ON POINT: The return of Europe. Jones Lang Lasalle

Belgium

Jones Lang LaSalle

Research Report Details

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ON POINT: The return of Europe

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Take-up in Q1 2012 came in at 54.730 sq. m. , up 17% vs. the weak Q1 2011. It was influenced by a large transaction by the Federal Police who pre-let 10,000 sq. m. in the Belair (Pentagon). In the first weeks of Q2 2012, the European Commission pre-let the New Orban building (24,700 sq. m.) in the Leopold district, as well as the 19,500 sq. m they do not already occupy in the Covent Garden (North).
Vacancy increased in Q1 2012 to 11.6%, vs. 11.1% in Q4 2011, lifted because of the space left empty by Belfius in the North district as well as several buildings vacated in the Decentralised and the Periphery. In the CBD, vacancy rate remained rather stable at 7%.
Speculative development activity is historically low, implying a low vacancy rate for new buildings (3.4%) and suggesting that overall vacancy will decline in the rest of the year.
Prime rents declined from €300/sq. m./y to €285, while the top quartile rent for Brussels tightened to €212/sq. m. /y (from €222) and weighted average face rent remained stable at €171/ sq. m./y.
Capital markets activity for offices booked a slow start in Q1 2012, with investment volumes of €82m, down vs. €299.5m in Q1 2011.
Prime yields remained stable over the quarter at 6.00%.