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The power of professional financial management
fin POWER
From business and coworking-centers to ‘serviced offices’
A fast evolving market with growth expectations
SERVICED OFFICE MARKET IN BELGIUM
Key financial figures
Bobca Conference, October 2015
I. Introduction & situation within ‘Office market’
II. History and evolution of # flexible workspaces
III. The business center market : actual situation
IV. Key financials of the business centres in Belgium
V. Conclusions
INTRODUCTION
 Business & coworking-centers in Belgium :
 See list in annex
 What is a business or coworking-center ?
 Uses this on his website (business center or coworking-space or both)
 Business center : full-time reception available – cfr. VAT-regulation for business centers
 Coworking-center : focus on ‘community’, community manager, no full time reception necessary
 For profit, registered companies (excl. not-for-profit organizations)
 Serviced offices = full time reception services or community-manager
 Used figures :
 Published financial data (Belgian National Bank)
INTRODUCTION
“Definitions and limitations”
INTRODUCTION
Situating within the total ‘OFFICE MARKET’
4
 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 + civil servants in
office environments)
 Stable market with appr. 21 Mio office space, increasing vacancy
 Business center market
 Definition of ‘business center : ‘
 Flexible contracts
 Including services
 Excluding ‘joint-office-buildings’ with no ‘reception’
 Total : ca. 184 business centers, appr. 330,000 m² office space.
 Accounts for appr. 1,5 % of total office space in Belgium, growing market-share.
 Co working market
 New, upcoming market
 Total of appr. 64 Coworking spaces in Belgium, totaling appr. 25,000 m² office space.
 Growth rate of market > 30-50 %, but limited examples of viable business models.
The business center market is a niche market of the ‘Office market’
Offices (x 1,000 m²)
Brussel 13.000
Antwerpen 1.900
Gent 1.200
Liège 500
6 'centrum' cities' : 300 - 500
(Charleroi, Namur, Hasselt, Leuven, Mechelen)
15 'regioinal cities' 100 - 250
(f.ex. Kortrijk, Roeselare, Brugge, St. Niklaas, Aalst, )
Total office spaces in 'cities' : 21.250
# Business centers (in m²)
Number : 184
Average surface : 1.788
Total surface occupied : 328.984
in % of office market : 1,55%
# Co working centers
Number : 65
Average surface : 381
Total surface occupied : 24.770
in % of office market : 0,12%
in % of business center market : 7,53%
INTRODUCTION
Segmentation of the total ‘OFFICE MARKET’
5The office market is shifting towards the ‘serviced offices’
Serviced Office market
Flexible contracts (month/year/…)
Focus on services and comunity
Office market
‘long term contracts’
No flexibility
Limited services (facilities)
 Limited ‘new constructions’ < 2 % of
market
 Decreasing demand due to NWOW
Coworking market
< monthly ‘memberships’
Flexible, focus on ‘community’
Limited but increasing services
 Market growth > 50 %/year
Business center market
Flexible ‘yearly’ contracts
Flexible, focus on ‘services’
Limited but increasing community
 Market growth 5-10 %/year
Decreasing
market
Increasing market98.5%  97/90 % of the market
II. HISTORY
“A market with a rich history”
• 1965 : First business-centres in the U.S.
• 1980 – 90 : 1st ‘boom’ of business centres (bedrijvencentra)
– Apr. 120 initiatives in Belgium, 50 % (semi-)public (Bedrijvencentra), 50 % private
– Several subvention schemes to stimulate investment
• f.ex. 1989 : Regus, Officenter and more then 50 Bedrijvencentra were created
• 1990 – 2005 : Survival of the fittest
– Apr. 1/3th of the initial initiatives seazed to live
– Most other initiatives ‘fight to survive’ ( … )
• 2006 – actually :
– Market growth the business centre market of 5-15 % pro year
– Market becomes profitable under the guidance of Regus – the ‘Gorilla’ in this market.
• 2005 : The first ‘coworking-site’ in San Francisco (Hat Factory by Brad Neuberg)
• 2008 : First coworking site in Brussels (The Hub, Brussels)
• 2008 - .. : survival of the fittest coworking-locations
– The Hub and 50 % of the other initiatives in this market have ceased to exist.
