When most people think of Paris, they only think of Paris proper, meaning the 20 neighbourhoods that exist within the confines of the Boulevard Périphérique. But as we talked about yesterday, that is quickly changing as a result of new investments in transit, a more porous border (le Périph), and progressive new developments. Greater Paris is transforming itself into a larger and more cohesive urban region, and it is creating what is, in effect, a new Paris.
Because of this, the preconceived notions that many Parisians hold about the areas outside of the Périph are changing. Old money has long clustered in the western inner suburbs, eschewed the east, and preferred to drive. But today a new generation is colonizing the east and making different mobility choices while they're at it.
Earlier this week, I got a taste of what that looks like. Olivier Raoux and Amaury De Benoist of Alios Développement were kind enough to invite me to tour two of their projects, one of which is on the other side of the Périph and called
When most people think of Paris, they only think of Paris proper, meaning the 20 neighbourhoods that exist within the confines of the Boulevard Périphérique. But as we talked about yesterday, that is quickly changing as a result of new investments in transit, a more porous border (le Périph), and progressive new developments. Greater Paris is transforming itself into a larger and more cohesive urban region, and it is creating what is, in effect, a new Paris.
Because of this, the preconceived notions that many Parisians hold about the areas outside of the Périph are changing. Old money has long clustered in the western inner suburbs, eschewed the east, and preferred to drive. But today a new generation is colonizing the east and making different mobility choices while they're at it.
Earlier this week, I got a taste of what that looks like. Olivier Raoux and Amaury De Benoist of Alios Développement were kind enough to invite me to tour two of their projects, one of which is on the other side of the Périph and called
. So I got up early, pretended I was going to work like everyone else, and jumped on the metro in the 10ème. Within 15 minutes I was at
Église de Pantin
station. And a few minutes after that, I was crossing the Ourcq Canal.
The first thing I noticed was the people. It was just after 8am and it was busy. Everyone, including young children, seemed to be biking to work or school. I had been expecting to find a neighbourhood that was on its way to becoming something, but instead I found a neighbourhood that had seemingly already arrived, and I was late. It was also further evidence that Paris is now unapologetically a biking city.
Once across, I learned that a new pedestrian bridge is also going to be built leading directly from the metro station to the site, making the short commute from transit even shorter. Here is the mockup:
This pedestrian bridge will connect to a new public plaza at the entrance to the project's anchor building. A former spring factory from the late 19th century, it will soon serve as the focal point for a new mixed-use office park. Its program will include a food market, daily retail services, schools, a large auditorium, DJ events, and the project's first office tenants, among other things. It's a major forward investment, but one that will provide many of the amenities for the larger development — and clearly establish a place in Pantin.
As a quick aside, during our site walk, the gentleman below asked me if I would take his photo. He then asked where the photo would be used (I told him it would be on this world-renowned blog), and he took note of the URL. But unfortunately, I didn't get his name. So if you're reading this monsieur, please get in touch with your details at hello@globizen.com and I'll update this post with a credit to you.
In addition to the main hall, the project's first ground-up office building is also under construction.
The structure is a combination of cast-in-place concrete (which, by the way, was of truly impressive quality) and mass timber floor slabs. By code, the mass timber slabs must be encapsulated, which is also the case in Canada above certain heights. But that has not stopped the top floor of the building from looking like this:
I spent a morning with Olivier and Amaury, and I can say Alios shares many of the same values that guide our work at Globizen. They invest in architecture and design, they focus on quality of place, and they work diligently to build their city in ways that other developers may be overlooking. It was impressive to see. Thank you both, once again, for being so generous with your time and for inviting me to tour your projects.
I'll also add that I left the meeting feeling genuinely excited about the future of Paris. Or should I say, new Paris. Step outside the Périphérique and you’ll find neighbourhoods humming with energy, creativity, and new ideas.
It has been over four years since the Surfside tragedy in South Florida and the partial collapse of the 12-storey Champlain Towers South building. In response to this, the state of Florida enacted stricter condominium regulations. Buildings over 30 years old (or over 25 years if located within three miles of a coast) must now undergo mandatory structural inspections. Condominium reserve funds are also required to be fully funded, and owners can no longer waive or reduce the contributions. Surprisingly, this was not the case before.
The site itself has also moved forward. In May 2022, Dubai-based DAMAC International acquired the 1.8-acre parcel for $120 million. They hired Zaha Hadid Architects (ZHA) and, in 2023, submitted designs to the Town of Surfside. Earlier this year, pre-construction condominium sales launched for The Delmore — with a starting price of $15 million and an average price of $40 million. And this month, the developer announced that they have secured a foundation permit.
With only 37 condominiums in the project, the land cost alone works out to over $3.2 million per suite.
