Commercial Real Estate in France: Opportunities and Risks

Commercial real estate remains a core part of a diversified French portfolio, but sector selection matters more than at any point in the last cycle.

Grade-A offices in Paris and La Défense continue to attract long-duration capital, supported by international tenants and indexed rents. Older stock without an ESG angle is being repriced.

Retail is bifurcating. Prime high-street and destination retail continue to perform; secondary retail requires repositioning or a change of use. Logistics remains structurally supported by supply chain reshoring.

Hospitality has recovered strongly across the Riviera, Alps and Paris, and offers attractive yields for operators with disciplined asset management.