A year of two speeds in the Aix-Marseille market

The city of Marseille
© Boris Stroujko / Fotolia

With almost 118,500 m² of offices on the market at the end of September 2022, the market in the Aix-Marseille metropolitan area is up 4% over a year despite a slowdown in activity in recent months, notes JLL. Y

oann Pohu, head of office of JLL Aix-Marseille, notes that “the good dynamics of the Marseille market compensates for the decrease in the activity of large transactions observed in the Aix market and makes it possible to realize a growth in volume of more than 20 % compared to recent years”. Segments with areas of less than 1,000 m² maintained their momentum and accounted for almost two-thirds of marketed areas.

With 304 signatures, the number of transactions remains relatively stable over a year with a slightly higher average basket (390 m², against 385 m²), to be qualified according to the sectors. Larger transactions, fewer in number, totaled 45,400 m², notably driven by two signatures of more than 5,000 m², namely the Department of Bouches-du-Rhône (8,540 m²) on the Pixelia HD building and Erilia (6,200 m²) on the East Port .

With 77,000 m² occupied at the end of September, the large Marseille sector is outperforming the momentum shown by the Euroméditerranée. Although volumes have stalled for two quarters, nine-month growth is still there: +14% year-on-year and +34% compared to the average of recent years.

With 149,000 m², of which 51% in new assets, the supply in six months seems balanced and should make it possible to meet the different needs of users despite some local tension points.

Values prime in Marseille is reached within the framework of the Euroméditerranée with €320 exclusive of VAT-HC/m²/year for high-rise buildings and €290 for so-called traditional buildings. The average new rental is €189, that of used at €184, that is, an increasingly limited difference. In Aix-en-Provence, the prime value is around €200-210 in the city center, while average values ​​are placed at €164 on new surfaces and €142 on used surfaces.

Slowdown for the investment market

After a record second quarter that accounted for €426 million for all asset classes combined, the investment market in the Marseille region stalled in the summer period with only €88 million invested. Sam Capoani, Mediterranean Investment Director, nuances: “With €644 million invested since January, the market still shows a result that has increased 65% over a year and 48% higher than the five-year average. The city of Marseille completes the podium for the most invested regional cities since the beginning of the year, behind Lyon (€900 M) and Lille (€810 M). »

In total, the Aix-Marseille market has registered 45 transactions since the start of the year, with 14 new signings during the summer. However, these relate to smaller lots with an average volume of DKK 6 million. EUR per transaction (compared to EUR 25 million in Q2 and EUR 9 million in Q1).

The share of office sales fell quarter-on-quarter to the benefit of logistics assets, which make up 35% of activity. This increase is mainly attributable to the sale of national portfolios of warehouses, some of which are located in the Marseille metropolitan area. Among these divestments, the Trio portfolio sold to GLP in the 1st quarter includes two logistics platforms in Salon-de-Provence and Vitrolles. Few transactions were recorded in the retail market during the summer, which in total covers only 12% of the capital located in the Marseille region. The largest transaction concerns Keys AM’s sale of a casino supermarket in the 8th arrondissement to Perial.

French investors, who accounted for 91% of investment in Marseille at the end of the first half of the year, have been less active over the past three months, seeing their share drop to 78% at the end of September. Foreign investors are positioning themselves exclusively on industrial assets, driven by acquisitions made by Brookfield, Ares and GLP.

“The magnitude of the rise in bond yields and the deterioration of the economic environment unsurprisingly affected the performance of the Aix-Marseille market over the summer,” concludes Sam Capoani. “Thus, if volumes remain high at this time of the year thanks to a record second quarter, the slowdown in activity should continue between now and the end of the year, which nevertheless suggests a performance close to 2021. (€750 million) , but also characterized by a year with two speeds 2022. »

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