Grand Paris Office Crane Survey
Driven by a dynamic Parisian market and by new starts in the West of Paris, the volume of office space under construction in “La Métropole du Grand Paris” remains at over 1.6 million sq m despite a standard level of construction starts. If the volume of new starts is not boosted in the coming months, the high level of expected completions will start to reduce the volume under construction.
The Grand Paris Office Crane Survey published by Deloitte records all office construction and completions in Paris and the inner suburbs (“La Metropole du Grand Paris”) between 1 October 2016 and 31 March 2017. The survey includes all speculative office schemes 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 volume of office space under construction in “La Métropole du Grand Paris” has risen to 1.63 million sq m as at 31 March 2016, an increase of 65,000 sq m over six months (+4%) and 17% above the historical average. Across 101 development schemes, the level of construction activity has exceeded the historical average of the Grand Paris Office Crane Survey. 55 schemes are located within the Paris District.
After the exceptional volume of construction starts noted in our previous edition, with more than 500,000 sq m of construction starts, the level observed this winter is back to a usual level, slightly below the historical average, totalling 310,000 sq m initiated across 27 new schemes. The number of new starts remains high because of the proliferation of small and medium-sized schemes lowering the average size of new starts to only 11,500 sq m.