In a still depressed global economic environment, the main French banks significantly reduced their production to the commercial property sector in 2012 (-13.3%).1 This decrease is similar to the one observed between 2008 and 2009 (-13.2%) and mainly stems from two components: on the one hand, foreign countries (-26.8% in 2012), the share of which stepped back between 2010 and 2012 from 27.3% to 21.1% of total loans; on the other hand, property developers (-15.3% in 2012), which have recorded a steady reduction in share since 2008, from 60.5% to 48.9% in 2012.