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LYON - Webimm
INVESTMENT IN FRANCE LYON ATISREAL IN FRANCE Développement économique et immobilier d’entreprise Lille Rouen Metz Paris Strasbourg Nancy Rennes Mulhouse Orléans Dijon Nantes Clermont -Ferrand Annecy Lyon Bordeaux Toulouse Montpellier Grenoble Nice-Sophia Antipolis Aix-Marseille Atisreal regional headquarters Etudes & Recherche - november 2007 2 Lyon A market overview INVESTMENT - FRANCE INVESTMENT TRANSACTIONAL VOLUME IN FRANCE € billions 35 30 26 25 Q4 20 Q3 17 15 10 11 2002 2003 Q2 13 Q1 10 5 0 2004 2005 2006 2007 Etudes & Recherche - november 2007 3 Lyon A market overview INVESTMENT - FRANCE INVESTMENT VOLUME IN FRANCE € billions 30 26 25 23 20 French 17 15 7,5 13 10 11 10 1,3 5,3 SIIC 2,9 Foreign 1,8 5 0 2002 2003 2004 2005 2006 2007 9 months Etudes & Recherche - november 2007 4 Lyon A market overview INVESTMENT - REGIONS INVESTMENT VOLUME IN THE REGIONS billions € Occupier sales 5,0 Investor sales 4,5 Developer sales 4,6 4,0 3,5 3,1 3,0 2,5 1,3 2,2 2,1 2,2 2,0 2,0 0,4 1,5 1,0 0,5 0,0 3,0 0,5 0,3 0,3 0,7 2001 2002 1,5 2003 0,9 0,5 1,1 2,3 1,2 1,4 2004 2005 1,2 2006 2007 9 months Etudes & Recherche - november 2007 5 Lyon A market overview INVESTMENT - FRANCE INVESTMENT VOLUME IN FRANCE billions € Occupier sales 30 Investor sales 26 Developer sales 25 23 20 17 15 12 10 11 13 18,0 10 16,0 12,3 5 0 3,5 5,1 7,2 9,8 3,2 1,9 2,0 1,6 2,5 2001 2002 2003 2004 2005 4,9 4,2 2006 2007 9 months Etudes & Recherche - november 2007 6 INVESTMENT - REGIONS Développement économique et immobilier d’entreprise INVESTMENT VOLUME IN THE REGIONS – 2007 - 9 MONTHS Offices 7% 32% 25% 11% Logistics 25% Light Industrial Retail Services Etudes & Recherche - november 2007 7 Lyon A market overview ACQUISITIONS - REGIONS INVESTMENT VOLUME IN THE REGIONS billions € 5,0 French investors 4,5 SIIC 4,0 4,6 Foreign investors 3,5 3,1 3,0 3,0 2,5 2,1 2,2 2,0 1,5 2,0 0,7 1,0 1,5 1,0 0,6 0,2 2003 2004 0,5 0,0 2002 2005 2006 2007 9 months Etudes & Recherche - november 2007 8 INVESTMENT - REGIONS Développement économique et immobilier d’entreprise NATIONALITY OF INVESTOR IN THE REGIONS 2007 9 MONTHS France 45% Others, such as Italy, Ireland Holland 10% 5% North America 5% Germany 4% United Kingdom 31% Etudes & Recherche - november 2007 9 Lyon A market overview INVESTMENT - REGIONS INVESTMENT IN THE REGIONS Services Offices, logistics, Industrial and retail millions € 1 000 900 800 14 700 600 500 400 926 210 300 200 395 100 13 176 402 159 223 2007 2006 140 118 2007 2006 0 2006 2007 9 months Lyon 2006 9 months Lille 9 months Aix/Marseille 2007 9 months Toulouse Etudes & Recherche - november 2007 10 Lyon A market overview INVESTMENT - REGIONS INVESTMENT IN THE REGIONS millions € Services Offices, logistics, Industrial and retail 600 500 400 310 300 200 58 100 120 0 25 2006 37 2007 9 months Bordeaux 2006 69 52 2007 2006 9 months Nantes 106 2007 9 months Strasbourg 173 2006 30 22 2007 9 months Nice/Sophia Etudes & Recherche - november 2007 11 Lyon A market overview INVESTMENT - REGIONS INITIAL PRIME YIELD (LET OFFICES) % 8,50 8,40% 8,00 7,50 7,00 7,50% 7,25% 7,00% 7,20% Lille 6,85% Aix / Marseille 6,50% 6,50 6,10% 6,00 Toulouse Lyon 5,50 2003 2004 2005 2006 2007 Q3 2007 Q4 2008 H1 Etudes & Recherche - november 2007 12 INVESTMENT - REGIONS Lyon A