An upturn in the office market, "despite a slowdown in investment in Q2", notes Immprove in its latest study. According to ImmoStat figures, €2.4 billion was invested in H1 2025, compared with €1.8 billion a year earlier, representing a substantial annual increase of around 37%. However, beware of trompe-l'œil: this result remains well below the five-year average for a comparable period (-53%).
The office market was buoyed by several deals worth over €100 million, some of which are still under promise to sell, such as the mixed-use building at 91 Champs-Élysées promised to the FoncièreRenaissance-Mimco duo for €320 million, or 88 Rivoli, which will shortly joinImmobilière Dassault 's portfolio for €100 million. And let's not forget Solstys, which we understand will be reopened in the next few days - Gecina is investing €435 million including transfer taxes, or €13,300/sq.m., in this urban landmark previously owned by Deka Immobilien.
According to ImmoStat results and the analysis of Immprove's research department headed by Quentin Graff, Paris and La Défense accounted for 73% of national investments, or nearly €1.8 billion. Key deals included Unibail-Rodamco-Westfield 's sale of 80% of the Trinity Tower to Norges Bank Investment Management for €360 million, and Urssaf's acquisition of the Renaissance office-commercial complex for €315 million.
" The beginnings of a (hyper-selective) return to the office market is combined with other more favorable signals, such as a slight increase in the capital allocated to real estate", explained Nicolas Verdillon, Managing Director of Investment Properties at CBRE France, in early July. "We are also seeing a less pronounced misalignment of prices between buyers and sellers, although market depths remain constrained. Finally, the European Central Bank has again lowered its key interest rate to a "neutral" level, which should help improve market fluidity."
| Deals & Data | Assets | Address | Purchaser | Seller | Surface | Amount |
| 1 | Le Solstys (*) | 38-46 rue du Rocher, 75008 Paris | Gecina | Deka Immobilien | 32 200 m² | 435 M€ |
| 2 | Trinity, La Défense | 1 avenue de la Division Leclerc, 92800 Puteaux | Norges Bank IM (80% interest) | URW | 50,000 m² (100% interest) | 360 M€ |
| 3 | 91 avenue des Champs-Élysées (*) | 91 avenue des Champs-Élysées, 75008 Paris | Foncière Renaissance - Mimco | Urssaf | 4 100 m² | 320 M€ |
| 4 | Renaissance | 28 bis -32 rue François-Ier, 75008 Paris | Urssaf | Ardian | 9,000 m² (including 6,500 m² of offices) | 315 M€ |
| 5 | 280-282 boulevard Saint-Germain | 280-282 boulevard Saint-Germain, 75007 Paris | Mindston Capital - Gaia Capital | CNP Assurances (represented by AEW) | 10 000 m² | 120 M€ |
| 6 | Eden Monceau | 5-9 rue Jacques-Bingen, 75017 Paris | Perenco | Real IS | 6 400 m² | ≃ 120 M€ |
| 7 | Square d'Orléans | 80 rue Taitbout, 75009 Paris | BauMont Real Estate Capital - Picture AM | BNP Paribas REIM | 14 000 m² | 107 Me |
| 8 | 88 rue de Rivoli (*) | 88 rue de Rivoli, 75004 Paris | Immobilière Dassault | Pimco Prime Real Estate | 6 000 m² | 100 M€ |
| 9 | 48 Notre-Dame des Victoires | 48 rue Notre-Dame-des Victoires, 75002 Paris | Foncière Renaissance - Mimco | Pontegadea | 7 417 m² | 90 M€ |
| 10 | L'Astorg | 25-27 rue d'Astorg, 75008 Paris | Ofi Invest Real Estate (29.49% interest) | FGAO | 13 500 m² | 90 M€ |
| Le Rossini | 2-6 rue de La Chaussée d'Antin, 75009 Paris | 6 270 m² | ||||
| 11 | 2-4 rue Louis-David | 2-4 rue Louis-David, 75016 Paris | CBRE IM | Allianz Immovalor - Noé REIM | 5 800 m² | 68 M€ |
| 12 | 15 avenue de la Grande Armée | 15 avenue de La Grande Armée, 75016 Paris | RedTree Capital | Generali Real Estate | 4 700 m² | 60 M€ |
| 13 | 19-21 rue Dumont-d'Urville | 19-21 rue Dumont-d'Urville, 75116 Paris | BNP Paribas Cardif | Principal AM | 3140 m² | 54 M€ |
| 14 | CB21 - La Défense | 16 place de L'Iris, 92400 Courbevoie | Covivio | CNP Assurances (25% stake) | 68,000 m² (100% interest) | 50 M€ |
| 15 | 187-189 quai de Valmy | 187-189 quai de Valmy, 75010 Paris | Kerria AM | Amundi Real Estate | 3 550 m² | 28 M€ |
(*) At the promise to sell stage