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“Atrium Défense” – La Garenne-Colombes
© JLL
Good market activity continues
The office market in the Greater Paris Region 3rd quarter 2016
2222222
Editorial
Key message
Shortage of office space in Paris
Since the beginning of the year, immediate office supply in Paris has fallen by
100,000 sq m leaving the average vacancy rate in the capital at 3.6% by the end of
September. With 592,000 sq m of availability, supply in Paris has not been this low for
8 years!
After a long period of balanced supply (2009-2015) with a vacancy rate of around 5%,
levels started to fall in Paris a year ago and immediate supply now stands at only 6 to
7 months of consumption in most submarkets.
Paris accounted for over half of all transactions carried out in the Greater Paris
Region since the beginning of the year and there was a particularly high level of
activity in the major transactions segment which posted 19 transactions for spaces over
5,000 sq m in 2016, compared with 14 last year over the same period. As well as being
more numerous, these transactions were also larger as there have been 13 deals for
spaces over 10,000 sq m since the beginning of the year whereas, over the last five
years the average for spaces over 10,000 sq m in Paris was 7 transactions per year.
The highest number of major moves since the beginning of the year was seen in
peripheral submarkets, with the 15th and 13th districts leading the way (5 and 4
transactions for spaces over 10,000 sq m respectively).
2
3
Live from the market
Good market activity continues
No slowdown in the rental market over the summer
The Greater Paris Region office market posted a further increase this summer.
With figures for Q1 already over the 500,000 sq m level, Q2 fared even better and
exceeded 600,000 sq m. Q3 also saw a good level of performance with 592,000 sq m
of take-up. By the end of September, transactions stood at over 1.7 million sq m
(+14% year on year) which is in line with the ten-year average normally seen for this
period.
Activity in the over 5,000 sq m segment has been consistently good since the
beginning of the year with no fewer than 17 transactions completed by major
corporates this summer while there were 16 and 15 over Q1 and Q2 respectively.
These transactions also demonstrate major corporate appetite for new space
(29 of the 48 transactions) as this type of space allows them to improve the quality of
their offices as a working tool. The major transactions over Q3 included RTE's lease
of “Window” (~38,000 sq m), currently being redeveloped in La Défense, RATP's
lease of “Elyps” (~32,000 sq m) which is currently under construction in Fontenay-
sous-Bois and INSEE's lease at “White” which was completed last quarter in
Montrouge.
Paris remains far in the lead and has accounted for over half of all transactions
since the beginning of the year. Markets on the Left Bank were particularly active due
to transactions for spaces over 5,000 sq m. Following leases in Paris 12-13 at both
“Elements” and “France Avenue” (~15,000 sq m in each), BPCE/NATIXIS has opted
for further expansion in “Austerlitz” (~14,000 sq m). In Paris 14-15, activity is still
being driven by companies in the press and media sectors, with moves including
LES ECHOS / LE PARISIEN in “10 Grenelle” (~18,000 sq m) as well as another well-
known company (~14,000 sq m) following ALTICE's lease in Q2.
The business district of La Défense posted a remarkable performance for this
point in the year with a take-up of 231,000 sq m. Since the beginning of the year,
large companies have shown a high degree of interest in this submarket which has
seen 10 major transactions, compared with only 4 over the same period in 2015.
Three of these were for spaces in excess of 30,000 sq m: following DELOITTE's
lease in Q1 and SAINT-GOBAIN's in Q2, RTE opted to remain in La Défense and
move to “Window”, a building which has been developed above the “Quatre Temps”
shopping centre.
2,183 2,269
1,732
0
500
1 000
1 500
2 000
2 500
3 000
2014 2015 2016
Source: JLL/ImmoStat
Total take-up
Q1 Q2 Q3 Q4
In thousand sq m
665 530 614
0
500
1 000
1 500
2 000
2 500
3 000
Sources : JLL/ImmoStat
Number of large deals > 5,000 sq m
Demande placée cumulée 1T
En milliers de m²
Source: JLL/ImmoStat
20%
26%
6%
24%
10%
14%
18%
27%
13%
20%
9%
13%
Take-up by geographic areas(Q1-Q3 2016 vs Q1-Q3 2015)
Paris CBD Rest of ParisLa Défense Western CrescentInner suburbs Outer suburbs
Source: JLL/ImmoStat
Q1-Q3 2016
Q1-Q3 2015
4
As availability contracts, particularly in Inner Paris, we are starting to see
occupiers shift towards towns on the outskirts of Paris. The Inner Southern
Suburbs have also benefited from this phenomenon, particularly with INSEE's
transaction for “White”, the IONIS group's acquisition of 63 Boulevard de
Brandebourg in Ivry-sur-Seine and EUREST/COMPASS at “Smart up” in Châtillon as
the most recent examples.
