Gecina: 140,000 m² of offices signed in nine months, 2026 target confirmed
Gecina reported, on October 14, 2026, 140,000 m² of offices signed over the first nine months of the year, of which 92,000 m² in the third quarter alone. The real estate company confirmed its 2026 target for recurring net income attributable to the group, between €6.70 and €6.75 per share.
Gross rental income increased by 1.7% on a constant perimeter basis. On a reported basis, it declined by 1.4%, to €531.7 million, due to the disposal of residential assets and the transfer of buildings to development projects.
The publication came after the close of trading. The day before, the share had recovered 2.5%, after falling on October 1 to its lowest level in five years, below €60.20. The figures presented reveal a gap between Paris's central districts, where rents and occupancy are rising, and more peripheral locations, where revenues are declining.
140,000 m² signed in nine months, including 92,000 m² in the third quarter
Signatures (renewals and relocations) totaled 140,000 m² for approximately 80 tenants since January. According to the company, this represents one of the best performances over nine months in ten years. Two-thirds of the space is located in Paris and one-third outside.
The breakdown is 55% new tenants and 45% existing tenants committing to longer terms. Leases signed since the beginning of the year represent approximately €91 million in annual rents, with an average duration of 6 years.
At La Défense, Gecina signed two leases of over 11 years on Building B (effective mid-2028) and on Adamas, two buildings adjacent to T1/Shape. Announced on October 12 for a total of 29,000 m², these leases ensure full occupancy of both buildings. In total, 32,000 m² have been leased at La Défense since January.
Approximately 40,000 m² are the subject of advanced discussions, including on development assets. In the residential segment, 1,050 leases were signed, and 1,250 furnished homes with services were deployed.
Rents rising in Paris, declining in peripheral zones
The 1.7% increase on a constant perimeter basis (+€8.2 million) exceeds the effect of indexation, limited to 0.7%. Offices increased by 1.0% and residential by 6.7% on this basis. On a reported basis, office rents increased by 0.6%, to €454.4 million, while residential rents declined by 11.8%, to €77.3 million from €87.7 million.
Recent deliveries and acquisitions (Icône, 27 Canal, Hôtel Particulier and Bloom) contributed €19.8 million. These additional revenues only partially offset the impact of disposals of mature residential assets, which resulted in a loss of €16 million in rents, and buildings transferred to development projects in the first half, notably SOCO in Colombes and Malakoff. The company presents this evolution as reflecting a planned portfolio rotation.
Central locations generate €305.8 million in office rents, up 7.9% (+2.8% on a constant perimeter basis). West Crescent declined by 14.9%, to €48.6 million, and other locations by 26.7%, to €37.6 million. On a constant perimeter basis, these two zones declined by 7.5% and 8.3% respectively.
Rents from renewals and relocations increased by 11.0% in the most central zones, which account for 81% of the portfolio. Elsewhere, rents are gradually adjusted to market levels in exchange for longer commitments, which weighs on average reversion. The average financial occupancy rate reached 94.0%, at the same level as on September 30, 2025, with 97.4% for central offices, 79% for West Crescent and 85% for other locations. In residential, it stands at 95.2% on average, up 210 basis points year-on-year.
2026 investments financed by disposals, target confirmed
Gecina indicates that the €302 million in investments planned for 2026 in its development projects are fully financed. The €274 million scheduled for 2027 are partially financed. This financing is based on €333 million in disposals concluded or secured since the beginning of the year, with an average net dilutive effect of 2.9%.
The company anticipates a slowdown in indexation, linked to falling inflation in 2025. According to the company, the recent rise in inflation should not benefit rents before late 2027 or early 2028. The group has also ranked first in its peer group at GRESB, with 5 stars and a score of 94.3/100.
According to the consensus of surveyed analysts, the share is trading at approximately 9.3 times expected earnings for the current fiscal year. Gecina maintains a target for recurring net income attributable to the group between €6.70 and €6.75 per share for 2026.
