Every quarter, ImmoStat, an independent entity pooling data for the four main brokers in French Commercial Real Estate (BNP Paribas Real Estate, CBRE, JLL and Cushman & Wakefield) presents its key indicators for the Greater Paris Region.
The present release covers:
- the office take-up both new lettings and sales to occupiers
- the office immediate supply and average headline rent
- the investment volume in France and the average price in the Greater Paris Region for offices
- the warehouse logistics take-up in France
OFFICES IN THE GREATER PARIS REGION
For the whole year 2024, office take-up in the Greater Paris Region reached 1,750,400 sqm which is down by 11% compared to 2023. The last quarter 2024 has totalled 459,700 sqm, down by 16% vs Q4 2023.
Office immediate supply on December 31st 2024 in the Greater Paris Region is estimated at 5,642,000 sqm, up by 19% y-o-y.
Based on transactions of the quarter, the headline rent of offices is on average:
- € 457 /sqm pa, excluding taxes and charges for second-hand space, up by 6% over a year;
- € 446 /sqm pa, excluding taxes and charges for new or refurbished space, up by 3% over a year.
The headline rent is defined in lease contracts regardless of incentives, whose level was 25.4% last quarter and will be updated next month for Q4 2024.
INVESTMENTS IN FRANCE
In France, the investment volume in Commercial Real Estate over the year 2024 reached €12.1 billion, down by 2% compared to the year 2023. Q4 2024 is up by 27% compared to the last quarter 2023 and represents €4.1 billion.
INVESTMENTS IN THE GREATER PARIS REGION
In the Greater Paris Region, the investment volume in Commercial Real Estate over the year 2024 reached €5.4 billion, down by 23% compared to the year 2023. Q4 2024 is up by 59% compared to the last quarter 2023 and represents €2.0 billion.
The average capital value for Office in the Greater Paris Region over Q4 2024 all types alike reached €5,950 /sqm (including transactions costs) which is down by 9% y-o-y.
WAREHOUSES IN FRANCE
For France as a whole, the take-up for warehouses above 5,000 sqmin the year 2024 reached 3,003,500 sqm, with 2,542,300 sqm in French Regions and 461,200 sqm in the Greater Paris Region for transactions of this size. Compared to the year 2023, this national result is down by 23%. The last quarter 2024 has totalled 729,600 sqm, down by 25% vs Q4 2023.
