Grand Paris Office Crane Survey
Despite a high number of construction starts, driven by strong activity in the Paris market and recovering activity in La Défense, the historical wave of completed developments recorded this winter has caused a 12% drop in the volume of office space under construction.
The Grand Paris Office Crane Survey published by Deloitte records all office constructions and completions in Paris and the inner suburbs “La Métropole du Grand Paris” between 1 October 2016 and 31 March 2016. The survey includes all speculative office schemes1 of more than 1,000 sq m which (a) are currently under construction or undergoing comprehensive refurbishment, or (b) have been completed since our last publication. The data is provided by Explore and the survey is supported by Business Immo.
With a fall of 170,000 sq m over the past six months, the volume of office space under construction in “La Métropole du Grand Paris” amounts to 1.3 million sq m as at 31 March 2016. Across 80 development schemes, the level of construction activity has reached the historical survey average for the first time since 2012.
Buoyed by the 24 new schemes launched this winter, the volume of construction starts is high at 370,000 sq m. This represents a 20% increase in comparison to the average. For the third consecutive publication, construction starts remain concentrated on central Paris. This winter also saw construction starts on schemes of over 40,000 sq m. At 15,500 sq m, the average size of construction starts was however below average, with seven schemes covering less than 5,000 sq m.