Lyon Office Market Dynamics, Q2 2024
Summary and analysis of Lyon's current office real estate market conditions.
With take-up on a par with the Q1, figures reflect a lacklustre level of activity in the market. A total of 115,000 sq. m. of office take-up was recorded over H1 with 264 transactions. While the market remained stable year on year, both in terms of volume and the number of transactions, compared with the 10-year average the volume was still -11% lower, while the number of transactions rose by +5%. This reduced volume reflects occupier space rationalisation in response to a shift in working patterns, but the increase in the number of transactions highlights the resilience of the Lyon market.
The shortfall in major transactions, combined with a peak in completions over recent quarters and a considerable number of releases of second-hand space, prompted an increase in immediate supply to 446,250 sq. m. (+18% over 6 months), 34% of which is new/refurbished space.
Prime values for refurbished assets in Part-Dieu and Presqu'Île Nord remained at €350.