The commercial property market in France

In 2025, according to Cushman & Wakefield, based on Immostat, the French office market is shrinking: 1.64 million m² were taken up in the Paris region (−9%), and the Paris-region vacancy rate reaches 10.7% at the end of 2025, with 6.2 million m² available. In the regions, the Journal des Entreprises reports 69,000 m² taken up in Nantes (−19%) and 80,500 m² in Rennes (−11%) in 2025. Office investment nevertheless rebounds to €6.8 billion, according to JLL.

According to JLL, investment in logistics property in France fell 22% in 2025, to €3 billion, while business premises stabilised at €1.1 billion. According to Cushman & Wakefield, 3.2 million m² of warehouses were taken up in France in 2025, 4% less than in 2024; the Paris region accounts for 802,000 m², up 64%. Industry is also reviving demand, as with the 23,000 m² Safran plant near Rennes.

Commercial property investors in France are property companies, insurers, sovereign wealth funds and retail funds. According to the Association française des sociétés de placement immobilier (ASPIM, the French association of real estate investment fund managers), SCPI property funds raised €4.6 billion net in 2025 (+29%) and stand at €89 billion of market capitalisation at the end of 2025; €2.8 billion of shares are awaiting withdrawal, mostly in office-focused SCPIs. JLL also cites the entry of Ardian, ACM Vie and Mubadala into three Kering buildings in Paris.

The Éco Énergie Tertiaire scheme (the French tertiary-sector energy-saving obligation), created under the loi ELAN (the French housing and digital-development law), applies to commercial property buildings in France with at least 1,000 m² devoted to tertiary use. According to Service-Public (the French government’s official information portal), final energy consumption must fall by 40% by 2030, 50% by 2040 and 60% by 2050 against a reference year. Consumption is declared each year on OPERAT (the official reporting platform); the fine can reach €7,500 for a legal entity.

Three trends mark the commercial property market in France. Capital is concentrating on the best-located assets: the Paris region captures 82% of the amounts invested in offices in 2025, according to JLL. Obsolete buildings are being converted, such as the former Orange headquarters in Vanves, cited by Challenges. Finally, remote working is slowing relocations: in Nantes, according to the Journal des Entreprises, companies are renegotiating leases rather than moving, which weighs on take-up.

A PDF report in French, 2026 edition, organised into six chapters: definition and scope of commercial property, market size and dynamics, demand from companies, supply and players, regulation and constraints, outlook.

Market reviews published by commercial property advisers and the Immostat observatory, ASPIM statistics on SCPIs, official texts published by Service-Public and trade press articles from the IndexPresse database. Every figure comes with its source and period.

Yes. The study is updated before it is sent, within 48 hours at most: it includes the latest published data, and every figure comes with its source and period.

Property companies, investors and fund managers, developers and planners, corporate real estate departments, agents and advisers, as well as bankers, local authorities and consultants who need to understand the commercial property market in France.

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