By signing a firm nine-year lease with Foncière Renaissance to occupy the 1,154 m² premises at 73 rue de Miromesnil, in Paris's 8th arrondissement, the Saudi sovereign wealth fund Public Investment Fund (PIF) has set a new benchmark in the capital: a face rent of €1,300/sq.m/year, or an economic rent of over €1,000/sq.m/year once accompanying measures are taken into account.
And stratospheric rental values are not limited to small-scale jewels. A week earlier, CBRE Investment Management confirmed that J.P. Morgan SE had taken a lease on 15,830 m² of office space in the Marché Saint-Honoré in Paris's1st arrondissement, as announced on March 27 by Business Immo. According to our information, the firm 11-year agreement will generate rents in excess of €1,200/sq.m/year, representing an annual volume of around €20 million.
Clearly, rents on the capital's most attractive office assets are soaring, with prime values now standing at €1,200/sq.m/year in the Paris CBD. In a recent study, presented in conjunction with the publication of the 19th edition of its "Wealth Report", Knight Frank counted 48 leases with a minimum surface area of 500m2 with rents in excess of €900/m²/year for the year 2024, compared with just 28 in 2023 and fewer than 20 the previous year.
Unsurprisingly, 81% of these rental deals were concentrated in the Central Business District. However, "this is not an epiphenomenon, since this segment now represents 15% of the Paris market, which is far from negligible", recently observed Magali Marton, Director of Studies & Research at Knight Frank France. According to her, this demonstrates "an acceleration in the move upmarket in commercial real estate".
To better visualize the scale and distribution of this phenomenon, Business Immo has listed the 18 rental deals signed at over €1,000/sq.m/year in 2024.
| Deals & Data | Assets | Address | Surface area | Rent band | Owner |
| 1 | Icône | 32-34 rue Marbeuf, 75008 Paris | 12 818 m² | from €1100 to €1200 | Gecina |
| 2 | 148 rue de l'Université | 148 rue de l'Université, 75007 Paris | 10 827 m² | from €1,000 to €1,100 | Swiss Life REF (DE) European Living (Swiss Life Asset Managers) |
| 3 | 1-3 rue des Italiens | 1-3 rue des Italiens, 75009 Paris | 7 800 m² | from €1,000 to €1,100 | AXA Investment Managers & Norges Bank Investment Management |
| 4 | 185 Saint-Honoré | 185 rue Saint-Honoré, 75001 Paris | 6 454 m² | from €1,100 to €1,200 | Ministry of Culture and Communication |
| 5 | Stellar | 33 rue du Quatre Septembre, 75002 Paris | 5 946 m² | from €1,000 to €1,100 | RedTree Capital and BNP Paribas |
| 2 854 m² | |||||
| 6 | #Cloud | 2-8 rue Ménars, 75002 Paris | 3 443 m² | from €1,000 to €1,100 | SFL |
| 7 | Virtuoso | 31 avenue Pierre Ier De Serbie, 75016 Paris | 2 803 m² | from €1,000 to €1,100 | PIMCO Prime Real Estate |
| 8 | Cézanne Saint-Honoré | 170 rue du faubourg Saint-Honoré, 75008 Paris | 2 613 m² | from €1,100 to €1,200 | SCI Paul Cézanne |
| 9 | 12 rue de la Paix | 12 rue de la Paix, 75002 Paris | 2 577 m² | from €1,000 to €1,100 | Credit Suisse Asset Management, RedBlue Capital, and CF Investments Inc. |
| 10 | 232 Rivoli | 232 rue de Rivoli, 75001 Paris | 2 478 m² | from €1100 to €1200 | Kendal Rivoli |
| 11 | 40 Raymond Poincaré | 40 avenue Raymond Poincaré, 75016 Paris | 2 108 m² | from €1,000 to €1,100 | SNC Raymond Poincaré 42 |
| 12 | 90 Courcelles | 90 rue de Courcelles, 75008 Paris | 1 805 m² | over €1,200 | Trustone |
| 13 | Episode | 277 rue Saint-Honoré, 75008 Paris | 1 400 m² | from €1,000 to €1,100 | Immobel Capital Partners Limited's and Goldman Sachs Asset Management |
| 14 | Edouard VII | 16-30 boulevard Des Capucines, 75009 Paris | 1 200 m² | from €1,000 to €1,100 | SFL |
| 15 | 151-155 Haussmann | 151-155 boulevard Haussmann, 75008 Paris | 765 m² | from €1100 to €1200 | Gecina |
| 16 | 115-117 Champs Elysées | 115-117 avenue des Champs Elysées, 75008 Paris | 707 m² | from €1100 to €1200 | SCI des 115-117 Champs Elysées |
| 17 | 5 rue du Colisée | 5 rue du Colisée, 75008 Paris | 579 m² | from €1,000 to €1,100 | Gaumont |