Conducted in October 2023 with a panel of investors whose combined real estate assets exceed €280 billion, the survey carried out by MSCI and BPCE Real estate solutions is clear: the investors interviewed largely accept the idea of a paradigm shift compared to the previous real estate cycle and remain concerned about the state of the real estate market and the opportunities it offers. Thus, 61% respondents plan to reduce their real estate allowances in 2024, compared to only 7% who expect to increase them.