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Definition of ImmoStat indicators

 

ImmoStat is working on information checked and qualified by the Research Departements of each of its members. Pooling data and methods enables to deliver reliable and comprehensive indicators on Commercial Real Estate markets in France.

Office Take-up

The Office Take-up represents the cumulated floorspace of all new lettings or sales to occupiers (as opposed to sales to investors) that will be used as offices. It is expressed in square meters (sqm) of usable floorspace. 

 

New lettings must have a at least of length of 12 months to be included. Therefore, relettings or sales to present occupier are excluded.

Average Rent

The average headline rent is expressed in euros excluding taxes, excluding charges, per square meter per year (€ psqm per yr, taxes and charges excluded) for second-hand offices on one side and new/restructured offices on the other.

 

For each type and segment, ImmoStat computes a simple average for small, medium and large transactions, depending on its own classification. When there are less than 3 available references for such operations, the former quarter is used to increase the sample.

 

To obtain an average rent, one must regroup the three averages according to their respective weight in last year take-up.

 

Such imposed structure is designed to clean the indicator from all variations that would solely arise due to changes in the market activity profile .

Incentive Rate

Incentive rate are including three forms of concessions:

  • rent free periods,

  • capital payements,

  • step rents.

 

The incentive rate represents the weightof those concessions when compared to the total income that would have been obtained based on the headline rent over the secured length of the lease.

 

For instance:

Secured lease for 9 years over 10,000 sqm at € 500 psqm with a rent free period of 12 months and capital payments of € 100 psqm.

Headline rent over 9 years = 10,000 x 500 x 9  =  € 45,000,000

Concessions = (10,000 x 500 x 12/12) + (10,000 x 100) = € 6,000,000

Incentive Rate: M€ 6 / M€ 45 = 13.3%

 

The incentive rate is only calculated on new office lettings of at least 1,000 sqm. 

 

The average incentive rate is obtained in each zone, sector and segment as a simple unweighted average of known economic rent, with the exception of the average for the Greater Paris Region which is weighted based on floorspace.

 

Every quarter, the incentive rate is computed on the last 12 months. 

Investment

The investment amount represents the cumulated volume of rel estate assets (offices, retail, workshops and warehouses) that have been acquired by an investor (i.e. with a goal to obtain rent from it) in a transaction worth at least 4 million euros (purchaser's costs included).

 

Investment is expressed in Millions euros (M€).

The ImmoStat indicator start in 2004 (first release in 2005).

Office Investment Prices

The price of investments in Offices is expressed in euros "transaction costs included" psqm (gross € psqm).

The indicator is computed as a simple average of metric prices recorded over the last twelve months, within each of the ImmoStat local markets.

 

To ensure both representativeness and confidentiality, each result is only updated if it is including at least three distinct transactions.

Local results are put together based on a predefined distribution to obtain higher level series, like the overall price in the Greater Paris Region. This method allows to avoid variations that would solely arise due to changes in the market activity profile.

It should be taken notice that the present indicator is exclusively built on Office acquisitions by investors for a nominal amount of at least 4 million euros « transaction costs included ».

Immediate Supply

The immediate supply represents the cumulated floorspace of all offices that are presently available on the market. This indicator is obtained as the average of estimations provided by each ImmoStat member for both first and second-hand office in each market sector.

Unit Condition : first / second-hand

A transaction is considered as first-hand if it takes place in a building that was built or redevelopped over the last 5 years, and that the unit condition is also considered as new or restructured.

 

A reletting in a building less than 5 years old is therefore qualified as "second-hand".

Warehouse Take-up

The office take-up for warehouses represents the cumulated floorspace of all new lettings or sales to operators (as opposed to sales to investors) that will be used as warehouses with at least 5,000 sqm in the Greater Paris Region and at least 10,000 sqm in the rest of France. It is expressed in square meters of usable floorspace. 

 

Types included:

  • warehouses that fit with requirements defined for classes A or B

  • refrigirated warehouses

  • message centers

 

New lettings must have last at least 6 months to be included. Therefore, relettings or sales to present occupier are excluded.

The warehouse take-up was first released in 2005 for the Greater Paris Region and in 2011 for the rest of France.

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