ON POINT: Antwerp Office Market Q4 2009. Jones Lang Lasalle

Belgium

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ON POINT: Antwerp Office Market Q4 2009

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The overall take-up in Antwerp is down by 30% on last year, when looking only at the corporate take-up, the volume is “only” down 17% on 2008 despite the worldwide economic downturn.
After only 49,800m² of new office buildings entered the market in 2007 and 2008 together, in 2009 no less than 105,900m² of new office space has been delivered.
Of this, only 23,000m² remained unoccupied at the end of the year The market has absorbed the newly delivered buildings far better than expected and vacancy currently stands at 11.2%
The overall real estate investment volume in Belgium for 2009 (EUR 1.46 billion) was low, despite a revival in the second half of the year.
43% of all investments took place in Flanders Prime yield in Antwerp remained stable over the last 9 months at 7.0% for prime offices.