• 2014-15 : increase in ‘hybrid’ formula’s  evolving to one ‘SERVICED OFFICES market’
II. HISTORY
“A market with a rich history”
• First boom of business centre until 1990-
95
• Then, 95-2005 : more failures then start-
ups in our market until …
• 2005 : start of the ‘New Way of Working’
• From 2005 on, a growth of 5-10 % of the
number of ‘business centres'
• From 2008 : an exponential growth of the
number of coworking centres
• In 2015 the market will grow to more then
250 flexible workspace offers in Belgium.
 Total appr. 185 “business centers” and 68 ‘CW-centers’
identified in Belgium :
 35 ‘BC’s’, bedrijvencentra
 17 BC + 8 CW centers for Regus
 5 Multiburo
 Appr. 15 ‘groups’ with 2-4 centers, the fastest
growing part of the market.
 More then 90 ‘individual business center owners, a
stable market-share of 50 % of the business centers
 In 2011 : ca. 135 BC, which means an annual growth of
appr. 10 %/year
 Failure rate limited (< 3 % of market)
 C.W. market is clearly growing faster
 Growth from 50 tot 68 locations in 2015 (+40 %)
 Differentiation between ‘business centers’ becomes
unclear (only VAT-regulation is relatively clearcut)
In Belgium, we observe appr. 170 business centers of
which more than 50 % are stand-alone centers.
III. BUSINESS CENTERS IN BELGIUM
3.1. Number of Business Centers
 Appr. 60 % of Belgium’s business
centers are located in Brussels,
Antwerp en Gent
 40 % located in Brussels
 10 % located in Antwerp
 8 % located in Gent
 Is comparable with the importance of
the relative office market.
 Only 10 cities have more then 4
BC/CW-initiatives, which seems a
minimum to have a profitable market.
2/3th of all business centers in Belgium are located in the three
main cities (Brussels, Antwerp and Gent)
III. BUSINESS CENTERS IN BELGIUM
3.2 Business centers by location
Cities Business centers Coworking Eind-totaal
Brussel 64 16 80
Antwerpen 20 12 32
Gent 14 8 22
Leuven 6 2 8
Liège 5 3 8
Hasselt 5 3 8
Louvain La Neuve 6 1 7
Kortrijk 5 1 6
Charleroi 2 2 4
Mechelen 3 1 4
Nivelles 2 1 3
Turnhout 2 1 3
Oostende 2 1 3
Sint-Niklaas 3 3
Namen 2 1 3
Brugge 1 2 3
Ieper 1 1 2
Tournai 1 1 2
Aalst 2 2
Geel 2 2
Tielt 1 1 2
Genk 2 2
Brussel Antwerpen Gent Leuven
Liège Hasselt Louvain LaNeuve Kortrijk
Charleroi Mechelen Nivelles Turnhout
Oostende Sint-Niklaas Namen Brugge
Locatie
Categorie
Aantal van Naam
NF Aktief in 2014
 A growing number (increased from 12 to 17 %) of
the BC/CW centers belong to an international
group :
 Regus (growing to 28 locations by the
beginning of 2016)
 Multiburo (5)
 Newcomers like Orega, Tribes, …
 They represent > 30 % of the turnover of our
market - more then 50 % of the profit.
 24 % of the business centers are public of semi-
public initiatives
 This % is decreasing last years
 Nearly 60 % of all BC/CW-centers are fully private
initiatives
Most business centers in Belgium are ‘private’ owned, 25 % have ‘public
ownership’ and a growing 17 % belong to international chains.
III. BUSINESS CENTERS IN BELGIUM
3.3. Ownership – types of the Belgian business center market
IV. FINANCIAL DATA OF BUSINESS CENTER MARKET
4.1. Turnover evolution
• Turnover
– Total market turnover appr. 90 Mio €
– 1/3th is done by international players
• Own only 17 % of the business centers
– 20 % is done by the ‘semi-public-initiatives
– The private owners serve appr. 45 % of the
market.
• Growth rhythm
– Exponential market-creation 1980-1995 :
more then 100 BC created
– From 1995 – 2005 : no substantial growth of
the market (< 2 %/yr)
– 2006-2010 : growth with 5-10 % per year, not
abnormal for this market compared with
international studies
– 2011 – 2014 : growth 2-5 %, relatively low
growth in comparison with international
growth ratio’s of 5 – 10 % for EMEA-region’s.
