From a historic business district to a leading office hub
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LA DEFENSE MOVES 2026
CONTENTS
1. La Défense, the leading office hub of Greater Paris ..................................... 6
2. The mid-market: the new structural driver of the market ......................... 10
3. Drawing power over the Western Crescent and Paris West ................... 14
4. A diversification of the economic fabric ........................................................... 17
5. The rise of Prime+ strengthens La Défense’s appeal ................................... 22
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CUS H MAN & WAK EFI ELD
LA DEFENSE MOVES 2026
@ Thierry Lewenberg-Sturm
KEY FIGURES OFFICES LA DÉFENSE
KEY FIGURES OFFICES LA DÉFENSE
904,175 Take-up sq m
615 Prime rent €/sq m/year
536,000 Immediate supply sq m
15.5 Vacancy rate % %
2021-2025
2025
End 2025
Fin 2025
2015-2019
2019
End 2019
Fin 2019
2015
End 2015
Fin 2015
Sources: Cushman & Wakefield, Immostat
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AN INTERNATIONAL BUSINESS DISTRICT
AN INTERNATIONAL BUSINESS DISTRICT
2,800 companies 200,000 employees
1/3 of CAC 40 companies based here
+3 million sq m of offices
+117,000 jobs by 2035 across the Paris West La Défense area*
1 st European
4 th most attractive business district in the world (EY/ULI barometer)
business district (EY/ULI barometer)
Sources: Cushman & Wakefield, Paris La Défense, Institut Paris Région *Job growth from 2015 to 2035, based on the high scenario of the Institut Paris Paris Région
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A CENTRAL, MUST-HAVE DISTRICT
A CENTRAL, MUST-HAVE DISTRICT
2,600 Hotel rooms (+1,600 opened in 2026)
70,000 students
6 million tourists per year
26 Activity venues 13 Sports facilities
+400 Shops and restaurants
37.4 ha parks and gardens
Sources: Cushman & Wakefield, Paris La Défense, Institut Paris Région
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LA DÉFENSE, GREATER PARIS’ LEADING TERTIARY HUB
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A CENTRAL HUB CONNECTING GREATER PARIS URBAN AREAS
A CENTRAL HUB CONNECTING GREATER PARIS URBAN AREAS
MAP OF ISOCHRONE PUBLIC TRANSPORT TRAVEL TIMES FROM LA DÉFENSE GRANDE ARCHE STATION IN 2025
UN HUB AT THE HEART OF REGIONAL MOBILITY
500,000 passengers per day
6 million Île-de-France residents can directly reach La Défense by public transport
La Défense
Neuilly-sur-Seine
Paris Paris CBD
45 minutes maximum travel time from urban centers in the Inner Suburbs
-30 minutes
from the Outer Suburbs by 2031, an accessibility revolution for outlying populations
Sources: Cushman & Wakefield, Institut Paris Région, carte ©Smappen
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THE STRATEGIC PARIS-NEUILLY-LA DÉFENSE AXIS REACHED IN A FEW MINUTES
THE STRATEGIC PARIS-NEUILLY-LA DÉFENSE AXIS REACHED IN A FEW MINUTES
DIRECT CONNECTION
A MULTIMODAL PUBLIC TRANSPORT HUB
LA DÉFENSE, A BUSINESS DISTRICT DIRECTLY LINKED TO THE CENTRE OF PARIS.
6 min from Charles-de- de-Gaulle Étoile station
Unlike many international business districts that sit far from their capitals, La Défense enjoys a rare advantage: it sits in the urban continuity of Paris, along the Paris–Neuilly–La Défense axis, less than 15 minutes from the historic and business heart of the capital.
2031 Grand Paris Express
7 min
from Gare Saint-Lazare (Haussmann)
141 144 159 246 272 275 378 262 161 174 360 160 258 541 73 Bb N24 N152
10 min from Opéra
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STRENGTHENED REGIONAL CENTRALITY WITH THE GRAND PARIS EXPRESS AND EOLE
STRENGTHENED REGIONAL CENTRALITY WITH THE GRAND PARIS EXPRESS AND EOLE
A STRATEGIC STRENGTHENING OF DES INTERNATIONAL CONNECTIONS
REDUCED TRAVEL TIME TO MAJOR POPULATION CENTRES
Airport de Roissy CDG
Mantes-la-Jolie
33 min
37 min in 2026
-33 min
-10 min
or
or
in 2031
LA DÉFENSE IS ALREADY THE MOST ACCESSIBLE BUSINESS DISTRICT IN THE PARIS REGION, AT THE HEART OF TALENT POOLS.