Changes in prime headline rents vary by submarket. In the Central Business
District, the prime rent posted a further increase – mainly due to additional
completions at rents of more than €750 per sq m/year – reaching €770 per sq
m/year. In La Défense the prime rent fell to €515 per sq m/year over Q3 2016 -
with a rent of less than €500, the RTE transaction had an impact on values. In terms
of incentives, we are now seeing a slight decrease, particularly for small spaces in the
Central Business District and this is starting to spread to other submarkets. Rental
incentives reached 20% in the Greater Paris Region, ranging from 17% in Inner
Paris (or lower in some districts of Paris) to an average of 21% across the whole of
the Inner Suburbs.
Immediate supply in the Greater Paris Region posted a decrease for the fifth
consecutive quarter and stood at 3.6 million at the end of September, this
equates to a vacancy rate of 6.8% for the region. This reduction in supply has
particularly affected new supply which now only accounts for 17% of overall supply, a
level not seen since 2006.
There is now a lack of supply in Paris which has a vacancy rate of less than 4% and
rates of less than 3% in Paris 5-6-7 and Paris 12-13. The substantial gap between
Paris and the Inner Suburbs persists as most markets in the latter have vacancy
rates of more than 10%. Supply in the Inner Suburbs is plentiful with the Western
Crescent accounting for most of this availability (960,000 sq m). Finally, the vacancy
rate in La Défense stabilised over Q3 at 8.6%.
665 530 614
0
500
1 000
1 500
2 000
2 500
3 000
Sources : JLL/ImmoStat
Rents (in €/sq m/yr)Central Business District
Demande placée cumulée 1T
En milliers de m²
Source: JLL
4
1-5 rue d’Astorg – Paris 8th
© Jean-Marc Lavigne
108
8
6
Market driven by foreign investor transactions
Following a timid start to the year, investments in the Greater Paris Region market
have increased quarter on quarter. €5.5 billion was therefore invested over Q3 2016,
taking the overall performance since the beginning of the year to €12.4 billion;
this equates to a 6% year-on-year increase and is 36% higher than the long-term
average.
Following the sale of “Tour First” in Q2 for an estimated €800 million, a further 2
transactions for values over €500 million boosted the market over the
summer. AMUNDI acquired three assets in the Greater Paris Region from KANAM
as part of a European portfolio for an estimated €700 million and GIC sold two iconic
buildings in Paris to a French institutional investor for approximately €500 million. This
activity managed to offset a slight downturn in transactions in the €100 to €300 million
segment. There have been 28 transactions for values over €100 million since the
beginning of the year, amounting to a total of €7.3 billion, compared with 38 over
the same period in 2015 for a total of €7.8 billion (-6%). Activity in other market
segments continued to rise, with a 39% increase for transactions under €50 million
totalling €2.8 billion in investments (still very liquid) and a 19% increase for
transactions in the €50 to €100 million segment (€2.3 billion) – despite a lack of
product. The number of transactions across all segments was markedly higher than
levels seen in recent years, with 213 transactions recorded over the last nine months
compared with an average of only 156 over the same period for the last five years.
In terms of geographic distribution, investments remain fairly balanced across the
various submarkets of the Greater Paris Region. The Central Business District,
which has seen its performance double year on year, remains in the lead with
€2.6 billion in investments. The Western Crescent came in a very close second place
(€2.5 billion) with particularly good performances seen in Neuilly-Levallois and
Péri-Défense. In La Défense (€1.7 billion in investments since the beginning of the
year), recent disposals of the “CBX”, “Egée” and “Europe” towers confirmed the good
level of activity seen over the first half of the year. The Outer Suburbs also posted a
good level of activity with €912 million in investments. In fact, it was only the Inner
Suburbs that bucked the trend with only €1.2 billion in investments resulting in a 30%
year-on-year decrease in volume. The Inner Eastern Suburbs posted reasonable
results following the recent disposal of the “Elyps” project for approximately €180
million whereas volumes halved in the Northern and Eastern areas.
