This news article was originally written in Spanish. It has been automatically translated for your convenience. Reasonable efforts have been made to provide an accurate translation, however, no automated translation is perfect nor is it intended to replace a human translator. The original article in Spanish can be viewed at Los mercados de oficinas de menor tamaño en Europa muestran un frágil equilibrio
The markets of offices of lower size in Europe show a fragile balance
3 July 2012
The markets of European offices of lower size —of cities like Barcelona, Lyon, Colony, Amsterdam, Rome, There Is It or Lisbon, between other— pugnan for going back to the senda of the growth, in the majority of the cases presionados by a scarce economic activity. During the first quarter of 2012, the absorption accumulated in the 16 cities analysed by
BNP Paribas Real Are in the study, excluded the nine main European markets by size, remained practically flat, with an increase of only 2% with regard to the last quarter of 2011.
The behaviour of the distinct cities has been, nevertheless, dispar. In the last twelve alone months Colony and Lyon have registered levels of contracting above his average of the last five years, although during the last quarter waned. In Barcelona, Rome and Lisbon the absorption of offices descended until reaching the lowest volume in ten years, reflect his feeble business activity. In Vienna, after his worst quarter, the market of offices repuntó with strength during the first three months of 2012, to the equal that in Amsterdam and There Is It. The situation in the cities of United Kingdom, excluded London, keeps on being difficult, with scarce demand and a hard competition by part of the owners.
The new politics in matter real estate of the city council of There Is It (Holland) will incorporate an important volume of space of offices. Photo: Nick Winslow.
Although the half tax of availability remains practically stable from the fourth quarter of 2010 in 10,9%, in the majority of the markets finds in maximum levels. They are few the cities, in concrete Luxembourg, Lyon, Vienna and Rome, that exhibit a low level of unemployment. The promotion is scarce, reflection of the uncertainties that atenazan to all the markets in the current European crisis. The speculative developments, in fact, find on the dot died and the projects of new offices in course limit to prealquileres and pre-orderings. It does not expect that the availability descend noticeably in the next quarters since the rationalisation of spaces follows motivating the movements of users. The ratio of unemployment in Barcelona has continued increasing until 15,6%, the maximum level reached in the city condal, like consequence of the scarce level of absorption and of the politics of reduction of space of a lot of companies. In United Kingdom the disequilibrium between offer and demand persists, what keeps in heights the ratios of unemployment. The new politics in matter real estate of the city council of There Is It will incorporate an important volume of space of offices, which will not help to a market with a tax of availability of 13,3%. Amsterdam, by his part, has the level of unemployment higher of Europe, 17,6% of the total stock.
Lyon Has registered levels of contracting above his average of the last five years in the last twelve months. Photo: Larry Claude.
In general the incomes ‘prevail' have come increasing from the second quarter of 2010, although this tendency truncated during the first quarter of 2012, that annotated a descent of 2,9% with regard to the previous. Although the offer of offices is abundant in all the cities, in the majority of the business centers (CBD) the new surface is scarce, what has facilitated that the incomes ‘prevail' have stabilised or, even, increased. Lisbon and Barcelona were the only cities in which the incomes prevail have gone decreciendo gradually in the last four quarters although it expects that they stabilise when detecting demand for the best locations. The value ‘prevail' registered in Barcelona reached his lower level in ten years, 222 euros/m²/year. In Lisbon, descended 3% during the last quarter, situating in 216 euros/m²/year. The incomes prevail increased in the cities of Lyon (285 euros/m²/year), Vienna (294 euros/m²/year) and Luxembourg (480 euros/m²/year). In United Kingdom and the French cities, the incomes ‘prevail' keep strong, although sustentadas by generous politics of incentives. The high availability in the German cities, Amsterdam and There Is It leaves scarce route to a possible growth of the incomes.
Related Companies or Entities
BNP Paribas Real Estate