility with economic benefits.
Rethinking Financing: Basel III/IV, Margins, and Alternative Models
One of the conference’s key topics was the future of real estate financing. Dr. Dirk Brückner (GSK Stockmann) moderated a panel discussion addressing whether the development business model remains viable under increasingly stringent regulatory conditions. Experts like Dr. Christian Federspieler (HypoVereinsbank), Wolfgang Roeck (Wöhr + Bauer), and Bernd Mayer (Bayerische Landesbank) examined the implications of Basel III/IV, rising margins, and changing capital availability. Friederike von Bünau (ICG AM) offered insights from the perspective of an alternative UK lender, while Gerhard Meitinger (Deutsche Pfandbriefbank) shared viewpoints from major capital providers.
Another panel, moderated by Dr. Tilman Hickl (H2i Asset Management), explored real estate investments in unfamiliar markets. Panelists such as Tanja Severin (Siemens Real Estate), Fabian Hendriks (Ärzteversorgung Brandenburg), and Stephan Knichel (Tresono Family Office AG) discussed strategies for tapping into new opportunities. In the residential sector, Kristina Frank (BayernHeim) elaborated on the role of government subsidies in shaping the future of housing development.
Networking and Experiences: Building Strategies Together
Beyond the substantive discussions, the WEITBLICK Conference offered a rich program that fostered networking among participants. Highlights included a visit to the charming Christmas market in Obergurgl, an atmospheric evening at the Zirbenalm hut with mulled wine and live music, and a ski day in the stunning Obergurgl-Hochgurgl region. These activities created a relaxed setting for meaningful exchanges and strengthened professional connections.
Leveraging Insights to Shape the Future of Real Estate
WEITBLICK 2024 demonstrated the importance of understanding challenges as opportunities. Geopolitics, decarbonization, evolving utilization concepts, and innovative financing models emerged as pivotal themes providing valuable direction for the strategic evolution of the industry.
At Gunnar Gombert STRATEGY CONSULTING, we are committed to integrating these insights into our advisory work and collaborating with our clients to develop solutions that actively shape the future of real estate. We look forward to engaging with you—contact us for a tailored consultation!