New York, NY and Paris, France (July 15, 2024) — Newmark announces the release of its inaugural research report on the French retail market, “The Renaissance of the Champs-Elysées: Consequences of the Olympic Games and Future Scenarios.” The timely study arrives just as the Paris 2024 Olympic Games approach, shining a spotlight on the expected economic implications and the transformation of the Parisian retail property market, particularly along the Champs-Elysées, since Paris was awarded the Olympics in 2017.
“The Champs-Elysées has experienced some of the most intense real estate activity in Paris over the past seven years,” said Antoine Salmon, Co-Head of Retail Leasing, Newmark France. “There have been 64 transactions – leases and acquisitions – of commercial premises since Paris was awarded the 2024 Olympics, 58% of which have occurred since 2022. The number was particularly high in 2023, with 23 transactions representing nearly 26,000 square meters, including JD Sports and Calvin Klein leases and the purchase of Numbers 144 through 150 by LVMH Group.”
Additional highlights from the Newmark France research report include:
- The transformation of the Champs-Elysées’ retail offering has also strengthened its status as a market of major flagships. The vacancy rate at the end of June 2024 sat at just 2.6%.
- The sports and luxury sectors account for 44% of the transactions recorded on the Champs-Elysées since 2017. 25 luxury stores are on the avenue today, compared with just seven in 2017, while the Olympics and the rise in popularity of athleisure have led to an increase in sports store.
- 25% of the brands currently located on the avenue have been there for over 20 years, and some have even been there for half a century or more. However, several brands have left the area, reflecting broader retail industry trends, with a notable departure of culture and mid-end fashion.
- The increase in foreign tourist arrivals and the growing appetite of new, younger consumer profiles for luxury goods are among the causes for optimism looking forward. It is likely more tech and celebrity brands will consider the Champs-Elysées in the future, while various proposals exist to improve the urban landscape and increase the avenue’s appeal for local residents as well as tourists.
Co-authors of the report David Bourla, Newmark’s Head of Research for France, and Antoine Salmon are among the several new hires who joined Newmark’s recently established Paris, France flagship, which opened in March. The launch of the office attracted several of Paris’ top commercial real estate professionals, including, among others, industry veterans Francois Blin and Emmanuel Frénot to lead the team, Vianney d’Ersu, Co-Head of Retail Leasing, Jérôme De Laboulaye and Nicolas Coutant as Managing Directors.
Newmark’s France office plans to follow this report with an additional research piece expanding upon the French retail market later this year.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of March 31, 2024, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,600 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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