• Due to low ‘entrepreneurship’ level in Belgium ?
The Belgian business center market is lagging behind on the
international growth rates of the market of appr. 10 %/year
IV. FINANCIAL DATA OF BUSINESS CENTER MARKET
4.2. Operational profit (EBIT) of business centers
• Although > 25% of the business
centers make losses, the ‘market’ has
a positive profitability, varying
between 0 and 5 %.
• The lack of growth in turnover has
halved (!) the profitability of the
market from > 4 % in 2012 to 2 % in
2014.
• The main profit generators (> 50 %)
are the international players in our
market.
• Still 26 % of the business and
coworking-centers make losses !
The decline in turnover by center has halved the profitability of
the business center market in 2013-14 !
IV. FINANCIAL DATA OF BUSINESS CENTER MARKET
4.3. Advantages of scale ?
• There are clearly a lot of advantages of scale in the
business center market
– Commercially (website, referrals, …)
– Purchasing power, also on management-level
– Strategically and
– After a strong increase of their turnover from 2005-2009,
we see a stabilization of turnover the last years.
• But, the medium turnover of a business center is
declining ….
– And, we have not included the coworking-centers in this
comparison …
• We have put the ‘profitability’ of a center compared with the ‘size’ of each
center.
– Profitability = profit margin on turnover
– Size = turnover by center
• The ‘regression-line’ clearly demonstrates
– The substantial losses that a business center makes in his 1-2 starting years
(between 100 and 500 k€)
– A ‘break-even’ level of a ‘median’ center around 500 k€ turnover
– Above 600-700 k€ turnover, most of the business centers are profitable.
Conclusions
• The business and coworking market are ‘integrating’ more and more towards a service-
office market
• In 2010-14 the growth of locations (>10 %) was much faster then the growth of turnover,
which has halved the profitability of the market (Offer>demand  prices  profit )
• The business center/coworking market in Belgium should be at a ‘turning point’ in 2015
– The lack of growth in 2013-14 must create growth opportunities, since the ‘international’ market
has grown with 5-10 % from 2010 until now.
– A lot of new initiatives (coworking, but also a lot of new, international players who are coming to
Belgium) have started in 2014, and will continue to create new initiatives in 2015.
Annexe
List of business centre and coworking
places inventoried for this study
rie Locatie Naam Locatie Naam Locatie Naam
BC Geel 4Wings BC Oostende Bedrijvencentrum Regio Oostende BC Brussel Business People Services
BC Aalter Aalters Bedrijvencentrum BC Waregem Bedrijvencentrum Regio Waregem BC Liège CAP Business Center
BC Lier Accentis business center BC Roeselare Bedrijvencentrum Roeselare CW Nivelles Capinnove
BC Egezée Accortise Pactech Business Center BC St Truiden Bedrijvencentrum Sint Truiden BC Louvain La NeuveCEI Louvain
CW Antwerpen Acospace BC Tienen Bedrijvencentrum Tienen BC Brussel Centre d'Entreprises de Saint-Gilles
BC Brussel Acte BC Tongeren Bedrijvencentrum Tongeren BC Liège Centres d'Affaires Afinis
BC Gent Adequat BC Veurne Bedrijvencentrum Veurne BC Louvain La NeuveCercle Du Lac
BC Brussel Agence 86 'creative business center' BC Brussel Bedrijvencentrum Vilvoorde BC Brussel Chambre d'affaire CFCI
BC Gent Ajuinlei 1 Business Center - Growth Phase BC Oudenaarde Bedrijvencentrum Vlaamse Ardennen CW Kontich Clubhouse Coworking
BC Brussel Alnair Business Center BC Sint-Niklaas Bedrijvencentrum Waasland BC Genk C-Mine Crib
BC Louvain La Neuve Alternative Business Center BC Brussel Bedrijvencentrum Zaventem CW Antwerpen Co Buro
BC Antwerpen Antwerp Business Center BC Brussel Bedrijvencentrum Zennevalei CW Mons Co nnexion - coworking