Offices (€10.3 billion) and retail (€1.4 billion) may have seen similar levels of
performance year on year, but those for industrial and logistics assets have more
than doubled over the same period. With €545 million in investments, warehouses
posted their highest level of performance since 2007.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Q1-Q3 2014 Q1-Q3 2015 Q1-Q3 2016
Source: JLL/ImmoStat
Investments by geographic areas
Paris CBD Rest of Paris La Défense
Western Crescent Inner suburbs Outer suburbs
GPR portfolios
0
2
4
6
8
10
12
14
Q1-Q3 2014 Q1-Q3 2015 Q1-Q3 2016
Source: JLL/ImmoStat
Investment volume by deal size
< € 50 M From € 50 to € 100 MFrom € 100 to € 500 M > € 500 M
In € bn
108
8
7
The Greater Paris Region investment market clearly remains dominated by
French investors who accounted for 80% of investments. However, this share has
fallen over the last three months due to an increase in activity from international
investors of various nationalities. American and Korean investors were the most
active with €500 million in investments. This variety can also be seen on the sell-
side where there were no fewer than 7 nationalities represented over Q3 2016.
Overall, since the beginning of the year, foreign investors have been net-vendors
with almost €5.2 billion of disposals, but only €2.4 billion in acquisitions.
German investors were particularly active in terms of disposals (€1.6 billion) –
especially KANAM as it continues to clear assets as part of its liquidation. Alongside
this, the Greater Paris Region market has also been driven by foreign investors
trading as they seek value-add opportunities.
Given the high degree of competition for core assets, investors have continued
to shift their interest towards riskier assets; assets classed as “value-add or
opportunistic” have therefore accounted for 34% of investments since the beginning
of the year, representing a slight year-on-year increase (31% in 2015). The number of
forward funding sales (VEFA) carried out since the beginning of the year
demonstrates this element of risk taking.
Already at a historic low, prime yields reached a new record following further
compression over Q3. The prime yield now stands at 3.00% in the CBD and 4.25%
in La Défense. Even so, with the OAT having fallen to 0.12% at the end of
September, real estate retains its attractiveness compared with other investment
vehicles with a risk premium of 288 basis points.
10-16 rue de la Ville l’Evêque – Paris 8th
© Jean-Marc Lavigne
0%
1%
2%
3%
4%
5%
6%
7%
Q32006
Q32007
Q32008
Q32009
Q32010
Q32011
Q32012
Q32013
Q32014
Q32015
Q32016
Source: JLL/Banque de France
Risk premium
CBD office prime yield 10-year bond rate
108
8
8
Outlook
While INSEE had initially forecast growth of 0.3% in Q2 2016, GDP fell (-0.1%) for
the first time since 2014, surprising most economic observers. Some claim that the
French economy is drawing to a halt, while others see this decline as a simple bad
patch following a particularly active start to the year (+0.7% of growth over Q1).
The main driver of growth, household consumption, remained stable over the
last three months (0.0%) following a 1.7% upturn over Q1. The same applied to
corporate investments which slowed as expected over Q2 following a marked
increase at the beginning of the year with the government incentive allowing for
additional depreciation initially planned to end on 14 April 2016 before being extended
to 14 April 2017. Output, which fell by 0.2%, was also affected by social action
against employment laws in May and June.
Another bad surprise was unemployment which, after an encouraging start to
the year, posted one of its largest increases of the last 5 years in August (+1.4%
in one month) resulting in an additional 50,200 category A job seekers. Even so, the
year-on-year unemployment rate still posted a 0.5-point decrease to 9.6% in mainland
France in Q2 2016.
Paradoxically, the business climate, which has been above its long-term average for
over a year, posted a slight improvement over September reaching 102 points.
The retail trade fell by 1 point (from 103 to 102), whereas services and industry
gained 1 point and 2 points respectively. The French PMI Market index is also
positive and came out at 53.3 for September compared with 51.9 in August. Despite
this, INSEE's turning point indicator still shows economic uncertainty.
