As the second largest budget item for universities after the wage bill, real estate is a strategic factor of primary importance for the integration of universities in their territory, and a central element for the reception of students and the fulfilment of scientific objectives. It is also at the heart of the issue of self government. For the State, the stakes are no less high, since it remains the overwhelming owner of these properties (82% of the total). However, it must, like the universities, face up to the indispensable task of upgrading this asset – representing 18 million m² of premises, 78% of which are devoted to teaching or sports activities – a third of which is in a poor or unsatisfactory condition and which only rarely meets energy saving needs. The Court of Accounts has repeatedly emphasised the importance of real estate policy, both for the institutions and for the State. This report, which does not take into account aspects relating to student accommodation, gives an opinion on the adaptation of the building stock to teaching needs and student demographics, the diverse methods of financing investments and the conditions to be met to ensure successful devolution of the stock.