法国不动产市场报告-77页_6mb

2022 Investment Highlights in France

• Overall Market: Investment volumes in France decreased by 4% year-on-year in 2022, but fell sharply to -53% in Q4 due to a new financial climate. Globally, investment across asset classes averaged -25% compared to 2021.

• Regional Performance: The Greater Paris Region saw a -5% drop, while other regions performed better (-1% in 2022 overall). France's investment volume was close to the 10-year average but significantly higher than pre-crisis levels.

• Asset Classes:

  • Offices: Dominant (54% share in 2022), but volumes declined (-17% in Greater Paris); Q4 drop ( -54% year-on-year) reflected high vacancy and buyer hesitation; Paris CBD outperformed suburbs.
  • Retail: Strongest year in a decade, boosted by portfolios; Retail parks continued to decline (-47% in new openings).
  • Industrial: Second-best year; Logistics-led, with a -14% drop, but still above average; Interest in last-mile delivery and data centers grew.
  • Diversification: Increased towards residential, healthcare, and logistics; SCPIs and private investors saw higher share.

• Investor Trends: French investors dominated (65%), rising from 55%; Foreigners dropped 23%. Yields rose across all asset classes due to tighter monetary policy.

2023 Outlook

• Challenges: Economic slowdown, high inflation reducing consumer spending; Low visibility on asset prices; Increased selectivity and prolonged negotiation periods.
• ** Opportunities **: Continued diversification; Regional markets may benefit from Greater Paris overflow; Office-to-housing conversions may accelerate; Dependence on tech and transnational giants will influence market dynamics.