Market Size of France Office Real Estate Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 3.70 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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France Office Real Estate Market Analysis
The size of France Office Real Estate Market is USD 24.16 billion in the current year and is anticipated to register a CAGR of over 3.7% during the forecast period.
- Due to restrictions, social distancing policies, and a work-from-home culture, the COVID-19 epidemic significantly impacted France's office real estate market. The COVID-19 pandemic significantly changed workplace working habits and locations. As a result of the pandemic, the majority of businesses have implemented remote working. Exogenous shocks like the conflict in Ukraine, soaring inflation, and supply constraints are stifling the French economy. These factors have made economic activity considerably less than anticipated at the start of 2022.
- The effects of the pandemic were felt in Q4 2021 in the office property market, albeit less so than in 2020. The consequences of this crisis were still shaking the market; at the end of the third quarter of 2021, take-up had increased by 32% year over year to a total of 1,207,900 sq m.
- In 2021, major deals, which were far less common than the previous year, would return. The prediction of demand taken up at the end of 2021 was between 1.6 and 1.7 million sq m in this environment of a cautious but genuine recovery in the office market, taking into account a traditional acceleration of signed contracts at the end of the year.
- Since Q2, the Paris office market has gained momentum and picked up speed, with more volume placed in Q3 (195,900 sq m; + 94% in one year).
- Although undoubtedly increasing, this level is still below the ten-year average in this industry. However, this increase in marketing is quite optimistic for the upcoming quarters and shows a genuine resurgence in commercial real estate activity in the capital.
