Almost 3 million sq m of offices
Train stations evoke images of travel and vacations, especially at the start of summer. In Paris, they are also synonymous with commuting and even play a key role in the office real estate market. “Office space located within a ten-minute walk of the seven Parisian SNCF train stations totals 2.9 million sq m, or just under 20% of the capital’s office sector,” says David Bourla, Head of Research at Newmark France. Due to its location in the CBD, this concentration is particularly high around Saint-Lazare station (1.1 million sq m), ahead of the Lyon-Bercy hub (761,000 sq m) and Montparnasse station (556,000 sq m).
The neighborhoods around train stations also stand out for the condition of their buildings, which truly reflect the architectural and economic progress of the capital. In the Saint-Lazare district, where 41% of offices date from before 1930, the buildings are mainly Haussmann-style. They are more recent near the other stations: “Several office complexes near the Lyon and Montparnasse stations were built in the 1970s to support the shift to a service economy in the Greater Paris Region. The buildings are even newer in the Austerlitz district, in the northern part of the Rive Gauche urban development zone, which was launched in the late 1990s to rebalance the geography of employment in Paris towards the east,” explains David Bourla.
Sustained letting activity near Saint-Lazare station
The Saint-Lazare district has the largest office stock and has the most sustained letting activity. “The Saint-Lazare district accounts for 45% of office leases > 1,000 sq m recorded since 2015 within a 10-minute walk of the main Paris train stations. This is due to the driving role played by medium-sized premises in the CBD,” explains David Bourla. The Saint-Lazare district also accounts for the largest share of transaction volume (42%), ahead of Austerlitz (21%), whose recent development has provided users with large, newly refurbished office space. Nine transactions > 5,000 sq m have been recorded there since 2015, including six of the ten largest moves recorded near the main Paris train stations. “The abundance and quality of available office space are key factors. However, the intensity of letting activity is not correlated with station traffic. Although it is Europe’s largest transport hub, the Gare du Nord and Gare de l’Est district accounts for less than 10% of take-up volume since 2015 near the seven main Parisian stations,” continues David Bourla.
Varying user profiles
Accounting for the largest share of space leased, the Saint-Lazare district also has the most diverse user profiles. The largest leases recorded since 2015 in this sector have been signed by players in banking and insurance (Banque de France, CIC, etc.), law (Gide Loyrette Nouel, Clifford Chance, Dentons, etc.), industry and distribution (Pernod Ricard, Chaumet, Hermès, etc.) and tech (Google, Payfit, Fabernovel, etc.). Coworking has also grown significantly over the past ten years. The Saint-Lazare district alone accounts for nearly 70% of all coworking sites near Paris’ main train stations.
User profiles are less varied in other neighborhoods. The public sector (Agence Française de Développement, Caisse des Dépôts et Consignations, Métropole du Grand Paris, RATP, etc.) and banking and insurance (BPCE/Natixis, Crédit Agricole, etc.) are very present near the Austerlitz and Lyon train stations. They also play a key role near the Gare du Nord (SNCF) and Montparnasse (Crédit Agricole, MGEN, etc.) stations. “These users appreciate these station districts, which provide them with large office spaces and a Parisian address at a significantly lower cost than setting up in the west of the capital. In recent years, most of them have confirmed their commitment to the area, positioning themselves ahead of new office creation or refurbishment projects to secure their long-term presence,” says David Bourla. For example, CDC has leased nearly 65,000 sq m in “Austerlitz 2” and “The Good One,” two complexes undergoing refurbishment near Austerlitz station.
Nevertheless, station districts regularly see new companies arriving from other geographical areas. Some are consolidating their employees in large spaces, enabling them to control their real estate costs whilst modernizing their offices and benefiting from a more central and lively location, a strategy recently illustrated by Essilor Luxottica’s lease of 22,000 sq m near Austerlitz station. A few leases by media, tech, and higher education companies have also been recorded in other neighborhoods (Gare de Lyon, Nord-Est, etc.).
