Against a backdrop of profound change in the commercial real estate market, MIMCO has published a new white paper on the evolution of the office in Europe: The Return of the Office – more human-centered, more lifestyle-oriented, and more flexible.
This publication offers a structured analysis of the major trends that are currently reshaping the office market, after several years marked by uncertainty, rising rates, and the widespread adoption of hybrid working.
A market in transition
Long called into question, the office is gradually regaining a central place in real estate and investment strategies. In 2025, €176.6 billion was invested in real estate in Europe (+9% year-on-year), with offices posting the best sector performance with growth of 13%, now accounting for 26% of investment volumes.
However, this recovery remains highly selective and is taking place in a deeply polarized market, with high-performing assets contrasting with buildings that have become obsolete. In France, the trend is particularly marked: €6.94 billion was invested in offices, an increase of 32%, well above the European average.
The white paper reviews:
- the dynamics of the European and French office markets,
- the evolution of rental demand, which is at its lowest level since 2002 in the Île-de-France region,
- the rise of prime assets, with record rents exceeding €1,200/m²/year in the Paris CBD,
- and the challenges associated with centrality, flexibility, and environmental performance.
The office under pressure from new uses
Hybrid working has become the new norm, with an average of 1.9 days of teleworking per week. In this context, the office is no longer limited to a presence function, but has become a real employer branding tool, serving to enhance attractiveness, collaboration, and team cohesion.
Companies are overwhelmingly adopting a “flight to quality” strategy: they are willing to pay more per square meter to occupy less space, but in buildings that are better located, better served, and offer a better experience for their employees.
The white paper analyzes the impact of
- of new ways of working on real estate strategies,
- of artificial intelligence on the organization of spaces,
- and growing expectations in terms of well-being and user experience,
on the design and value of office buildings.
Levers for value creation
Faced with the obsolescence of part of the commercial real estate stock—the immediate supply has almost doubled in five years in the Île-de-France region to reach 6.2 million square meters—value creation now depends on the ability of assets to transform.
The publication highlights several key drivers:
- the renovation and repositioning of existing buildings towards the prime segment,
- the integration of ESG criteria, accelerated by the 2030 deadline of the Tertiary Decree,
- and the development of mixed-use projects, combining offices, services, and other urban uses.
These approaches improve the resilience of assets and meet the expectations of businesses, investors, and local authorities.
A vision illustrated by concrete examples
The white paper also draws on emblematic case studies in Paris and Luxembourg, illustrating how these strategies translate into concrete action in the field, both in terms of asset transformation and long-term value creation.
- 48 Notre-Dame des Victoires (Paris, France): In April 2025, MIMCO acquired a former Banque de France site, an obsolete office building located in the heart of Paris’s central business district. The objective: to reposition this asset as a prime office space, combining architectural quality and environmental performance. The building permit was obtained in June 2025, and renovation work is now underway. Ideally located in the 2nd arrondissement, close to the Paris Stock Exchange, the Opéra Garnier and the Louvre, the building benefits from excellent transport links and an attractive environment for a demanding clientele. This project embodies MIMCO’s strategy: identifying undervalued assets in prime locations and transforming them into exceptional buildings.
- The Butler (Bertrange, Luxembourg): Currently under construction, The Butler is an innovative project with a unique “Hotel & Office” concept, designed to create a hybrid space that meets new uses. The program combines a 4-star hotel under contract management, flexible and modular offices, a nursery secured by a 15-year lease, and a 374-space Mobility Hub. Designed with user well-being in mind, the building features a lobby and a bright atrium, terraces overlooking the central atrium, and a rooftop offering panoramic views. In line with MIMCO’s ESG commitments, The Butler is aiming for BREEAM Excellent and WELL Gold certifications. This project illustrates the group’s vision: more human, flexible, and sustainable commercial real estate, where work, hospitality, and well-being come together.
📘 The white paper The Return of the Office – more human, hybrid, and sustainable is available for download.
