Office Market in the Paris Region: Deceptive Stability as Gaps Widen

A Generally Stable Market Driven by Abundant Supply

For the eleventh consecutive year, Cushman & Wakefield has analyzed the office rental prices available around Paris metro stations. By mid-November 2025, the observations are clear: the overall increase in supply has contributed to relative stability in average rental values, which are around 580 euros per square meter per year. This level is comparable to what was observed last year, indicating a market that has entered a cooling phase after several tense years.

This overall stability, however, conceals very different realities depending on geographic areas and the quality of buildings. Within Paris proper, the rise in rents significantly slowed in 2025, without reversing. Companies' decisions increasingly prioritize location, energy efficiency, and flexibility of spaces, to the detriment of buildings that have become less suited to new uses.

In the outskirts, the situation appears more fragile. Outside the city, average rents are experiencing a slight decline, a direct consequence of a substantial inventory of available space, particularly in the northern and eastern inner suburbs. The areas with the most supply are undergoing sometimes significant adjustments, especially for buildings struggling to reposition themselves in response to new user expectations.

Paris at Two Speeds: The Premium on Ultra-Quality

In this context, the Central Business District continues to stand out as an exception. The most central locations boast the highest rental values in the region, with average rents exceeding 1,000 euros per square meter per year around Saint-Lazare and Saint-Augustin. These levels demonstrate the ability of ultra-prime assets to withstand or even improve, despite a more challenging environment.

Conversely, certain districts in northeastern Paris are experiencing a drop in average values, linked to rent adjustments on less efficient buildings and increased competition. Location is no longer sufficient: the intrinsic quality of the buildings, their energy efficiency, and their ability to meet new ESG standards are becoming crucial.

Outside Paris, Neuilly-sur-Seine, Levallois-Perret, Boulogne-Billancourt, and La Défense continue to host the most expensive locations in the suburbs, with rents often exceeding 400 euros per square meter per year. However, here too, there is increasing disparity between newer, well-located, well-equipped assets and older buildings that are now facing functional obsolescence.

What to Expect in 2026

For 2026, Cushman & Wakefield anticipates that this polarization will continue. « We still expect increases in ultra-prime buildings in Paris, while the trend will likely be stabilization in Paris and further declines in the outskirts in highly supplied areas, » emphasizes Olivier Taupin, Head of Agency Office & Industrial France.

For investors, this evolution requires a more nuanced understanding of the market. The stability of averages should not obscure the risk of devaluation for poorly positioned assets, nor the resilience potential of very high-quality office spaces. More than ever, rental value becomes a selective indicator, revealing an asset's ability to weather cycles in a market where liquidity is focused on the best locations.