With over 140,000 sq.m let, Gecina is continuing to build on its robust rental performance
Since the start of 2021, Gecina has let, relet or renewed more than 140,000 sq.m of office space, confirming the trend from the first half of the year for a marked upturn in rental activity. During July and August, the Group signed deals for around 25,000 sq.m of new transactions, representing €11.4m of annualized rental income, with 80% in Paris’ Central Business District and the Western Crescent/La Défense.
In Paris’ CBD, positive reversion and progress with pre-letting the pipeline
Almost half of the rent secured in this way in July and August is linked to buildings located in Paris’ Central Business District. Gecina has signed 10 new leases for over 6,000 sq.m, including 2,700 sq.m pre-let in the l1ve building. On the renewal and reletting operations, these transactions show positive reversion of around +13%, highlighting the appeal of quality buildings in ideal locations at the heart of Paris.
In La Défense and the Western Crescent: progress with letting buildings delivered recently
In the Western Crescent and La Défense, the Group has let, relet or renegotiated nearly 9,000 sq.m of offices, primarily in buildings delivered recently (Be Issy, Carré Michelet). These transactions were completed at rent levels consistent with the Group’s expectations from before the health shock, highlighting the appetite among businesses for quality buildings in these markets.
In secondary sectors, long-term rental flows secured
At the end of July, Gecina signed an agreement for the early renewal of a lease for around 10,000 sq.m of the Europa building on the Cergy Campus, securing the building’s tenant for a firm nine-year period.
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Gecina signs a new lease for 2,700 sq.m, taking l1ve’s pre-letting rate up to 87%
Gecina has signed an off-plan lease with a major international recruitment firm for 2,700 sq.m of the Pergolèse building, which is an integral part of the l1ve real estate complex at 75[...]
Paris, France, August 2, 2021