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The full report

PROPERTY TIMES Flemish Offices Q4 2015

Antwerp remains the focus of demand

• Take-up in Belgian regional office markets in 2015 concluded on a traditional end-of-year high, with 50,000 sq m in Q4. Flemish office markets contributed 45,000 sq m to this figure.
• Total take-up in Belgian regional office markets in 2015 reached 186,000 sq m, up by 10% on 2014 results. Take-up in Flanders amounted to 161,000 sq m, a figure led by Antwerp, the leading regional office market this year.
• Take-up outside of regional markets increased substantially in 2015 to reach 71,000 sq m. This is due to deals located in strategic locations such as province capitals and was dominated by ICT- and public sector occupiers.
• The influence of the sixth reform of the State, which imparts more powers to the three Belgian regions take-up has been- and will continue to be felt over the next years through waves of regionalisation from Brussels to the two other regions, as well as consolidations within these regions.
• More than 83,000 sq m of new deliveries were completed in Flanders in 2015, including 38,000 sq m of committed constructions. As much as 61,000 sq m could be added to the stock in Flemish office markets in 2016.
• Ghent and Antwerp had the highest prime rents among Flemish office markets in 2015 with a level of EUR 150/sq m/year.