Icade chief executive Nicolas Joly said the commercial real estate market is still "full of uncertainty" but that it is in a "much better" place than last year as he sets out to implement the group's "ReShapE" strategy.
Speaking to CoStar News at Mipim, Joly outlined the four pillars of its strategy, shared in February earlier this year. He described it as an opportunity to "prepare for the new normal", with the plan, running 2024-28, helping to guide its work to build the "low-carbon, mixed-use city of 2050".
On its office portfolio, one of the pillars, Joly said: "We launched an in-depth analysis with all the teams on our portoflio to interview our tenants, our customers, to understand their needs, to define the proper criteria for the one building that still will be offices for tomorrow.
"The main conclusion was that, globally, Icade's portfolio is resilient with more than 85% of our offices, in our view, fit for the future, in terms of the needs of our customers. So we are talking here about centrality, transportation hub, ESG standards and the way we operate it, and the ability we have to answer to our client need in terms of flexibility and services."
He added: "There is also a bucket of assets that, in our view, in the mid-term, will need to be repositioned, roughly 15% of the portfolio."
Watch the video above to hear more from Joly about Icade's ReShapE strategy for 2024-28.