Research & Strategy

• Thematic study

In this study, we want to offer a global perspective on the evolution of real estate markets, explore the diversity of responses provided by international players, and draw the outlines of what could be a “global real estate allocation” in the next cycle.

• Market review

After a slow year in 2023, 2024 will be a year of many challenges: challenges that are at the same time democratic, geopolitical, economic and financial.

• Market review

A new phase is taking shape, with the ECB's stated intention to leave rates unchanged, thereby giving investors greater visibility.

• Market review

Although considerable uncertainty persists in the short term, given the inflationary context and geopolitical tensions, the real estate market offers solid fundamentals.

• Market review

Although some economies contracted towards the middle of the year, global growth could prove more resilient than predicted over 2023 as a whole. Despite continued high levels of uncertainty, several positive factors for the economy have emerged.

• Market review

The unexpected resilience of the European economy has led to an improvement in the business perspectives for 2023. However, the ECB has once again chosen to increase its interest rates to limit the impact of inflation, which is expected to decrease by the end of the year.

• Thematic study

The continuing demographic pressure and rapid ageing of the population are creating needs that make investment in healthcare infrastructure an absolute necessity.

• Market review

2022 saw a more pronounced than expected global slowdown, due to Russia’s invasion of Ukraine, rising inflation, a tightening of financial conditions and the persistence of the Covid-19 pandemic in China.

• Market review

The repercussions of Russia’s invasion of Ukraine have created substantial challenges for the world economy. What impact on real estate?

• Overview

The years 2020-2022 are a turning point in the global economy: no geographical area, no asset class is spared. But each is affected differently. This note examines the resilience of European and French real estate in the face of this change of era.

• Market review

Real Estate Perspectives is the new study developed twice a year in which we present our 5-year projections for all markets and asset classes in Europe.

• Market review

Despite a limited impact on financing conditions during the first half of 2022, coupled with the uncertain economic and geopolitical context, the European real estate market saw total investment of €136 billion (up 6% over a year).

• Thematic study

The study analyses the optimal share to allocate between countries and between asset classes according to the desired strategy and the existing mechanisms.

• Market review

Against a backdrop of global stock market volatility, the European real estate market will have achieved an acceleration in the volume of investment, with €70 billion invested in the first quarter of 2022 (+18% year on yearyear on year).

• Market review

With €318 billion invested in 2021 (up +23% year-on-year), the return to growth in the European commercial real estate market was confirmed. Investors continued their strategy of buying ‘core’ buildings which were concentrated (62%) in office and residential real estate.

• Thematic study

The purpose of this report is to aid understanding of the issues in residential investment in the current climate, whilst noting the fundamentals that persist despite the crisis, and to identify sources of future growth in specific markets.

• Market review

With €175 billion invested over nine months in 2021 (up 7% year-on-year), the European commercial real estate market has seen a return to growth.

• Market review

More than a year after the start of the Covid 19 pandemic, around EUR 115 billion were invested in commercial real estate in the first half of 2021, again confirming the relatively good resilience of this asset class.

• Thematic study

The ongoing pandemic crisis has highlighted the need to expand healthcare real estate infrastructure. Investment in healthcare infrastructure is at the intersection of major social and environmental challenges.

• Market review

With €50bn invested in Q1 2021, the European commercial property market is declining due to the caution of investors.

• Thematic study

Analyse des dynamiques démographiques et immobilières, et politique d'investissement de Primonial REIM

• Overview

Companies have scaled up partial or total remote-working practises and, in reaction, employers have taken another look at their real-estate policies, and employees at their lifestyles.

• Market review

Marked by the Covid-19 pandemic, 2020 caused a violent and unexpected recession in global economic activity. Focus on real estate markets.

• Market review

Just as the global economy was beginning to recover from its historic post-lockdown drop, uncertainty surged with the enacting of tougher measures to slow the spread of new Covid-19 infections in many countries. Focus on the European real estate markets on 3rd quarter 2020.

• Thematic study

The ageing of the population will therefore result in more dependent elderly persons. The loss of autonomy requires assistance or long-term care, particularly for those persons older than 80. This will inevitably expand demand for senior housing and nursing home.

