Lyon’s Office Market: A Shifting Landscape in 2025
The Lyon office market is undergoing a significant transformation. Data indicates a consistent decline in the proportion of office spaces in Lyon’s investment market since 2023, reaching its lowest level in 2025 at 31% – a stark contrast to the ten-year average of 64%. This situation is described as “complex” by Quentin Graff, Head of Studies at Immprove.
The Divergence Between Sellers and Buyers
This trend is corroborated by Gilles des Fontaines, Head of Investment Grand Lyon at JLL, who notes a persistent gap between seller expectations and the conditions offered by potential buyers. This disconnect is not isolated to Lyon; Graff points out that a similar stagnation is occurring in most French metropolitan areas, with Paris being the notable exception.
Transaction Trends and Key Deals
Recent transactions reflect this market slowdown. Although large-scale deals are becoming less frequent, some notable transactions include the Park View building in Villeurbanne, acquired by Icade for €29.8 million in a swap deal and Le Murano in Lyon’s 9th arrondissement, exchanged for €27.2 million to Fiducial Gérance. However, these deals, valued under €30 million, highlight the current state of the market.
The top 10 transactions in Lyon for 2025, concentrated in the €10-30 million segment, include several asset disposals from La Française REM (Cap 9 for €21 million) and SCPI Accimmo Pierre (Le Gouverneur for €17.6 million, and Le Rubik for €15.6 million). Otoktone 3i also acquired Le Quatuor 3B for €18.6 million.
The Role of SCPIs and Private Investors
A contributing factor to the market’s slowdown is the reduced activity of Sociétés Civiles de Placement Immobilier (SCPIs) in regional markets. While they previously drove significant investment, they are now increasingly seeking returns and diversification abroad. However, SCPIs are still present, primarily through asset disposals.
Despite the overall stagnation, private investors, particularly family offices, are demonstrating continued interest, especially in transactions under €5 million. This suggests a shift towards smaller-scale investments and a growing role for private capital.
Part-Dieu’s Underperformance
The Part-Dieu district, typically a market driver, has not provided the expected momentum. Gilles des Fontaines observes this, while still maintaining that the office asset class remains attractive to investors.
Looking Ahead: Potential Future Trends
The Lyon office market’s current state suggests several potential future trends. A continued divergence between buyer and seller expectations is likely, potentially leading to further price adjustments. The increasing prominence of private investors could reshape the investment landscape, favoring smaller, more targeted deals.
The shift in SCPI investment strategies, focusing on international markets, may create opportunities for other investors to fill the void in the regional market. The performance of the Part-Dieu district will be crucial to monitor, as its revitalization could significantly impact the overall market.
Pro Tip
FAQ
Q: What is driving the decline in office investment in Lyon?
A: A combination of factors, including a gap between seller expectations and buyer offers, reduced SCPI activity, and a broader market slowdown.
Q: Are there any investment opportunities in the Lyon office market?
A: Yes, particularly for private investors seeking smaller-scale deals and value-add opportunities.
Q: What is the role of SCPIs in the current market?
A: SCPIs are primarily focused on asset disposals and are increasingly investing in international markets.
Q: Is the Lyon office market expected to recover soon?
A: The timeline for recovery is uncertain and will depend on factors such as economic conditions, interest rates, and the performance of key districts like Part-Dieu.
Did you know? The largest transaction in Lyon in 2025 was Park View, acquired by Icade for €29.8 million.
Want to learn more about commercial real estate trends? Explore our other articles here or subscribe to our newsletter for the latest insights.
