Press Release
Ile-de-France/Investissement France offices: Markets between uncertainties and shudders
Paris, 4 July 2025 - CBRE, the world's leading commercial real estate advisor, reacts to Immostat's Q2 2025 figures.
Take-up of offices in the Ile-de-France region fell in the 2nd quarter, with 337,300 m² (-21% compared to 2024 and -32% compared to the ten-year average). In the 1st half of 2025, volumes reached 768,400 m² (-12% year-on-year and -25% compared to the ten-year average). Alexandre Fontaine, Executive Director Bureaux IDF, comments: "The slowdown observed in Q2 is partly explained by a calendar marked by many days off, but also by an uncertain economic climate that is pushing companies to postpone their decisions. The interest of users remains present, but projects take longer to materialize. The volume of visits is holding steady, although it concerns a smaller number of companies, which are exploring more options thanks to a more abundant offer. The overall decline in take-up is mainly due to the lack of large transactions. »
Alexandre Fontaine adds: "Paris intra-muros continues to contract, with an annual drop of 26% in take-up during the 1st half of 2025. Volumes were down slightly in Paris Centre Ouest, while Paris Sud and Paris Nord Est recorded a sharper decline in the absence of large-scale transactions. Rent ambitions in Paris benefit the rest of the Ile-de-France. The 1st Ring posted better performances in the South, driven this quarter by several major signatures. La Défense is stable compared to 2024, with good momentum in areas of 1,000 to 5,000 m². Neuilly-Levallois has some major signatures, while Issy-les-Moulineaux stands out in small and medium-sized areas. »
Regarding the outlook, Alexandre Fontaine anticipates: "In 2025, in view of the ongoing negotiations, take-up from large users should be slightly higher in volume than in 2024, thanks to several very large transactions (> 15,000 m²). Coupled with the stability of volumes anticipated for the 0-5,000 m² range, this allows us to envisage an annual landing of demand of around 1.8 million m²." Immediate supply continued to grow, reaching 5,992,000 sqm (+3% compared to the previous quarter). The average vacancy rate in the Ile-de-France region continues to rise and is now close to 10%.
Alexandre Fontaine adds: "Regarding rents, we are observing ever more marked differences between the different micro-markets and from one type of asset to another, highlighting the strong positions taken by landlords."
"With €5.8 billion invested in commoditised commercial real estate, the first half of 2025 ended with volumes up 30% compared to H1 2024. However, the half-year momentum is mainly driven by the performance of the first quarter, which alone accounted for 62% of the volumes of this first half," comments Nicolas Verdillon, Managing Director Investment Properties.
Indeed, the second quarter of 2025 was a bit disappointing: with €2.2 billion invested, volumes are down -8% compared to Q2 2024 and -47% compared to the five-year average. Activity was particularly slow this quarter in the regional office and retail market. The IDF office, with €875 million invested, saved the day but did not repeat the performance of the first quarter. It should be noted that large unit volumes should continue to fuel this asset class in the coming months.
Logistics, on the other hand, recorded decent activity (€859 million) but lackluster, below what could have been expected from the most sought-after asset class in 2025. The sector is suffering from a user market weakened by the economic situation. Large volumes could be concluded by the end of the year: nevertheless, the context remains highly uncertain because the poorer performance and clarity of the rental market is leading some potential buyers to revise their IRR upwards, at the risk of not meeting the expectations of sellers," adds Nicolas Verdillon.
"The beginning of a return - hyper-selective - to the desk is associated with other more favourable signals such as a slight increase in the capital earmarked for real estate. There is also a less pronounced price misalignment between buyers and sellers, although market depths are still constrained. Finally, the ECB has again lowered its key rate to a so-called "neutral" level, which should contribute to improving market fluidity. However, the OAT is still at more than 3%, heckled in particular by France's budget deficit as well as by the international context.
In the end, it is an unbalanced year 2025 in its calendar that is taking shape. While 2024 was the low point in the volume cycle, there will still be a long way to go before a better level of activity returns, fuelled by some forced momentum. We will have to wait until 2026 for a better rhythmic and a little more homogeneous recovery," concludes Nicolas Verdillon.
