Summary and analysis of Lyon's current office real estate market conditions.
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Lyon Office Market Dynamics, Q1 2025
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Following a surge in activity towards the end of 2024, Lyon's office market entered 2025 with a gloomy outlook due to the worsening global climate. With 44,664 sq m of office take-up, the volume was down -22% year on year and -23% below the 10-year average, mainly due to businesses adopting a wait-and-see stance. Like the volume, the number of transactions (109) also fell by -16% year on year.
Immediate supply remained relatively stable over Q1, with 516,450 sq m of office availability, this is +21% higher than than in Q1 2024, largely due to releases of second-hand space (+33% year on year). New/refurbished space currently accounts for 32% of overall supply.
Refurbishments, particularly of heritage buildings, has bolstered the prime rental value to €380/sq m/year.