New coworking and managed office openings in France have slowed sharply as the sector moves through mergers and acquisitions instead, according to a new report from Immprove.
Only about 40 new locations opened over the past six months, and most were small. Just two exceeded 5,000 square meters: an 8,600-square-meter Deskeo site in Nanterre and a 5,300-square-meter Urban Station location in Bercy, Paris. The report ties the slowdown to a softer office leasing market overall, with letting volumes in the Paris region down 5% year-over-year in the first half of 2026, to 750,000 square meters. Operators appear to be prioritizing management of existing locations over opening new ones.
Some companies are still expanding deliberately, though. Work & Share opened three new sites in Paris’s inner suburbs, in Clichy, Rueil-Malmaison, and Cachan, cementing its position as a leading challenger in that area. Snapdesk added close to ten locations across central Paris, while Morning, Symphony Partners, Jöro Office, Hiptown, and Les Nouveaux Bureaux each opened multiple sites as well.
A Major Acquisition Is Changing The Market
The biggest development in the sector wasn’t a new opening, but a buyout. IWG completed its acquisition of French operator Wojo from Accor and Bouygues Immobilier in August, adding roughly 100,000 square meters and 17 centers to its portfolio. That deal now gives IWG close to 170 sites and more than 380,000 square meters in France, about a quarter of all the space tracked in the report. Morning is the only other operator with more than 100,000 square meters nationally, according to Coworking Europe.
Consolidation is also happening through direct investment. Real estate group Icade took a majority stake in Comet over the summer, adding to its existing managed office holdings under its Imagin’Office brand. Combined with continued organic growth from smaller players, the shift signals a sector moving away from pure expansion and toward mergers, stake acquisitions, and portfolio consolidation.
Paris Remains More Fragmented Than The Rest Of France
While IWG dominates many regional markets, holding 39% of space in the greater Paris region, 38% in Lyon, 32% in Lille, and a striking 77% in Grenoble, the Paris market itself remains split among several competitors. IWG holds about 17% of operated space in Paris, followed by Morning at 14%, WeWork at 13%, and Deskeo at 9%. Together, those four control just over half the Paris market, but none holds the kind of dominant position IWG has established elsewhere. The Wojo acquisition alone pushed IWG’s share of the Lyon market to nearly 40%.
