The owner provides two years of franchise

It is a secret. Since 2008, virtually no aucun locataire tenant pays more displayed tertiary local rents. Lenders readily concede a month or two franchise lease year, six to twelve months to six years, nine to eighteen months for nine years... thereby minimizing the actual cost of housing companies of less than 16 on the entire term of the lease.

The recipe is known and is used in every crisis, when owners shudder at the prospect of empty buildings. Nothing abnormal to propose something commercial to attract a new competitive market retain its tenant, but why, then, without disclosing the details of the negotiations, not to take into account these real numbers in calculations of market statistics "It would be far too complicated, because conditions differ from one tenant to another." Leases are actually cut on measure. "The average actual rent would meaningless", explains Denis François, the President of CBRE Expertise. It is true that large signatures, business known and listed, ready to sign a lease of nine years for 20,000 square meters, are more likely to negotiate as a new SME market. Despite its small resources, the latter was likely to pay high prices for lodging.

The true reasons for this opacity are elsewhere. "The figure registered in the lease, i.e. the"facial"rent, is one which serves as a reference in the calculation of the famous active net revalued." "The property listed, and all the owners, have an interest in that it is the highest possible", said Philippe Taravella, Director of property Expertise. And, throughout the lifecycle of the building.

Artificial enhancement

The proponent of a building nine is the first of the chain to the maximum value for better sale. "Simply put, take a building which reported EUR 6.5 million per year and rents on the basis of a rate of return of 6.5." Its value is EUR 100 million. The owner provides two years of franchise. If he posts them at the beginning of lease, it will simply remove EUR 13 million to the value of the building. If it spread out to calculate an average rent real, he gets an annual income of EUR 5.05 million, by applying the same rate of return, giving a value of 77 million euros, i.e. ten million less. "The reasoning is mathematical and practical," says Jean de Launoy, President and CEO of the company of expertise NET. The land purchased the building at a price of EUR 100 million can guarantee to its shareholders that it will properly collect 6.5 million euros per year, since the franchise was paid by the sponsor. If she wants to then re-sell or re-lease the, it is still this figure of EUR 6.5 million per year, registered with the lease, which will serve as a reference, after indexing and the market. "The great land tend to increase facial rents and therefore the potential value of their buildings, even concede more to their tenants", explains Laurent Vignon, responsible for major accounts in BNP Paribas Real Estate. All are defending not the system: "IFRSs require listed companies to certify twice a year the value of their assets as if they were at any time ready to sell." "Our investment strategies are thus sometimes dictated by accounting requirements, which is ridiculous", regretted the President of one of these land. At the end of string, the user is also delighted: commercial benefits during the first months to ease costs of relocation, as the double rent that he must sometimes endorse during the transition phase between the two sites. It will certainly eventually registered rent lease, but the latest possible.

Opacity accepted

Few critics are against this practice of place known to all and therefore considered inconsequential by most actors. Some users, but winning and just as discreet as their lenders on the terms of their leases, nonetheless denounce a market "unhealthy and to create a housing bubble." This is the point of view of Michel Ginot, President of the Association of real estate managers (ADI), who thinks set up a working group on this subject. "Person pays facial rent, but no one knows nor the actual rent, therefore posted sales that made the market" analysis Philippe Robin, real estate Director of France Telecom. "an introspection on the part of those who produce the information and the broadcast, the same would be beneficial." "When rents go up, is to lease more expensive and each displays its records, when they are falling, no one does, to avoid panic," said Jean-Marie Ciuch, CEO of Immogroup Consulting. According to him, it is impossible for experts to calculate the value of the assets by comparison, since the real numbers are not known. "Method in anticipation of future income is also questionable, because it relies on forecasts upward for ten years, impossible to guarantee today," he continued. This lack of transparency would be finally to cushion or delay the brutal changes in the market and artificially maintain its appeal, especially in the direction of foreign investors.