BC Antwerpen Antwerp Business House BC Brussel Belgium Business center CW Brussel Coworking Business Center Brussels
BC Sint-Niklaas Astrid Business Center Sint-Niklaas BC Antwerpen Benelux Business Center CW Hasselt Coworking Hasselt
BC Brussel Ateac Business Center CW Brussel Beta Group Coworking CW Namen Coworking Namur
BC Brussel Ateliersdes Tanneurs BC Brussel BG3 CW Liège Cristal Hub Coworking
BC Louvain La Neuve Axisparc business center BC Leuven Bio Incubator Leuven BC Leuven de Hoorn
CW Brussel Bar Buro BC Brussel Bisschofsheim business center CW Brugge De Huyskamer
CW Brussel Bar D'Office Brussel (Voka) BC Brussel Bizzcenter BC Antwerpen De Wolkammerij
CW Leuven Bar D'Office Leuven BC Kortrijk Bizz-Init BC Antwerpen Diamant Conference & Business Center Antw
CW Oostende Bar D'Office Oostende BC Brussel BLSI BC Brussel Diamant Conference & Business Center Brus
BC Nivelles BCS Group BC Antwerpen BNO 'The factory' BC Luik Diamant Conference & Business Center Luik
BC Aalst Bedrijvencentrum Aalst BC Brussel BPS Ad Hoc BC Brussel Diegem Grensstraat
BC Beringen Bedrijvencentrum Beringen BC Brussel Brussels Airport Corporate Village CW Antwerpen Dots Coworking
BC Gent Bedrijvencentrum De Punt BC Brussel Brussels Village BC Brussel Double Digit Zaventem
BC Antwerpen Bedrijvencentrum De Winkelhaak CW Sint-Truiden Bur O Bar BC Gent Easy Office Center
BC Dendermonde Bedrijvencentrum Dendermonde BC La Louvi!re Buro Business du Centre BC Brussel EEBIC Business Center
BC Genk Bedrijvencentrum Genk BC Namen Burogest Bouge BC Louvain La NeuveEinstein Business Center
BC Geraardsbergen Bedrijvencentrum Geraardsbergen BC Namen Burogest Office Park CW Brussel Enclume&Co
BC Hasselt Bedrijvencentrum Hasselt CW Antwerpen Burooz CW Tournai ESCO Expace Coworking
BC Ieper Bedrijvencentrum Ieper BC Brussel Burotel BC Brussel Espace Moselle
BC Zelzate Bedrijvencentrum Kanaalzone BC Brussel Burotel 367 BC Brussel EU Business Centre
BC Leuven Bedrijvencentrum Leuven BC Brussel Burotel Congres BC Liège Euregio Business Center Liège
BC Maasmechelen Bedrijvencentrum Maasmechelen BC Antwerpen Business Center Amerikalei CW Brussel Factory Forty
BC Malle bedrijvencentrum Malle BC Charleroi Business Center Charleroi BC Dienze Filad Ondernemingscentrum
BC Maldegem Bedrijvencentrum Meetjesland BC Nivelles Business center services BC Brussel Flagey Digital
BC Overpelt Bedrijvencentrum Overpelt BC Waver Business Center Wavre Nord CW Gent Floating Desk Coworking
BC Brugge Bedrijvencentrum Regio Brugge BC Kortrijk Business Centrum Kortrijk Pottelberg BC Antwerpen Fountain business park
BC Kortrijk Bedrijvencentrum Regio Kortrijk BC Willebroek Business centrum Rivium BC Herentals Frame 21
BC Mechelen Bedrijvencentrum Regio Mechelen CW Fosses La Ville Business One BC Tournai Futur Orcq
Locatie Naam Locatie Naam Locatie Naam
BC Mouscron Futur X BC Hasselt Officenter CW Antwerpen Social Media Club Kube8
BC Oostende Greenbridge incubatiecentrum en wetenschapsparkBC Antwerpen Officenter Antwerpen/A12 BC Brussel Solaris Business Center
BC Houthalen Greenville Cleantech Campus BC Turnhout Officenter Turnhout CW Turnhout SPK -Bar D'office
BC Sint-Niklaas Heptagon business center CW Mechelen Ondernemershuis/Bar d'Office BC Turnhout Square Point Business Center
CW Antwerpen Het Bolwerk / Bar d'Office (Fort 5) CW Ieper Ondernemingscentrum Ieper/ Bar D'Office CW Brussel Studio 28
BC Hasselt Huis Vanstraelen CW Gent Oneoffice CW Antwerpen Studio Start
BC Gent Huize Minne BC Bierges Optimalis Business Center CW Antwerpen Swenst
BC Leuven I & I Leuven BC Brussel Oriona Group Cinquantenaire CW Charleroi Switch Coworking Charleroi
BC Gent IBBT-Incubator BC Brussel Oriona Group Louiza BC Mechelen T -Offices
CW Gent Icubes BC Brussel Oriona Group Schumann BC Antwerpen T -Offices
