Q1 2021 ACTIVITY
ENCOURAGING PERSPECTIVES
April 20th, 2021
SUMMARY
I. Letting activity: positive signals
II. Speeding the prime offices strategy
-
Ahead of schedule on our lower-carbon path IV. Organisational changes
V. Key takeaways
2
LETTING ACTIVITY: POSITIVE SIGNALS
Lyon CBD, Silex 2
OFFICE MARKETS: RESILIENCY DESPITE THE LOCK-DOWNS
Take-up
Vacancy rate
Headline rents
Maintained at Q1 2020 levels
In Greater Paris1 (327 000 m²) | | - | 4% |
In Milan2 (70 000 m²) & | | ~ 0% | |
Top 7 German cities (653 000 m²) | | - | 3% |
6.7% in Greater Paris
5.3% in Milan
3.5% in Top 7 German cities
Stable rents, on new and renovated assets
Steady upward pressure in Top 7 German cities
Investment | Continuous appetite from investors |
+3% median price in Greater Paris vs end-2020 | |
market |
1. Excluding Total transaction of circa 130 000 m² in La Défense | 4 |
2. Excluding Saipem major transaction of 41 000 m² in Milan periphery |
Sources: Immostat, CBRE, Guthmann; Milan: as of end 2020, excluding hinterland and periphery, to which Covivio is not exposed
64,000 M² SIGNED OR RENEWED IN Q1 2021
22,900 M² SIGNED AND 40,900 M² RENEWED
Addressing Covivio's main occupancy challenges
Paris - Carré Suffren | 2,800 m² new lettings; +8% vs previous rent |
La Défense - CB21 | 1,300 m² new lettings; -12% vs previous rent |
Hamburg - Zeughaus | 3,000 m² of additional surfaces for existing tenant |
Lyon - Silex2 | 1,150 m² of pre-letting |
Highlighting the reversionary potential
4,000 m² let at +22% vs previous rent | |
Milan - Garibaldi | 2,060 m² new lettings; +33% vs previous rent |
Milan - Amedei | 820 m² new letting; +5% vs previous rent |
Supporting the growth of our long term partners
9,100 m² pre-let to Onepoint on Bordeaux Jardins de l'Ars
Already tenant in Paris and Bordeaux since 2016
Reaffirmed trust in Covivio
Renewing 33,300 m² with Eiffage
- Turnkey HQ campus developed for Eiffage
- State of the art building designed by Wilmotte and Viguier gathering 1,600 employees
- High class services
Renewal agreement with extended maturity of 10 years firm,
in line with previous rent
5
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original document
- Permalink
Disclaimer
Covivio SA published this content on 20 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 April 2021 16:01:03 UTC.