A sluggish market, or almost a sluggish market, means a lack of new references. Today, it's difficult to draw any conclusions on the office segment, even if the 2024 financial year ended on a positive note, with €1.9 billion committed in Q4, for a total volume of nearly €4.9 billion over the year as a whole (-27% year-on-year). In other words, the market is looking for strong markers: a refrain heard time and again in the aisles of Mipim 2025.