A challenging year for the Paris region office market in 2025, with 6,2 million square meters of vacant space

The office real estate market in Ile-de-France had a complicated year in 2025, which resulted in a rise in vacancy rates again, reaching 6,2 million empty square meters, according to figures from the Immostat group, which are considered a benchmark, published on Thursday, January 8.

Vacant office space at the end of 2025 is 11% higher than at the end of 2024, explains the group of four corporate real estate consulting firms (BNP Paribas Real Estate, CBRE, JLL and Cushman & Wakefield).

"The average vacancy rate in Ile-de-France remains above the 10% mark," adds Alexandre Fontaine, Director of Offices Ile-de-France at CBRE.

Over the past year, 1,6 million square meters of office space were leased or sold to occupants in Ile-de-France, representing a 9% decrease in activity compared to 2024.

"Looking forward to 2026! 2025 was a complicated year," disrupted by macroeconomic, political and geopolitical uncertainties, Yannis de Francesco, director of JLL's French offices, told AFP.

The proportion of vacant offices is increasing even in Paris, including in the "central business district" in the west-central part of the capital. Previously, vacancies were mainly found in outlying areas.

As a sign that landlords fear losing their tenants, "the rate of lease renegotiations was very high last year," reports Yannis de Francesco. These renegotiations allow landlords to obtain adjustments to the leased area, improvements to the premises, or even a rent reduction.

"The office market in the Île-de-France region clearly hit a low point in 2025," believes Olivier Taupin, Director of Offices and Logistics France at Cushman & Wakefield. A good sign for 2026, "large companies are gradually starting to plan ahead again and make real estate decisions."

Investors nevertheless continued to invest in office real estate: a total of €8,4 billion was invested in the Île-de-France region in 2025, a 44% increase year-on-year. Nationally, investments amounted to €13,7 billion, an 8% increase year-on-year.

These investments are, however, "driven by a few big transactions," such as the sale of the Trinity tower located in the La Défense business district, notes Virginie Houzé, director of studies and research at JLL.

However, for 2026, investments could be hampered by the international macroeconomic context.