Real Estate: Offices: Paris Offices: Improving take-up but supply pressures persist; quality and location continue to matter

Research evidence excerpt

Real Estate: Offices: Paris Offices: Improving take-up but supply pressures persist; quality and location continue to matter

Equity Research

7 July 2026 | 9:42AM BST

Real Estate: Offices: Paris Offices: Improving take-up but supply

pressures persist; quality and location continue to matter

Take-up for offices in the Greater Paris Region showed signs of stabilisation in 2Q26, Jonathan Kownator

+44(20)7051-2974 |

increasing c.7% yoy after declining c.16% yoy in 1Q26, despite remaining subdued jonathan.kownator@gs.com

Goldman Sachs International

overall, with 2Q26 take-up still c.28% below the long-term quarterly average since

Kuber Sood, CFA

2000 (excluding 2020). At the same time, immediate supply continued to increase, +1(332)245-7812 | kuber.sood@gs.com

rising c.3.8% qoq and c.10% yoy to 6.57m sqm. Goldman Sachs India SPL

Rebecca Parker

However, the rental picture remains more nuanced and continues to support our +44(20)7051-6646rebecca.x.parker@gs.com|

quality-focused investment view. Average headline rents for new or restructured Goldman Sachs International

offices increased by c.1.8%, while rents for secondary offices declined by c.4.2%,

highlighting the ongoing bifurcation between higher-quality and secondary assets.

Demand also remains concentrated in more central locations, with Paris Centre West

and the Rest of Paris accounting for c.47% of total regional take-up in 2Q26, while

Inner Paris take-up increased c.22% yoy.

On balance, the data suggest overall Paris office fundamentals remain sluggish, given

elevated supply and demand that remains below historical levels; however, the

continued outperformance of prime assets and stronger activity in Central Paris

reinforces our preference for landlords with exposure to high-quality, well-located

offices.