RESEARCH 2012 BELGIUM Industrial market report HIGHLIGHTS • Despite strong investor demand for high quality logistics and industrial property, yields have remained stable as a result of a poor investment turnover. We believe that this trend will continue during 2012. • Some recent occupational transactions in the logistics market towards the end of 2011 show a strengthening climate. However, we believe that 2012 will remain a difficult year for logistics take-up. • Investment transactions in both industrial and logistics markets are characterized by a longer decision making process and growing difficulties for purchasers, mainly end-users, in financing their investments. • Semi-industrial take-up is decreasing across all regions. • There is still a limited development pipeline and consequently a severe lack of immediately available property. The logistics market continues to be characterized by built-to-suit projects. As land prices rise and rental values remain unchanged, developers are reluctant to start construction without having secured an occupier.