As one of the most populous and wealthy countries in Europe, France boasts a flourishing commercial real estate sector. Commercial real estate includes buildings with commercial use, such as production facilities, warehouses, distribution centers, offices, retail space, and hotels. In 2021, the
was 1.3 trillion U.S. dollars. Though still a go-to destination for investment, the
for the second consecutive year in 2021, as the economy continued suffering the effects of the coronavirus pandemic, slower economic growth, and rising inflation.
Offices are the largest asset class, followed by industrial and logistics real estate
About 16 billion euros out of the total 27 billion euros invested in commercial property
went into the office asset class in 2021. Industrial and logistics, on the other hand, attracted 2.5 billion euros in investment. Among the different types of investors,
funds were the most active investor group that year, followed by SCPIs and insurance companies. SCPIs, or société civile de placement immobilier are companies, which invest in and manage property on behalf of its shareholders by issuing shares to institutions and the public. SCPIs are similar to real estate investment trusts (REITs) which are popular in countries, such as the United Kingdom or the United States, but unlike REITs, they are not listed on the stock exchange. Some of the
biggest SCPIs include Capimmo, Afer Immo, Afer Immo 2, LF Philosophale 2, and Sogevimmo.
Occupiers’ market: challenging times for the second largest office market in Europe
Besides being an international center for culture, Paris is one of the biggest economic powerhouses in Europe. Responsible for a hefty share of France’s GDP, the capital is home to the headquarters of some of the country’s biggest domestic and international companies, such as AXA, Credit Agricole, Societe Generale, and BNP Paribas, making its office sector exceptionally attractive. After London, office real estate rent in Paris was
second-most expensive among the major European markets in 2021. Though the sector was well positioned to endure the impact of the pandemic, vacancy rates continued going up,
exceeding 10 percent in some submarkets in Greater Paris in the first quarter of 2022. The industrial and logistics sector, on the other hand, benefited from the rise of e-commerce and experienced a sharp
rise in demand. Both take-up, which measures the amount of space transacted, and
rents increased in the key markets.
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