In spite of this summer dip, the government, based on good figures for the
Business Climate and the PMI Markit index as well as an increase in householder
confidence, is maintaining its growth forecast for 2016 at 1.5%; this is more
optimistic than forecasts from the Banque de France (1.4%) and INSEE, which has
recently revised down its forecast to 1.3%. The government's forecast would need
growth to be at least 0.5% over Q3 and Q4, a level that will be difficult to achieve
according to many market observers.
Rental market
On a positive note, the decline in the outlook for economic growth has not yet
had an impact on corporate stated demand. We are currently seeing active
demand across all space segments. Many transactions are currently underway and
should be concluded before the end of the year. Given these conditions, we expect
the overall volume of take-up for the full year 2016 to stand at between 2.4 and
2.5 million sq m.
-0,4%
-0,2%
0,0%
0,2%
0,4%
0,6%
0,8%
1,0%
1,2%
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Q2
2011
Q3
2011
Q4
2011
Q1
2012
Q2
2012
Q3
2012
Q4
2012
Q1
2013
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q4
2014
Q1
2015
Q2
2015
Q3
2015
Q4
2015
Q1
2016
Q2
2016
Source: Insee
GDP in France (QoQ change)
0
20
40
60
80
100
120
0
500
1 000
1 500
2 000
2 500
3 000
2009
2010
2011
2012
2013
2014
2015
2016
(f)
In thousand sq m
Source: ImmoStat, Insee
Business climate and take-up
Take-up in the Greater Paris Region
Annual average business climate
108
8
9
In terms of supply, with a low level of completions due in 2016, most of which have
been pre-let, there will be a low level of supply renewal. Given the buoyant level of
demand, immediate supply should continue to fall over 2016 and into 2017.
Investment market
Rates for the French OAT fell once again to a new historic low (0.123% at the
end of September 2016), thereby maintaining a substantial risk premium for real
estate. The Brexit announcement led to downward revisions for growth forecasts for
most European countries and, given that the outlook for inflation remains weak, the
low-rates policy of the Central European Bank (CEB) should continue over the
months ahead and sustain an attractive risk premium for the real estate category.
The investment market, apart from the low-rate climate, will continue to benefit
from an abundance of capital over the coming months – as demonstrated in
particular by the numerous transactions underway involving Korean investors – but
also from the end of the Franco-Luxembourg tax treaty. We therefore expect the
investment volume for 2016 as a whole to stand between €18 and €20 billion in the
Greater Paris Region.
The JLL potential indicator has now entered into the ‘balance zone’; this is due
to a slight fall in the ability to create value following further prime yield
compression and increases in the prime rent in the Paris CBD.
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q3
2010
Q4
2010
Q1
2011
Q2
2011
Q3
2011
Q4
2011
Q1
2012
Q2
2012
Q3
2012
Q4
2012
Q1
2013
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q4
2014
Q1
2015
Q2
2015
Q3
2015
Q4
2015
Q1
2016
Q2
2016
Q3
2016
Source: JLL/ImmoStat/Banque de France
JLL potential indicator
Potential zone Balance zone Risk zone
108
8
11 10
Notebook
Paris: pedestrianisation of bankside routes approved
On the 26 September 2016, the Conseil de Paris officially adopted the
pedestrianisation of the Right Bank of the Seine. A municipal by-law should follow
in October.
The 3.3 km of the Georges Pompidou section from the entrance of the Tuileries
tunnel to the exit of the Henri IV tunnel, currently used by 45,000 vehicles per day,
will therefore be closed to traffic from Paris Plages. This decision, made in spite
of an unfavourable response to a public enquiry in August, follows many months of
debate between the left majority and ecologists who argue on the basis of improving
air quality in Paris and elected representatives on the right and neighbouring mayors
who argue that, beside the results of the regional consultation, the changes will also
cause traffic difficulties and extended journey times. These arguments are also put
forward by business owners, Medef and the Chamber of Commerce and Industry for
Paris and the Greater Paris Region (CCIP).
The final pedestrianisation of these bankside roads does still require agreement
from the Chief Constable/Police Commissioner for Paris who has indicated a
favourable stance, subject to a number of conditions. These include a six-month
observation period during which modifications may be made to the project,
assurances for optimal access for police and rescue vehicles, the suspension of other
changes to the road network that would impact traffic on bankside routes and the
establishment of a technical monitoring committee.
