Grenoble: real estate crisis and opportunities? – Actual Immo

Grenoble: real estate crisis and opportunities? – Actual Immo
Grenoble: real estate crisis and opportunities? – Actual Immo

After years of uninterrupted growth, the commercial real estate market in the Grenoble region suffered a major blow in 2023. This upheaval further highlights the growing obsolescence of the real estate stock and the shortage of inventory in commercial premises . Let’s look back at this pivotal year and its implications for the future.

A significant drop in real estate transactions in 2023

Alarming figures for offices

The year 2023 was marked by a significant decrease in transactions in all sectors of the Grenoble region.

The sector of offices was particularly affected with drop of 49% trade, thus confirming a real crisis in this area.

Industrial and commercial premises also impacted

The negative trend was not limited to offices. THE industrial premises recorded a 35% decreasewhile the business transactions fell by 40%.

These figures underline a widespread crisis affecting the entire commercial real estate market in Grenoble.

  • 49% drop for offices
  • 35% reduction for industrial premises
  • 40% drop for business transactions

Underlying causes and regional disparities

Obsolescence and stock shortages

Several factors explain this sudden fall in the market. L’increasing obsolescence of goods available and shortage of new stocks ready to be marketed are two of the main causes of this situation.

Demand no longer meets adequate supply, thus creating a notable imbalance.

Comparison with other cities in the region

It is interesting to note that the drop recorded in Grenoble is much greater than that observed in other cities in the Auvergne-Rhône-Alpes region such as Lyon, Chambéry et Annecy.

This unique situation calls for specific reflection on local dynamics.

Current projects to counter the crisis

Delivery of new programs

Faced with this crisis, several large-scale projects have been launched or are already underway, such as Operation Neo within the Zac Bouchayer-Viallet from Grenoble.

With initiatives like “ Impulse » developed by Gilles Trignat Résidences in Inovallée in Meylan, a total of 25 programmes should be delivered or under construction in the coming months.

Increase in available commercial space

These new developments will bring the total available surface area to 58,921 m²or five times more than what was available in 2023.

This significant increase aims to respond to the ever-pressing demand companies looking for new premises adapted to their needs.

Evolution of market values ​​and future prospects

Increase in rents since the health crisis

Since the health crisismarket values ​​experienced a augmentation notable.

Despite this, Grenoble remains below certain neighboring cities in terms of “prime” rents notably. For comparison, rents in Grenoble are 210€ per square meter per year (excluding taxes)against 250€ in Annecy et 235€ in Chambéry.

Increased pressure from investors

Increased investor demands for high profitability rates could also force developers to increase these rents further in the future.

Dynamic adaptation will be necessary to balance the expectations of investors and the financial capacity of potential tenants.


In conclusion, the year 2023 will be remembered as a period of rupture massive for the commercial real estate market in Grenoble.

Faced with challenges such as real estate obsolescence and the stock shortageit becomes imperative to increase supply while maintaining levels of competitive rents.

For decision-makers and market players, innovative strategies will be necessary to navigate this changing environment.

Recommended actions for market participants

  • Accelerate the modernization of existing infrastructure to reduce obsolescence
  • Rapidly increase the supply of new quality programs
  • Adopt a flexible pricing policy to attract investors while remaining accessible to local businesses

Despite the current difficulties, perspectives for the Grenoble commercial real estate market remain promising with the right strategic adjustments.




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