Paris Office Market H1 2025: Leasing Slows, Vacancy Tops 10%, Investment Ticks Up

Office demand in the Paris region weakened in the first half of 2025, even as investment volumes improved from last year, underscoring a market split between resilient prime addresses and softer non-prime locations.

ImmoStat data cited by CBRE show take-up in Île-de-France reached 768,400 m² in H1 2025, down 12% year on year and 25% below the ten-year average. The second quarter was particularly subdued at 337,300 m², 21% lower than Q2 2024. Immediate supply continued to build. Market trackers report available space near 6.0 million m² by mid-year, with the regional vacancy rate a little above 10%—BNP Paribas Real Estate put it at 10.8%, with roughly 4.7% in the Paris CBD and above 15% in the inner ring and La Défense.

Capital markets were comparatively firmer. Commercial real estate investment in France totaled roughly €5.9 billion in H1 2025, up about 29–30% versus the same period of 2024, though activity remained uneven quarter to quarter.

Brokers and researchers describe a sharpening bifurcation. High-quality space in prime central districts continues to hold up better on rents and occupancy than older or peripheral assets, a pattern echoed across Europe.   Global outlooks from major firms suggest 2025 should bring gradual stabilization rather than a swift recovery, with tenants still cautious on large commitments amid economic and policy uncertainty.

Bottom line: First-half figures confirm a cautious leasing environment in Greater Paris, rising vacancy at the regional level, and a selective rebound in investment. Performance gaps between best-in-class, centrally located offices and the rest of the market are likely to persist through the remainder of 2025.

Source: comp.