The commercial real estate finance market in France

According to the Association française des sociétés financières (ASF, the French association of finance companies), property leasing companies signed €4,011m of contracts in France in 2025, up 6.8% year on year, across 1,018 deals. Retail premises account for €1,568m, or 39% (calculated from ASF data), against €616m for offices, down 37.6%. Outstandings reach €35.0bn at the end of 2025 and rents invoiced €4.7bn.

The European Central Bank raised its deposit facility rate to 2.50% on 16 September 2026, after a low of 2.00% in June 2025 and a peak of 4.00% in September 2023. According to the magazine Entreprendre, as early as December 2023 rising rates made credit costlier for commercial real estate in France and banks demanded more guarantees, at the risk of weakening some developers.

According to the Association française des sociétés de placement immobilier (ASPIM, the French association of property investment companies), SCPI raised €3.1bn net over the first nine months of 2026, down 4.2% year on year, of which €922m in the third quarter. Their capitalisation falls to €80bn at 30 September 2026 and €2bn of shares are waiting for a buyer. Retail OPCI remain in net outflows, of €380m over nine months.

In property leasing, retail premises, hotels and restaurants included, were the most financed in France in 2025 with €1,568m (+46%), ahead of industrial premises and warehouses (€1,472m) and offices (€616m), according to ASF. Hotels also attract investors: according to Hospitality On (September 2025), citing BNP Paribas Real Estate, €2.7bn was invested in existing hotel property in France in 2024.

Yes, in volume: ImmoStat reports €3.4bn invested in commercial real estate in France in the third quarter of 2026, 21% more than a year earlier, and €10.3bn since January. Île-de-France is stable over nine months at €5.5bn, which puts the growth in the regions.

A PDF report in French, 2026 edition, organised in six chapters: scope and financing methods, market size and dynamics, demand from companies and investors, supply and players, regulation and risks, outlook.

Data from ImmoStat, ASF, ASPIM and the European Central Bank, together with 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.

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