Newmark: Inaugural France Research Report Examines the Impact of the Olympics on Local Retail Markets
With the Paris 2024 Olympic Games looming on the horizon, Newmark has unveiled its seminal research document, titled “The Renewal of the Champs-Elysées: Consequences of the Olympic Games and Future Scenarios.” This study dives deep into the ramifications of the Olympics on the economic fabric and the transformation undertaken by the Parisian retail property market since the city’s successful bid in 2017. Central to the research is the impact observed along the iconic Champs-Elysées.
Antoine Salmon, Co-Head of Retail Leasing at Newmark France, notes the unprecedented real estate dynamism along the Champs-Elysées, stating, “There have been 64 transactions – leases and acquisitions – of commercial premises since Paris was awarded the 2024 Olympics, with 58% happening since 2022 alone. Particularly noteworthy was the year 2023, during which we observed 23 transactions covering nearly 26,000 square meters, including significant movements like JD Sports and Calvin Klein leases and the acquisition of Numbers 144 through 150 by LVMH Group.”
The document’s revelations extend beyond just numbers, drawing insights from the expertise of David Bourla, Newmark’s Head of Research for France, and Antoine Salmon, who underscore the Champs-Elysées’s significant evolution and the broader implications for the retail sector in light of the upcoming Olympics. This report not only serves as a testament to Newmark’s research prowess but also marks a strategic milestone following the establishment of its Paris, France flagship office in March, a venture that has attracted top-tier commercial real estate talent to its fold.
The publication of this report heralds an ambitious phase for Newmark France, with plans to further dissect the French retail market in a subsequent research endeavor slated for later this year. This initiative complements the broader vision of Newmark Group, Inc., a global powerhouse in commercial real estate, which boasts a holistic suite of services tailored to a diverse client base. From property management to strategic investment advice, Newmark’s offerings cater to a wide spectrum of needs across the property lifecycle. Reflecting on the year ended December 31, 2023, Newmark’s financial achievements are notable, with revenues approximating $2.5 billion.
As Newmark continues to expand its global footprint, now operating from roughly 170 offices with 7,600 professionals worldwide, the firm remains committed to delivering insightful research and industry-leading services. This inaugural France research report underscores Newmark’s dedication to not only forecasting market trends but also to shaping the future of the commercial real estate landscape, particularly as it relates to the invigorating effects of global events like the Paris 2022 Olympics on local markets.
Newmark’s forward-looking perspectives in the report offer valuable insights into potential market dynamics and investor opportunities, serving as a vital tool for stakeholders across the commercial real estate spectrum. As Paris gears up for an Olympian transformation, the eyes of the world, and especially those of industry professionals, will undoubtedly be on the outcomes forecasted in this landmark study.
