5 takeaways from the GRI Women Leadership breakfast

The 2025 GRI Women Leadership Breakfast kicked off the annual GRI Paris conference with a powerful message: the future of real estate is being shaped by collaboration, innovation, and adaptability. As a curated gathering of C-suite leaders from across the European real estate ecosystem, including investors, developers, operators, and advisors, it served as both a pulse check and a strategic lens on emerging market dynamics.

Here are five key takeaways that resonated most with attendees and industry observers alike:

1. Alternative sectors continue to gain momentum

Co-living, micro-living, and self-storage are gaining traction across European markets, with many panelists noting that these sectors have a long growth runway, especially when compared to their more mature counterparts in the U.S. While cultural nuances influence adoption, the overarching demand for flexible, affordable, and community-oriented spaces is undeniable.

Alternatives ranked as offering the best opportunity in Europe by 48% of the GRI Barometer respondents. Seniors housing, the fastest-growing residential segment in the US, remains underdeveloped in Europe, where an estimated 240 million people will be over 50 in the next decade. In the UK, 76% of Care Home stock is over 20 years old, presenting material investment opportunities.¹

Insight: Investors are seeing these sectors not as fringe opportunities, but as core components of a diversified, forward-looking portfolio.

2. Retail and office make a strategic comeback

While headlines have focused on the struggles of retail and office over the past few years, leaders at the breakfast pointed to specific asset types within these categories that are drawing renewed interest. Think convenience-led retail, hybrid-ready office spaces, and locations with strong transit access. Office occupier demand is heavily concentrated on prime space, with about 80% of demand targeting only 20% of the available stock. Underwriting high-quality office deals in Europe can be challenging, with some loan margins bidding as low as 150bps, in contrast to the US, where bank debt for high-quality offices is still priced with a 2-handle.‍

Insight: The focus is shifting from broad asset classes to specific use cases, tenant behaviors, and location advantages.

3. AI is poised to transform more than just data centers

When asked what technology would have the most significant impact on real estate, attendees overwhelmingly pointed to artificial intelligence. But the conversation went far beyond data centers. AI is now seen as a tool to gain a deeper understanding of occupier behavior, streamline operations, and even influence design, materials, lease terms, and exit strategies.

Europe’s data centers hold just 5% of global AI compute², compared to 75% in the US. Demand is set to triple by 2030³ making grid-connected, prime locations a goldmine - scarce, scalable, and in high demand. Liquidity issues for large projects, remote assets with secured power but lacking true tenant demand, and tech obsolescence could turn investments into landmines. The constrained power grid in Europe currently provides only about 54% of its energy from renewable sources⁴, despite political pressure to achieve 100% renewable energy.

Insight: Real estate leaders are preparing for a future where AI-informed decisions drive value across the asset lifecycle.

4. Asset management is the new alpha

With higher interest rates and compressed margins, operational excellence is no longer a nice-to-have; it’s essential. Attendees emphasized that asset management is now a primary driver of returns. From energy optimization to tenant experience and capital improvement planning, the role of the asset manager has expanded.

Insight: Strong asset management isn’t just about maintenance. It’s about maximizing value at every stage.

5. The deal math has changed

With preferred return hurdles on the rise and general partner catch-up provisions increasingly disappearing, the capital stack is being reimagined. Investors are seeking greater downside protection, and sponsors are recalibrating expectations.

Insight: Creativity and transparency in structuring deals will be crucial for aligning the interests of investors and sponsors going forward.

A powerful start to a dynamic event

The Women Leading European Real Estate breakfast provided a meaningful way to ease into two days of rich conversations and connections. With a thoughtful format and robust discussion, it reinforced the value of bringing together diverse perspectives to chart a stronger path forward for the real estate industry.

At Walker & Dunlop, we’re proud to support and engage with events like GRI Paris that foster collaboration, thought leadership, and innovation. We remain committed to helping clients navigate change and find opportunity in every market cycle.

Contact Jessica Bell today to discuss your next opportunity.

^Sources:

^{1. Knight Frank Article‍}

^{2. Geocoded Special Report: State of Global AI Compute‍}

^{3. Ember Energy Report}

^{4. Sustainability Online Article}