2017 was a record year with never-before-seen take-up volumes, as well as major new locations for large retailers and pure-players. Although market fundamentals remain strong, there has been a clear compression in the early months of 2018 which have recorded approximately 1/3 fewer transactions year-on-year. This compression is particularly evident in the Paris region, given last year's record transactions. The scarcity of new property developments contributes significantly to this poor performance. The existing property market has proven more robust than both 2017 (which was marked by turnkey transactions) and the 10-year average (+18%).