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
OFFICES IN THE GREATER PARIS REGION
At the end of September 2021, office take-up in the Greater Paris Region reached 1,207,900 sqm which is up by 32% compared to the end of September 2020. The third quarter 2021 has totalled 406,200 sqm, up by 66% vs Q3 2020..
Office immediate supply on September 30th 2021 in the Greater Paris Region is estimated at 3,992,000 sqm, up by 21% y-o-y..
Based on transactions of the quarter, the headline rent of offices is on average:
- € 406 /sqm pa, excluding taxes and charges for second-hand space, flat over a year ;
- € 414 /sqm pa, excluding taxes and charges for new or refurbished space, up by 1% over a year.
The headline rent is defined in lease contracts regardless of incentives, whose level was 23.9% last quarter and will be updated next month for Q3 2021.
INVESTMENTS IN FRANCE
In France, the investment volume in Commercial Real Estate over Q3 2021 reached €5.4 billion, down by 6% compared to the Q3 2020. The investment volume has totalled €14.0 billion since the start of 2021, down by 19% compared to the same timeframe last year.
In France, the corporate investment volume has totalled €300 million since the start of 2021.
INVESTMENTS IN THE GREATER PARIS REGION
In the Greater Paris Region, the investment volume in Commercial Real Estate over Q3 2021 reached €2.9 billion, down by 32% compared to the Q3 2020. The investment volume has totalled €8.3 billion since the start of 2021, down by 32% compared to the same timeframe last year.
The average capital value for Office in the Greater Paris Region over Q3 2021 all types alike reached €8,150 /sqm (including transactions costs) which is up by 3% y-o-y.
More information about Q3 2021 can be found on our webpage "Market Data".