An empty commercial space for six months on a busy street, an office floor rented at a price below market value because the energy performance certificate (DPE) is rated E: these situations are regularly encountered in commercial real estate. They remind us that rental yield is not determined at the time of purchase. It is built on technical, fiscal, and regulatory considerations that play out well before the signature.
Tertiary Decree and energy performance: the game-changing filter in commercial real estate
Before discussing profitability or financing strategy, we must establish a regulatory fact that most investment guides treat as a footnote. The Tertiary Decree requires tertiary buildings over 1,000 m² to reduce their energy consumption, with milestones set for 2030, 2040, and 2050.
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In practical terms, a building without a credible work plan is already suffering a depreciation at resale. Conversely, assets aligned with regulatory objectives benefit from a premium. This mechanism is observed in offices, but also in activity premises and logistics warehouses.
For individual investors or property investment companies (SCI), the direct consequence is simple: buying a tertiary property without checking its compliance with the Tertiary Decree amounts to ignoring a hidden liability. The cost of compliance works can absorb several years of rent. It is recommended to systematically request the building’s OPERAT reporting before any purchase offer.
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When looking into real estate with Maison Pro, this regulatory framework allows for sorting opportunities right from the prospecting phase, without wasting time on assets that will lose value in the medium term.
Rental yield in corporate real estate: what the gross rate doesn’t reveal
The gross yield displayed on an office or commercial space listing provides an indication, but it conceals variables that weigh heavily on actual profitability. At least three factors must be isolated before comparing two properties.
Recoverable charges and owner charges
In commercial real estate, the commercial lease allows for a significant portion of the charges to be transferred to the tenant (property tax, routine maintenance, insurance). However, the exact distribution depends on the lease wording, not an automatic standard. A poorly drafted lease can leave the owner with heavy expenses such as façade repairs or roof replacement.
Vacancy and re-letting duration
A commercial space at the foot of a building in a medium-sized city can remain vacant for several months after a tenant leaves. Returns vary on this point depending on the sectors, but the trend is clear: re-letting times are increasing for poorly located or energy-intensive assets. Incorporating a realistic vacancy assumption into the profitability calculation avoids unpleasant surprises.
Taxation based on the holding vehicle
Holding a property in one’s own name, through an SCI taxed under personal income tax (IR), or through an SCI taxed under corporate tax (IS) does not yield the same net result. Accounting depreciation in an SCI taxed under IS reduces the taxable base during the holding phase but generates a higher tax capital gain upon resale. The choice of vehicle depends on the expected holding duration and the overall wealth strategy.
- SCI taxed under IR: tax transparency, rental income taxed at progressive rates, capital gains for individuals upon resale with allowances for holding duration.
- SCI taxed under IS: depreciation of the property, taxation of profits at a reduced rate, but professional capital gains upon exit without allowances.
- Holding in one’s own name: simplicity of management, but no optimization possible on depreciation and direct exposure to income tax.
Geographical recomposition of offices: balancing between city center and outskirts
Remote work has reshuffled the demand for office spaces. Market data has shown, for several years, a lasting decline in the demand for large office floors in business districts, in favor of smaller and more flexible spaces in the first crown or in well-served medium-sized cities.
For an investor, this means that the face yield of an office in a business zone sometimes conceals an increased vacancy risk. Companies are reducing their spaces and seeking premises suited for hybrid work: modular spaces, enhanced connectivity, proximity to transportation.
At the same time, activity premises and logistics warehouses are benefiting from sustained demand, driven by online commerce. These assets often offer yields higher than offices, with long leases and stable tenants. The trade-off between these types of properties constitutes a concrete performance lever for a commercial real estate investment portfolio.
ESG criteria and asset value: an operational filter
ESG criteria (energy, carbon, mobility, quality of use) are no longer just a marketing label. Major institutional investors in France systematically incorporate them into their acquisition decisions, according to the Observatory of Sustainable Real Estate.
The consequence for smaller investors is direct: an asset that does not comply with ESG standards loses liquidity in the secondary market. Reselling an office building rated F or G in DPE becomes difficult, as potential buyers anticipate the cost of compliance and adjust their offers downward.
Here are the points to check before a purchase:
- Current DPE rating and renovation trajectory planned by the seller or property manager.
- Compliance with the Tertiary Decree: has the building declared its consumption on the OPERAT platform?
- Presence of a green lease (mandatory environmental annex for leases over 2,000 m²) and mutual commitments between owner and tenant regarding consumption.
- Accessibility by public transport and mobility score, which directly influence rental attractiveness.
Commercial real estate remains a solid investment as long as each acquisition is treated as a technical file. Profitability hinges on the quality of the lease, the regulatory compliance of the building, and the choice of tax vehicle. Neglecting any of these parameters means accepting a net yield well below what the market can offer.