Business premises in Île-de-France: ImmoStat report for the 1st quarter of 2024
The latest Immostat indicators concerning the business premises market in Île-de-France were recently published and commented on by Elodie Marchand, co-director of the industrial division at BNP Paribas Real Estate Transaction France. The demand placed on users as well as the amounts committed by investors in this tertiary real estate sector are showing a marked decline, although with a better score in certain sub-segments. Some good news to note, however, in this gloomy context: for the first time in 3 years, the prime rate for this type of asset is falling.
230,000 m
2
marketed at 1
er
quarter 2024
With 230,000 m² sold since the start of the year (excluding Data Centers), the demand for business premises in the Ile-de-France region is showing
a decline of around 15%
compared to 1
er
quarter 2023. However, certain segments are resisting better than others, notes the group of real estate experts ImmoStat.
“Despite conditions of
binding financing
(borrowing rate, level of equity requested, etc.) and a sharp increase in prices over the last three years, sales of business premises, which represent
40% of quarterly volume, increased by 10%
», underlines Elodie Marchand. “Conversely, leases show a decline of around 25% over one year.”
The new offer attracts users thanks to recent deliveries
On the supply front, it is new construction that is doing well with 500,000 m² available.
“Due to the delivery of several business parks, if the new supply represents 500,000 m² (i.e. almost 30% of the supply in one year), it will be able to benefit from
the appeal of users which remains strong for the latest generation buildings
not. Indeed, the good marketing of these parks, in line with the five-year average, made it possible to absorb part of this stock,” comments Elodie Marchand.
This is not the case for the second-hand offer which, penalized by a
marketing volume down 20%
combined with the release of premises by users, sees
its stock increase by 10% in three months
only.
234 million euros invested in the 1st quarter, a decline to put into perspective
In total, 234 million euros have been invested in the Ile-de-France business premises asset class since January, down 30% year-on-year.
A figure which nevertheless needs to be qualified when compared to the average of the last five years, the drop being then “only” 17%.
.
After several quarters of decompression, the prime rate for business premises in the Ile-de-France region has fallen for the first time in three years, to around 5.35%. A level which reflects, according to Elodie Marchand, “transactions recorded 4 to 6 months earlier”.
If -according to the latest forecasts-
the first cut in the ECB’s key rates could take place as early as June
“we do not anticipate any further compression of the prime rate in the short term, until the market stabilizes,” nevertheless warns the co-director of the industrial division at BNP Paribas Real Estate.
Contact an advisor Find this article on Primaliance.com