Aéroport Orly Airport
Pont de de Sèvres
36 min
15 min in 2031
The Grand Paris Express is transforming La Défense into a leading metropolitan and international hub, enhancing its appeal for companies seeking talent and connectivity.
-26 min
-12 min
or
or
in 2031
Gare du Nord
Saint-Denis Pleyel
14 min
13 min in 2031
-5 min
-13 min
or
or
since 2024
Gare Saint-Lazare
Champigny-Centre
16 min
37 min in 2031
-30 min
TwoRER connections
or
since 2024
Source: grandparisexpress.fr
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THE MID-MARKET: THE NEW STRUCTURAL DRIVER OF THE MARKET
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@ Thierry Lewenberg-Sturm
HISTORIC OUTPERFORMANCE OF MID-MARKET DEALS
HISTORIC OUTPERFORMANCE OF MID-MARKET DEALS
A structuring trend: in recent years, particularly in 2023 and 2025, mid-market volumes have exceeded those of the large market (>5,000 sq m), which has conversely declined. The momentum observed in the mid-market segment is notably a consequence of landlords’ new strategies to subdivide buildings.
Small (under 1,000 sq m) and mid-market transactions (1,000 to 5,000 sq m) have reached an unprecedented level, the highest in 20 years. In 2025, the mid-market segment hits a new historic peak: nearly 95,000 sq m transacted, setting an absolute 20-year record and surpassing the 2007 peak.
BREAKDOWN OF TAKE-UP BY SIZE SEGMENTS (thousands of sq m)
300
250
200
150
100
BREAKDOWN OF TRANSACTION VOLUMES BY SIZE SEGMENT
50
2000
2025 80
2001
0
2024
2002
2023
2003
60
2022
2004
<1,000 sqm
1,000 – 5,000 sqm >5,000 sqm
40
2021
2005
Less than 1,000 sqm
20
2020
2006
From 1,000 to 5,000 sqm
More than 5,000 sqm
2019
2007
64% is the share of take-up in the mid-market segment in 2025
2018
2008
2017
2009
2010
2016
2011
2015
2014
2012
2013
Source: Cushman & Wakefield
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LA DÉFENSE ATTRACTS MORE COMPANIES THAN IT LOSES FOCUS: MID AND LARGE-MARKET TRANSACTIONS (> 1,000 SQ M) — COMPARISON 2021–2025 VS 2015–2019 LA DÉFENSE ATTRACTS MORE COMPANIES THAN IT LOSES FOCUS: MID AND LARGE-MARKET TRANSACTIONS (> 1,000 SQ M) — COMPARISON 2021–2025 VS 2015–2019
TYPE OF MOVES >1,000 SQ M IN LA DÉFENSE BETWEEN 2021 AND 2025
The number of mid* and large market** moves into La Défense has increased by 50% since 2021 compared with the 2015–2019 period. As a result, their share over the past five years has also risen, accounting for 65% of relocations, versus 43% in 2015–2019. These moves are driven by the mid-market segment (83%), confirming its leading role. Move-outs are becoming less frequent (7%) and are down compared with the 2015–2019 period (11%). Endogenous movements , i.e. within La Défense, have slightly increased , representing 28% of the total in 2021–2025 compared with 26% in 2015–2019, reflecting an internal market that remains active, with companies already present upgrading their work environments.
65% share of moves in +2,200 pts vs. 2015-2019
28% part of internal moves
7% share of moves out
+200 pts vs. 2015-2019
-400 pts vs. 2015-2019
SHARE OF MOVES IN
17%
Mid-market Large-market
83%
114 number of moves in +50% vs. 2015-2019
Source: Cushman & & Wakefield * Mid-market: : leases à between 1,000 and 5,000 sq m **Large market : leases over 5,000 sq m, excluding extensions and new creations
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MOVES IN RECORD ON THE MID-MARKET, LOWEST MOVES OUT
MOVES IN RECORD ON THE MID-MARKET, LOWEST MOVES OUT
MID-MARKET (1,000–5,000 SQ M)
Over the 2021–2025period, the mid-market segment shows the most favourable dynamic. It posts the highest move-in rate, with 69% of relocations, compared to 49% on the large market. At the same time, its move-out rate is particularly low (only 4%). Mid-marketmoves mainly, originate fromParis, especially Paris Centre West outside CBD, and Péri-Défense.
