The post-referendum economic landscape has resulted in rapid changes in the Paris property market. While London suffers a decrease in office property value, Paris is thriving in new opportunities, with 37% of businesses ranking Paris first for direct foreign investment in corporate real estate post Brexit.
Couple this with a GDP growth of 2% the Paris office market is booming. The French economy is seeing positive changes with the unemployment rates going down leaving some employers warning about skilled workers being in short supply, more and more businesses are quickly moving their headquarters to the French capital.
With prices of commercial property still lower than London further attracting investors spaces around 450 sqm continue to be the key driver in office property sales, contributing to 40% of sales.
Alongside this, the city itself is changing, with new districts being built and a new underground in construction the idea of the city’s centrality is changing as connectivity to other areas becomes easier. Increasingly companies are looking to invest in new business districts such as Western Crescent and Inner Rim further feeding the office fit out market.
It becomes more apparent, that Paris is on its way to becoming one the largest financial centre in Europe. Offering great availability and connections, it will continue growing its relevance amongst other European cities.