1257 TCA Baromètre immobilier UK 2 .indd

€
%
2014 COMMERCIAL
REAL-ESTATE
MARKET VIEW
$
+
CLUB IMMOBILIER
D’ENTREPRISE AZURÉEN
Low vacancy rates, a boosted transaction volume and pressure on new surface areas in the face of
demand were the main characteristics of a market in full recovery in 2014.
Prices for both acquisition and rentals remained stable at a high level, offering high profit potential
at 7 to 7.5% yields for office property and 8 to 9% for logistics & industrial premises.
Volume of office property
transactions from 2009 to 2014 (sqm)
Office property
After a difficult 2013, the market experienced an upturn in
2014 with a significant increase in transactions and requests for
acquisitions.
Demand was steady and of good quality, but there will be few
new plots available over the next two years, making it difficult
to satisfy this demand.
+ 84% IN TRANSACTION VOLUME
IN 2014 !
The transaction volume for offices on the Côte d’Azur has
accounted for approximately 50,000 sqm on average since 2009,
but had contracted over the last 2 years to settle at 38,900 sqm
in 2013.
2014 marked a clear recovery at 71,600 sqm, ranking the Côte
d’Azur market 7th on the regional market in France.
A PARTICULARLY LOW VACANCY RATE
The vacancy rate for the Côte d’Azur’s office market settled
at 7.1% at the end of 2014 (at 114,000 sqm), which is one of
the lowest on the regional office market in France.
The proportion of new or renovated buildings represented
just 9% of the total vacant surface area.
80,000 sqm
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
2009
2010
2011
Second hand
2012
2013
2014
First hand
Comparison of transaction volumes
2013/2014
35,000 sqm
30,000
25,000
20,000
15,000
10,000
5,000
0
1st hand
rental
2st hand
rental
2013
1st hand sales
2014
2st hand sales
Comparison of transaction volumes 2013/2014
40,000
Office property - ctd
Logistics & industrial market
Geographic distribution of transactions in 2014
3,900 sqm
18,400sqm
49,300 sqm
The logistics & industrial market showed a significant increase in
activity in 2014 (+41%).The prices for business premises are high,
but this is not impeding sustained demand.
A PREFERENCE FOR SMALL OFFICES
For both sales and rental properties in 2014, demand was
focused on small offices, with 70 % of transactions for surface
areas under 250 sqm.
AN INADEQUATE OFFER
While there is a significant total surface area available across
the region(173,000 sqm), this is essentially comprised of small
surface areas, scattered across the region and mainly obsolete.
BALANCED GEOGRAPHICAL
DISTRIBUTION
Sophia Antipolis
Nice
Others
Geographic distribution of available space
(12 months offer) at the end of 2014
11%
36%
UNSATISFIED DEMAND FOR 140,000 SQM
OF NEW PREMISES
In 2014, take-up was balanced across the Nice and Sophia Antipolis
sectors, while that concerning other sectors remained marginal.
At least 140,000 sqm of demand, mainly for large warehouses
(3,000 to 10,000 sqm) remain unsatisfied.
STABLE PRICES FOR BOTH
ACQUISITION AND RENTALS
53%
Market prices for offices have changed little in the last 3 years.
Sophia Antipolis
Nice
Rents, which are some of the highest in the region, are between
€170 and €210/sqm/year* for new offices in Nice and Sophia
Antipolis and achieve €200 to €250 in Cannes.
Others
Average rental prices (without parking for Nice)
Nominal rents, based on the latest transactions excluding taxes & charges /sqm /year.
AVERAGE PURCHASE AND RENTAL
PRICES AMONG THE HIGHEST IN
FRANCE
* Excluding taxes and charges
The prices for industrial & logistics premises are still very high,
but this is not impeding sustained demand.
HIGH YIELDS AT 7-7.5%
€260
€250
The prime yield on acquisitions is between 7.00% and 7.50%,
deed in hand, which is one of the best on the French market.
€240
€220
€200
8 - 9% YIELDS
The premium yield for acquisitions remains stable at between
8.00% and 9.00%, deed in hand.
€210
€200
€200
30,000
25,000
20,000
15,000
10,000
5,000
0
1st hand rental
2st hand rental 1st hand sales
2013
€180
€170
€170
2014
Geographic distribution of transactions in
2014
12,450 sqm
11,450sqm
7,100 sqm
17,650 sqm
Sophia Antipolis
Nice
Cannes
Grasse
Average rental prices
Nominal rents, based on the latest transactions - excluding
taxes & charges /sqm /year
€120
€120
€120
€110
€100
€110
€100
€100
€100
€90
€180
2st hand sales
BALANCED GEOGRAPHICAL
DISTRIBUTION
Overall in 2014, take-up was balanced across the Cannes,
Grasse, Nice and Sophia Antipolis sectors.
Acquisition prices for new offices range from €2,600 to €2,900/
sqm in Sophia Antipolis and €2,500 to €3,000/sqm* in Nice.
