We all someday dreamed of walking down the boulevards near the Seine, enjoying buttery croissants in the eccentric cafes of Montmartre, just as Amelie did in The Fabulous Life of Amélie Poulain.
Paris has always been a very attractive destination and a charming city for romantic getaways. However, now you may consider Paris for work and an exciting place for career opportunities; especially in the property and real estate market.
In fact, Paris has recently become the leading European business hub, having seen a major leap in development post-Brexit.
With its very unique and large corporate district, La Défense has grown significantly in recent months with huge investments still expected to come its way. The French capital is quickly becoming the home to many multinationals groups and La Défense has big growth plans with 7 more skyscrapers set to be completed by 2021. This will create 375,000sqm of additional working space to attract further business institutions.
This same news comes, unsurprisingly, a few weeks after notable big financial groups such as HSBS and JPMorgan announcing that they may be moving up to 10,000 staff to the other side of the English Channel.
In relation to Commercial Real Estate, according to the BNP Paribas Real Estate report; France finds itself third for the amount of investment within Europe, after Germany and the UK. Cushman & Wakefield also reported in 2016 that France secured a top 3 position for added space in the Shopping Centre market, only below Russia and Turkey which have both just recently starting developing their market.
As a result of a much troubled 2016, with devastating terror attacks leading to security threats joint with the upcoming presidential election; a certain degree of instability has been brought into the country which needs to be considered. That said there is still a high volume of positive activity in the property arena.
France has strong desire from investors going into 2017 with Savills reporting that France can expect increased interest, particularly from German buyers this year. This interest will lead to further developments including the numerous positive projects already planned – it looks like France is in for an exciting year!
It’s time to enjoy La Vie en Rose!
Jennifer Greco, International Shopping Center Recruitment Consultant, Foundation Recruitment