Gecina reported a 1.5% increase in recurrent net income to €254.2 million for the first half of 2026, driven by sustained rental uplift and high occupancy. The French real estate investment trust confirmed its full-year 2026 guidance for recurrent net income per share between €6.70 and €6.75.

Like-for-like revenue growth reached 2.0% for the period, outperforming indexation. This performance was supported by a 13% average rental uplift on 48,000 sq.m of leased space, securing €39 million in annual rents. The company’s overall financial occupancy rate remained high at 93.8%, with offices at 93.7% and residential assets at 94.7%.

Gecina’s portfolio value stood at €17.4 billion at June 30, 2026, broadly stable on a like-for-like basis. The company maintained a strong financial position with a loan-to-value ratio of 38.5% excluding duties. It successfully issued a €500 million green bond in May 2026 with a 3.250% coupon and a spread of 68 basis points.

Financial Performance

Portfolio and Leasing

Gecina’s leasing activity secured 48,000 sq.m during the first half, with a pipeline of term sheets covering an additional 50,000 sq.m. The company’s Signature redevelopment project is on track, with 37% of office space pre-let and 60% secured including term sheets. The project has achieved 70% of its initial rent target six months ahead of delivery.

Balance Sheet and Financing

The company’s net financial debt was €6.7 billion at June 30, 2026, compared to €6.8 billion at December 31, 2025. The average cost of debt stood at 1.6%. Gecina maintained best-in-class credit ratings of A- from S&P and A3 from Moody’s with a stable outlook.

A new survey conducted by Ifop on behalf of Gecina reveals that artificial intelligence is strengthening the strategic role of the office rather than diminishing it. The study, which surveyed executives from companies with 50 employees or more, found that 89% believe the office will remain just as strategic or become even more strategic as AI adoption accelerates. This challenges the conventional wisdom that AI might render physical workspaces obsolete, positioning the office instead as a hub for high-value-added activities that technology cannot replicate.

AI adoption and organizational transformation

AI is increasingly addressed at the highest strategic levels within organizations. According to the survey, 60% of companies have already defined or are currently defining an AI strategy. Furthermore, 65% of executives expect AI to significantly transform their organization, business functions, and ways of working within the next three years. This transformation is driving a re-evaluation of the office's purpose, with 73% of executives believing that AI will change the role of the office.

The office as a collaboration hub

As AI takes over repetitive tasks, the office is being repositioned around functions that require human interaction. The survey indicates that 85% of executives see the office of the future primarily as a place for collaboration and decision-making. Nearly one in two executives expect the office to become more strategic than it is today, focusing on collective creativity and knowledge sharing.

Real estate strategy and quality focus

The shift in office purpose has tangible implications for real estate strategies. While 60% of companies anticipate changes in their office needs regarding space, layout, services, or amenities, the priority is not on reducing costs. Only 9% of executives cited reducing office space as a way to cut costs. Instead, the focus is on rethinking offices to make them more functional, better located, and of higher quality.

Talent attraction and market polarization

The survey highlights a growing polarization in the real estate market, with 74% of executives expecting the gap to widen between high-quality, well-located offices and standard buildings. Office quality is cited as a key factor in attracting talent by 78% of executives, a figure that rises to 86% among those based in the Paris region. Companies with advanced AI strategies are particularly demanding, with 77% anticipating a change in their real estate needs compared to 34% of those without an AI strategy.

Survey methodology

The study was conducted by Ifop for Gecina among a sample of 502 executives, including CEOs, General Managers, CFOs, and HR Directors. The participants were from companies with 50 or more employees and were surveyed between May 19 and June 1, 2026, via an online questionnaire and telephone interviews. The results were adjusted using the quota method to ensure representativeness.