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News in Europe isn’t all bad. Reports show that the Paris office market is bouncing back, with investment increasing nearly 40% year on year.
The analysis, carried out by Knight Frank, establishes that in the first three quarters of this year, transaction volumes rose to £8.62 billion with deal volumes totalling nearly £12 billion. These figures represent the highest since the last peak, before the recession, in 2007.
The figures for take-up of office space in Paris show increases of 13.2%, representing 1.4 million square feet, with experts predicting a take-up figure of 2 million square feet for the entirety of 2014.
Vacancy rates averaged 7.2%, with Paris’ centre having vacancy rates of less than 6%, increasing to 11% in other areas such as La Defense.
The figures have been influenced by top-end deals to companies such as L’Oreal and KPMG, and though they don’t necessarily reflect the economy as a whole, the report will be welcomed by investors in the French market. The improvement is particularly notable given the market’s poor performance just two years ago during 2012.
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