ind market report 2013
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RESEARCH
2013
BELGIUM Industrial market report
HIGHLIGHTS• Logistics activity remains one of the main pillars of the Belgian economy. The main
concentrations of logistics assets are in the areas of Antwerp and Liège.
• The lack of available industrial land will handicap the further development of logistics property, particularly in the Flanders region.
• Logistics take-up remains weak in all regions and speculative development continues to be prevented by the wider economic climate. Nevertheless, rents are stable as a result of a shortage of immediately available modern warehouse space.
• Demand for semi-industrial units is high in both the leasing and sales markets, but there are shortages of smaller units available in locations such as Brussels, Walloon Brabant and Hainaut. Rents and sales prices remain relatively high.
• The Belgian investment market is currently dominated by private investors. There is demand forhighqualityproductsofferinglong-termstableincome,butthesearerarelyavailableonthe market.
BRUGGE
OUDENAARDE
OOSTENDE
KORTRIJK
TOURNAI NIVELLES
CHARLEROI
PHILIPPEVILLEFrance
Luxemburg
Germany
Netherlands
DINANT
NAMUR
AALST
GENT
ANTWERPEN
MECHELEN
VILVOORDE
BRUSSELS
NEUFCHATEAU
SPA
VERVIERS
VIRTON
ARLON
ATH
VEURNE
TURNHOUT
HASSELT
LEUVEN
MAASEIK
BASTOGNE
WAVRE
TONGEREN
ST-NIKLAAS
KNOKKE
MONS
LIÈGE
2013BELGIUM Industrial market report
Investment Data
Main industrial locations
limited industrial investment activity in 2012
2
Prime investment yields (%)
LocationBrussels
Flemish Brabant
Walloon Brabant
Antwerpen
East-West Flanders
Limburg
Liège
Hainaut
Namur / Luxemburg
Source : Knight Frank
Industrial7.75
7.60
7.60
7.75
8.25
8.25
8.25
8.20
8.20
Logistics7.00
7.00
7.30
7.00
7.50
7.70
7.60
7.80
7.80
Major investment transactions
Purchaser
AG Real Estate
Montea
Intervest
Private
Source : Knight Frank
Property
Carrefour Logistics site Nivelles
DHL Brucargo Brussels
Estee Lauder Oevel
Magna Park La Louvière
sq m
60,000
23,000
11,496
5,000
Vendor
Redevco
De Paepe Group
Industrial Securities
Gazeley
Main industrial locations Logistics market Ports
3
RENT PRICES ON LOGISTICS AND SEMI-INDUSTRIAL MARKET REMAIN stable
Occupational data
Semi-industrial Logistics Land valueAverage rent
(€/sq m/year)Prime rent
Average rent
Prime rent
€ / sq m
Brussels
Flemish Brabant
Antwerpen
East-West Flanders
Walloon Brabant
Limburg
Liège
Hainaut
Namur / Luxemburg
48
48
39
36
48
35
35
33
33
55
55
46
42
52
40
40
42
40
40
40
40
38
38
38
30
35
30
45
45
43
43
42
41
39
38
38
140-220
125-185
100-150
70-160
40-120
40-85
25-45
25-45
20-40
Belgian semi-industrial and logistics real estate market
Logistics space> 5,000 sq m
Built after 1980
Clear height > 8m
Loading docks > 1/1,000 sq m
Offices<10%oftotalfloorspace
Semi-industrial> 400 sq m
Built after 1965
Clear height > 4.5 m
Loading docks are optional
Offices<50%oftotalfloorspace
Belgium infrastructure• Dense motorway network
• 45,000,000 consumers within 3 hour drive
• 60%ofEUpurchasingpower within 500 km range
• Well developed port accomodation
• Increasing railway and inland water transportation
• Government stimulus package focused on logistics activities
Source : Knight Frank
Belgium key economic data 2012
Population
Land Mass
GDP
Unemployment
Source : Knight Frank
10,450,000
30,528 sq km
€ 368.3 m
7.5%
Source : Knight Frank
Development pipeline
Property
Ghent Kanaalzone
MG Park De Hulst
Trilogiport Liège
Magna Park La Louvière
Willebroek Antwerp South Logistics
Bornem Maritime Logistics
Neufchâteau Ardennes Logistics
Maximum floor area (sq m)
1,600,000
420,000
200,000
150,000
150,000
103,000
60,000
Developer
G2I
De Paepe Group
WDP
Gazeley
Group Bernaerts
De Paepe Group
Group 3
Major occupational transactions
Tenant
Black & Decker
DHL
Vandeputte Safety
MSF
2XL
Leonidas
Property
Tessenderlo
Brucargo
Puurs
Canal Logistics Brussels
Sea Gate Ostend
Anderlecht
sq m
34,000
23,000
18,500
13,547
10,000
8,500
Owner
Goodman
Montea
Goodman
Leasinvest
AEW Europe
AG Real Estate
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Belgium Investment Department
Alexis DuvieusartHead of Investment Department+32 (0) 2 548 05 [email protected]
Belgium Industrial Department
Didier DelobelHead of Industrial Department+32 (0) 2 548 05 [email protected]
Belgium Valuation Department
Filip Derijck sprl
Managing Director+32 (0) 2 548 05 [email protected]
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