Independent, argued opinions on Paris offices, retail, logistics and hospitality, asset by asset or across a portfolio, for family offices, institutional allocators and private investors.
Every position in Paris commercial real estate ends in the same question. We answer it with underwriting built from primary sources (ownership chains, debt maturities, effective rents, valuation trails) and stress-tested against rates, vacancy and refinancing.
Underwriting, pricing and debt analysis for capital entering Paris CRE, including off-market situations surfaced from loan maturities, ownership stress and regulatory pressure.
Re-underwriting and stress-test of an existing Paris position against today's market: valuation versus appraisal, hidden leverage, lease roll and the window to exit.
For owners of Paris CRE above €5M, including assets under refinancing pressure: a defensible value range, the right buyer universe and the timing.
You get a written opinion on each asset or portfolio: the call, the numbers behind it, and what would change it. Either as a one-off or on an ongoing mandate.
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The analysis behind the dashboard: mispricing, hidden leverage, and the debt walls driving the next wave of distressed disposals across Paris CRE.
8 GW of data centres are queuing for the Île-de-France grid, against 0.64 GW connected. What the queue means, and why the connection sets a site’s value.
November 9, 2026
Gecina, a listed Paris office landlord, trades at €63.9 a share. Its appraisers say €141. What a 55% stock market discount says about Paris offices.
October 26, 2026
The developer received €59.3M at delivery. The funds that bought the tower now hold it marked down by 2/3.
October 12, 2026
The mathematics of new construction have broken down. It is an equation problem, good thing I like maths.
September 28, 2026
"Only when the tide goes out do you discover who's been swimming naked". In Paris CRE, the tide went out in 2022.
September 14, 2026
The US market took the pain and moved on. France deferred it into illiquidity.
August 31, 2026
A 60% LTV on a La Défense office looks conservative. On economic value, it is above 150%.
August 17, 2026
Published cap rates don't account for rent incentives. The economic cap rate does.
August 3, 2026
The official vacancy rate is 11%. On the stock that matters to investors, it's closer to 22%.
July 20, 2026
A 150bps rate shock should have repriced the market 30–35%. Almost nobody sold.
July 6, 2026
Headline rents are rising. Effective rents are not.
June 23, 2026
International investors apply a Frankfurt discount to a fundamentally different credit landscape.
June 8, 2026