Greater Paris office markets hit hard by the economic slowdown

Office take-up in Île-de-France came in at 765,600 square meters (8.2 million square feet) over the first six months of 2021 — an increase of 14 percent over one year; the market is still convalescing compared with its long-term average (–28 percent), according to BNP Paribas Real Estate. Compared with the grim second quarter of 2020, there was a rebound in 2021 with take-up of 422,800 square meters (4.55 million square feet), an increase of 107 percent over one year.

“Large units have recovered somewhat, with 23 deals signed since the beginning of the year (vs. a 10-year average of 28 transactions). Meanwhile, small and medium-sized units (0 – 5,000 square meters [54,000 square feet]) have also shown robust take-up growth in terms of both volume and number, up respectively +21 percent and +20 percent over one year,” said Éric Siesse, deputy general manager in charge of Île-de-France Office Letting for BNP Paribas Real Estate Transaction France. These good overa