Offices: The Vacancy No One Sees

The Void: The Other Real Estate Crisis

The public debate has become accustomed to a figure that has turned into a totem: 6 million square meters of vacant space in Île-de-France, according to Immostat. However, for Z#BRE, a specialist in workplace usage measurement, this visible crisis masks a deeper issue: spaces that appear occupied but are seldom used. Their analysis is based on presence sensors and behavioral studies already covering 250,000 square meters of office space, and soon to be 400,000 square meters by the end of 2025. The findings are striking: only 37% of workstations are used daily.

The issue is even more problematic because it is absent from statistics. Square meters are officially « occupied » because they are rented, but in practice, they are no longer in use. Companies are paying for ghost spaces: rent, electricity, cleaning, heating, security—the list is long. A workstation costs an average of €11,000 per year in France. At a major CAC 40 insurer observed by Z#BRE, 60% of the workstations were never used. That is equivalent to three out of five floors becoming completely inert.

The office crisis is not just about empty buildings; it is about buildings that no longer bustle with activity. Meeting rooms deserted for video conferences, silent break areas, private offices going dark—it's not the architecture that's deteriorating, but the very function of the office as a social, collaborative, and productive space.

Usage Intensity

For Nicolas Vauguier, partnership director at Z#BRE, the upcoming market transformation requires a shift in philosophy: the focus is no longer on filling square footage, but understanding how spaces are actually used. Z#BRE advocates for a key metric in discussions between investors and asset managers: the usage intensity value. A high-performing building is not one whose spaces are leased, but one whose areas are actively utilized.

The economic implications are substantial. By simply rethinking how spaces are organized and allocated, companies supported by Z#BRE can reduce their space usage by up to 30% without extensive renovations. The savings are immediate: operating costs drop by 25%, the carbon footprint is halved, and often there is an improvement in user comfort by reallocating spaces according to actual needs.

This « usage obsolescence » is becoming a major depreciation factor, akin to technical deterioration or the energy requirements imposed by the tertiary decree. Investors are beginning to incorporate these factors into due diligence processes, on par with energy performance. Between two buildings of the same category, the one that is more actively used is valued higher, as it ensures actual occupancy rates, not just administrative ones.

This new perspective creates an unprecedented divide in the market: not between « prime » and « second-hand, » but between living spaces and ghost spaces. As we approach SIMI 2025, where solutions for reorganizing and optimizing spaces will be central to discussions, a new idea is emerging: the office is no longer just square footage for rent; it's a tool to be managed.

By mapping actual usage, Z#BRE provides a metric that the market has long been lacking. It enables both property owners and companies to take action on their spaces, reduce costs, limit emissions, and restore the office to its primary purpose: supporting work, rather than the other way around.