BC Gent I-Cubes BC Brussel Paepsem Business Center BC Antwerpen Talentarena
CW Gent Ihub BC Gent Parkoffice CW Antwerpen Telenet Idealabs -The Squad
BC Estaimpuis Impact Centre Européen d'affaires et de services BC Kortrijk Parkoffice CW La Louvi!re the cowork Factory
BC Leuven In volle Vaart BC Brussel Plug &Work BC Gent The Crescent Ghent
BC Gent Incubatie en Innovatiecentrum Ugent BC Antwerpen Q4 Central Park Building BC Brussel The Crescent Riverside
CW Antwerpen Indian Caps BC Charleroi Quadrature Business center CW Brussel The Flex
BC Brussel Innovatie en incubatiecentrum Brussel BC Brussel Quartier Latin BC Brussel The Hub Brussel
BC Wommelgem Interoffices Antwerp East BC Eupen Quartum Business Center CW Brussel the Library
BC Zaventem Interoffices Brussels Airport BC Antwerpen Re Flex Antwerpen CW Brussel The Loft
CW Antwerpen K85 BC Brussel Regus Airport Meeting Center CW Brussel The Mug
BC Hasselt Kaai 16 BC Braine lalleud Regus Braine Lalleud CW Kortrijk The Studio's
BC Geel Kempens Bedrijvencentrum BC Brussel Regus Brussels South Station CW Ronse TIO3 Textiles Open Innovation Centre
CW Liège La Forge BC Brussel Regus Brussels West Basilix CW Brussel Transforma
CW Louvain La Neuve Lauvain Coworking Space BC Brussel Regus EU Parliament/Leopold BC Kortrijk Twelve
CW Tubize Le Centre d'Entreprises Chapagne Landas BC Gent Regus Gent Zuiderpoort BC Antwerpen UBIS
CW Antwerpen Level 9 BC Brussel Regus Midi BC Antwerpen Universitair bedrijvencentrum
BC Liège Liège business center BC Brussel Regus Park Atrium BC Brussel VIP Offices Headquarter
BC Liège Liège Spatiopôle BC Brussel Regus Pegasus BC Tielt Vlaeminch Business Center
CW Gent Like Birds BC Antwerpen Regus Rubens BC Hasselt Wetenschapspark Limburg
CW Gent Loft169 BC Brussel Regus Schuman BC Louvain La NeuveWetlands Business Center
BC Gent Maaltecenter BC Brussel Regus Stephanie Square BC Brussel Workspaces
BC Brussel MC Square BC Brussel Regus Waterloo Office Park BC Antwerpen WTC business center
BC Mechelen MC Square Mechelen CW Liège Rogier Espace Coworking CW Charleroi Wup Coworking
BC Antwerpen Multiburo Antwerpen Centraal Station BC Brussel Science14 Atrium CW Hasselt Zelfies
BC Brussel Multiburo Brussels Airport BC Brussel Seed Factory BC Zellik Zellik.biz
BC Brussel Multiburo Louise BC Brussel Servcorp Bastion Tower CW Aarschot The Office (coworking Aarschot)
BC Brussel Multiburo Quartier Européen BC Brussel Servcorp Schuman CW Tielt Creatielt
BC Diest Office 21 BC Brussel Silver Square CW Gent Aerey Coworking
BC Brussel Office services Brussels BC Antwerpen Silver Square CW Gent Wolfstraat 9
BC Leuven Officener Leuven BC Brussel Sint Annacenter CW Brussel Co.Station Brussels
BC Antwerpen T -Offices BC Gent Idola Business Center

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Presentation belgium business center market analyses 22 10 215

  • 1. The power of professional financial management fin POWER From business and coworking-centers to ‘serviced offices’ A fast evolving market with growth expectations SERVICED OFFICE MARKET IN BELGIUM Key financial figures Bobca Conference, October 2015
  • 2. I. Introduction & situation within ‘Office market’ II. History and evolution of # flexible workspaces III. The business center market : actual situation IV. Key financials of the business centres in Belgium V. Conclusions INTRODUCTION
  • 3.  Business & coworking-centers in Belgium :  See list in annex  What is a business or coworking-center ?  Uses this on his website (business center or coworking-space or both)  Business center : full-time reception available – cfr. VAT-regulation for business centers  Coworking-center : focus on ‘community’, community manager, no full time reception necessary  For profit, registered companies (excl. not-for-profit organizations)  Serviced offices = full time reception services or community-manager  Used figures :  Published financial data (Belgian National Bank) INTRODUCTION “Definitions and limitations”