market overview INITIAL PRIME YIELD (LET OFFICES) % 9,00 8,60% 8,50 8,50% 8,40% 8,00 8,25% 7,80% Bordeaux 7,50 7,30% Strasbourg 7,00 7,20% Nantes 6,50 6,50% Nice / Sophia Antipolis 6,00 5,50 2003 2004 2005 2006 2007 Q3 2007 Q4 2008 H1 Etudes & Recherche - november 2007 13 Lyon and Lille A market overview LYON LYON Développement économique et immobilier d’entreprise MARKET SECTORS 15 Lyon A market overview LYON - OFFICES SUPPLY WITHIN ONE YEAR m² New Second hand 360 000 307 000 300 000 240 000 35% 180 000 120 000 65% 60 000 0 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 Sept Etudes & Recherche - november 2007 16 Lyon A market overview LYON - OFFICES TAKE-UP BY DEAL SIZE m² 240 000 2nd half 192 100 1st half 201 000 200 000 147 500 160 000 147 800 120 000 80 000 97 000 40 000 0 2003 2004 2005 2006 2007 9 months Etudes & Recherche - november 2007 17 Lyon A market overview LYON - OFFICES TAKE UP > 2 000 m² m² 240 000 500 – 2000 m² < 500 m² 200 000 160 000 131 000 120 000 35% 80 000 30% 40 000 35% 0 2003 Etudes & Recherche - november 2007 2004 2005 2006 2007 9 months 18 Lyon A market overview LYON - OFFICES FUTURE SUPPLY (as at 30/09/07) m² 240 000 200 000 Possible future development Planning Permission requested Planning Permission obtained Under construction Existing 217 900 54 600 160 000 53 200 120 000 87 300 69 900 80 000 13 600 40 000 56 300 79 800 41 900 23 700 58 800 58 600 68 200 21 000 0 2007 2008 2009 2010 Etudes & Recherche - november 2007 19 Lyon A market overview LYON - OFFICES TAKE-UP BETWEEN NEW AND 2ND HAND OFFICE ACCOMMODATION m² New Second hand 240 000 198 000 200 000 173 000 160 000 45% 120 000 80 000 55% 40 000 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 9 months Etudes & Recherche - november 2007 20 Lyon A market overview LYON - OFFICES Q3 2007 SUPPLY AND TAKE-UP Take-up (excl. owner occupier transactions) Supply thousand m² 450 Under construction New Second hand New Second hand 400 2009-2010 350 300 2007-2008 250 200 150 100 50 0 Dec Dec Dec Dec Dec Sept 02 03 04 05 06 07 Etudes & Recherche - november 2007 SUPPLY 2002 2003 2004 2005 2006 2007 9 months TAKE-UP 21 TOP RENTS (OFFICES) Lyon A market overview (1st half 2007) 190 190 Lille Rouen Metz 162 162 150 150 Strasbourg Nancy 160 160 160 160 Rennes 165 165 136 136 150 150 Orléans 190 190 160 160 Top rent : € 250 (Part-Dieu) Mulhouse Dijon Nantes 165 165 180 180 250 250 Annecy Clermont 150 150 Grenoble - Ferrand Lyon 145 145 Bordeaux 200 200 140 140 195 195 210 210 Nice / Toulouse Montpellier Sophia AixEtudes & Recherche - november 2007 Marseille Average rents for new offices : City centre : € 201 Suburbs : € 143 € excl VAT, taxes and charges and parking Based on transaction references 22 Lyon A market overview LYON - WAREHOUSES Q3 2007 SUPPLY TAKE-UP Planning permission obtained Under construction Existing Class A thousand m² 800 Other warehouses Class A 600 170 40 400 300 170 270 200 260 240 0 dec-04 dec-05 dec-06 sept-07 2004 2005 2006 Q3 2007 Etudes & Recherche - november 2007 23 Lyon A market overview WAREHOUSING - RENTS 43 46 51 € /m²/year excl. VAT and charges Average rents over 12 months 45 45 42 46 42 42 43 24 WAREHOUSING - LETTING MARKET Lyon A market overview SUPPLY – 2007 H1 Planning construction obtained Under construction Existing supply 500 000 m² 250 000 m² 75 000 m² 25