We cover office markets and sub-markets in Île-de-France including:
- At Q4 2021, the office property market continues to be impacted (to a lesser extent than in 2020) by the consequences of the pandemic. The effects of this crisis continue (and will continue) to shake up the market; the volume of take-up totaled 1,207,900 sq m at the end of Q3 2021, up 32% year-on-year.
- Major transactions, which were much less present last year, are back in 2021. In this context of a cautious but real recovery in the office market, and taking into account a traditional acceleration of signed contracts at the end of the year, our projection of demand taken up at the end of 2021 was between 1.6 and 1.7 million sq m.
Paris QCA (last published Septembre 2021)
- The rebound in sales that began in Q2 2021 hit a new cruising speed in Q3, recording a placed volume of 107,300 sq m, i.e. a level 15% higher than the 10-year average and close to that observed in 2019 at the same period (109,200 sq m).
- This acceleration in the pace of transactional activity consolidates the recovery in this market after a sharp slowdown in the previous year. Over the first three quarters, the placement of 275,300 sq m (+ 76% in one year) was finalized, i.e. a volume higher than the annual result for 2020, without however coming close to the records recorded over the 2015-2019 period.
La Défense (last published Septembre 2021)
- A little more than 117,000 sq m of offices were sold in La Défense during the first 9 months of 2021. On the one hand, the volume of activity shows a correction of 37% in one year and is levelling off. At the end of a rather sluggish Q3 (20,500 sq m), the ten-year average is 120,000 sq m. On the other hand, La Défense practically matches its 2018-2019 rhythm. Taking into consideration the acceleration of activity and large-scale transactions, the business district is expected to perform respectably. We have some way to go before we can say that La Défense is regaining its form, it will require more space to be taken by some major occupiers first.
Paris (last published Septembre 2021)
- The office market in Paris has picked up more and more momentum since Q2, and accelerated the pace with a larger volume placed in the Q3 (195,900 sq m; + 94% in one year).
- Over the quarters, take-up reached 505,600 sq m, an increase of + 47% compared to the same period the previous year, and is slightly behind the annual result for 2020.
- Although certainly on the rise, this level remains below the ten-year average observed in this sector. This upturn in marketing is, however, very encouraging for the quarters to come and indicates a real recovery in commercial real estate activity in the capital.
Croissant Ouest (last published Septembre 2021)
- The Croissant Ouest office market is consolidating the resumption of its marketing: after a first half of 2021 when a little more than 184,000 sq m were placed, Q3 recorded a transaction volume of 95,500 sq m.
- The composition of take-up has seen a certain reversal: the beginning of the year was marked by the welcome return of major business activity, Spring saw a very clear increase in small and medium-sized space, a trend confirmed in Q3.
Central Locations (last published Septembre 2021)
- Office sales in the inner suburbs turned out to be better in Q3 2021 than in Q3 2020, benefiting from an increase of + 71% in one year (58,800 sq m placed). Over the first three quarters, 141,200 sq m were transacted in this sector (+ 21% in one year) but the ten-year average levels are however far from being reached (around 250,000 sq m on average in January and September).
- In reality, the recovery is turning out to be more discreet for the inner suburbs than the other sectors in the Ile-de-France region (ranging from + 30% to + 95% in one year; except La Défense, which is on the decline), even if its 3 micro-markets are progressing.
Fringe Locations (last published Septembre 2021)
- The pace of office sales in the suburbs slowed down somewhat in Q3 2021, recording only 35,500 sq m placed, a decline of -32% in volume handled compared to the previous year at the same period. However, the good momentum observed in the first half of the year enabled the cumulative take-up result from January to September to reach 163,600 sq m, i.e. a volume of + 30% higher than in 2020.
- For the time being, however, this invested volume remains among the lowest of the decade. By the end of the year, an upturn in transactions on areas greater than 1,000 sq m will be crucial to exceed the low point of the annual level observed in 2020.