Marseille Office Market Dynamics, Q3 2024
Summary and analysis of Marseille's current office real estate market conditions.
- Anthony Kerveillant
The Aix-Marseille office market saw Q3 take-up total at 34,500 sq m, a 20% increase year-on-year. This brought the total volume for Q1-Q3 to 86,000 sq m. Despite this uptick, the overall figure remains 7% below last year and 14% below the 5-year average. Transaction count held steady at 238. A two-speed market has emerged, with Marseille maintaining its strong H1 performance while Aix experienced a notable slowdown compared to its robust 2023.
Immediate supply increased to 160,000 sq m, up 19% over six months, largely due to numerous second-hand space releases. New and refurbished space continues to represent a small portion of available stock at a low point of 24%.
Prime rents remained stable across key areas: €320/sq m/year in Marseille (€305 excluding high-rise buildings), €250 in central Aix-en-Provence, and €180 in the Business Park.