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The office market in the Greater Paris Region

​Rental market 

After a flying start to the year (~663,000 sq m), Q2 results for the Greater Paris Region rental market were more subdued (500,000 sq m). This takes the overall figure for H1 2017 to 1,164,600 sq m (+4% year on year). 
20 transactions for spaces over 5,000 sq m were carried out over Q1, whereas only 8 were recorded over Q2. 
Immediate supply remained at around 3.5 million sq m at the end of June with a vacancy rate of 6.7%. Paris is currently suffering from a lack of supply with an average vacancy rate of close to 3%. 
There was no change in prime asking rents which stood at €760 in the Central Business District and €505 in La Défense. 

Investment market 

€2.5 billion was invested in the Greater Paris Region over Q2 2017, taking the overall investment volume for H1 2017 to €5 billion; this represents a 27% year-on-year decrease, but is in line with the 10-year average. 
Decreases were seen across all areas in the Greater Paris Region, apart from the Western Crescent (€1.5 billion, +28% year on year). 
Offices retained their position as the most sought-after assets and accounted for €4.3 billion or 85% of investments. 
Further prime yield compression in the Paris CBD (3.00%) may be unlikely for the time being, but the wave of compression is spreading across less well-established markets.

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