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The power of professional financial management
fin POWER
MARKET ANALYSIS 2012
DRAFT VERSION – FOR DISCUSSION PURPOSES ONLY
BUSINESS CENTER MARKET IN BELGIUM
Hasselt, 2012-09-20
Laurent Andrianne & Koen Batsleer
I. Market overview ‘Business centers in Belgium ‘
I. Number of business centers
II. Estimation of market-share
III. Different locations
IV. Types of Shareholders
II. Financial Figures of business centers in Belgium
I. Turnover (Estimated)
II. Profitability
INTRODUCTION
 Business centers in Belgium :
 See list in annex
 Research by a maximum of means
 Growing market  if you know new centers, please let me now.
 What is a business center ?
 Uses this as name of his business
 Including ‘bedrijvencentra’, excluding ‘innovation centers’/incubation centers
 For profit, registered company
 Serviced offices = full time reception services
 Used figures :
 Published financial data (Bel First & NBB)
INTRODUCTION
“Definitions and limitations”
 Total appr. 137 business centers in Belgium :
 28 ‘BC’s’, bedrijvencentra
 10 Regus
 5 NCI/Multiburo
 12 groups with 2-4 centers
 65 ‘individual business center owners (50%)
 In 2011 : ca. 120 BC, which means an annual
growth of appr. 10 %.
 P.S. April 2012 : bankruptcy of Microbizz
 Listing is not ‘clear-cut’
 No innovation/incubation-centers
 No ‘co-working-spaces’
 No Incubation/Innovation centers
In Belgium, we observe appr. 137 business centers of which
around 50 % are stand-alone centers.
I. BUSINESS CENTERS IN BELGIUM
1.1. Number of Business Centers
Amount of Business Centers owned by groups
Geen Groep
Bedrijvencentrum
Regus
Microbizz
Multiburo
VIP Offices
Design/Innovatiecentrum
Taminiau
The Crescent/Leasinvest
Officenter
Liege Business Center
MC Square
Silver Square
Burogest
Double Digit
Servcorp
Parkoffice
Heylen2
Lokabox
Halldis
Add business point
Ateac
I. BUSINESS CENTERS IN BELGIUM
1.1. Estimation of market-size
5
 Office-market in Belgium
 Market of ‘larger cities’ very well documented
 Own, rough estimation of market in regional cities
 Total ca. 21 Mio m², accommodation for appr. 1 Mio collaborators (employees + civel
servants in office environments)
 Decreasing market volume due to NWC (- 2-3 % / year)
 Business center market
 Definition of ‘business center : ‘
 Flexible contracts
 Including services
 Excluding ‘joint-office-buildings’ with no ‘reception’
 Extimation of Finpower based upon its inventory, the 150 business centers represent
appr. 300,000 m² of office-space, hosting appr. 15,000 workstations/employees.
 Accounts for appr. 1,5 % of total office space in Belgium.
 Estimated market growth 2012 – 15 : ca. 10 %/year (Instant)
 Co working markt
 New, upcoming market
 Rough estimation by Finpower, based upon own market research : appr. 15,000 m², 0,1
% of the business center market.
 Impressive growth, but mostly a lot of non-viable business models
The business center market is a small but fast growing market
 60 % of Belgium’s business centers are
located in Brussels, Antwerp en Gent
 41 % located in Brussels
 12 % located in Antwerp
 7 % located in Gent
 The biggest city of Wallonia, Liege, has only 4
business centers.
 Bruges and Leuven, two active cities in
Flanders only have a single business center
each.
2/3th of all business centers in Belgium
are located in these main cities
I. BUSINESS CENTERS IN BELGIUM
1.2 Business centers by location
Largest cities (rank by population) Amount
Brussel 57
Antwerpen 16
Gent 9
Charleroi 2
Luik 4
Brugge 1
Namen 2
Leuven 1
Bergen 0
Mechelen 0
Total 92
Brussel Antwerpen Gent Luik
Namen Charleroi Leuven Brugge
 Business Centers are well distributed
over the different parts of cities.
 Only 1 on 3 business centers is located
in the centre of the cities
 Appr. 33 business centers are located in
an industrial surrounding, normally not
suited for this purpose.
 Airways and highways only attract a
minority of business centers
Business Center in Belgium are situated for approx. 1/3 in the Center
of the cities, 1/3 in the industrial areas and 1/3 in the suburban areas
I. BUSINESS CENTERS IN BELGIUM
1.3. Business center pro location
39%
24%
2%
35%
Center
Industrial area
Airport
Surroundings
Situation Amount
Center 53
Industrial area 33
Airport 3
Surroundings 47
Total 136
II. FINANCIAL DATA OF BUSINESS CENTER MARKET
2.1. Turnover estimation pro region
• Significant differences between
regions
– Brussels leads the market offering an
average of 40M turnover, 65 % of
the market.