69% moves in
27% within La Défense -200 pts
4% moves out -600 pts
+800 pts vs. 2015-2019
33% on large market (-500 pts)
18% on large market (-600 pts)
49% on large market (+1,100 pts)
73% of mid-market moves come from Paris (39%)and Péri-Défense (34%)
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DRAWING POWER OVER THE WESTERNCRESCENT AND PARIS WEST
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THE INTERNATIONAL BUSINESS DISTRICT IS ATTRACTING MORE AND MORE COMPANIES FROM THE WESTERN CRESCENT PARIS WEST
THE INTERNATIONAL BUSINESS DISTRICT IS ATTRACTING MORE AND MORE COMPANIES FROM THE WESTERN CRESCENT & PARIS WEST
La Défense is also attracting more companies based in Western Paris than it did 10 years ago , particularly those located in the Western Central Business District outside the CBD and further away from metro or rail stations. In Paris, an office building located more than a 10-minute walk from a metro station is often considered too remote for many companies, prompting them to opt for locations near Paris that are more affordable and better connected to central Paris by public transport. This once again highlights the importance of central, multimodal public transport access: if a location is not close to a station, a Paris address alone is no longer sufficient. These companies relocating from Paris are predominantly active in the Tech and Audit & Consulting sectors, but new profiles are emerging: firms from the Fashion and Luxury industries, previously concentrated in Paris, are now choosing La Défense to set up certain operations, particularly back-office functions.
The trend is not new, but it is accelerating: 52% of mid- and large-market moves into La Défense since 2021 have come from the Western Crescent , compared with 45% in 2015–2019. La Défense now attracts more than one in two companies from its natural catchment market. This trend is visible in both the mid-market and large market segments. In broad terms, this represents around fifty mid-sized companies and about ten large corporations. One third of these moves come from Péri- Défense, showing a clear increase. Moreover, the flow dynamics have reversed compared with 2015–2019 in favor of La Défense: unlike the previous period, very few moves have been recorded towards Péri- Défense since 2021. Conversely, there are now more transfers from Péri-Défense to La Défense, particularly in the mid-market segment.
MAIN ORIGINS OF MOVES >1,000 SQ M TO LA DÉFENSE BETWEEN 2021 AND 2025
52% moves in from the Western Crescent +700 pts vs. 2015-2019
35%
moves in from Paris -400 pts vs. 2015-2019
of which 34% from Péri-Défense +1,300 pts
of which 15% from Paris CBD +1,100 pts
Source: Cushman & & Wakefield * Mid-market: : leases à between 1,000 and 5,000 sq m **Large market : leases over 5,000 sq m
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LA DÉFENSE KEEPS A STRUCTURAL COMPETITIVE EDGE LA DÉFENSE KEEPS A STRUCTURAL COMPETITIVE EDGE
2017: THE TURNING POINT
AVERAGE ANNUAL RENT BY MARKET (€ EXCL. TAXES & CHARGES/SQ M/YEAR)
850
For nearly 10 years, the gap between average rents in Paris and La Défense has continued to widen, reaching a €138 difference between La Défense and the Paris average, and €371 between La Défense and Paris CBD by the end of 2025. The relative stability of rental values in La Défense contrasts with the increase observed in central Paris.
QUALITY OF PROPERTIES AND SERVICES
785
ATTRACTIVE RENTAL VALUES
600
546
552
415
414
PUBLIC TRANSPORT CONNECTIVITY
BUILDING SUBDIVISION
350
100
76% of office supply available within 1 year is made up of new, restructured or refurbished space
Paris CBD
Paris
La Défense
Sources: Cushman & Wakefield, Immostat Average annual rent including first-hand and second-hand transaction
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A DIVERSIFICATION OF THE ECONOMIC FABRIC
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HISTORIC SECTORS FACING THE CHALLENGERS
HISTORIC SECTORS FACING THE CHALLENGERS
SHARE OF TRANSACTIONS OVER 1,000 SQ M BY ACTIVITY SECTOR, % OF VOLUME (SQ M)
A leading quartet still in place — but a strong showing from Chemicals/Pharma and Schools. La Défense's mid- and large-market office demand is still led by industrial, tech and banking & insurance firms — but over the past 5 years, Chemicals & Pharma (+600 pts) and Schools (+800 pts) have been particularly active in real-estate terms.
