Office real estate: in Toulouse, the recovery begins
After two years of strong air pocket, the office property market is showing its first signs of recovery in 2022. “It is a market still convalescing, but several indicators are encouraged”, indicates Jean Bergougnan, president of the ‘OTIE, the Toulouse Observatory of business real estate and manager of the Cushman&Wakefield Toulouse agency.
The proof by the numbers. In the second quarter of 2022, 36,600 m2 of offices were let in Toulouse, i.e. a level close to the same period in 2018 (with 40,500 m2). Good results which are also confirmed throughout the half-year with 65,900 m2 marketed.
“We are back to a semester well above the average of the last five years, this is due in particular to the return of the Befa”, explains the president of the OTIE. “These leases in the future state of completion reflect the commitment of developers and users in their own name to rent offices, even before they are integrated and this is very good news! “.
The new tire on the market
Other lessons, the nine draws the activity. And if very large transactions are still slightly down, the market for small and medium-sized surfaces is very dynamic. This second quarter the average surface area of transactions is 514 m2.
Five key operations (over 1,000 m2) maintained the market during this period: these are 6,099 m2 acquired by the GA company for its future head office at Toulouse Aérospace; 4,200 m2 rented by Testia at Les Ramassiers (St Martin du Touch); 2,420 and 1,578 m2 leased to Labège by Compagnie de la Formation and Pictarine respectively; and finally 1574 m2 rented by Navocap in Blagnac.
Demand is strongly polarized in the south-east of the conurbation (Labège Enova, Toulouse Aerospace and La Plaine). The historic center is also of course, “the activity could be much better there, but unfortunately we lack offers”, deplores Jean Bergougnan.
In the North East, on the other hand, the number of transactions has remained low since the beginning of the year, despite the recovery in the aeronautics sector.
Vacancy remains contained (5%). “Many cities envy us this figure and I hope it will help investors to look at Toulouse a little more objectively, because they have completely abandoned our market in 2021”.
For this year, professionals remain cautious, “today, they are beginning to return to us, but not to the point of returning to pre-crisis levels. »
Beatrice Girard
In the photo: Testia, the Airbus subsidiary has rented 4200 m2 to Les Ramassiers (Saint Martin du Touch). Credit OTIE.