A little over a year ago, on 17 March 2020 – day one of France’s first national lockdown – the Île-de-France office lettings market was hit with an unprecedented shock from which it still struggling to recover. Towards the end of 2020, a general sense of lassitude hung over the market, and yet there was a glint of hope as activity seemed to rally...

In brief: what's been happening in the market?

• In Q1 2021, office take-up in Île-de-France stood at 327,500 sqm. Despite a year-on-year drop of 30%, it seems that the lettings market is emerging from its slumber.
  
  
• Major occupiers have taken heart since 2020, closing 13 deals for a total volume of 115,000 sqm.
  
  
• Meanwhile, the influx of immediate supply has kept on coming. By the end of the quarter, vacancies were pushing 3.8 million sqm (up 30% year-on-year), bringing Île-de France’s vacancy rate to 6.9%.
  
  
• For the moment, prime rents are holding steady at the upper end of the scale. Conversely, rental values for existing property are wilting all across the region.

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