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Investing in Paris 2017 BNP PARIBAS REAL ESTATE GUIDE TO INVESTING IN PARIS 2017 INTERNATIONAL INVESTMENT Real Estate for a changing world ABOUT BNP PARIBAS REAL ESTATE... BNP Paribas Real Estate is the market leader in commercial real estate services across Europe with €704 million of revenue, €155 million of net profit before tax and 3,900 employees. 2016 KEY FIGURES Developing Valuing 154,000 m² of office space delivered in Europe €289 billion worth of assets valued 178,500 m² under construction in Europe (as of January 1st 2017) 130 million m² valued Buying, Selling, Renting Managing, Optimising Close to 3,850 transactions in commercial real estate 38 million m² managed in commercial real estate One transaction every 18 minutes across Europe €19 billion investment volume transacted in commercial real estate Investing, Valuing €24.1 billion of assets under management across Europe 6.2 million m² of commercial real estate leasing + €2.1 billion in one year transactions in 2016 CONTENTS INTRODUCTION Main Paris business districts p.04 Foreword by Larry Young p.05 PARIS OVERVIEW Top 10 reasons to invest in Paris p.06 Main office markets p.08 Retail markets p.18 Logistics markets p.22 Hotel markets p.24 INVESTOR TOOLKIT Need to know: Key legal and technical terms p.26 Need to know: Acquisition p.30 Need to know: Letting p.32 Tax clinic p.34 THE GREATER PARIS PROJECT AND "INVENTING THE GREATER PARIS METROPOLIS" p.38 OUR INVESTMENT TEAMS p.42 Investing in Paris was edited by BNP Paribas Real Estate with the contribution of Baker McKenzie BNP Paribas Real Estate Simplifed joint stock company with capital of € 383,071,696 - 692 012 180 RCS Nanterre Code NAF 4110B - CE identification number FR 666 920 121 80 10-31-2629 / Certifié PEFC pefc-france.org Headquarters 167, Quai de la Bataille de Stalingrad - 92867 Issy-les-Moulineaux Cedex PEFC_ON_AVEC_CERTIF_1L_Q.pdf 1 20/06/13 10:16 www.realestate.bnpparibas.com - Tel.: +33 1 55 65 20 04 BNP Paribas Real Estate is part of the BNP Paribas Banking Group Non contractual document March 2017 - 500 copies - BNPPREI03 Front cover picture: www.agencebisart.com 3 INTRODUCTION MAIN PARIS BUSINESS DISTRICTS LA DÉFENSE PARIS CBD ÉTOILE CLICHY NEUILLY/LEVALLOIS ST. OUEN RUEIL- NANTERRE PARIS CBD MALMAISON PRÉFECTURE OPÉRA ST.DENIS PLEYEL Office letting transactions over 1,000 m² in 2016 NORTH EAST PARIS DE BOULOGNEBOIS BOULOGNE / ISSY-LES-MOULINEAUX DE VINCENNESBOIS RIVES DE SEINE BALARD MONTROUGE ARCUEIL PARIS 12-13 TH DISTRICTS 4 FOREWORD BY LARRY YOUNG The city of lights Paris is a global city at the crossroads of From the 1980’s with the first major Europe. It is an economic powerhouse, with investments by the North American institutions the world’s highest proportion of fortune 500 and German funds, international investment companies, but still retains its historic, has increased constantly in France. Middle- beautiful routes being the world capital for Eastern and Asian investors compete with us, fashion, culture and a tourist hotspot. the European and French investors who have always been strong in their home market. The real estate market is one of BNP Paribas Real Estate has an the largest and most liquid in the unrivaled track record in France world with an office market of with new comers and experienced over 55 million square meters. investors. Paris is the worlds 5th largest investment market and the This guide outlines the top ten largest in continental Europe. reasons to invest in Paris as well The office market is showing as statistics on the market. strong signs of recovery, and potential rental growth. The With the legal and tax experts high end retail market is world Baker McKenzie firm, we have famous with fierce competition collated practical information on from global brands for the best locations, navigating the fiscal and legal aspects of and the city benefits from impressive investing in Paris. shopping centres and department stores. The logistics market in the Paris suburbs We hope you find this a useful insight into forms part of the prime European hub, and investing in the Paris real estate market. has been transformed over the past years. Larry Young Director Capital Markets International Investors BNP Paribas Real Estate 5 PARIS OVERVIEW PARIS Top Reasons to invest in Paris 1 THE LEADING OFFICE LETTING MARKET IN WESTERN EUROPE With a total take-up of over 2.4m m² in 2016, the office market in the Paris Region is one of the most dynamic in Europe. Paris has one of the world's largest office stock totalling 55m m². 2 A DIVERSE OFFICE OCCUPIER BASE The Paris office market has a highly diverse occupier base, as shown in 2016. 