CHANGE IN SHARE (BASIS POINTS)
CURRENT RANK SECTOR OF ACTIVITY
2015-2019 2021-2025
1
Tech
13%
16%
+300 -1100
2
Processing & manufacturing industries
24%
13%
High-Tech industries
9%
12%
+300
3
4%
10%
+600
including Chemicals & Pharmaceuticals
4
Banking & Insurance
12%
11%
-100
5
Schools & Training
2%
10%
+800
6
Transport & Logistics
2%
6%
+400
7
Audit & Consulting
13%
5%
-800
8
Cleaning - Maintenance – Security
1%
4%
+300
8 ex aequo Public sector
1%
4%
+300
Retail & Distribution
3%
4%
+100
8 ex-aequo
New entry
including Luxury & et Fashion
0%
2%
9
Real Estate Services
4%
3%
-100
9 ex-aequo Communication & Creative
1%
3%
+200
9 ex-aequo HR & Staffing
1%
3%
+200
10
Engineering & design firm
3%
2%
-100
10 ex-aequo Coworking & Flexible spaces
6%
2%
-400
11
Associations - Organisations – Unions
1%
1%
=
11 ex-aequo Hospitality - Catering - Tourism
4%
0,50%
-350
Source: Cushman & Wakefield Mid-market (1,000–5,000 sq m) and Large-market (over 5,000 sq m) deals
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CHEMICALS PHARMA BOOSTS ITS MOVE-IN VOLUMES CHEMICALS & PHARMA BOOSTS ITS MOVE-IN VOLUMES
The relevant moves come largely from Péri-Défense (Arkema, UCB Pharma, Eisai Laboratories, SGD Pharma…), but also from the Outer Suburbs (Sanofi, Solabia) and even Paris CBD (Takeda, Mylan). Just one move-out is recorded: AstraZeneca, moving to a new building of the "Arboretum" programme in Nanterre, in Péri- Défense.
Chemicals-pharma companies now account for 10% of office space leased at La Défense over the past 5 years, compared to only 4% between 2015 and 2019: a step-up that places the sector among the leading drivers of the period. While the number of moves in, around a dozen, is similar across the two periods, the volume, a 73,000 sq m, has more than doubled since 2021.
ORIGIN OF CHEMICALS-PHARMA COMPANIES ESTABLISHED IN LA DÉFENSE OVER THE 2021-2025PERIOD
9%
Péri-Défense
9%
Paris CBD
9%
Southern Loop Western Crescent - Other Northern Inner Suburbs Southern Outer Suburbs
46%
9%
18%
TOP OFFICE TRANSACTIONS IN THE SECTOR BY SIZE
YEAR OF
VOLUME
BUILDING
COMPANY
ORIGIN
10% share of space leased by chemicals and pharmaceutical companies between 2021-2025
TRANSACTION
SQ M
+600 pts vs 2015-2019
Southern Outer Suburbs
SANOFI
2024
CB3
31,464
ARKEMA
2022
LIGHTWELL
25,094
Péri Défense
GILEAD
2024
LEGENDE
3,023
Southern Loop
Western Crescent - Other
ALBEA
2025
CŒUR DÉFENSE
2,278
MYLAN
2021
TRINITY
2,080
Paris CBD
TAKEDA
2025
CB21
1,469
Paris CBD
Source: Cushman & & Wakefield Mid-market (1,000–5,000 sq m) and Large-market (over 5,000 sq m) deals
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NEW USER PROFILES ARE SETTLING IN LA DÉFENSE
NEW USER PROFILES ARE SETTLING IN LA DÉFENSE
MORE UNEXPECTED: FASHION AND LUXURY
THE SCHOOLS BOOM
Expansion needs and very high rental levels in Paris have led some Fashion and Luxury players to relocate part of their teams to La Défense. The virtuous cycle created by the development and upgrading of services and amenities, the quality of assets, and excellent public transport connectivity makes La Défense a credible alternative to Paris, even for sectors once confined to central districts, particularly for back-office functions. These relocations come from Paris CBD and the Western Central Business District, including companies such as Dior, Kering, Lacoste, and Pandora, and involve exclusively new, refurbished, or renovated assets.
