After a mixed first half, the third quarter of 2025 confirmed the slowdown in the Greater Paris office market, with just under 380,000 sq m let or sold to occupiers over the period. This brings total take-up since January to 1.19 million sq m, down 8% year-on-year and 21% below the ten-year average. The drop in demand is particularly evident for large units (≥ 5,000 sq m, –15% y/y), while small and mid-size spaces are proving more resilient (–5%). With weaker demand and a continued wave of new deliveries, the vacancy rate keeps rising — now 10.9% regionwide versus 9.2% a year ago. The increase is even sharper in inner Paris (7.1% vs 4.8%), reaching an unprecedented level.
In this softer environment — shaped by economic headwinds, political uncertainty, and occupiers’ focus on cost control — a few market segments are managing to stand out. Among them are the major CBD business centers, whose resilience underscores the enduring strength of Paris’s high-end office market.
Paris business centers: a class apart
The 14 business centers analyzed by Newmark represent nearly 400,000 sq m, or 6% of the CBD’s office stock. Originally built as corporate headquarters for major French and international companies, most were redeveloped in the late 1980s and early 1990s to accommodate multiple tenants. Their size, often striking architecture, central location, quality of amenities, and prestigious occupiers make them exceptional assets.
These buildings post an average occupancy rate of 94%, driven by proactive management and continuous service upgrades — allowing them to weather cycles without losing appeal. They also share another trait: long-term ownership. Most have been held by the same landlords for more than 20 years, which explains why the 2025 sale of “Paris Trocadéro” by Union Investment to Blackstone (€700 million) is such a landmark deal.
Leasing dynamics
Newmark identified around 190 leases > 500 sq m signed over the past decade across the 14 business centers, totaling 340,000 sq m — about 8% of all take-up in the CBD. This figure excludes renewals, which are common (and often substantial), such as Bpifrance at 6–8 Haussmann or Banque de France in “Paris Bourse.” Since the start of 2025, take-up has reached around 23,000 sq m (vs 30,000 sq m in 2024), mainly within recently refurbished properties like “Capital 8” and “Louvre Saint-Honoré.”
A shifting occupier landscape
Historically dominated by banking, finance, and insurance (40% of take-up since 2015), the tenant mix is gradually diversifying with the rise of digital players, with the example of new entrants such as Vestiaire Collective and Meetic replacing long-term occupiers like Banque de France in “Opéra Victoire.”
Another defining feature is tenant loyalty: 75% of leases signed since 2015 were by companies already based in the CBD — a share that has risen to 84% over the past five years. When firms do leave, it’s typically to expand, reduce costs, or lease their own headquarters — not out of disaffection with the business center model.
Rents and values
Like the broader CBD, business centers have seen a sharp rise in rents. Since 2015, top values are up more than 40%, with a dozen leases above €1,000/sq m/yr since 2024. This surge extends beyond the 8th and 16th arrondissements: “Louvre Saint-Honoré,” “#Cloud.Paris,” and “Édouard VII” now command similar levels to Paris’s most prestigious addresses. These new highs reflect both top-tier refurbishments and the willingness of certain occupiers — particularly from the finance sector — to pay London-level rents.
The business center has thus emerged as an ultra-prime asset class, capable of sustaining premium rents even for refurbished or second-hand space.
Toward a new generation of business centers
Recent refurbishments, such as “Capital 8” and “Louvre Saint-Honoré” (soon home to the Fondation Cartier), have significantly upgraded the technical and service standards of these buildings — aligning them with the French tertiary decree and new workplace expectations (outdoor areas, enhanced F&B offer, support for soft mobility, etc.). This modernization goes hand in hand with a redefinition of the business center concept, now borrowing from luxury hospitality and retail: user experience, architectural staging, personalized services, and community activation. Business centers are thus evolving into “lifestyle destinations” — places where work, relaxation, culture, and social interaction coexist. Upcoming projects such as “Signature” (ex-Solstys, 8th), “Kennedy” (16th), and “Condorcet” (9th) embody this next generation: desirable offices that combine heritage, flexibility, comfort, and premium services.
