2024-01-30-莱坊-European_Office_Dashboard_-_Paris_CBD_Q4_2023_2页_555kb

Summary of Knight Frank France Office Market Report Q4 2023

Market Overview

• Power BI Desktop provides quarterly updates on occupier activity in Europe, with Q4 2023 data focusing on key metrics for the Paris CBD office market.
• Data highlights trends in take-up, vacancy rates, and prime rent over multiple quarters.

Key Figures and Trends

• Take-up: For 2023, total take-up reached nearly 418,000 sqm, a 14% decrease from the prior year but 5% above the 10-year average, following record years.
• Vacancy Rate: Declined to 2.7% in 2023, down from 2.8% in 2022 and 4.6% in 2021, with supply shortages persisting.
• Prime Rent: Attained a record high of €1,000 psqm in Q3 2023, remaining stable in Q4, representing a 33% increase over the past decade.

Sector-Specific Activity

• Finance & insurance sector was the strongest driver of demand, accounting for over 80,000 sqm in 2023.
• Luxury and IT & media sectors also showed significant demand.

Economic Indicators

• French labor market is cooling, with new business starts slowing.
• Unemployment rate expected to rise moderately to approximately 7.6% in 2024 and 7.8% in 2025, still below pre-pandemic levels.
• Service sector employment expectations decreased marginally at year-end, with contraction ongoing due to weak demand, despite a slight uptick in PMI.

Disclaimer

• Document provided for general information; not to be relied upon. Knight Frank LLP does not accept liability for any loss or damage arising from use.