Massive transactions in Q4 give the 2009 Office take-up in Brussels a salutary boost

The Brussels office take-up in 2009 was saved by massive last minute transactions; in total, 400,000 sq.m. of office space have been let or acquired for own use in 2009.

After three underperforming first quarters, the office take-up in Brussels was exceptionally limited, in comparison with previous years. “At the time we published our latest snapshot report, in October 2009, the take-up was reaching about 200,000 sq.m., a level that was historically low. Nevertheless, in the same issue, we were announcing this figure might double during the last quarter of 2009”, explains Jef Van Doorslaer, Head of Research. Indeed, major transactions were closed during the two last months of 2009, setting the final overall take-up figure at 400,000 sq.m.

- GDF Suez took 75,000 sq.m. in the North Pole and North Star towers, both elevated by Fortis Real Estate, in the Brussels North district (source : http://www.echo.be/ 5/1/2010).
- The Belgian State (Chamber of Representatives) purchased the 43,000 sq.m. office space in the Forum building (rue de Louvain) for own use, at the price of 139.5 M€. The sale of this Immobel development was advised by Cushman & Wakefield.
- HUB (Hogeschool Universiteit Brussel) also purchased the 17,000 sq.m. office space in the Serclaes building for its own use, at the price of 60 M€ (this operation being advised by Jones Lang Lasalle).
- The Buildings Control (Régie des Bâtiments/ Regie der Gebouwen) took 12,671 sq.m. in the Platinum (avenue Louise) for its scientific policy department. This transaction was advised by Cushman & Wakefield, and CB Richard Ellis.
- Distrigas/ENI took 7,000 sq.m. in the Guim’Art Corner (at the corner of avenue des Arts and rue Guimard). This transaction was also advised by Cushman & Wakefield.
- BASF took 5,295 sq.m. in the Waterloo Office Park, in the southern periphery of Brussels (another operation advised by Cushman & Wakefield).
- Also advised by Cushman & Wakefield, Abbott Belgium decided to centralise their services at the Collines de Wavre, on 4,194 sq.m.

According to our calculations, these operations bring the 2009 take-up (including lettings, extensions and purchases for own use) to 397,798 sq.m. Antoine Brusselmans, Partner and Head of Office Agency, comments: “Thanks to these transactions, the performances achieved in 2009 are similar to the ones of an ordinary year. The take-up achieved by the corporate sector is weaker than in previous years, which comes easily explained by the global crisis. Again, public institutions widely contributed to the achievement of this final figure, yet the split between public and private sectors remains well-balanced”.