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Office market in the Greater Paris Region Q4 2012

Good resilience of the rental and investment markets in 2012
- Unexpected momentum in 2nd semester under adverse economic conditions
- For the third consecutive year, the immediately available supply hardly changed this quarter with a total of 3,585,000 sq m.
- Prime rent in the CBD fell slightly at the end of the year and now totals €770 per sq m.
- €10.9 billion invested since the start of the year – a slight drop of 8% in one year.
- 30 deals exceeding €100 million registered in 2012 for over €6 billion.
- Prime yields did not change during Q4 and were positioned in a range between 4.50 and 5%.

The leasing market thwarts the forecasts
Against all expectations the leasing market in 2012 showed good resilience to adverse economic conditions. After a slow 1st semester and down nearly 20% compared to the previous year, Q3 and Q4 showed unexpected momentum. In total, 2,380,000 sq m were leased in Greater Paris Region, which is close to the 2011 level. Ultimately, the market only fell 3.4%

Large transactions buoyed the market
Large transactions buoyed the market, particularly in 2nd semester, setting a new record with the signature of the Balard transaction by the Ministry of Defence for a total surface area of 135,000 sq m. Other significant transactions were registered on the market: France Telecom for 69,000 sq m in Châtillon (Q3), the Ministry of Ecology and Sustainable Development in the “Tour Esplanade” in La Défense for 53,000 sq m (Q4), Sanofi for 50,000 sq m in the “Campus Val de Bièvre” in Gentilly (Q3), Allianz for 35,000 sq m in the “Athéna” tower in La Défense (Q4) or Nexity for nearly 22,000 sq m in the CBD in “Solstys” (Q4).
In total, 70 transactions exceeding 5,000 sq m were registered this year, including 12 over 20,000 sq m. They represented 47% of the take-up in 2012 (1.1 million sq m), an amount unmatched on the market. The leasing market, driven for two years by very large transactions, has developed with a growing number of pre-lets and turnkeys (rental and purchase). Thus, concerning the scope of transactions exceeding 20,000 sq m, the share of pre-lets was over 90% and the share of turnkeys and own accounts was two thirds.​

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