RESEARCH       2012           BELGIUM           Industrial market report           HIGHLIGHTS           •	 Despite strong ...
2012BELGIUMIndustrial market reportInvestment Data    Prime investment yields                                           Ma...
Occupational data                                                                                   Belgian semi-industria...
RESEARCHAmericas          Belgium Investment Department                               Belgium Valuation DepartmentUSA     ...
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Industrial Market Report 2012

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Industrial Market Report 2012

  1. 1. 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.
  2. 2. 2012BELGIUMIndustrial market reportInvestment Data Prime investment yields Major investment transactions (%) Purchaser Property sq m Vendor Location Industrial Logistics Private Woluwe Industry Park - Sint-Stevens-Woluwe 9,000 Segro Brussels 7.75 7.00 Private E40 Trade Center - Sint-Stevens-Woluwe 7,500 Segro Flemish Brabant 7.60 7.00 Integrale Budasteenweg - Machelen 5,000 Pylos Walloon Brabant 7.60 7.30 Intervest ‘De Gyzeleer’ - Huizingen 17,000 Sale-and-leaseback Antwerp 7.75 7.25 with DHL Pharma logistics East-West Flanders 8.25 7.50 Limburg 8.25 7.70 Intervest DHL Pharma Logistics - Huizingen 15,900 Sale-and-leaseback Liège 8.25 7.60 Intervest Oevel - UTI Belgium 27,500 West-Logistics Hainaut 8.20 7.80 Intervest Caterpillar Logistics - Houthalen 26,250 Groep Maes Namur / Luxemburg 8.20 7.80 WDP Betafence Zwevegem 120,000 Betafence Source : Knight Frank WDP Genk Distribution Platform 18,000 Hermespark Genk Source : Knight FrankMain industrial locations Main industrial locations Netherlands Logistics market KNOKKE TURNHOUT Ports OOSTENDE ANTWERPEN BRUGGE ST-NIKLAAS MAASEIK VEURNE GENT MECHELEN HASSELT AALST VILVOORDE LEUVEN BRUXELLES KORTRIJK OUDENAARDE Germany TONGEREN WAVRE ATH TOURNAI LIÈGE NIVELLES VERVIERS SPA MONS NAMUR CHARLEROI DINANT France PHILIPPEVILLE BASTOGNE NEUFCHATEAU Luxembourglimited industrialinvestment activity ARLONin 2011 VIRTON2
  3. 3. Occupational data Belgian semi-industrial and logistics real estate market Semi-industrial Logistics Land value Average rent Prime Average Prime € / sq m Logistics space (€/sq m/year) rent rent rent > 5,000 sq mBrussels 48 55 40 45 140-220 Built after 1980Flemish Brabant 48 55 40 45 125-185 Clear height > 8mWalloon Brabant 48 52 38 42 70-120 Loading docks > 1/1,000 sq mAntwerp 39 46 40 43 120-190 Offices < 10% of total floorspaceEast-West Flanders 36 42 38 43 70-160 Semi-industrialLimburg 35 40 38 41 40-85 > 400 sq mLiège 35 40 30 39 25-45 Built after 1965Hainaut 33 42 35 38 25-45 Clear height > 4.5 mNamur / Luxemburg 33 40 30 38 20-40 Loading docks are optional Offices < 50% of total floorspace TAKE-UP oN logisticsMajor occupational transactions and industrialLettingsTenant Property sq m Owner markets in 2011Caterpillar LogisticsDamco Canal Logistics The Bridge Logistics 20,000 16,700 Leasinvest De Paepe reachedNike Herentals Logistics 48,800 Intervest 800,000 SQ MStanley Black & Decker Sint-Truiden 61,000 GoodmanBoyriven Nivelles 10,000 WDP Belgium infrastructureVincent Logistics Milmort 11,000 Private • Dense motorway networkSales • 45,000,000 consumersOccupier Property sq m Vendor within 3 hour driveDuvel Moortgat Puurs 25,500 Goodman • 60% of EU purchasing power Colim (Colruyt) Mechelen 49,000 FM Logistics within 500 km range • Well developed port accomodation • Increasing railway and inland water transportation • Government stimulus package focused on logistics activitiesDevelopment pipeline Source : Knight FrankProperty Maximum floor area (sq m) DeveloperBrussels (Neder-Over-Heembeek) 64,000 KatoennatieBornem Maritime Logistics 103,000 Depaepe Group Belgium key economic data 2011Logistic Cluster Willebroek 30,000 Depaepe Group Population 11,071,000Ghent Kanaalzone 1,600,000 G2I Land Mass 30,528 sq kmNeufchâteau Ardennes Logistics 60,000 Group 3 GDP € 365,474 mMagna Park La Louvière 150,000 Gazeley Unemployment 8.4%Trilogiport Liège 200,000 WDP Source : Knight FrankSource : Knight Frank 3
  4. 4. RESEARCHAmericas Belgium Investment Department Belgium Valuation DepartmentUSA Filip Derijck sprl Tom MaesBermuda Managing Director Head of ValuationsBrazil +32 (0) 2 548 05 48 +32 (0) 2 548 05 66Canada filip.derijck@be.knightfrank.com tom.maes@be.knightfrank.comCaribbeanChile Alexis Duvieusart sprlAustralasia Head of Investment DepartmentAustralia +32 (0) 2 548 05 48New Zealand alexis.duvieusart@be.knightfrank.comEurope Belgium Industrial DepartmentUK Didier DelobelAustria Head of Industrial DepartmentBelgium +32 (0) 2 548 05 60Czech Republic didier.delobel@be.knightfrank.com FranceGermany David BatensHungary Industrial DepartmentIreland +32 (0) 2 548 05 61Italy david.batens@be.knightfrank.comMonacoPoland Xavier ConstantPortugal Industrial DepartmentRomania +32 (0) 2 548 05 62Russia xavier.constant@be.knightfrank.comSpainSwitzerlandThe NetherlandsUkraineAfricaBotswanaKenyaMalawiNigeriaSouth AfricaTanzaniaUgandaZambia Knight Frank Research provides strategic advice, consultancy services andZimbabwe forecasting to a wide range of clients worldwide including developers, investors,Asia funding organisations, corporate institutions and the public sector. All our clientsCambodia recognise the need for expert independent advice customised to their specific needs.ChinaHong Kong Knight Frank Reports are also available at www.knightfrank.comIndiaIndonesiaMacau © Knight Frank LLP 2012Malaysia This report is published for general information only. Although high standards have been used in theSingapore preparation of the information, analysis, views and projections presented in this report, no legal responsibilitySouth Korea can be accepted by Knight Frank Research or Knight Frank LLP for any loss or damage resultant from theThailand contents of this document. As a general report, this material does not necessarily represent the view ofVietnam Knight Frank LLP in relation to particular properties or projects. Reproduction of this report in whole or in part is allowed with proper reference to Knight Frank Research.The GulfUAE Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934.Bahrain Our registered office is 55 Baker Street, London, W1U 8AN, where you may look at a list of members’ names.

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