Over the past five years, the establishment of nearly twenty schools has brought the total number of institutions in the business district to over 50. These schools have taken up nearly 78,000 sq m of office space, representing an increase of +800 basis points compared with the 2015–2019 period. The arrival of a student population is helping to transform and energize the area’s cultural and events offering.
x4,3 growth in SCHOOLS take-up in 2021–2025 vs 2015–2019
10%
Share of SCHOOLS in take-up since 2021
More cultural amenities and student activities
70,000 students
Source: Cushman & Wakefield Mid-market (1,000–5,000 sq m) and Large-market (over 5,000 sq m) deals
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REASONS WHY COMPANIES CHOOSE LA DÉFENSE REASONS WHY COMPANIES CHOOSE LA DÉFENSE
The reasons companies set up at LA DÉFENSE are quite similar, regardless of the sector of activity involved:
1
2
3
4
5
INTERNATIONAL VISIBILITY & PROXIMITY TO CLIENTS
PUBLIC TRANSPORT ACCESS & LOWER CARBON FOOTPRINT
TALENT ATTRACTION & RETENTION
REAL ESTATE COST CONTROL
QUALITY OF LIFE & SERVICES
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THE RISE OF PRIME+ STRENGTHENS LA DÉFENSE’S APPEAL
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STRONG OCCUPIER DEMAND FOR QUALITY OF PREMISES AND SERVICES
STRONG OCCUPIER DEMAND FOR QUALITY OF PREMISES AND SERVICES
Different rationales depending on origin.
Users strongly favor first-hand buildings (especially in the large market segment) and refurbished ones. To attract and retain talent, their criteria extend beyond transport access and technical performance: services, layout, amenities, and the quality of the environment are decisive. "Full-service" buildings (varied catering options, auditorium, shared meeting rooms, employee services), as well as low- carbon and "Code du Travail" buildings, better meet their expectations. The challenge for companies is to reconcile real estate cost optimization, through more efficient buildings, with an improved working environment to support HR attractiveness.
NATURE OF PREMISES LEASED AT LA DÉFENSE — BY SIZE
SIZE
NEW & RESTRUCTURED
REFURBISHED
Companies from Paris and Neuilly/Levallois aim to optimize costs without sacrificing the quality of their premises. Those already established at La Défense seek to upgrade their working environment and therefore mostly opt for new or restructured buildings. Companies from the Outer Suburbs accept a higher rent in exchange for improved transport access, their number one criterion when choosing to relocate to La Défense.
Large market
79%
18%
Mid market
31%
39%
BY ORIGIN
ORIGIN
NEW & RESTRUCTURED REFURBISHED
Paris & Neuilly/Levallois
45%
33%
Intra La Défense
52%
28%
Suburbs
35%
43%
Source : Cushman & Wakefield
APPETITE FOR FRENCH LABOUR-CODE COMPLIANT BUILDINGS
A need for accessibility to the pedestrian deck and to outdoor spaces, facilitated by "Code du Travail" buildings. 78% of transactions over 20,000 sqm signed since 2020 have involved "Code du Travail" assets.
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THE EMERGENCE OF A PRIME+ SEGMENT AT LA DÉFENSE
THE EMERGENCE OF A PRIME+ SEGMENT AT LA DÉFENSE
It is in this context that prime values are increasingly diverging from the average first-hand rent, and that within the leading segment a "Prime+" tier is emerging, projects with highly qualitative intrinsic features positioning themselves as an alternative to the Parisian offer. The advent of this Prime+ supply is a key factor in attracting companies to La Défense who wish to combine an attractive environment with cost optimisation.
Companies' requirements for office space are rising, but does the supply at La Défense meet their criteria?
LA DÉFENSE: GAP BETWEEN PRIME+, PRIME AND FIRST-HAND RENT (€ EXCL. TAXES & CHARGES/SQ M/YEAR)
700 €
655 €
655 €
First-hand availabilities are plentiful (170,000 sqm new and restructured within a year), but their location, sometimes off the parvis and far from transport access, does not always satisfy users. Buildings that genuinely meet their criteria are in fact fewer in number.
650 €
615 €
600 €
600 €
600 €
600 €
600 €
560 €
580 €
575 €
550 €
520 €
514 €
532 €
500 €
501 €
501 €
450 €
2021
2022
2023
2024
2025
Prime+
Prime
First- hand
Source: Cushman & & Wakefield
DEFINITIONS
Prime: the "first quartile of first-hand supply." First-hand asset with very high- quality features, very well located.
First-hand: new and restructured asset.