As for residents, the project appears to be a welcome one – according to a
survey by IFOP carried out between 16 and 21 September 2016, 55% of Parisians
were in favour, even when the Georges Pompidou lane had already been closed to
traffic. This figure rose to 60% in April.
The pedestrianisation of city centres does appear to be in fashion in Europe. Brussels
now has the largest pedestrian area in Europe and Oslo is planning to ban all cars
from the city centre by 2019, there are also projects in many French regional cities.
Neuilly-sur-Seine has also just presented “Les Allées de Neuilly”, a pedestrianisation
project for the side lanes which run alongside Avenue Charles-de-Gaulle, also
referred to as RN 13.
8
11
Markets holding up to political and economic
uncertainty
The main markets around the world have so far fared relatively well through this
period of instability seen since the beginning of 2016. Despite rising concerns,
investment volumes should remain high in 2016, while rental market fundamentals
and corporate demand remain robust in the United States and Europe. At this stage,
the main areas of concern are the consequences of Brexit as well as the slowdown in
the Chinese economy.
At the end of H1 2016, the investment market posted a volume of $292 billion
(€263 bn), representing a 10% decrease compared with 2015. Due to the rise in
political uncertainty and greater investor prudence, the investment market could see a
10 to 15% decrease in activity in 2016. However, even with a reduction to around
$600 billion (€540 bn), this is one of the highest ever levels. In Europe, investment
volume at the half-year point reached $109 billion (€98 bn) and is only 5% down on
2015; this is due to sustained activity in continental Europe which has virtually offset
the reduction in activity seen in Great Britain. Yields continued to fall in some markets
but the overall trend is stabilisation.
As corporates are adopting a more prudent stance, the position for rental markets
is more mixed. Activity is holding well in the United States, most European countries
and in Japan; of the main markets, only Great Britain and China have seen reductions
in activity. Given the context of uncertainty, the rental market could see a slight
reduction of around 5% in 2016 compared with the 2015 record of 41 million sq m.
Supply has continued to fall and reached 12.1% at the half-year. Levels are not
expected to change considerably by the end of the year, with Europe and the United
States posting a fall while Asia could see a slight increase in vacancy rates. Because
of tightening levels of supply, rents are on an upward trend with a 5% year-on-year
increase. However, the rate of increase should slow to 3% towards the end of the
year.
12
Paris: misses out on podium spot for most attractive
cities
In September, audit firm PricewaterhouseCoopers (PwC) published its 2016 ranking
of “Cities of Opportunity”, this selection is determined based on a number of
economic, social and cultural indicators. Whatever the proponents of “French
bashing” may say, Paris remains attractive as this year the capital came in fourth
place behind London, Singapore and Toronto. Despite the Brexit announcement at
the beginning of the year, three European capitals managed to make it into the top 5.
Of the 30 cities ranked this year, Paris came top in 9 out of 10 of the criteria
groups used in the report, meaning that it is the most consistent of the global cities
listed. Paris took the top spot for quality of life, even though this is not necessarily
the first impression one may have. Paris achieved good scores due to its public
transport (ranked number 1), its cultural diversity (2nd) and public gardens (3rd),
placing it in joint position alongside New York. In this criteria group, Paris was only
placed in 7th position in 2014.
In terms of intellectual property and innovation, Paris fell to 4th place whereas it
was ranked in first place in 2014. Although the capital may be good at training
researchers, it does have difficulties in transforming that potential into
entrepreneurship.
Fourth most expensive city, it comes as no surprise that Parisian rents (for both
commercial and residential) are high, even though purchasing power in Paris is
substantial (ranked 9).
Finally, Paris was penalised by the economic climate's lack of attractiveness. It
may hold 7th place in terms of productivity, 9th in foreign investment and 3rd for
headquarters, but economic indicators knock it back into 8th place, particularly
employment growth.
The capital should not therefore be embarrassed by its 2016 results. However,
given the effects of the threat of terrorism or even Brexit, it remains to be seen if Paris
can retain its ranking for the report’s next edition.
