Friday, March 27, 2015

Paris offices become luxury/mixed apartments

Like many other European cities, Paris is suffering from a surplus of office space, much of it created to fulfill a demand which has since reduced. A spectacular example is the 15 storey block formerly occupied by scientific laboratoriesand offices in Courbvoie on the outskirts of Paris and close to La Défense.

The huge complex has been converted into 182 apartments (some selling at an average 8000 euros per square metre), 46 studios designed as lower cost student accommodation, and 99 units designed for short-term letting and professional use. The complex also includes a supermarket and car parking, and services such as a concierge, fitness centre and 'guest rooms' that enable owners to accommodate short stay visitors such as family and friends.

The Paris/Ile de France area is estimated to have some 4 million square metres of empty office space and the Mairie de Paris is planning to convert some 200 000 square metres into housing, during the next six years.