It was during the meeting with investors from Paris but also metropolises like Toulouse, organized this Thursday, January 17 at the Château Pape Clément Bernard Magrez in Pessac, by the OIEB (Observatory of real estate business of Bordeaux Métropole) and the Chamber of Commerce and Industry of Bordeaux Gironde (CCIBG) that Rodolphe de Malet, President of the OIEB, presented the balance sheet of the commercial real estate market in 2018.

Many people came to this meeting, so much so that Pape Clément's orange grove overflowed a little. Franck Raynal, mayor of Pessac, vice-president of Bordeaux Métropole, then Alain Juppé, mayor of Bordeaux, president of Bordeaux Métropole played the game by taking the floor to present their territories. Rodolphe de Malet had decided to put this big oral in front of the investors in the form of the rugby metaphor, considering that last year the market of Bordeaux transformed the test of 2017 but without the offensive bonus. In other words, the 2018 balance sheet is not as good as that of 2017 while remaining well above the average of the previous years (2011-2016). Sign that indeed the business real estate market of Bordeaux Métropole and singularly that of the office is indeed changing category, as showed Alexandre Cieux.

The decline in own accounts is losing 22,500 m2

With 149,000 m2 of offices placed in 2018, the Bordeaux real estate market is down 9.6% compared to 2017, when 165,000 m2 had been traded. This slight decline, which goes hand in hand with an increase in the number of transactions (343 against 323 in 2017) is fueled by the sharp decline in transactions in own accounts, which fall by 22,500 m2 from one year to the next, rising from 31.000 m2 to 8.500 m2 (-72.5%), and by a collapse of the second-hand market.

This sector of opportunity loses 16,500 m2, from 81,000 m2 in 2017 to 64,500 m2 in 2018 (-20,3%). If in the end the decline in the market is limited to 9.6% is that, for its part, the new home market has increased significantly. It thus gains 23,000 m2, increasing from 53,000 to 76,000 m2, an increase of + 43.3%! It should be noted that 85% of the 2018 transactions involve leases and 15% on sales.

New neighborhoods stimulate the new home market

The number of operations in own accounts has been by definition a little random, this rise in strength of the new home market is good news that confirms the attractiveness of the Bordeaux metropolis. The nine is driven by the rise of new neighborhoods that are the Floating Basins (20,000 m2 of new offices sold) and Euratlantique (24,500 m2 traded). The metropolitan Bordeaux Aéroparc operation, which mainly targets the west of the metropolis, with Mérignac in the foreground, gives pride of place to second-hand offices (18,000 m2) while Inno Campus, in the south, west of the metropolis, with Pessac in the foreground, includes a large component in new offices (11,000 m2 placed).

As metaphorically evoked Rodolphe de Malet, the overall decline of the market of the new office of Bordeaux 9.6% in 2018 does not prevent the Metropolis to transform the test of 2017. The average transactions on the metropolitan market during the the period 2011-2016 (own accounts, nine, second-hand) represents an overall sales volume of 93,500 m2 per year, 55,500 m2 less than in 2018 (for a difference of 59.3%). An evolution that shows that the new home market has literally exploded between 2011-2016 (27,500 m2) and 2018, with an increase of + 176%!

Bordeaux always at the forefront of the office market

The progression is clear but much less spectacular in the second-hand office market (53,500 m2 over 2011-2016), up + 20.5%. The square meter of new office rents at 189 euros in downtown against 164 euros for a second hand. True to its rather random nature, the line of the accounts shows in 2018 a decrease of 32% compared to the period 2011-2016 (12,500 m2). If Bordeaux trustees almost half of the office market, with 68,500 m2 (61% of nine), it is then the west (30,000 m2 placed) and south-southwest (28,500 m2) sectors that prevail.

The Right Bank (East of the Metropolis: 13,500 m2) and North (8,500 m2) sectors are clearly not very buoyant for the office market. As for the office market, that of business premises and warehouses is a little lower in 2018 than in 2017 while remaining well above the average of recent years. Thus, 121,000 m2 of business premises were exchanged in 2018, in 131 transactions, against 156,000 m2 in 2017 (126 transactions). This represents a drop of 22.4%, knowing that 87% of the surfaces placed are second-hand (13% of new premises).

Sudden stop of the rise for large warehouses

Despite this decline, the 2018 vintage has a volume of square meters well above the average for 2011-2016, during which 83,500 m2 were traded annually, 44.9% less than last year. It should be noted that 66% of business premises placed (sold in 22% of cases) had an area of ​​more than 1,000 m2. The warehouse market also remained quite dynamic with a total of 120,000 m2 traded.

In this market the gap between 2018 and 2017 is however not very far from that of 2018 with the average of the years 2011-2016. In 2018, the demand placed on the warehouses thus dropped by -46.9% (226,000 m2 in 2017). If the warehouses of more than 5.000 m2 are ultra majority in the transactions, their number knows a real stop of flight. While it represented 182,500 m2 in 2017, this niche of the large warehouse does not exceed the bar of 75,000 m2 in 2018, a fall of -59%! It is 43.7% higher than the 2011-2016 average (83,500 m2). The warehouse market is characterized by the large share of sales (44%), with rentals exceeding 56% of the total.

Major operations include Castel (30,000 m2 in Blanquefort) and Scaso in Cestas (12,000 m2). The market for business premises and warehouses totaled 294,000 m2 in 2018, of which 105,000 m2 in the south-south-west sector (65,500 m2 of warehouses), 96,500 m2 on the Right Bank (76,500 m2 of warehouses) and 50,000 m2 to the north (34,000 m2 of warehouses). While the buildings of activity are rented between 50 and 65 euros / m2 in second hand, against 70 to 85 euros / m2 in nine, the warehouses are rented of opportunity between 40 and 50 euros per square meter. New rental value is not considered representative in 2018.