– Beside the capital city , Flanders is
the most dynamic market with a
turnover reaching 25M in 2011
– Wallonia is the smallest market.
• Growth rhythm
– Brussels market seems to have come
to maturity and is stable since 2009,
also influenced by the diminishing
prices in this competitive region
– The total turnover of Flanders was
stable form 2000 – 2006 and has
since then a average annual growth
of 5 %
– Wallonia is the fastest growing
market, with a yearly growth of 9%
since 2000.
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
2011201020092008200720062005200420032002
Total Turnover
Wallonië Vlaanderen Brussels
II. FINANCIAL DATA OF BUSINESS CENTER MARKET
2.2. Turnover estimation pro ownership type
• Private owners have more then 50 % of
the business centers
– Their market-share in turnover has grown
from less then 20 % in 2002 tot more then
30 % in 2011
– So, their relative size is limited.
• The (semi-) public ‘for profit’ owners
account for appr. 25 % of the number of
business centers
– But for less then 20 % of the turnover of
the market – limited turnover/center
– This does not include the ‘VZW-structures’,
who are not part of this study
• International players – 20 % of the
number of centers
– The international owners (mainly Regus
and Multibureay) account for nearly 50 %
of the turnover of the market.
– After a strong increase of their turnover
from 2005-2009, we see a stabilization of
turnover the last years.
II. FINANCIAL DATA OF BUSINESS CENTER MARKET
2.3. Net income after taxes comparison
• The cumulative operational profits
of this market where until 2006
negative.
• The private and international
players are profitable from 2006 on
• The semi-public players do not
generate a positive operational
return in general.
Conclusions
• The business center market is a growing market
– International studies show market growths of appr. 10 %
– The Belgian market is lagging in this growing market, due to several factors.
• The market is covered by 3 types of owners :
– International players focus on the big cities, with an international network
and they are operationally more performant then the other market players.
– The private investors are gaining market share, but their profitability is still
relatively low
– The semi-public market players realised a lower the expected growth, and
appr. 50 % of them do not generate an operating profit – which limits their
growth potential.

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Analysis Business Center Market Belgium - Bobca december 2012

  • 1. The power of professional financial management fin POWER MARKET ANALYSIS 2012 DRAFT VERSION – FOR DISCUSSION PURPOSES ONLY BUSINESS CENTER MARKET IN BELGIUM Hasselt, 2012-09-20 Laurent Andrianne & Koen Batsleer
  • 2. I. Market overview ‘Business centers in Belgium ‘ I. Number of business centers II. Estimation of market-share III. Different locations IV. Types of Shareholders II. Financial Figures of business centers in Belgium I. Turnover (Estimated) II. Profitability INTRODUCTION
  • 3.  Business centers in Belgium :  See list in annex  Research by a maximum of means  Growing market  if you know new centers, please let me now.  What is a business center ?  Uses this as name of his business  Including ‘bedrijvencentra’, excluding ‘innovation centers’/incubation centers  For profit, registered company  Serviced offices = full time reception services  Used figures :  Published financial data (Bel First & NBB) INTRODUCTION “Definitions and limitations”
  • 4.  Total appr. 137 business centers in Belgium :  28 ‘BC’s’, bedrijvencentra  10 Regus  5 NCI/Multiburo  12 groups with 2-4 centers  65 ‘individual business center owners (50%)  In 2011 : ca. 120 BC, which means an annual growth of appr. 10 %.  P.S. April 2012 : bankruptcy of Microbizz  Listing is not ‘clear-cut’  No innovation/incubation-centers  No ‘co-working-spaces’  No Incubation/Innovation centers In Belgium, we observe appr. 137 business centers of which around 50 % are stand-alone centers. I. BUSINESS CENTERS IN BELGIUM 1.1. Number of Business Centers Amount of Business Centers owned by groups Geen Groep Bedrijvencentrum Regus Microbizz Multiburo VIP Offices Design/Innovatiecentrum Taminiau The Crescent/Leasinvest Officenter Liege Business Center MC Square Silver Square Burogest Double Digit Servcorp Parkoffice Heylen2 Lokabox Halldis Add business point Ateac
