In Lyon, the tertiary market is slowly picking up (JLL)

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In Lyon, the office market is picking up … pianissimo. JLL recorded a non-negligible increase of 34% in transactions over one year, with a total of 126,523 m² traded during the first half of 2021. However, looking at the average of the first semesters of the last five years, the transactions are still in progress. drop. 10% less than this average between January and June 2021.

The director of the JLL Lyon office team, Stéphane Jullien, mentions “a significant rebound in the first half of the year”, which, according to him, is explained by “companies which are anticipating their post-Covid offices and their new ways of working”. The specialist in the Lyon tertiary market does not forget to mention in detail certain large-scale operations behind the statistics. Like EM Lyon, which offered nearly 30,000 m2 on the Gerland sector, recorded in the second quarter of 2021. A real estate transaction that inflates the figures for the period.

Supply stabilizes after peaking

Despite this smooth recovery, the year 2021 is clearly better than the sad year 2020 for the Lyon market. “All the surface segments were more dynamic than in 2020, both in number and in volume”, concludes Stéphane Jullien in this regard. The considerable increase in supply observed last year is tending to slow down, fixing the vacancy at around 340,000 m2 and the prices of the prime value around 340 € HT-HC / m² / year. “Everything suggests that the 439,000 m² marketed in 2019 will remain the record level for a few more years. We expect the tertiary market exceeding 230,000 m² to land by the end of 2021 ”, forecasts Laurent Vallas, director of JLL Lyon and regions.

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Same observation on the investment side. Money is flowing again on the Lyon land market, with € 404 million invested in the first half of 2021, but in much smaller proportions than those – records – observed in the first half of 2020.

Logistics in the sky, trade at half mast

From January to June 2021, offices remained in the majority in the volumes invested, with € 238 million or 59% of the total, a share that is however down compared to those achieved in 2020 (61%) and in 2019 (61%) . The decline in activity also affected trade with a share of only 6%, against shares of 20% and 28% in 2020 and 2019. In fact, commercial brands have particularly suffered from the consequences of the health crisis. , leading to a prolonged wait-and-see attitude on the part of investors towards this asset class due to a stabilization of rental statements which remains to be finalized.

In return, the share of industrial assets has increased significantly, due to the attractiveness of investors for these assets with the rise of e-commerce, reinforced by the operational role of logistics in times of health crisis. Thus, in logistics warehouses, € 67 million were invested in the first half of the year, ie a share of 17% of the total.