Week in Review: Central Business Districts (CBD) 2025

This week, I was at EY in Paris. The global auditing and consulting firm is based in France’s second-tallest skyscraper, “Tour First,” located in La Défense. According to the current EY–ULI Global Business Districts Attractiveness Report 2025, the Paris CBD is the most important in Europe due to its corporate density, international infrastructure, and high level of urbanity.

The EY–ULI Report highlights how demanding the office real estate market has become. An asset class that for many years was a clear favorite among institutional investors is now under structural pressure. The differentiation between premium office space and secondary locations continues to increase. While high-quality space in established CBDs remains largely stable, less central locations and older buildings are facing growing economic challenges.

Frankfurt’s banking district ranks among the ten most important CBDs worldwide. In terms of sustainability, Frankfurt is a global leader. The combination of international connectivity, mobility, and regulatory stability provides the city with a robust strategic position.

My stay in Paris underscored that the future of major European CBDs will depend primarily on their ability to evolve into multifunctional, integrated urban districts. Paris is already well advanced in this regard. Frankfurt also has a strong foundation, but it must continue to strengthen its position amid increasing competition for talent, infrastructure quality, and capital.

The coming years will show which European CBDs can consolidate and further expand their positions in the international market.

Ronny Kazyska