Lyon Commercial Real Estate: A Challenging 2025, Glimmers of Hope for 2026
Lyon, March 9, 2026 – The commercial real estate sector in Lyon experienced a difficult year in 2025, with investments plummeting by 20% to a total of 825 million euros compared to 2024. This marks the worst performance in a decade, excluding 2023, according to the annual survey conducted by the Banque de France and presented by Kathie Werquin-Wattebled, regional director, to the Lyon Club of Real Estate and Construction (Clic) on February 24.
While the regional industry managed to stabilize its turnover and the services sector even saw slight growth, the construction sector struggled significantly. “The decline is particularly noticeable in structural work, while finishing work remained relatively stable,” said Werquin-Wattebled. She also highlighted a 21% drop in investments across all sectors, including industry, in 2025.
Office Market Underperforms, Logistics and Activity Premises Shine
Benoit de Fougeroux, president of Clic, attributed the investment crisis in Lyon’s commercial real estate to a lack of investor appetite for office spaces. “Traditionally, these assets account for more than 50%, or even 60% to 70%, of invested amounts in our territory. But in 2025, they represented only 28% of the total, with 227 million euros, barely more than half of 2024, which was previously the lowest level at 418 million euros,” he explained.
In contrast, activity premises performed exceptionally well, reaching 179 million euros, an increase of 185% in one year, and accounting for 22% of the investment market in 2025. “For the first time in a very long time, the distribution of amounts across asset allocations is balanced among the five major classes: hospitality, activity, logistics, retail, and offices,” noted de Fougeroux.
Cautious Optimism for 2026
Despite the challenges of 2025, both Werquin-Wattebled and de Fougeroux expressed cautious optimism for the year ahead. De Fougeroux believes that 2026 should mark the end of the “office bashing” period and a return to a certain normalcy. “Expressed demand is on the rise again, and large deals, involving 5,000 to 10,000 square meters, are taking shape. Investors may regain some appetite for office space,” he confirmed.
This positive dynamic could be further supported by a general rebound in economic activity. “For 2026, the projections are rather good. Industry expects a 3% increase, while services and construction are banking on 2%,” added Werquin-Wattebled. However, she cautioned that the ongoing conflict in the Near and Middle East could potentially temper this optimism.
Key Figures for Lyon Commercial Real Estate in 2025:
- Total Investments: €825 million (down 20% from 2024)
- Office Investments: €227 million (28% of total, down from €418 million in 2024)
- Activity Premises Investments: €179 million (22% of total, up 185% from 2024)
- Construction Sector: Significant decline, especially in structural work
- Overall Investments (all sectors): Down 21%
Projections for 2026:
- Industry Growth: 3%
- Services Growth: 2%
- Construction Growth: 2%
The insights from the Banque de France and Clic highlight a year of significant challenges for Lyon’s commercial real estate market in 2025, primarily due to reduced investments in office spaces. However, the diversification of investments into activity premises and the anticipation of broader economic growth in 2026 offer a hopeful outlook for the region’s real estate future, albeit with a watchful eye on geopolitical developments.
Source: https://www.tpbm-presse.com/69000-lyon/immobilier-a-lyon-le-club-lyonnais-de-l-immobilier-et-de-la-construction-dresse-le-bilan-2025-241372.html
