European REITs Signal Growth at Nareit REITweek 2026 Conference

The first day of Nareit's REITweek: 2026 Investor Conference brought together the CEOs of four of Europe's most prominent listed real estate companies for a panel discussion on where the continent's property markets are heading. Moderated by Cedrik Lachance, Director of Research at Green Street, the session featured leaders from PSP Swiss Property, British Land, Unite Group and Gecina, each operating in very different segments of the European market. What came through clearly is that while challenges vary by sector, the underlying story across most of the European-listed real estate right now is one of genuine momentum.

Paris Offices: Rent Growth and Capital Discipline

Beñat Ortega, CEO of Gecina, which focuses on prime office assets in Paris, pointed to significant market rent growth over the past four to five years. His case for Paris was straightforward: a diverse, global city with a well-developed transport system that continues to attract multinational companies. On the capital side, Ortega made a point worth noting for investors tracking European REITs. Gecina's cheapest source of capital has come not from debt markets but from selling certain assets and reinvesting in areas where supply is scarce. It's a disciplined approach that reflects a broader trend of selective portfolio curation among European property companies.

Switzerland: Near-Full Occupancy, Constrained Rent Growth

Giacomo Balzarini, CEO of PSP Swiss Property, painted a picture of a stable but nuanced market. Operating in a low inflation, low interest rate environment, PSP Swiss Property's office portfolio sits at a 97% occupancy rate. The company could push high street retail rents 20-25% higher if it chose to, Balzarini noted, but rent increases on the office side remain more constrained. It's a useful reminder that occupancy strength and rental growth don't always move in the same direction.

British Land: A Record Year and 99% Retail Occupancy

Simon Carter, CEO of British Land, had arguably the most bullish numbers on the panel. The REIT has just posted a record year of leasing across both its London office campus platform and its out-of-town retail parks. Net absorption in London office is at a 20-year high, Carter said, with strong pricing power particularly for new deliveries. On the retail side, Carter described the segment as a clear "winner" post-pandemic, citing the affordability of rents and ease of customer access. Retail occupancy is sitting at around 99%, a number that would have seemed unthinkable for UK retail just a few years ago.

Student Housing: Repositioning Toward Top-Tier Universities

Joe Lister, CEO of Unite Group, gave the most candid account of a sector navigating disruption. Changes to UK migration rules and cost-of-living pressures have reshuffled the student housing market over the past two years. Unite's response has been deliberate: shift focus away from lower-tier universities and concentrate on the top tier. The REIT is currently active with the top third of UK universities and is targeting an 80% share of that group. "It's about repositioning and working with universities we think will continue to grow," Lister said. The recent acquisition of Empiric Student Property is a significant step in that direction, expanding Unite's ability to support students across their entire university journey.

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