Ile-de-France offices: A mixed first half
Take-up of offices in the Ile-de-France region fell in the 2nd quarter, with 337,300 m² (-21% compared to 2024 and -32% compared to the ten-year average). In the 1st half of 2025, volumes reached 768,400 m² (-12% year-on-year and -25% compared to the ten-year average). Alexandre Fontaine, Executive Director Bureaux IDF, comments: "The slowdown observed in Q2 is partly explained by a calendar marked by many days off, but also by an uncertain economic climate that is pushing companies to postpone their decisions. The interest of users remains present, but projects take longer to materialize. The volume of visits is holding steady, although it concerns a smaller number of companies, which are exploring more options thanks to a more abundant offer. The overall decline in take-up is mainly due to the lack of large transactions. »
Alexandre Fontaine adds: "Paris intra-muros continues to contract, with an annual drop of 26% in take-up during the 1st half of 2025. Volumes were down slightly in Paris Centre Ouest, while Paris Sud and Paris Nord Est recorded a sharper decline in the absence of large-scale transactions. Rent ambitions in Paris benefit the rest of the Ile-de-France. The 1st Ring posted better performances in the South, driven this quarter by several major signatures. La Défense is stable compared to 2024, with good momentum in areas of 1,000 to 5,000 m². Neuilly-Levallois has some major signatures, while Issy-les-Moulineaux stands out in small and medium-sized areas. »
Regarding the outlook, Alexandre Fontaine anticipates: "In 2025, in view of the ongoing negotiations, take-up from large users should be slightly higher in volume than in 2024, thanks to several very large transactions (> 15,000 m²). Coupled with the stability of volumes anticipated for the 0-5,000 m² range, this allows us to envisage an annual landing of demand of around 1.8 million m²." Immediate supply continued to grow, reaching 5,992,000 sqm (+3% compared to the previous quarter). The average vacancy rate in the Ile-de-France region continues to rise and is now close to 10%.
Alexandre Fontaine adds: "Regarding rents, we are observing ever more marked differences between the different micro-markets and from one type of asset to another, highlighting the strong positions taken by landlords."
Investissement France: a path to recovery strewn with pitfalls
"With €5.8 billion invested in commoditised commercial real estate, the first half of 2025 ended with volumes up 30% compared to H1 2024. However, the half-year momentum is mainly driven by the performance of the first quarter, which alone accounted for 62% of the volumes of this first half," comments Nicolas Verdillon, Managing Director Investment Properties.
Indeed, the second quarter of 2025 was a bit disappointing: with €2.2 billion invested, volumes are down -8% compared to Q2 2024 and -47% compared to the five-year average. Activity was particularly slow this quarter in the regional office and retail market. The IDF office, with €875 million invested, saved the day but did not repeat the performance of the first quarter. It should be noted that large unit volumes should continue to fuel this asset class in the coming months.
Logistics, on the other hand, recorded decent activity (€859 million) but lackluster, below what could have been expected from the most sought-after asset class in 2025. The sector is suffering from a user market weakened by the economic situation. Large volumes could be concluded by the end of the year: nevertheless, the context remains highly uncertain because the poorer performance and clarity of the rental market is leading some potential buyers to revise their IRR upwards, at the risk of not meeting the expectations of sellers," adds Nicolas Verdillon.
"The beginning of a return - hyper-selective - to the desk is associated with other more favourable signals such as a slight increase in the capital earmarked for real estate. There is also a less pronounced price misalignment between buyers and sellers, although market depths are still constrained. Finally, the ECB has again lowered its key rate to a so-called "neutral" level, which should contribute to improving market fluidity. However, the OAT is still at more than 3%, heckled in particular by France's budget deficit as well as by the international context.
In the end, it is an unbalanced year 2025 in its calendar that is taking shape. While 2024 was the low point in the volume cycle, there will still be a long way to go before a better level of activity returns, fuelled by some forced momentum. We will have to wait until 2026 for a better rhythmic and a little more homogeneous recovery," concludes Nicolas Verdillon.
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