Lille Office Market Dynamics, Q3 2024
Summary and analysis of Lille's current office real estate market conditions.
- Anthony Kerveillant
Following an uptick over Q2, activity in the Lille office market fell over the last 3 months, with 26,500 sq m of take-up over 60 transactions. At the end of September, the year-to-date figure stood at 115,740 sq m over 190 transactions, representing an annual fall of -23% by volume with levels -34% below the 5-year average, while the number of transactions fell by a quarter year on year.
Releases of second-hand space resulted in a +7% increase in immediate supply over the last 6 months, with levels rising to 285,000 sq m. The proportion of new/refurbished space remains in the low 30% range. The vacancy rate now stands at 4%.
Rental values remain solid, with the prime rent in the centre of Lille reaching €300 and other values trending upwards with €189 for new/refurbished space and €171 for second-hand space.