  • 4. INTRODUCTION Situating within the total ‘OFFICE MARKET’ 4  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 + civil servants in office environments)  Stable market with appr. 21 Mio office space, increasing vacancy  Business center market  Definition of ‘business center : ‘  Flexible contracts  Including services  Excluding ‘joint-office-buildings’ with no ‘reception’  Total : ca. 184 business centers, appr. 330,000 m² office space.  Accounts for appr. 1,5 % of total office space in Belgium, growing market-share.  Co working market  New, upcoming market  Total of appr. 64 Coworking spaces in Belgium, totaling appr. 25,000 m² office space.  Growth rate of market > 30-50 %, but limited examples of viable business models. The business center market is a niche market of the ‘Office market’ Offices (x 1,000 m²) Brussel 13.000 Antwerpen 1.900 Gent 1.200 Liège 500 6 'centrum' cities' : 300 - 500 (Charleroi, Namur, Hasselt, Leuven, Mechelen) 15 'regioinal cities' 100 - 250 (f.ex. Kortrijk, Roeselare, Brugge, St. Niklaas, Aalst, ) Total office spaces in 'cities' : 21.250 # Business centers (in m²) Number : 184 Average surface : 1.788 Total surface occupied : 328.984 in % of office market : 1,55% # Co working centers Number : 65 Average surface : 381 Total surface occupied : 24.770 in % of office market : 0,12% in % of business center market : 7,53%
  • 5. INTRODUCTION Segmentation of the total ‘OFFICE MARKET’ 5The office market is shifting towards the ‘serviced offices’ Serviced Office market Flexible contracts (month/year/…) Focus on services and comunity Office market ‘long term contracts’ No flexibility Limited services (facilities)  Limited ‘new constructions’ < 2 % of market  Decreasing demand due to NWOW Coworking market < monthly ‘memberships’ Flexible, focus on ‘community’ Limited but increasing services  Market growth > 50 %/year Business center market Flexible ‘yearly’ contracts Flexible, focus on ‘services’ Limited but increasing community  Market growth 5-10 %/year Decreasing market Increasing market98.5%  97/90 % of the market
  • 6. II. HISTORY “A market with a rich history” • 1965 : First business-centres in the U.S. • 1980 – 90 : 1st ‘boom’ of business centres (bedrijvencentra) – Apr. 120 initiatives in Belgium, 50 % (semi-)public (Bedrijvencentra), 50 % private – Several subvention schemes to stimulate investment • f.ex. 1989 : Regus, Officenter and more then 50 Bedrijvencentra were created • 1990 – 2005 : Survival of the fittest – Apr. 1/3th of the initial initiatives seazed to live – Most other initiatives ‘fight to survive’ ( … ) • 2006 – actually : – Market growth the business centre market of 5-15 % pro year – Market becomes profitable under the guidance of Regus – the ‘Gorilla’ in this market. • 2005 : The first ‘coworking-site’ in San Francisco (Hat Factory by Brad Neuberg) • 2008 : First coworking site in Brussels (The Hub, Brussels) • 2008 - .. : survival of the fittest coworking-locations – The Hub and 50 % of the other initiatives in this market have ceased to exist. • 2014-15 : increase in ‘hybrid’ formula’s  evolving to one ‘SERVICED OFFICES market’
  • 7. II. HISTORY “A market with a rich history” • First boom of business centre until 1990- 95 • Then, 95-2005 : more failures then start- ups in our market until … • 2005 : start of the ‘New Way of Working’ • From 2005 on, a growth of 5-10 % of the number of ‘business centres' • From 2008 : an exponential growth of the number of coworking centres • In 2015 the market will grow to more then 250 flexible workspace offers in Belgium.
