Office Real Estate: Small Spaces Near Train Stations Dominate the Market in 2025

The three years of market adjustment since 2022

Following the sharp rise in interest rates in 2022, the commercial real estate market went through three years of adjustment, particularly in the First Ring and Western Suburbs of the Île-de-France region. According to the study, 2025 marks a turning point: investments in commercial real estate reach 17 billion euros, an increase of 8%.
According to the management company, office investments show a significant rebound concentrated within Paris. The macroeconomic environment has become clearer, with better-oriented inflation and the beginning of monetary easing, although it remains fragile due to renewed geopolitical tensions in the Middle East.

Demand Polarization and Transformation of Usage Patterns

National rental demand is expected to reach approximately 2.8 million square meters in 2025, with 1.6 million in the Île-de-France region and 1.2 million across 17 regional metropolitan areas. Remote work has stabilized at around 1.9 days per week in 2024-2025, compared to 2.5 days in 2022. Meanwhile, 47% of executives report an increase in office attendance in 2025, compared to 31% in 2024.

Between 2021 and 2025, 91% of office transactions involved properties located within 800 meters of a train station, compared to 78% during the 2006-2010 period, highlighting a focus on accessible locations.

A clear divergence is emerging between large complexes and smaller spaces: transactions for spaces of 1,000 square meters or less have increased and are making up a growing share of the Paris region market, while transactions for spaces of 5,000 square meters or more have decreased by about 30%. Transactions under €10 million now account for nearly 15% of volumes, up from 7% in the 2010s.