The commercial real estate market in France

The commercial rent index (ILC) published by Insee, which is used to revise most commercial leases in France, stood at 137.16 in the second quarter of 2026, against 136.81 a year earlier, a rise of about 0.3%. After the sharp inflation-driven increases, rent indexation in commercial real estate is almost flat again, which limits the growth of landlords’ rental income.

According to the 2026 study by the Institut de l’épargne immobilière et foncière (IEIF, the French property savings institute), cited by Investir in August 2026, commercial real estate in France delivers an internal rate of return of 2.9% a year over five years, in line with average inflation over the period. Retail does better than offices (-0.4%) and French housing (2.6%), but remains well behind equities (10.1%) and gold (16.9%).

According to Procos, the federation of specialised retail, in-store sales of specialised retail fell by 6.9% in September 2026, with a sharp drop in clothing. Large stores are also cutting their square metres: Auchan plans to remove 72,000 m² over three years across 60 stores and to monetise part of its property, according to LSA in July 2026. These trade-offs weigh on vacancy and on rents in commercial real estate in France.

Commercial real estate in France brings together listed property companies, developers, retailers that own their sites and investors. Mercialys reports 647,174 m² of retail space; Carmila acquired Egalimmo in 2024, according to Sites commerciaux; Apsys opened Boom Boom Villette, 25,000 m² of dining and leisure in Paris. Ascencio, a Belgian property company, focuses on retail parks and food-anchored complexes in France and Spain, according to Trends.

A PDF report in French, 2026 edition, organised in six chapters: definition and formats of commercial real estate, market size and dynamics, retailer demand, supply and players, regulation and constraints, and outlook.

Insee statistics (construction of premises, commercial rent index), publications from federations such as Procos and from the IEIF, information from property companies 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, retailers and their property departments, local authorities, as well as bankers, advisers and consultants who need to understand commercial real estate in France.

By email, as a PDF, within 48 hours of payment. Our analysts use that time to add the latest available data before sending. You then find it in your My studies area.

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