I came across this chart from Benedict Evans on LinkedIn. (I must have been doing my quarterly check-in to see what the AI models are saying.) It shows US construction value broken down by offices, retail, warehouses (industrial), and data centers.
The office cyclicality is interesting to see. But of course, the point of this chart is the dramatic rise in data center construction. As of August 2025, it's about 2x retail construction and it's on track to overtake both offices and warehouses.
Will this happen and is this pace of construction sustainable? I frankly don't know. But AI and the need for more compute are obviously here to stay.
I'm reminded of something that venture capitalist Fred Wilson once wrote on his blog. His argument was that when it comes to speculative frenzies, or just new stuff in general, it's common to be directionally correct, but be off in terms of the order of magnitude.
I wouldn't be surprised if this proves to be true for AI-driven investments.
. So I got up early, pretended I was going to work like everyone else, and jumped on the metro in the 10ème. Within 15 minutes I was at
Église de Pantin
station. And a few minutes after that, I was crossing the Ourcq Canal.
The first thing I noticed was the people. It was just after 8am and it was busy. Everyone, including young children, seemed to be biking to work or school. I had been expecting to find a neighbourhood that was on its way to becoming something, but instead I found a neighbourhood that had seemingly already arrived, and I was late. It was also further evidence that Paris is now unapologetically a biking city.
Once across, I learned that a new pedestrian bridge is also going to be built leading directly from the metro station to the site, making the short commute from transit even shorter. Here is the mockup:
This pedestrian bridge will connect to a new public plaza at the entrance to the project's anchor building. A former spring factory from the late 19th century, it will soon serve as the focal point for a new mixed-use office park. Its program will include a food market, daily retail services, schools, a large auditorium, DJ events, and the project's first office tenants, among other things. It's a major forward investment, but one that will provide many of the amenities for the larger development — and clearly establish a place in Pantin.
As a quick aside, during our site walk, the gentleman below asked me if I would take his photo. He then asked where the photo would be used (I told him it would be on this world-renowned blog), and he took note of the URL. But unfortunately, I didn't get his name. So if you're reading this monsieur, please get in touch with your details at hello@globizen.com and I'll update this post with a credit to you.
In addition to the main hall, the project's first ground-up office building is also under construction.
The structure is a combination of cast-in-place concrete (which, by the way, was of truly impressive quality) and mass timber floor slabs. By code, the mass timber slabs must be encapsulated, which is also the case in Canada above certain heights. But that has not stopped the top floor of the building from looking like this:
I spent a morning with Olivier and Amaury, and I can say Alios shares many of the same values that guide our work at Globizen. They invest in architecture and design, they focus on quality of place, and they work diligently to build their city in ways that other developers may be overlooking. It was impressive to see. Thank you both, once again, for being so generous with your time and for inviting me to tour your projects.
I'll also add that I left the meeting feeling genuinely excited about the future of Paris. Or should I say, new Paris. Step outside the Périphérique and you’ll find neighbourhoods humming with energy, creativity, and new ideas.
It has been over four years since the Surfside tragedy in South Florida and the partial collapse of the 12-storey Champlain Towers South building. In response to this, the state of Florida enacted stricter condominium regulations. Buildings over 30 years old (or over 25 years if located within three miles of a coast) must now undergo mandatory structural inspections. Condominium reserve funds are also required to be fully funded, and owners can no longer waive or reduce the contributions. Surprisingly, this was not the case before.
The site itself has also moved forward. In May 2022, Dubai-based DAMAC International acquired the 1.8-acre parcel for $120 million. They hired Zaha Hadid Architects (ZHA) and, in 2023, submitted designs to the Town of Surfside. Earlier this year, pre-construction condominium sales launched for The Delmore — with a starting price of $15 million and an average price of $40 million. And this month, the developer announced that they have secured a foundation permit.
With only 37 condominiums in the project, the land cost alone works out to over $3.2 million per suite.
I came across this chart from Benedict Evans on LinkedIn. (I must have been doing my quarterly check-in to see what the AI models are saying.) It shows US construction value broken down by offices, retail, warehouses (industrial), and data centers.
The office cyclicality is interesting to see. But of course, the point of this chart is the dramatic rise in data center construction. As of August 2025, it's about 2x retail construction and it's on track to overtake both offices and warehouses.
Will this happen and is this pace of construction sustainable? I frankly don't know. But AI and the need for more compute are obviously here to stay.
I'm reminded of something that venture capitalist Fred Wilson once wrote on his blog. His argument was that when it comes to speculative frenzies, or just new stuff in general, it's common to be directionally correct, but be off in terms of the order of magnitude.
I wouldn't be surprised if this proves to be true for AI-driven investments.