Prime+: the "top of the prime tier." First- hand asset with exceptional features and amenities, very well located.
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A DIVERSE RANGE OF BUILDINGS FOR ALL USERS
A DIVERSE RANGE OF BUILDINGS FOR ALL USERS
La Défense stands out for its highly diversified building range, from entry- level to Prime +, suited to all user profiles regardless of their sector, budget, or real estate requirements. This diversity of stock is an undeniable asset and contributes to the resilience of the business district.
REVIEW OF SUPPLY OVER 5,000 SQ M AT LA DÉFENSE — IMMEDIATELY AVAILABLE AND UPCOMING, NEW, RESTRUCTURED AND REFURBISHED
GRADE (1)
SHARE OF SUPPLY (% SQ M)
Prime+
21%
21% Share of Prime+ in the 5-year supply
Prime
25%
Intermediate+
30%
Intermediate
6%
Entry-level
18%
(1) See definition and classification methodology on page 30 Source: Cushman & & Wakefield
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CRITERIA FOR A PRIME+ BUILDING
CRITERIA FOR A PRIME+ BUILDING
EXCUSIVE-USE BUILDING Top floor / roof top / dedicated terrace / standalone lobby and reception
ACCESS TO CATERING
WORKPLACE &SERVICES
TRANSPORT ACCESS
CERTIFICATIONS ANDLABELS Certifications related to the environment, well- being, connectivity, and mobility
Density of cafés / bars / restaurants within a 200-meter radius of de the asset. Plural offer and density of catering inside the asset.
Iconic façade,terraces easily accessible to all employees / fitness / multi-useand flexible spaces / ability to adapt floor area to changing needs during the lease
Less than a 5-minute walk from a railway station / metro station serving at least 2 lines
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STRONG UPGRADE OF FUTURE PROJECTS
STRONG UPGRADE OF FUTURE PROJECTS
The Prime+ supply is absent from the immediate offer: it is concentrated exclusively in future projects and accounts for 45% of the upcoming supply over 5,000 sqm at La Défense, a strong signal of stock upgrading. Prime+ availabilities concern operations scheduled for delivery between 2027 and 2030. A few Prime projects, mostly heavy restructurings and refurbishments, will round out the high-end offer. The other project tiers, resulting from lease vacated spaces and refurbishments, will meet a wider variety of company profiles and budgets.
REVIEW OF SUPPLY OVER 5,000 SQ M AT LA DÉFENSE — COMPARISON BY PERIOD, AS % OF VOLUME (SQ M)
GRADE (1)
IMMEDIATE
UPCOMING
Prime+
0%
45%
Prime
32%
28%
Nearly 200,000 sq m Prime+ projects to be delivered by 2030
Intermediate +
28%
8%
Intermediate
8%
32%
Entry-level
32%
0%
(1) See definition and classification methodology on page 30 Source: Cushman & & Wakefield
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LA DÉFENSE: AN AFFORDABLE ALTERNATIVE FOR OCCUPIERS SEEKING FOR PRIME AND PRIME+ OFFICES
LA DÉFENSE: AN AFFORDABLE ALTERNATIVE FOR OCCUPIERS SEEKING FOR PRIME AND PRIME+ OFFICES
The Prime rental gap between La Défense and the Paris CBD has never been so wide. It has multiplied by 5 over 20 years, and by 2.5 between 2015 and today. The change is even more significant when economic rents (with incentive packages) are factored in: the increase then reaches a multiplier of 6.5. This gap is expected to widen further by 2029. Despite an anticipated rise, headline rents for Prime and Prime + offices at La Défense will remain significantly lower than those in Paris, and even more so than in the CBD. La Défense thus stands as a central destination and a sound economic alternative for users seeking both quality buildings and cost optimization.
GAP BETWEEN HEADLINE PRIME RENTS PARIS CBD / LA DÉFENSE
1 400 €
1 350 €
1 250 €
1 300 €
1 200 €
1 100 €
1 000 €
930 €
870 €
900 €
790 €
800 €
680 €
700 €
655 €
600 €
600 €
635 €
615 €
560 €
550 €
540 €
500 €
400 €
The Prime + buildings in the project pipeline are advertised at values above current Prime levels. Nonetheless, these values will remain highly competitive compared with those observed in the Paris CBD.
