"We are going to create a real estate company to manage the State's unproductive assets and make them useful. When presenting his budget guidelines for 2026, Prime Minister François Bayrou announced the creation of a société foncière de l'immobilier de l'État.
Nothing new under the sun. An old idea, dreamt up over 20 years ago, is being pulled out of the drawer. Back then, the urgent need was to reduce the State's debt! And we were counting on real estate outsourcing to bring a few subsidies into the coffers of an expensive State.
Today, we need to think a little further ahead. It's not so much about selling off a few family jewels to pay off a debt that's out of control, as it is about rationalizing an asset base that has taken years to define. In 2024, the State sold €222 million worth of assets. Understandably, this will not be enough to reassure France's creditors. So it's more a question of managing an estate that belongs to everyone as a good father.
The playing field is substantial, perhaps even abysmal. The French State occupies 96.7 millionm2 of land, of which it owns 80%. Just under a quarter of this is office space, 21% educational facilities and 19% housing. The remainder is made up of more specific assets, such as historic monuments, military camps, prisons and barracks, the liquidity of which remains to be seen.
If we look at offices alone, the potential savings are colossal. The average civil servant has 25.2m2 for a workstation. The target, set by a 2023 circular, is... 16m2. In Canada, it's 9m2 per agent, and in Denmark 14m2," points out Alain Resplandy-Bernard, Director of State Real Estate. It's easy to imagine the gains that could be made with a simple logic of rationalization.
In addition, there are "real estate assets from which we can derive more revenue", according to the head of the Direction de l'immobilier de l'État (DIE), who is counting on subletting or even the use of rooftops with photovoltaic panels.
But it is perhaps more the wall of greening that could encourage politicians to finally shift into second gear. The cost of decarbonizing these assets is estimated at €140 billion by 2050. In the current budgetary context, this seems to be mission impossible.
Not only do we need a strategy to avoid hitting the wall. But we also need a pilot. The DIE, however competent, is up against ministries and operators who manage their real estate on their own. The Cour des Comptes has already pointed out that the DIE has little authority vis-à-vis occupants to assert the interests of the State as owner.
At the head of a "foncière de l'immobilier de l'État", which fully assumes the responsibilities of owner, it could have authority over these ministries and operators. This would be tantamount to charging them rent. After all, this is still the best way to avoid waste.
Another advantage would be to involve the private sector. In terms of investment, by intelligently channelling part of the French people's savings. And in terms of management, by drawing on the expertise of real estate players. There's no shortage of them.