Pierre Paumelle, Val-de-Marne development director, says many firms are already moving out of central Paris for economic reasons, and the improved transport infrastructure of Grand Paris will make this even more attractive. "A lot of companies are moving out of the centre of Paris for cost reasons and are looking for newer premises in much less expensive locations, and the Val-de-Marne offers exactly this type of product," he told PIE. Val-de-Marne will benefit from the Grand Paris' driverless Orbival metro line linking the main business and residential areas of Greater Paris.
The 140 kilometer, figure-eight configuration will cross the department, providing a direct link to La Défense and main Paris airports. Planning is more advanced than other parts of the network, although it is still likely to be around 2020 before the system is up and running.
But Val-de-Marne can boast extensive transport links even before the arrival of Orbival. It is crossed by four motorways, five RER regional express railway lines and three Paris metro lines, one of which will be extended in early 2011. It also boasts the second-largest river port in Ile-de-France at Bonneuil-sur-Marne and, most importantly, Orly which serves more than 300 destinations across the world and carries 23 million passengers a year. These transport links and Val-de-Marne's lower costs are a major factor in such a decision. The region claims the lowest rental values in Greater Paris. Annual rents are $33.74 per square foot for real estate of international standing compared with an average of around $44.05 per square foot for Ile-de-France as a whole and around $63.01 per square foot for Paris central business district. And median real estate purchase prices are only $264.60 per square foot compared with $516.54 per square foot for Greater Paris.
Val-de-Marne currently has a stock of some 37.7 million square feet of office space, about 7% of total Ile-de-France - but it is expanding more quickly than the rest of the region, with an increase in office floor space overall of 18% between 1997 et 2008 compared with 11% in the French capital. It also has the lowest vacancy rate of any department in Ile-de-France, accounting for just 5% of vacant office space in 2008, Paumelle notes.
Allan Saundersonis a managing editor of Property Finance Europe and a contributor to GlobeSt.com.Want to continue reading?
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