The modernization of office space is picking up pace
However, the renewal of user profiles is constrained by limited real estate supply. “While the volume of immediate supply is on the rise in Paris, the availability of office space > 1,000 sq m remains fairly low in the station districts. This totaled 100,000 sq m at the end of the first quarter of 2025, compared with 81,000 sq m a year earlier. Opportunities vary depending on the geographical area and the quality of the properties. New space accounts for only 14% of immediately available supply, which is much more abundant in the second-hand category, particularly near the Lyon-Bercy and Montparnasse stations,” adds David Bourla.
However, the situation is changing. Office stock in the station districts is set to benefit from the completion of several new-build and refurbishment projects. In total, projects > 5,000 sq m that have started construction and have planning permission account for nearly 400,000 sq m to be delivered between 2025 and 2028, of which 58% is still available. This future supply is very unevenly distributed across neighborhoods. For example, it is limited near the Saint-Lazare station, where it is mainly found in the refurbishment of 86 and 96 Boulevard Haussmann. It is much more abundant near the Lyon (“Messager,” “Quarter,” ‘Scope’) and Montparnasse train stations (“Upper,” “New Station,” “Rythme”).
Outlook: advantages that are being further enhanced
Whilst take-up volumes in 2025 are currently quite low, these projects will undoubtedly be absorbed quickly by users. Districts near stations offer undeniable advantages. In the post-COVID context (increased remote working, employees moving out of the Greater Paris Region, etc.), buildings located closest to stations reduce travel times and therefore facilitate the return of employees to the office. Furthermore, the liveliness of station districts is increasingly valued by companies and their employees. Several will soon benefit from further improvements to the road network and a wider range of shops and services. The “Gare de Lyon Côté Seine” project, for example, plans to redevelop rue de Bercy, including the creation of new shops and services by 2028. In the Austerlitz area, the development of 25,000 sq m of retail space and the opening of a 4-star hotel near the new AFD headquarters will help transform this neighborhood into a “future urban shopping, events, and entertainment hub” by the end of 2027.[1].
The growing appeal of station neighborhoods is not limited to the letting market. They are also attracting increased interest from investors, as evidenced by the recent sale of “Atelier Gaité” near Montparnasse to Swiss Life AM and Norges Bank IM, which can be explained by the sometimes-significant potential for rental value increases near stations. Near the Gare de Lyon station, for example, the target value of projects currently undergoing refurbishment is significantly higher than the previous top value for the neighborhood (less than €600/sq m/year in 2018). Near the Saint-Lazare station, rents for prime assets are also high and are expected to remain so due to sustained limited supply and a still significant gap with values in the western part of the CBD.
Finally, the dynamism of station districts is not a phenomenon unique to Paris: they are also enjoying growing success in several large global cities, such as the areas around King’s Cross and Saint Pancras in London, and Penn Station and Grand Central in New York. “While each office market has its own specific characteristics, the Covid-19 pandemic has had comparable effects on an international scale. Since the end of the health crisis, the centrality, accessibility and urban vibrancy that characterize station districts have become increasingly sought after, as they are all factors that encourage a return to the office and promote employee well-being,” concludes David Bourla.
About Newmark
Listed on the Nasdaq, Newmark is one of the world’s leading real estate advisory firms. Involved in every stage of a property’s life cycle, Newmark tailors its services to each of its clients, whether they are owners and investors, users, company founders, start-ups or major companies. With its global coverage and in-depth knowledge of established and emerging real estate markets, Newmark offers customized services to clients across all sectors of the economy. Newmark has 170 offices and 7,600 employees worldwide. Newmark has been present in France since March 2024. Its Paris team is made up of around 40 people and is active in investment (offices, retail, residential) and leasing (offices and retail).
To find out more, visit our website nmrk.com or follow @newmark.
[1]Altarea press release dated June 3rd, 2025.
