PARIS - Paris's La Defense business district is betting that modernising more than 300,000 square metres of offices into greener and more flexible work space will lure back companies and ease record high vacancy rates.
There are tentative signs of improving demand. Vacancy rates slipped from a record of nearly 16% last year to 15% in early 2024. France's upcoming snap election could further rattle confidence if it produces a eurosceptic, far-right government."But it's not as bad as it looks," he added, with today's tenants wanting cutting-edge buildings that "the stock in Paris is not offering" at scale.
That gives it an edge over central Paris where buildings are smaller, many of them from the 19-century and built of brick, limiting the use of more energy-efficient building materials. Typical buildings in La Defense have been occupied by one or two companies but that could rise to 10 to 15, said real estate agency JLL France's Yannis De Francesco.
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