• Thematic study

One such shift is the increasing number of households and their decreasing size. This trend is expected to continue as lifestyles evolve, with more separations, fewer large families, etc., and this will inevitably expand demand for housing.

• Thematic study

The student housing market is expanding fast. From an annual average of €2.3bn from 2010 to 2014, investments tripled to €7.3bn from 2015 to 2019.

• Thematic study

Life is a cycle and residential property must meet individuals’ expectations based on their needs at each moment of their lives. In a multi-generational society, housing must therefore adapt to the needs of several generations in student, single- and multifamily, and senior housing and nursing homes.

• Overview

How can savings be redeployed and what role can real estate play if crisis constraints need to be maintained for an extended period, even if less severe? On this new note, Daniel While, Head of Research & Strategy, explain the different prospects.

• Market review

The “Great Lockdown” following the Covid-19 pandemic had an extremely negative impact on global activity during the first six months of 2020. With nearly €15.0 billion of investment in the first half of 2020, France is holding up well despite a strict lockdown.

• Overview

La question des valorisations immobilières se pose, au regard du nouvel environnement économique. C’est la situation des fonds immobiliers non cotés (SCPI, SCI, OPCI) que nous examinerons plus particulièrement, en positionnant les stratégies de Primonial REIM dans cette analyse.

• Overview

Il nous a paru intéressant, alors qu’une crise économique s’ajoute à la crise sanitaire mondiale, de revenir sur le lien entre croissance et loyer de bureau, dans les principaux marchés locatifs européens, au cours des 20 dernières années.

• Overview

week 4th au 8th may 2020. The main European countries have announced their reopening dates and procedures. What does the dashboard look like for real-estate investors ?

• Market review

Welcome to our Covid-19 weekly podcast. During this quarantine period, we will try to answer your questions, on each episode. And we will give you our vision of the events and the impact on real estate markets.

• Overview

Week 20th to 24th april 2020. The International Monetary Fund lowered its economic growth projections for 2020: -3% for the global economy, -7.5% for the eurozone, -7.2% for France. Office space has been the flagship product for institutional property investors in France for the past 20 years. What impact the crisis has on the office market?

• Overview

Week 13th to 17th april 2020. A consensus is emerging that the lockdown exit strategy (France plans to lift its lockdown on 11th May) will involve reinforced social distancing. The residential real estate segment’s indicators were extremely sound before the Covid-19 crisis. What are they now ?

• Overview

While trade tensions seemed to ease between the United States and China, it is a virus, COVID-19, that has destabilised the entire global economy for 2020. Henry-Aurelien Natter draws up a balance sheet.

• Overview

Week march 30 to april 3 2020. After attempting to map out the impacts of Covid-19 by eurozone country, Daniel While is doing the same for healthcare real estate, at the forefront during this pandemic.

• Overview

Week 23 to 27 march 2020. After attempting to map out the impacts of Covid-19 by real estate category (see our report from 20 March 2020), we are now doing the same by eurozone country.

• Overview

Week 16 to 20 march 2020. This report provide a weekly update on our view of Covid-19 events and of their impact on the real estate markets.

• Overview

Since December 2019, the world has been grappling with a vast and unexpected event: the Covid-19 virus. The epidemic began in the city of Wuhan in China and has since spread, infecting people in over 120 countries. How will this affect the real estate markets?

• Thematic study

Office real estate is at the dawn of a new cycle. In Ile-de-France, biggest market of the Eurozone, the arrival of the Grand Paris Express will change everything. New tools are necessary for investors.

• Overview

In 2020, the life insurance equation will be profoundly changed in relation to previous years, in a direction favouring collective real estate. Daniel While, Research & Strategy Director, analyses the role of real estate in this new state of affairs.

• Market review

France has succeeded in maintaining the flow of capital in commercial real estate (€39bn) on its territory, while the two principal markets of Germany (-6%) and the United Kingdom (-18%) have experienced declines in relation to 2018. Assessment of this year 2019.