10% 9% 7% 11% Bank - Finance - Insurance Industrial groups Public sector 20% IT, telecom and start ups 11% Communication - Creation Legal Retail - Logistics 11% Other services 20% 6 PARIS IS THE LARGEST INVESTMENT 3 MARKET IN CONTINENTAL EUROPE 7 WORLD LEADING RETAIL MARKETS Paris is one of the world leading markets for In 2016, Paris was the 5th largest in the world. high end retail, and continues to develop its The investment market has grown steadily impressive shopping centres and department over the years with a 10-y average of €14 bn. stores. Examples of this are the new Louis Vuitton flagship on Place Vendôme that will open in 2017 and the recent re-opening of A STRONG RECOVERY the ‘Forum Des Halles’ shopping centre in 4 IN THE OFFICE MARKET the heart of Paris after an impressive redevelopment. With a constant reduction of vacancy rates during the last 3 years from 7.4% in 2013 to THE HIGH END RETAIL MARKET HAS 6.7% as of the end of 2016, the market has shown a strong recovery. 8 SEEN IMPRESSIVE RENTAL GROWTH OVER THE LAST 5 YEARS Global brands battle for the best locations on LIMITED OFFICE SUPPLY the Champs-Elysees, Avenue Montaigne, Rue 5 St Honoré and other famous addresses. New With low vacancy rates, limited supply and ‘hot spots’ are also developing such as the rue a recovering economy, prime rents are des Francs-Bourgeois in the Marais. forecasted to increase in the mature and core business districts of the Paris region, and there have already been recent signs of growth – such as the Paris ‘Opera’ area. 9 LOGISTICS HOTSPOT The suburbs of Paris form part of the prime European logistics axe, conviniently located close to main airports and along main 6 GENUINE MARKET TRANSPARENCY motorways and ring roads. The logistics France is in the top 5 markets in the globe market has been very strong in 2016 with the for transparency. BNP Paribas Real Estate is letting transactions of large e-commerce a member of ‘Immostat’ pooling commercial tenants and investments sort after by global property research with all the main real investors. estate advisors. 10 THE PLACE TO BE FOR HOTELS France is still the world leading for the tourist industry, and has some of the finest hotels. There have been some significant renovations such as the recent re-opening of the Ritz on Place Vendôme and current renovation of the Crillon on Place de la Concorde. 7 MAIN OFFICE MARKETS PARIS OVERVIEW PARIS Where to invest in Greater Paris? The French capital has numerous established business districts that we will discover in the following pages. BOIS DE BOULOGNE BOIS DE VINCENNES PARIS CBD WESTERN CRESCENT INNER SUBURBS Extended CBD Neuilly/Levallois Northern Inner Rim PARIS OUTSIDE CBD Southern River Bend Eastern Inner Rim Péri-Défense Southern Inner Rim Paris Left Bank Northern River Bend Paris Centre East OUTER SUBURBS LA DÉFENSE 8 PARISCBD* CBD* With 569,000 m² prompting investors to resume refurbishment taken-up in the schemes there, and new buildings are broader Paris Central expected to be completed in 2017 and 2018. BOULOGNE Business District in Rental levels have risen in the CBD Etoile and 2016, volumes remained stable in the CBD Opéra. remained high and well above the 10-year average (481,000 m²), despite a very slight downward trend (-2%) compared to 2015. 9 deals for large units (over 5,000 m²) were signed in 2016, including 3 deals for over 10,000 m² : Banque de France in “In Town” building (18,800 m²), Siaci Saint Honoré with 14,300 m² in “Season” and Wework with 11,700 m² at 33 rue Lafayette. Vacancy rates in the CBD have been declining since 2013 and are the lowest within Paris Region. With only 2.5% of empty premises, vacancy in the CBD Opéra has even reached a record-low level. As such, the buoyancy of the Paris CBD office market and the current low level of supply are *Paris extended CBD: all of the 1st, 2nd, 9th, 16th and 17th districts 2016 LETTING KEY FIGURES 2016 INVESTMENT KEY FIGURES AVERAGE RENTS (new offices) €4.2 bn Office investment 2 2 €700/m (Etoile) €686/m (Opéra) vs €2.7 bn 10-year average PRIME RENTS 3.15% prime yield €790/m2 (Etoile) €800/m2 (Opéra) €13,500/m² average capital value TAKE-UP 3.65% average yield 569,000 m2 take-up vs m2 take-up 10-year average 481,000 4.1 % vacancy rate 9 MAIN OFFICE MARKETS PARIS OVERVIEW PARIS PARIS OUTSIDE CBD Centre East Paris Left Bank Paris Centre East Thanks to the healthy Even though the traditional business trend of take-up for districts in Paris Centre East are mainly large units (12 deals), located near Gare de Lyon, northernmost BOULOGNE especially in the arrondissements of Paris are progressively well-established office gaining in importance, with several large districts in the 13th deals in 2016, such as BNP Paribas in and 15th arrondisse- Millénaire 1 and 4 (respectively 23,300 m² ments, volumes have and 24,000 m²) in Paris 19.
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