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Immostat Results for Q2 2023

Immostat Results for Q2 2023

ImmoStat, a joint economic interest group comprising the four leading commercial real estate advisors (BNP Paribas Real Estate, CBRE, JLL, and Cushman & Wakefield), provides quarterly updates on key indicators of the commercial real estate market in the Île-de-France region, as reported by ImmoStat. These indicators cover the following areas:

  • Office demand (leasing transactions and sales to users)
  • Immediate office supply and rental rates
  • Investment in France (total investment amount) and office prices in Île-de-France
  • Demand for logistics warehouses in Île-de-France and France as a whole.

For office space in Île-de-France, the demand for the first half of 2023 amounted to 816,200 square meters, showing a 22% decrease compared to the first half of 2022. The second quarter of 2023 recorded 421,000 square meters, representing a 19% decline compared to the second quarter of 2022. The immediate supply of office space in Île-de-France as of June 30, 2023, reached 4,495,000 square meters, reflecting a 10% increase compared to the previous year. Based on recent transactions, the average rental rate per square meter per year stands at:

  • €432 excluding taxes and charges for second-hand properties, showing a 3% increase over the past year.
  • €429 excluding taxes and charges for new or refurbished properties, maintaining a consistent level compared to the previous year.

Regarding investment in France, the total amount for commercial real estate during the first half of 2023 reached €6.2 billion, indicating a 51% decrease compared to the first half of 2022. The second quarter of 2023 experienced a 67% decline compared to the second quarter of 2022, with a total investment of €2.5 billion. In Île-de-France specifically, the total investment amount for commercial real estate in the first half of 2023 amounted to €4.2 billion, showing a 44% decrease compared to the first half of 2022. The second quarter of 2023 witnessed a 61% decline compared to the second quarter of 2022, with a total investment of €1.8 billion. The average price of purchased office spaces in Île-de-France during the second quarter of 2023, across all property types, reached €7,420 per square meter (including taxes), representing a 9% decrease compared to the previous year.

For logistics warehouses across France, the demand for spaces exceeding 5,000 square meters during the first half of 2023 amounted to 1,528,100 square meters. This included 1,296,800 square meters in regional areas and 231,300 square meters in Île-de-France for transactions of this size. Nationally, this result reflects a 29% decrease compared to the first half of 2022. The second quarter of 2023 witnessed a 42% decline compared to the second quarter of 2022, with a total of 557,300 square meters.

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