Low level of transactionsIn detail the analysis reveals quite mixed

The crisis prowl, but has not yet hit! In the beginning of December, professionals in the real estate business in Marseille refuse into the gloom. It is true that the transactions recorded a strong increase in the third quarter with 29.600 m2 of offices on the sector of Aix-Marseille against 19,000 m2 between March and June. Overall, the professionals believe that, during the first half, demand is reduced by 30 and 44 transactions. "There is an effect of unquestionable crisis but must be balanced against the lack of products in the right place at the beginning of the year", see Pascal Schori, Regional Director of Atisreal, that 2008 should be completed on a total of 100,000 to 110,000 m2 of offices marketed to compare to the 148.000 m2 of 2007.

Low level of transactions

In detail, the analysis reveals quite mixed. Thus, in the third quarter, two thirds of the transactions were conducted on Aix-en-Provence, where the type of business is not the same as in Marseille: industrial on one side while the regional capital attracts rather administrative functions on which investments have clearly been deferred. "It is time that it had not seen such low levels of transactions on Marseille", recognizes the Regional Director of DTZ, Philippe Venturini, who regrets him also the weakness of the offer in the area of operation public EuroMediterranean development, where only two buildings totalling 16,000 m2 were delivered to the first half of 2008: the Sextant (Investor Antin Vendôme, promoter Meunier) and heart Mediterranean (investor fund of savings Provence-Alpes-Corse)(, promoter Constructa), both occupied by the delivery. He sees on the other hand, the opportunity to a rebalancing of the tertiary on Marseille and the possibility for other areas of the city, as the southern districts, the technopole of Chateau-Gombert or the Valley of Huveaune, attract they also companies for best rates. "Offices in these areas are less easily, but in difficult times, it is still necessary to bring a certain panel of price," he said.

Because, for the moment, the prices on the EuroMediterranean do not feel the crisis. In his last index on rents of Office in the third quarter in 49 cities, the firm CB Richard Ellis was that of the 8 cities in progress, the largest increases were... in Marseille and Dubai! A phenomenon of scarcity and a very good image, with offices in the building of the Docks (bought end of 2007 by JP Morgan and Constructa EUR 220 million) to are rehired professional service in 2008 more expensive than the nine, 230 euros, or 260 euros per square metre, while the average sector price settled around 215 euros. However, the first negotiations are more demanding in addition to accompanying measures (additional work or free months).

Blended operations

But Marseille is not an isolated bubble and professionals expect very difficult months. Locally, the crisis is already feel with the report of operations that were not secured by investors, including in the second free zone or in the sector of the Capelette, at the entrance still is of the city, where 10,000 m2 of projects are pending.

Can this trend reversal affect major projects of the public operation, where not less than 146.000 m2 of offices are expected between 2011 and 2012 "We still observe an interest for our operation, but the crisis manifested by greater rigour of mounting among our partners," notes Paul Colombani, Deputy Director General of EuroMediterranean. And if one adds a few legal issues, it sometimes imposes full reestablishment of certain operations. This is the case of the future business Euromed Center (Cogedim, Crédit Agricole) District with its 70,000 m2 and the multiplex of Luc Besson. Appeals against the building permit of cinema, by an operator of the city, and a high-rise office building forced him to a redefinition of the program to separate the different buildings and "restore economic profile more in relation to the fundamentals of today", said Paul Colombani. For its part, the Constructa group will cover its spending quickly realizing all of the parking lots and 10,000 m2 building bought 40 million by the Bank people's Provence and Corsica, and wait for better days to engage in the adventure of the two towers housing and offices signed Jean Nouvel Tower.

Facing the crisis, Marseille hope finally take advantage of the game with the delay of some programs which puts it from a glut of supply this. It also emphasizes his selection as European capital of culture in 2013 with the key, the realization of several public facilities, almost all concentrated in sea front, on the perimeter of EuroMediterranean. "This is a fabulous publicity for the city which will help accelerate its renovation and will also attract private investors," says Pascal Schori, as to avert the fate!

\