  • 5. I. BUSINESS CENTERS IN BELGIUM 1.1. Estimation of market-size 5  Office-market in Belgium  Market of ‘larger cities’ very well documented  Own, rough estimation of market in regional cities  Total ca. 21 Mio m², accommodation for appr. 1 Mio collaborators (employees + civel servants in office environments)  Decreasing market volume due to NWC (- 2-3 % / year)  Business center market  Definition of ‘business center : ‘  Flexible contracts  Including services  Excluding ‘joint-office-buildings’ with no ‘reception’  Extimation of Finpower based upon its inventory, the 150 business centers represent appr. 300,000 m² of office-space, hosting appr. 15,000 workstations/employees.  Accounts for appr. 1,5 % of total office space in Belgium.  Estimated market growth 2012 – 15 : ca. 10 %/year (Instant)  Co working markt  New, upcoming market  Rough estimation by Finpower, based upon own market research : appr. 15,000 m², 0,1 % of the business center market.  Impressive growth, but mostly a lot of non-viable business models The business center market is a small but fast growing market
  • 6.  60 % of Belgium’s business centers are located in Brussels, Antwerp en Gent  41 % located in Brussels  12 % located in Antwerp  7 % located in Gent  The biggest city of Wallonia, Liege, has only 4 business centers.  Bruges and Leuven, two active cities in Flanders only have a single business center each. 2/3th of all business centers in Belgium are located in these main cities I. BUSINESS CENTERS IN BELGIUM 1.2 Business centers by location Largest cities (rank by population) Amount Brussel 57 Antwerpen 16 Gent 9 Charleroi 2 Luik 4 Brugge 1 Namen 2 Leuven 1 Bergen 0 Mechelen 0 Total 92 Brussel Antwerpen Gent Luik Namen Charleroi Leuven Brugge
  • 7.  Business Centers are well distributed over the different parts of cities.  Only 1 on 3 business centers is located in the centre of the cities  Appr. 33 business centers are located in an industrial surrounding, normally not suited for this purpose.  Airways and highways only attract a minority of business centers Business Center in Belgium are situated for approx. 1/3 in the Center of the cities, 1/3 in the industrial areas and 1/3 in the suburban areas I. BUSINESS CENTERS IN BELGIUM 1.3. Business center pro location 39% 24% 2% 35% Center Industrial area Airport Surroundings Situation Amount Center 53 Industrial area 33 Airport 3 Surroundings 47 Total 136
  • 8. II. FINANCIAL DATA OF BUSINESS CENTER MARKET 2.1. Turnover estimation pro region • Significant differences between regions – Brussels leads the market offering an average of 40M turnover, 65 % of the market. – Beside the capital city , Flanders is the most dynamic market with a turnover reaching 25M in 2011 – Wallonia is the smallest market. • Growth rhythm – Brussels market seems to have come to maturity and is stable since 2009, also influenced by the diminishing prices in this competitive region – The total turnover of Flanders was stable form 2000 – 2006 and has since then a average annual growth of 5 % – Wallonia is the fastest growing market, with a yearly growth of 9% since 2000. 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 2011201020092008200720062005200420032002 Total Turnover Wallonië Vlaanderen Brussels
  • 9. II. FINANCIAL DATA OF BUSINESS CENTER MARKET 2.2. Turnover estimation pro ownership type • Private owners have more then 50 % of the business centers – Their market-share in turnover has grown from less then 20 % in 2002 tot more then 30 % in 2011 – So, their relative size is limited. • The (semi-) public ‘for profit’ owners account for appr. 25 % of the number of business centers – But for less then 20 % of the turnover of the market – limited turnover/center – This does not include the ‘VZW-structures’, who are not part of this study • International players – 20 % of the number of centers – The international owners (mainly Regus and Multibureay) account for nearly 50 % of the turnover of the market. – After a strong increase of their turnover from 2005-2009, we see a stabilization of turnover the last years.
  • 10. II. FINANCIAL DATA OF BUSINESS CENTER MARKET 2.3. Net income after taxes comparison • The cumulative operational profits of this market where until 2006 negative. • The private and international players are profitable from 2006 on • The semi-public players do not generate a positive operational return in general.
  • 11. Conclusions • The business center market is a growing market – International studies show market growths of appr. 10 % – The Belgian market is lagging in this growing market, due to several factors. • The market is covered by 3 types of owners : – International players focus on the big cities, with an international network and they are operationally more performant then the other market players. – The private investors are gaining market share, but their profitability is still relatively low – The semi-public market players realised a lower the expected growth, and appr. 50 % of them do not generate an operating profit – which limits their growth potential.