As stock markets nosedived last Thursday, the 17,000 alcohol-assisted attendees of the MIPIM property fair networked like there was no tomorrow. Marcus Fairs and Gordon Jon Thompson spent 24 hours at the champagne apocalypse
9.00am
As Cannes puts its feet tentatively on the floor after MIPIM's first night of fervid deal-making, Arup is already getting down to business on its yacht, the Sunny Dream. Berlin office director Rudiger Lutz woos German clients and financiers over plates of expertly presented mangos. Building wanders up on deck, where marketing director Olivia Gadd is treating a hangover with strong coffee. Last night's party, it seems, was a mite overpopulated. "We expected 80 people but 150 turned up," she says. The captain watched the seawater rising towards the gunwales, and repelled further boarders. Champagne was served on the dock.

10.30am
Building steps ashore and arrives at Birmingham for the first champagne reception of the day. The city is cunningly stealing a march on London, where a debate on tall buildings will kick off an hour later, by announcing final plans for Arena Central, a £400m city-centre scheme that would include the country's tallest building. "Birmingham is not lacking in ambitious regeneration projects and this is one of them," says Pierre Baillargeon, director of HOK, the scheme's architect. The rest of the team is announced: Arup is structural and environmental engineer, Hoare Lea & Partners is M&E engineer, AYH is cost consultant.Building steps ashore and arrives at Birmingham for the first champagne reception of the day. The city is cunningly stealing a march on London, where a debate on tall buildings will kick off an hour later, by announcing final plans for Arena Central, a £400m city-centre scheme that would include the country's tallest building. "Birmingham is not lacking in ambitious regeneration projects and this is one of them," says Pierre Baillargeon, director of HOK, the scheme's architect. The rest of the team is announced: Arup is structural and environmental engineer, Hoare Lea & Partners is M&E engineer, AYH is cost consultant.

11.30am
We walk to London and insert ourselves into the throng that has gathered to hear speeches by Judith Mayhew, policy chair at the Corporation of London, and Sir Stuart Lipton, chairman of the Commission for Architecture and the Built Environment. Both are adamant that a cluster of skyscrapers will rise in the Square Mile – despite nervousness generated by John Prescott's decision last month to call in the 43-storey Heron Tower. An electrifying debate is generated.

Mayhew reveals that there are five more skyscraper applications queueing up behind Heron Tower. "They're going to happen. It's just a case of when and how," she says. Lipton puts in a good word about making them socially inclusive.

Deputy mayor Nicky Gavron expresses concern over speculation that superstar architect Renzo Piano may be replaced as designer of the proposed skyscraper at London Bridge once the scheme gets planning consent. "There's no point in giving permission for the tallest building in Europe if that architect isn't going to build it," she says.

12.30pm
Architect Kohn Pedersen Fox is uncorking the champagne to celebrate the unveiling of its designs for the £225m final phase of Stockley Park, the spec business utopia by Heathrow Airport. Andrew Vander Meersch, the chief executive of the consortium behind the park, is on hand to introduce the futuristic structures to tenants of the future.

1.00pm
Hangovers appeased with canapés and wine, pockets bulked out by business cards and biros that weren't there this morning, heads buzzing with plans and possibilities, delegates now head for lunch dates aboard yachts in the Vieux Port.

The South East England Development Agency is hosting a buffet – with some fizz to wash it down, naturellement – to announce finalists for its St Mary's Island scheme in Chatham. This is a competition to design what the brief modestly called benchmark housing for the new millennium; the lucky seven are Alsop Architects, APG Architects, Arup Associates, Buschow Henley, Evata UK, Inbo and JCMT Architects.

Seeda boss Anthony Dunnett uses his speech to have a pop at housebuilders. "We want to show small housebuilders in the South-east that excellence of design and incorporation of technology can be profitable," he says. So there.

2.30pm
A brief respite. Building joins the suits adjourning to Cannes' famous Croisette, where many immediately lose consciousness. Less inhibited delegates strip off for an hour's sunbathing on the beach, but we press on to one of the highlights of our day …

3.00pm
… the "teas of the world" reception, courtesy of architect Benoy. Shock horror! No champagne! Guessing, rather shrewdly, that the tipple may have lost its luxury connotations by this point, chairman Graham Cartledge breaks news of a £100m Hong Kong deal over a cup of Earl Grey. It's a retail scheme above Terry Farrell's Kowloon Station. "The Hong Kong market is building in confidence," says Cartledge, smiling the smile of a man who doesn't rely on alcohol to have a good time.

3.30-5.30pm
It had all been going so well … now Building's bloodhounds find the plot unravelling. Manchester is serving Boddingtons and announcing a big city-centre project, but our attempts to track it down run into trouble. When we finally do locate it, deep in the labyrinth of the Palais de Festivals, everyone has left for a party aboard the city's yacht on the other side of the Vieux Port.

When we get to the boat, a lengthy debate ensues with PRs, who have to be convinced that there is such a thing as journalism and that we are journalists. Once aboard, however, identifying the right people among the pack proves impossible. Defeated and exhausted, we return to the Palais de Festivals …

5.30pm
… where we regain our spirits, courtesy of the Barrie Tankel Partnership. The QS and project manager is sponsoring a cafe, and the champagne is flowing. Director Kevin Quinn shows us a new initiative: a novelty website that works out how much a building would cost if built today. The firm's chairman Barrie Tankel sounds a note of caution over the state of the economy as news filters through of turmoil on the stock exchange. He is worried about the build cost inflation. "This always predates a recession," he says.

6.30pm
Refreshed after Tankel's hospitality, we decide to give the Manchester boat one more try. By now architect Sheppard Robson has requisitioned the vessel for a party to celebrate this month's opening of the Manchester International Convention Centre (any excuse will do at MIPIM). Once again, we have difficulties: too many people have turned up and the captain is limiting numbers. A long, miserable straggle forms at the gangway. Fortunately, the crew hits on the idea of serving free champagne to them.

8.00pm
By now somewhat tired and emotional, Building decides to ignore the rest of the evening's events and retire to the sanctuary of a pizzeria to snatch an hour or two's respite before tackling The Big One: the hellish crush that is the Martinez bar.

11.00pm
The Martinez is packed to bursting, with the crowd spilling across the hotel's forecourt and onto the road. Roger Stephenson of architect Stephenson Bell is remarkably cheerful, despite having had his bag stolen in the street minutes before. We are unable to find anyone else we recognise in the melee – most of the crowd are lawyers, agents and other moneymen – and Jacques Chavance, the hotel's assistant manager, threatens to throw us out if we take just one more photo …

1.00am
The Martinez gets too much, so we head for the refuge of the Carlton, a private members club where communications firm Wordsearch is playing host to a number of familiar faces.

Wordsearch director Peter Murray declares the event the best MIPIM ever: "It's like the 80s," he says. But Manhattan Loft Corporation chairman Harry Handelsman confides that he is concerned about the state of the market and is holding off making investment decisions. "I've been pulling back – literally – over the last couple of days," he says. "I'm going to wait and see."