35,000
€100
€90
€90
€90
€90
€90
€180
€180
€170
€80
€160
€160
€160
€70
€140
€70
€70
€130
€120
€120
€120
€65
€120
€60
Métropole
Nice Côte d’Azur
€100
Sophia Antipolis
Cannes
Grasse
1st hand or renovated
Nice
2nd hand
€60
€50
A8
Sophia Antipolis
Cannes
Grasse
1st hand or renovated
Average acquisition prices (without parking
for Nice)
Prices based on the latest transactions - excluding
taxes /sqm.
NICE
GRASSE
Nice Côte d’azur
Nice
2nd hand
Average acquisition prices
Prices based on the latest transactions - excluding taxes /sqm.
€1,800
€1,750
€1,700
€3,000
€3,000
Sophia
Antipolis
€3,000
€2,900
€1,600
€2,800
€1,500
€1,500
€2,600
€2,500
€2,500 €2,500
€2,500
€2,400
€2,400
CANNES
€1,400
€1,300
ANTIBES
€2,000
€2,000
€1,900
€1,800
€1,800
Cannes Mandelieu
€1,600
€1,500
Sophia Antipolis
€1,350
€1,350
€2,300
Cannes
Grasse
1st hand or renovated
2nd hand
Nice
The data provided for Nice, Sophia Antipolis, Cannes and
Grasse sectors apply to the respective administrative divisions
shown on this map.
All data and figures are provided by the Club Immobilier
d’Entreprises Azuréen.
€1,200
€1,000
€1,300
€1,200
€1,350
€1,200
€1,200
€1,000
€950
€900
€900
€800
Sophia Antipolis
Cannes
Grasse
Nice
1st hand or renovated
2nd hand
Members of the Club Immobilier d’Entreprise Azuréen
INSTITUTIONAL PARTNERS
EPA PLAINE DU VAR
CHAMBRE DE COMMERCE ET D’INDUSTRIE DE NICE
20 Boulevard Carabacel
06000 NICE
Tél : +33 (0)800 42 22 22
MÉTROPOLE NICE CÔTE D’AZUR
Immeuble Cimes - 455 Promenade des Anglais
06364 NICE Cedex 4
Tél : +33 (0)4 93 13 20 65
COMMUNAUTÉ D’AGGLOMÉRATION SOPHIA ANTIPOLIS
Les Genêts - 449 Route des Crêtes - BP 43
06901 SOPHIA ANTIPOLIS CEDEX
Tél : +33 (0)4 89 70 00 00
COMMUNAUTÉ D’AGGLOMÉRATION PAYS DE LÉRINS
Hôtel de Ville CS 50044
06414 CANNES Cedex
Tél : +33 (0)4 89 82 27 00
CONSEIL GÉNÉRAL DES ALPES MARITIMES
BP 3007
06201 NICE Cedex 3
Tél : +33 (0)4 97 18 60 00
SYMISA
Place Joseph Bermond
06560 SOPHIA ANTIPOLIS
Tél : +33 (0)4 92 94 24 81
ECO VALLÉE - EPA PLAINE DU VAR
Immeuble Nice Plaza - 455 Promenade des Anglais
BP 33257 - 06205 NICE Cedex 3
Tél : +33 (0)4 93 21 71 00
TEAM CÔTE D’AZUR
400, Promenade des Anglais - BP 3185 06204 NICE Cedex 3
Tél : +33 (0)4 92 17 51 51
www.investincotedazur.com
COMMUNE D’AGGLOMÉRATION PAYS DE GRASSE
57, avenue Pierre Semard
06130 GRASSE
Tél : +33 (0)4 97 05 22 00
BROKERS
ARTHUR LOYD
Drakkar - 2405, route des Dolines
06902 SOPHIA ANTIPOLIS Cedex
Tél : +33 (0)4 93 65 48 55
CAPITAL IMMOBILIER PRO
9, rue de l’Eglise
06250 MOUGINS
Tél : +33 (0)4 97 23 50 40
BERGE Immobilier
91, boulevard Carnot
06400 CANNES
Tél : +33 (0)4 93 99 52 52
DTZ France
Crystal Palace - 369/371, Promenade des Anglais
06200 NICE
Tél : +33 (0)4 93 18 19 18
BNP Paribas Real Estate
Azuréa - Immeuble Phoenix - 455, Promenade des Anglais
06285 NICE Cedex 3
Tél : +33 (0)4 93 18 74 44
FONBAIL Sophia Antipolis Nice
400, av. Roumanille - B.P 309
06906 SOPHIA ANTIPOLIS Cedex
Tél : +33 (0)4 93 00 11 81
Nice Agency:
1, place Magenta
06000 NICE
Tél : +33 (0)4 93 88 66 58
LOCOPRO ENTREPRISE
Le Thélème - 1503, Route des Dolines
06560 SOPHIA ANTIPOLIS
Tél : +33 (0)4 93 64 64 64
Sophia Antipolis Agency:
473, route des Dolines
06560 SOPHIA ANTIPOLIS
Tél : +33 (0)4 93 65 22 54
Team Côte d’Azur - 400, Promenade des Anglais - BP 3185 - 06204 Nice Cedex 3 - France
Tél. : +33 (0)4 92 17 51 51
[email protected]