Prime Paris CBD
Prime La Défense
Prime + La Défense
Source: Cushman & Wakefield
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CONCLUSION KEY MESSAGES
CONCLUSION KEY MESSAGES
FOR REAL ESTATE DEPARTMENTS
FOR INVESTORS
Structural inbound flows. 65% inbound moves, only 7% departures: La Défense retains its tenants and attracts new ones, notably from western markets, a net positive flow market. Accelerating Prime + demand. Nearly 200,000 sqm of Prime + projects deliverable by 2030, drivers of large- account attractiveness, yield compression, and cash-flow security. Historic rental gap. The Prime CBD / La Défense differential has never been so wide and is expected to widen further by 2029, amplifying the appeal for companies seeking to combine cost optimization with quality of premises and transport access. Value creation through repositioning. Aging assets offer strong upgrade potential: restructuring and mixed-use as levers of revaluation in the face of accelerated obsolescence.
Unmatched accessibility. A multimodal hub at the heart of Île-de-France, directly connected to Paris in less than 15 minutes — and tomorrow improved access to airports and outer rings via the Grand Paris Express. Economic competitiveness. Prime rent at €615/sqm/year vs €1,250 in Paris CBD — a gap multiplied by 5 over 20 years — for buildings meeting the standards required by companies. Tailor-made flexibility. Divisible and modular buildings, full range from entry-level to Prime +, for a broad spectrum of companies and real estate needs. HR attractiveness. 70,000 students, +400 shops and restaurants, premium services: a working environment that attracts and retains talent. A diversifying ecosystem. Tech, Pharma-Chemicals, Schools, Fashion & Luxury — La Défense now attracts well beyond its historical sectors.
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DEFINITION METHODOLOGY DEFINITION & METHODOLOGY
TRANSPORT ACCESSIBILITY & CONNECTIVITY
DEFINITION OF BUILDING GRADES
BUILDING ENVIRONMENT
Every building over 5,000 sqm available on the La Défense market has been scored against an analysis grid of more than 65 criteria spread across various domains (transport accessibility & connectivity, environment, labels, technology, characteristics of the building and its floors, energy performance & decarbonization, services and tenant experience), and assigned to a segment based on its overall score:
LABELS
TECHNOLOGY
Prime+: very high overall score, excellent location.
BUILDING IMAGE
Prime: high overall score, excellent to very good location.
BUILDING CHARACTERISTICS
Intermediate+: average overall score with excellent to good location, or high overall score but a location farther from transport.
Intermediate: average overall score with a location farther from transport, or excellent to good location but weaker building/floor characteristics and lower service levels.
FLOOR CHARACTERISTICS
ENERGY PERFORMANCE & DECARBONISATION
Entry-level: low overall score, location farther from transport and/or weaker building/floor characteristics and lower service levels.
TENANT EXPERIENCE
SERVICES IN THE BUILDING
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ABOUT CUSHMAN & WAKEFIELD
A global leader in commercial real estate services, Cushman & Wakefield (NYSE: CWK) advises investors, owners, and occupiers across the entire real estate value chain, from strategic planning to workplace design and fit-out. The firm supports both French and international clients, occupiers and investors alike, in enhancing the value of their real estate assets by combining a global perspective with high-value local expertise, delivered through a comprehensive platform of real estate solutions. With approximately 53,000 employees, 350 offices, and operations in 60 countries, Cushman & Wakefield generated revenue of $10.3 billion in 2025 across its core service lines: Agency and Transaction Advisory, Capital Markets, Valuation & Advisory, Asset Services, Facilities Management, Project Management, and Design + Build. Driven by the belief that excellence is a constant pursuit reflected in its brand promise “Better never settles”, the firm is regularly recognized for its corporate culture.
RESEARCH
BUSINESS
LAURENCE BOUARD Head of Research France +33 (0)6 26 43 32 65 laurence.bouard@cushwake.com AGNÈS TALENE Senior Office Research Analyst +33 (0)1 53 76 95 56 agnes.talene@cushwake.com
BARBARA KORENIOUGUINE CEO France + 33 (0)1 53 76 80 29 barbara.koreniouguine@cushwake.com OLIVIER TAUPIN Head of Agency Office & Industrial France +33 (0)6 35 88 46 47 olivier.taupin@cushwake.com
For en more information, visit: : http://www.cushmanwakefield.com
AYMERIC LE ROUX Head of Offices Strategic Leasing, Flex Solutions, Occupiers Advisory & Transaction +33 (0)6 45 68 26 05 aymeric.leroux@cushwake.com
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