3 November 2015, France | Corporate Finance | News
The upturn in take-up seen over Q3 2015 was not sufficient to offset the slowdown that accumulated over H1 2015, particularly for transactions in the over 10,000 sq m segment.
With 545,000 sq m of transactions over Q3 2015, the cumulative take-up for 2015 now stands at 1.5 million sq m. This level is still lower than for the first nine months of 2014 (-6%), but is a marked improvement compared with results seen over H1 2015.
Paris was the only submarket to post growth with continued good take-up performance at +12%.
There was an increase in the number of major transactions (over 5,000 sq m) over the summer with 15 new transactions; these included 3 for spaces over 20,000 sq m (AccorHotels in Sequana, the Paris Mayor's office with the acquisition of Passio and Opalia in the 13th district and Publicis in Parisquare in the 11th district). This resulted in a marked recovery in the over 10,000 sq m segment over Q3 2015, although this was not enough to make up for the collapse in take-up seen over H1 2015.
Changes in rental values for new buildings were nominal. Rental adjustments are in fact still being applied by the use of significant incentives. Values for second-hand space are falling across almost all submarkets with the exception of the Parisian business districts where levels remained stable.
