Offices: the market is recovering
According to preliminary data released this morning by Immostat-IPD, the total investment in commercial property (offices, shops, warehouses) in Ile-de-France for the past year totaled 5.2 billion euros. This figure compares with a volume of 8 billion in 2008. This is the bottom of the range anticipated by the professional last October. In fact, the last quarter that saved the furniture with a total investment of 2.54 billion euros, or nearly half the activity of the year.
Also in Ile-de-France region, which contains 70% of national activity, take-up, which agglomerates investments by enterprises for their own needs and leased, moved it to 1, 8 million square meters for all of 2009, against 2.4 million in 2008 and 2.7 million in 2007.At the same time, the supply of offices immediately available is up 6% at the beginning of the year compared to last quarter, representing 3.26 million square meters.
For 2010, even if professionals are optimistic, they believe that further improvement observed in late 2009 will depend on the quality of provision and financing needs. Many uncertainties remain, particularly on the employment front, leaving fear tougher price point operators. In terms of rental values, "the time is still correcting, notes and DTZ. After declines of 10 to 25% depending on the relevant markets, the movement should continue, says the consultancy. Accompanying measures (exemption from rents and attendance), already strengthened in 2009, should still be denser.