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".