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Market Activity Spaces – Lyon & Bouches-du-Rhône
Cushman & Wakefield analysis of industrial and supply chain real estate market conditions in two major French regions.
Industrial & LogisticsEuropeLondon
Updated 1 month ago
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Allianz Immovalor acquires an off-market asset in Lyon currently leased to Ynov, previously owned by La Française REM.
Cushman & Wakefield analysis of industrial and supply chain real estate market conditions in two major French regions.
The document is a commercial real estate market study for the Lyon agglomeration's business premises sector in the first quarter of 2026, published by Arthur Loyd and Brice Robert. Placed demand reached 63,997 square meters with 74 transactions, representing a 22% volume increase versus Q1 2025 despite a 19% decline in transaction count, with the average transaction size rising to 865 square meters and new or restructured space falling to 16% of activity.
The Lyon office investment market recorded €108 million in transaction volume during the first quarter of 2026, representing a 29% decline from the same period in 2025 and a 56% decline compared to the five-year average for first quarters. Prime yield rates remained stable, ranging from 5.50% to 5.75% for office space and 4.80% for logistics.
The document reports on the office real estate market in the Lyon metropolitan area for the first quarter of 2026, showing 30,898 square meters placed across 99 transactions with a 32% volume decline and 13% transaction decline compared to Q1 2025. Key findings indicate rental transactions dominated at 89% of activity, the new and restructured segment fell to 25% of placements, average transaction size decreased to 312 square meters, prime rental rates held steady at 380 euros per meter, and vacancy rates stood at 8.2% for the agglomeration and 8.4% for inner Lyon.
The JLL report analyzes Lyon's industrial real estate rental market in Q1 2026, noting a 12% year-over-year rebound with 64,700 m² exchanged, though this remains 14% below the five-year average. Prime rents reached €125/m²/year while average new space rents held steady at €102/m²/year and second-hand rents rose to €92/m²/year, with immediate availability reaching 620,000 m² (+36% annually), indicating a supply-rich market favoring tenants despite strong underlying demand for new space.
Lyon's office rental market experienced historically low activity in the first quarter of 2026, with only 31,335 m² marketed and demand falling 32% year-over-year to its lowest level since 2015, while immediate supply rose 20% to 617,763 m² and vacancy reached 7.9%. Prime rental rates for regenerated assets in the 6th arrondissement held at 380 €/m²/year, while secondary market space averaged 186 €/m², with secondary stock comprising 71% of available supply.
Regional office real estate in France contracted by 9% in 2025 to 1.28 million square meters commercialized, with regions maintaining 44% of national volumes, though performance varied significantly by city with Lyon leading at 186,000 m² despite a 21% decline, while investment volumes fell 6% to 7.1 billion euros with office investment at 1.5 billion euros. Prime rental rates remained stable or progressed in most major regional metros, secondhand space dominated at 74% of leasing volumes, and REITs increased their presence to 34% of office investment while SCPIs declined to 27%.
The 2025 market study by Brice Robert Arthur Loyd covers the commercial real estate market in Lyon and its metropolitan area across offices, activity spaces, logistics, and investment sectors. In 2025, the office market recorded 184,590 m² of placed demand across 449 transactions with a 7.7% vacancy rate, while the activity spaces market rebounded with 276,466 m² placed (up 7%) and 320 transactions, with the Grand Est zone dominating at 57% of volumes.
In the third quarter of 2025, France's regional office market posted 628,000 square meters of transactions across seven major metropolitan areas, representing a 5% quarterly decline and a 21% fall below the ten-year average, with Lyon leading at 135,000 square meters despite a 17% annual decrease. Investment in regional commercial real estate totaled 4.4 billion euros over the first nine months of 2025, down 16% year-on-year, with office assets representing 700 million euros (16% of the total) and experiencing a 38% decline, while logistics dominated at 39% of invested volumes.
The office investment market in Aix-Marseille recorded €78 million in volume during the first quarter of 2026, doubling the volume from the same period the previous year, though remaining 12% below the five-year average for first quarters. The prime office yield has remained stable at 6.00% since the end of 2023, consistent with other regional metropolitan areas such as Lille and Lyon.
This is a market report published by Colliers in March 2026 covering the office sector in Lyon, France for the first quarter of 2026.
In the first quarter of 2026, 333,000 square meters of warehouses exceeding 5,000 square meters were exchanged in France, representing a 67 percent decline year-over-year, driven by widespread economic uncertainty stemming from geopolitical turbulence, macroeconomic concerns, and regulatory changes. Prime rents increased slightly year-over-year across most markets, reaching €89 per square meter annually in Île-de-France and €71 in Lyon, with 58 percent of trading volume occurring outside the Dorsale corridor, including 67,000 square meters in Centre-Val de Loire.
The document analyzes office real estate activity in Lyon and its periphery during the first quarter of 2026, examining supply, placed demand, and transactions across market segments. Key findings show Lyon's office rental market experienced its weakest performance since 2014 with only 31,300 m² leased (a 48% decline versus the ten-year first-quarter average), while immediate supply increased 10% year-over-year to 635,800 m² and the overall vacancy rate reached 8.06%, with several central sectors exceeding 10% vacancy.
This is a market report published by CBRE on December 31, 2025, covering the office sector in Lyon, France, with the title indicating analysis of fourth-quarter 2025 figures and characterizing the Lyon market as being in a downcycle phase.
This is a market report published by Colliers in December 2025 covering the commercial real estate market in Lyon, France, with focus on office space and investment activity. The report provides a market overview (bilan) for the Lyon office and investment sectors in 2025.
The Knight Frank study examines the Greater Lyon office market in the first half of 2025, finding approximately 100,000 square meters of space leased over six months as the market enters a stabilization phase following 2024's slowdown. Demand is increasingly polarized between prime-quality buildings and struggling secondary assets, with activity remaining below historical averages amid ongoing economic fragility.