2016’s ranking “City of opportunity”
1 London
2 Singapore
3 Toronto
4 Paris
5 Amsterdam
6 New York
7 Stockholm
8 San Francisco
9 Hong Kong
10 Sydney
Source: PwC
13
Work becomes lifestyle as generations Y and Z reinvent
offices
According to a JLL report1, 49% of employees aged under 35 believe that they
would be more committed to their company if it were to introduce a democratic
model based on shared decision making and responsibilities.
The report reveals that young people dream of involvement and responsibility,
recognition from management, flexible working practices and involvement in important
projects. More than freedom, they dream of belonging to a community that
embodies the values in which they believe. They dream of fluidity, of a world without
silos, without dress codes, with no distinction between professional and personal and
no longer want the environment to be imposed.
As part of the report, the young people interviewed devised 15 new forms of
workspace with a range of complementary uses.
By 2030, the office will of course remain a place where we go to work, but in addition
the workplace will sometimes:
be hyper productive, working in PERFORMANCE TUBES, or be highly
collaborative, within PROJECT SPACES, FABLABS which allow
experimentation, or using PITCH THEATRES for idea creation.
be a place of inspiration, which would allow one to withdraw to a HIDEAWAY
or to experience art installations in a DISRUPTIVE space, designed like a
curiosity cabinet.
allow for the formation of new relationships in a RECEPTION LOUNGE,
completely open to all, to work at a POP-UP DESK in an unexpected location,
or to stroll through an AGORA dedicated to connections and the organisation of
meet-ups within the company.
By 2030, the office will have finally become a regenerative space:
It will offer disconnection COCOONS, playgrounds to let off steam,
ASSOCIATIONS to fulfil the need for civic engagement.
It will be a community space: parties and FLASH MOBS will form part of the
daily routine and workers will meet at COMMUNAL KITCHEN GARDENS where
they can cultivate tomatoes alongside interpersonal relationships.
In light of these rising expectations, some companies in the digital economy
have already made the first steps. BlaBlaCar, Deezer and Allo Resto are already
experimenting with tribal working, games rooms and disconnection areas. Their
spaces have been jointly designed with the employees and create an experience that
workers deem to be unique - and which brings them closer to the company. This
longed-for managerial vision should soon become reality and offices will, without a
doubt, have a decisive role to play.
1 Quantitative survey of 200 young people, carried out by the CSA institute - and qualitative with 3 focus
groups comprised of high-school pupils, students and young start-up owners.
14
ICC, ILAT and ILC: all indicators are positive
After posting a downturn last quarter, the ICC recovered over Q2 2016. With a 0.5%
increase in the index, it now stands at 1,622 points compared with 1,615 last quarter.
In parallel, the ILAT still saw annual growth post a moderate increase with a 0.5%
year-on-year increase. The index stood at 108.41 in Q2 2016, compared with 107.86
over the same period last year.
In conclusion for commercial leases, the ILC index remained stable and positive
over Q2 2016. Its value remained unchanged quarter on quarter: 108.40 points,
representing a slight 0.02% year-on-year increase. The retail rents index has
remained relatively stable for over three years, fluctuating in a range from 108.32 to
108.53.
-6%
-4%
-2%
0%
2%
4%
6%
8%
Q4
2009
Q1
2010
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Q2
2011
Q3
2011
Q4
2011
Q1
2012
Q2
2012
Q3
2012
Q4
2012
Q1
2013
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q4
2014
Q1
2015
Q2
2015
Q3
2015
Q4
2015
Q1
2016
Q2
2016
Source: INSEE
Comparison of ICC, ILAT and ILC changes
ICC annual change ILAT annual change ILC annual change
Virginie Houzé MRICS
Head of Research France
Research department – Paris
T : +33 1 40 55 15 94
Delphine Mahé
Research manager
Research department – Paris
T : +33 1 40 55 15 91
Manuela Moura
Consultant
Research department – Paris
T : +33 1 40 55 85 73
www.jll.fr
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100-110, esplanade Charles de Gaulle
92932 Paris La Défense Cedex
T : +33 (0)1 40 55 15 15
F : +33 (0)1 49 00 32 59
Saint-Denis
3, rue Jesse Owens
93210 Saint-Denis
T : +33 (0)1 40 55 15 15
F : +33 (0)1 48 22 52 83
Marseille
21, rue de la République
13002 Marseille
T : +33 (0)4 95 09 13 13
F : +33 (0)4 95 09 13 00