Although investment volumes rose by 15% year-on-year in the first half of the year, the number of transactions remained limited and activity was mainly driven by the completion of major deals, such as the sale of Trinity in the office market and the Kering/Ardian joint venture in the retail market.
In the second half of the year, large transactions are expected to continue to play a driving role. Investment volumes could reach around €8 billion, an increase of 40% compared to the first half of 2025 and a level comparable to that of the second half of last year. For 2025 as a whole, the amounts committed in France are expected to reach €13-14 billion, compared with €12.7 billion in 2024, a more modest increase than expected at the beginning of the year.
The market environment will remain marked by uncertainty: internationally with the trade war, and in France with an unstable political situation (confidence vote scheduled for 8 September, threat of dissolution). In this context, particular vigilance will be required with regard to tax and regulatory developments (prohibition on passing on property tax to tenants, etc.). Investors will therefore remain highly selective and favour assets with the strongest long-term fundamentals (Parisian trophy assets, residential, data centres, etc.).
