2023-05-04-莱坊-European_Office_Dashboard_-_Paris_CBD_Q1_2023_2页_545kb

报告摘要

Paris CBD Office Market Summary - Q1 2023

Core Content Overview

This document provides a detailed analysis of the office market in the Paris Central Business District (CBD) for the first quarter of 2023, highlighting key trends, figures, and insights from Knight Frank Research. It also touches on broader economic indicators such as new business starts, employment expectations, and the PMI (Purchasing Managers' Index) for the service sector in France.

Key Figures

Take-up: 86,491 square metres
Prime Rent: €980 per square metre per annum
Vacancy Rate: 2.6%
Year-on-Year Rent Increase: 4%
5-Year Rent Increase Since Pandemic: 13%
Construction Completions in Q1 2023: 18,394 square metres (down 76% from Q1 2022)
Expected Deliveries for the Year: 96,898 square metres

Main Trends and Insights

Vacancy Rate

The Paris CBD vacancy rate decreased by 23 basis points from Q4 2022 to 2.6% in Q1 2023.
This marks a 27% year-over-year decline, indicating a continued demand for office space in the inner city.
Despite the overall Greater Paris Region experiencing its highest vacancy levels since 1997, the CBD remains relatively attractive.

Prime Rent

Prime rents increased by 4% year-on-year, reaching €980 per square metre.
Since the start of the pandemic, rents have risen by 13%, showing resilience in the market.
The upward trend in rents could pose challenges for some companies seeking to access the Paris office market.

Construction Activity

Construction completions in Q1 2023 were significantly lower than the previous year, with a 76% decline.
However, 96,898 square metres are expected to be delivered throughout the year, indicating future supply growth.

Occupier Activity

The CBD has seen 86,500 square metres let in Q1 2023, which is 21% below the 5-year average for Q1 activity.
Despite this, a few larger transactions are expected to be completed soon, suggesting underlying demand.
The CBD continues to attract companies from other submarkets, with few departures.
The trend is expected to remain strong in the coming months.

Economic Context

New business starts in France have grown over the last 7 years, with a minor dip during the pandemic followed by a strong recovery.
The service sector employment expectations in France have remained positive throughout Q1 2023, with strong hiring intentions for the year.
The unemployment rate in France is expected to rise to 7.5% in 2023, according to INSEE forecasts, but is projected to stabilize in 2025.
The service sector PMI in France improved significantly in Q1 2023, reaching 53.9 (up from 49.5 in December 2022), driven by increased business activity and new order intakes, mainly from external demand.

Sector Activity

High value-added sectors, such as finance, consulting, and luxury, remain very active in the CBD.
While some occupiers (e.g., start-ups, coworking companies) are less present, the CBD's appeal continues to be strong.
The tight employment market in these sectors reinforces the importance of office quality and location in attracting and retaining talent.