• Overview

At the end of 2019, Christine Lagarde replaced Mario Draghi at the head of the European Central Bank. The ex-chair of the IMF has taken the reins of an ECB divided over the strategy to follow for the next decade. What impact will this have on real estate? This is the subject of our latest economic climate report.

• Thematic study

The Grand Paris offers new investment and value creation opportunities for the coming years. We decode this exceptional market in our infographic.

• Thematic study

The office real estate sector is profoundly changing and must address the major issues with which it is directly faced. Discover our study on office real estate in Ile-de-France.

• Market review

Although uncertainties and nervousness are increasing, real estate seems to be a reassuring pocket of stability. Henry-Aurélien Natter, Research Manager at Primonial REIM, reviews the different European markets in the 3rd quarter of 2019.

• Overview

Le scénario d’un régime de "taux bas permanents" a été moins analysé. Alors qu’il redevient plus crédible parmi les commentateurs, quelles en seraient les conséquences sur le marché immobilier et quelles stratégies d’investissement deviendraient pertinentes ?

• Market review

2019: global growth at the mercy of uncertainties. Although we were expecting the economic momentum to be maintained, certain risks identified have become reality and the goalposts have moved. Henry-Aurélien Natter, Research Manager, analyses the real estate market in France.

• Overview

Three years after the referendum of June 2016, the Brexit process is taking a rather arduous route. With the interminable postponement of Brexit, 3 commercial scenarios have emerged. The Primonial REIM Research & Strategy team analyses this in a dedicated memo.

• Market review

Between exhaustion and uncertainty. What’s the assessment of the real estate market in Europe? Henry-Aurélien Natter, Research Manager at Primonial REIM, analyses the European market in the 2nd half of 2018 for you.

• Market review

Between exhaustion and uncertainty, what’s the assessment of the real estate market in Europe on 2018? The research team, Daniel While and Henry-Aurélien Natter, explains the situation on this podcast. Episodes are in french.

• Overview

At what point in the real estate cycle are we? A very difficult question since the cycle is dependent on a number of factors. Daniel While, Research and Strategy Director, analyses this in a dedicated report.

• Market review

A rate rise delayed further? The global economic slowdown could have an impact on French real estate, and more specifically on the rental markets. Henry-Aurélien Natter, Research Manager, analyses the French real estate market.

• Thematic study

L'immobilier résidentiel ne cesse d'attirer les investisseurs. Particuliers ou institutionnels, tous y trouvent des intérêts certains : un bon placement pour préparer sa retraite, la perspective d'une plus-value potentielle.

• Thematic study

The phenomenon of “metropolisation” is moving the goalposts of the residential markets, with some territories becoming more attractive and others declining. Discover our study on investment in residential real estate.

• Thematic study

Pour bien comprendre le marché de la santé, Primonial REIM a réalisé une étude intitulée « Habiter le 4e âge au 21e siècle » réalisée avec BVA Opinion. Résumé de cette étude en infographie.

• Thematic study

Primonial REIM ordered a study entitled “Living in old age in the 21st century” undertaken by BVA Opinion in four major countries of the Eurozone (France, Germany, Spain, Italy) among over 4,000 people aged 60 and over. Discover the results in our video.

• Thematic study

Faced with the increasing issue represented by the ageing population in Europe, the matters of ageing well, improved care of seniors, and an appropriate and relevant housing offering have never been so current.

• Market review

After a prosperous period, investment real estate is facing a new equation: the end of a cycle of falling rates and the impact of structural evolutions (“metropolisation”, revolution of uses). What consequences should we draw from this, from the point of view of the manager and the beneficiary of the assets?

• Market review

Offices, shops, healthcare, education… The Primonial REIM Research teams have analysed the real estate market in the 1st half of 2018 for you.
Essential listening!!

• Market review

In the 1st half of 2018, the prerequisites for a moderate rate rise continued to become established. For real estate, the economic environment remains positive. Henry-Aurélien Natter, Research Manager, analyses the French real estate market.

• Market review

The French economy has seen its business climate improve since the election of Emmanuel Macron. Growth should settle at +1.8% in 2017 and 2018. Henry-Aurélien Natter, Research Manager, analyses the French real estate market.