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Paris, 29 January 2015 – First release of JLL’s report “Grand Paris and commercial real estate: future trends” which focuses on three major development projects: the Docks eco-district in Saint Ouen Northeast Paris (Macdonald and Claude Bernard) and Clichy Batignolles.
“Analysis of these three areas gives an indication of what the Grand Paris project will bring in terms of land, new transport lines and mixed-use development”, explains Virginie Houzé, Research Director at JLL.
This report is the first in a series which aims to highlight the linkages between the office real estate market and the Grand Paris project.
Main elements and changes in the three selected areas:
1. Future development In Clichy-Batignolles 50 hectares of land is due to be developed by 2018/2020 with no less than 260,000 sq m of office space. On the one hand this includes the development of a number of office buildings (140,000 sq m overall) and, on the other hand, the future Cité Judiciaire de Paris (Paris Judicial Precinct), designed by the architect Renzo Piano, which will draw 9,000 visitors to the area on a daily basis.
In Saint-Ouen the Docks district comprises 100 hectares which will be developed over the next 10 years. 310,000 sq m of office space will be added to the existing stock of half a million square metres. Upon completion, office supply in the district will be comparable to current levels seen in Levallois Perret or Issy-les-Moulineaux.
Finally, Northeast Paris with 200 hectares is by far the largest development area in Paris. In time, the area could see 1.3 million square metres of development as well as 28,000 residents and 15 to 20,000 workers. At the present time, one tenth of this territory is on the verge of completion – the new Claude Bernard / Macdonald district.
2. Transport network improvements New transport links will strengthen the existing network and offset the current weaknesses these sites have in terms of accessibility.
3. Urban mix
In Clichy-Batignolles, the former railway enclave will give way to a new mixed-use district as a place to live, travel through or relax with a 10-hectare central park.
In Claude Bernard, the new mixed-use district comprises 1,600 new homes and over 160,000 sq m of buildings including 68,000 sq m of office space. The final elements are due be completed by the end of 2015 and should create 4,600 new jobs in the district.
The Saint-Ouen Docks Urban Development Zone (ZAC - Zone d’Aménagement Concerté) will allow for the development of a further 900,000 square metres of new buildings. This is development on a considerable scale with 4,000 new homes leading to an additional 10,000 residents and over 300,000 sq m of office space creating an estimated 10,000 new jobs.
Saint-Ouen and North-East Paris are considered to be within a wider territory which also comprises Saint-Denis and increased activity from the Territorial Development Contract as well as the Saint-Denis – Pleyel transport hub. Saint-Ouen has been recognised as a business office area for several years (in particular the Victor Hugo submarket), but North-East Paris still needs to build its image and the maturation rate of this territory will depend on the level of activity generated in the North.
“The typically Parisian Clichy-Batignolles, will become part of the business districts to the West of the capital. This project will be completed more quickly due to its geograqphic location as well as its proximity to business districts in Paris and nearby local towns (Levallois). It will add to existing office supply and will draw upon the well-established image of Western Paris as an office district” added Sophie Rozen, Research Manager for JLL.
The full report is available on our website http://www.grand-paris.jll.fr including comment from:
- Marie-Anne Belin, Managing Director – SEMAVIP- Frédéric Chabrol, Deputy Managing Director – Nexity- Carine Robert, Executive Manager Towns and Projects - Nexity- Isabelle Vallentin, Managing Director - Séquano
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