PARIS—First quarter office uptake in the greater Paris region totaled nearly 507,000 square meters which is an increase of 19% compared to the same measurement in 2013, according to the Immostat Group of Economic Interest.
Other market indicators from Immostat:
- The office take-up for the Greater Paris region reached 506 900 sq m for the first quarter of 2014, up by 19% compared to the first quarter of 2013 (427 400 sq m). The office take-up amounted to 1,879,700 sq m in 2013, down by 24% compared to 2012.
- Immostat’s estimate of immediately available supply at the end of Q1 2014 is 3,911,000 sq m, up by 9% compared to the end of Q1 2013.
- The provisional headline rent for second-hand offices is $431 (€314) per sq m and per year on average (taxes and charges excluded), down by 2% on a one year period of time.
- The investment volume reached $4.1 billion (€3B) (for commercial real estate assets over $5.5million (€4M) each in Q1 2014, up by more than 70% compared to Q1 2013. For 2013, the investment volume is set to $16 billion (€11.7B), down by 4% compared to 2012.
Created in 2001 by French subsidiaries of BNP Paribas Real Estate, CBRE, DTZ and JLL, the Immostat Group of Economic Interest is the result of the will of its members to improve market transparency. The group’s ambition is to produce quality market intelligence by aggregating data in a shared and protected database.