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Property Times - Walloon Office Markets Q2 2016

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  • Regional markets take-up increased in Q2 to 63,000 sq m, the best figure since the end of 2013 (Figure 1). In Flanders, take-up was 58,500 sq m, while Wallonia underwent a decrease to amount to 4,500 sq m. The overall demand was driven by Antwerp which accounted for 40% of regional markets take-up as well as a standout quarter for Mechelen, with its most dynamic level of activity so far this century.
  • Public sector occupiers were once again notable absentees; this was however compensated by a lively private sector, particularly industrial and ICT companies.
  • Despite an increase of the proportion of activity in Grade A- and B buildings, a majority continues to take place in Grade C buildings (52% in Q2).
  • Certain markets such as Ghent, are in need of new projects, speculative or otherwise, due to lack of new supply despite demand for quality spaces.
  • The prime rent is still EUR 150/sq m/year and applies to the Antwerp, Ghent and Namur markets, although an increase may occur due to the tension between demand and lack of supply for Grade A spaces.