What is the future of La Défense ?
The Quartier of La Défense, known as the largest business district in Europe, is located to the west of Paris in the Hauts de Seine department (92) in the municipalities of Puteaux, Courbevoie, Nanterre and La Garenne-Colombes. It has an office capacity of 3,6 million m2, with 70 office towers and more than 180,000 employees working in the heart of the business district.
In 2024, La Défense property market is going through a period of tension, hemmed in by structural challenges but also linked to opportunities concerning the energy and environmental transition.
1. The vacancy rate since Covid-19
The office vacancy rate at La Défense has reached worrying levels in recent years, with 14.5% vacancy at the end of 2023, compared with 5% before the pandemic. The situation is a cause for concern, according to a study carried out by consultancy firm Deloitte, commissioned by the Association des utilisateurs de la Défense (Aude), 19% of offices in La Défense are currently unoccupied. By way of comparison, Paris intra-muros has a vacancy rate of just 2.9% currently. The phenomenon could worsen, with a projected vacancy rate of almost 40% over the next ten years, if no investment or building refurbishment action is envisaged. This situation can be explained by developments in teleworking, where companies have decided to reduce their office space and relocate to Paris in CBD.
2. Construction to slow down in 2024
Before the pandemic, La Défense accounted for around 21% of office space under construction in The Greater Paris.
By 2024, this figure has fallen to just 8%, as investors are now focusing on projects in areas offering better rental demand, particularly in the Paris CBD, where prime rents are €1,100/m2/HT/ an and occupancy rates are higher, and where all the major companies are moving in.Given the high vacancy rate and the obsolescence of certain buildings, around 8% of La Défense's property stock is currently being restructured.
This represents more than 250,000 m2 of office space renovated between 2024 and 2025.
The aim of these renovations is to improve the energy performance of buildings (in line with new environmental standards), but also to make workspaces more flexible and attractive to businesses.The development of teleworking, accelerated by the health crisis, is a key factor in this desertion, but not the only one. "Some buildings are obsolete and no longer meet today's energy or fire standards", explains Géraud Colcombet, a partner at Deloitte. Many buildings no longer meet companies' expectations, with uncomfortable spaces, no natural light or collaborative areas.
领英推荐
Office rental prices at La Defense vary according to the condition of the building and its precise location.
Here is an estimate of current rates:
3. Making the district a place to live
La Défense must become a place to live. Within the towers on the one hand, by offering services such as a gym or concierge service, and spaces open to the public that encourage a mix of businesses and residents (restaurants, seminar rooms, etc.). Within the district, by developing its attractiveness and its range of services. The general conference on the transformation of the towers, the results of which will be presented in June, explored several areas, including decarbonisation and changing uses.
4. Investing alongside the city
In order to avoid the great desertion, companies are being invited to get involved in projects of general interest that will promote the well-being of their employees and the life of the district. And it is true that the tenants of La Défense have a decisive role to play in this rescue operation, as well as many cards in their hand. These include the possibility of naturalising their spaces to provide a greener environment for employees, while an even larger project to green the entire esplanade is under study.
Other possible avenues include financing projects with a positive impact, such as the electrification of public car parks, or promoting soft mobility. La Défense is currently in the process of improving its accessibility by adding cycle paths, which are particularly popular with Parisians.