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 2023, office take-up in the Greater Paris Region reached 1,351,600 sqm which is down by 12% compared to the end of September 2022. The third quarter 2023 has totalled 484,800 sqm, flat vs Q3 2022.
Office immediate supply on September 30th 2023 in the Greater Paris Region is estimated at 4,633,000 sqm, up by 13% y-o-y.
Based on transactions of the quarter, the headline rent of offices is on average:
€ 435 /sqm pa, excluding taxes and charges for second-hand space, up by 1% over a year ;
€ 431 /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 24.6% last quarter and will be updated next month for Q3 2023.
INVESTMENTS IN FRANCE
In France, the investment volume in Commercial Real Estate over Q3 2023 reached €2.0 billion, down by 74% compared to the Q3 2022. The investment volume has totalled €8.7 billion since the start of 2023, down by 57% compared to the same timeframe last year.
INVESTMENTS IN THE GREATER PARIS REGION
In the Greater Paris Region, the investment volume in Commercial Real Estate over Q3 2023 reached €1.1 billion, down by 78% compared to the Q3 2022. The investment volume has totalled €5.5 billion since the start of 2023, down by 56% compared to the same timeframe last year.
The average capital value for Office in the Greater Paris Region over Q3 2023 all types alike reached €6,930 /sqm (including transactions costs) which is down by 16% y-o-y.
WAREHOUSES LOGISTICS IN FRANCE
For whole France, the take-up for warehouses above 5,000 sqm has totalled 2,545,000 sqm since the start of 2023 with 2,217,100 sqm in French Regions and 327,800 sqm in the Greater Paris Region for transactions of this size. Compared to the same timeframe last year, this national result is down by 24%. The third quarter 2023 has totalled 875,800 sqm, down by 23% vs Q3 2022.
More information about Q3 2023 can be found on our webpage "Market Data".