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Walloon Offices Q4 2015

The full report

PROPERTY TIMES
Walloon Offices Q4 2015
Slight improvement

• Take-up in Belgian regional office markets in 2015 ended on a traditional end-of-year high, with 50,000 sq m in Q4 including 5,000 sq m of deals in Walloon office markets.
• Total take-up in Belgian regional office markets in 2015 was 186,000 sq m – a 10% increase on 2014. Take-up in Wallonia amounted to 26,000 sq m, led by demand in Namur where movements involving occupiers from the banking- and public sectors have been numerous. This includes an 8,000 sq m development for CBC’s head offices announced in Q1.
• 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.
• There were more than 80,000 sq m of deliveries in Wallonia in 2015, including only 6,500 sq m delivered speculatively. The largest addition to the stock was the long-awaited 39,000 sq m Tour Paradis in Liège for the ministry for finance.
• Prime rents in Wallonia were led by Namur with a level of EUR 150/sq m/year.