  • 8.  Total appr. 185 “business centers” and 68 ‘CW-centers’ identified in Belgium :  35 ‘BC’s’, bedrijvencentra  17 BC + 8 CW centers for Regus  5 Multiburo  Appr. 15 ‘groups’ with 2-4 centers, the fastest growing part of the market.  More then 90 ‘individual business center owners, a stable market-share of 50 % of the business centers  In 2011 : ca. 135 BC, which means an annual growth of appr. 10 %/year  Failure rate limited (< 3 % of market)  C.W. market is clearly growing faster  Growth from 50 tot 68 locations in 2015 (+40 %)  Differentiation between ‘business centers’ becomes unclear (only VAT-regulation is relatively clearcut) In Belgium, we observe appr. 170 business centers of which more than 50 % are stand-alone centers. III. BUSINESS CENTERS IN BELGIUM 3.1. Number of Business Centers
  • 9.  Appr. 60 % of Belgium’s business centers are located in Brussels, Antwerp en Gent  40 % located in Brussels  10 % located in Antwerp  8 % located in Gent  Is comparable with the importance of the relative office market.  Only 10 cities have more then 4 BC/CW-initiatives, which seems a minimum to have a profitable market. 2/3th of all business centers in Belgium are located in the three main cities (Brussels, Antwerp and Gent) III. BUSINESS CENTERS IN BELGIUM 3.2 Business centers by location Cities Business centers Coworking Eind-totaal Brussel 64 16 80 Antwerpen 20 12 32 Gent 14 8 22 Leuven 6 2 8 Liège 5 3 8 Hasselt 5 3 8 Louvain La Neuve 6 1 7 Kortrijk 5 1 6 Charleroi 2 2 4 Mechelen 3 1 4 Nivelles 2 1 3 Turnhout 2 1 3 Oostende 2 1 3 Sint-Niklaas 3 3 Namen 2 1 3 Brugge 1 2 3 Ieper 1 1 2 Tournai 1 1 2 Aalst 2 2 Geel 2 2 Tielt 1 1 2 Genk 2 2 Brussel Antwerpen Gent Leuven Liège Hasselt Louvain LaNeuve Kortrijk Charleroi Mechelen Nivelles Turnhout Oostende Sint-Niklaas Namen Brugge Locatie Categorie Aantal van Naam NF Aktief in 2014
  • 10.  A growing number (increased from 12 to 17 %) of the BC/CW centers belong to an international group :  Regus (growing to 28 locations by the beginning of 2016)  Multiburo (5)  Newcomers like Orega, Tribes, …  They represent > 30 % of the turnover of our market - more then 50 % of the profit.  24 % of the business centers are public of semi- public initiatives  This % is decreasing last years  Nearly 60 % of all BC/CW-centers are fully private initiatives Most business centers in Belgium are ‘private’ owned, 25 % have ‘public ownership’ and a growing 17 % belong to international chains. III. BUSINESS CENTERS IN BELGIUM 3.3. Ownership – types of the Belgian business center market
  • 11. IV. FINANCIAL DATA OF BUSINESS CENTER MARKET 4.1. Turnover evolution • Turnover – Total market turnover appr. 90 Mio € – 1/3th is done by international players • Own only 17 % of the business centers – 20 % is done by the ‘semi-public-initiatives – The private owners serve appr. 45 % of the market. • Growth rhythm – Exponential market-creation 1980-1995 : more then 100 BC created – From 1995 – 2005 : no substantial growth of the market (< 2 %/yr) – 2006-2010 : growth with 5-10 % per year, not abnormal for this market compared with international studies – 2011 – 2014 : growth 2-5 %, relatively low growth in comparison with international growth ratio’s of 5 – 10 % for EMEA-region’s. • Due to low ‘entrepreneurship’ level in Belgium ? The Belgian business center market is lagging behind on the international growth rates of the market of appr. 10 %/year
  • 12. IV. FINANCIAL DATA OF BUSINESS CENTER MARKET 4.2. Operational profit (EBIT) of business centers • Although > 25% of the business centers make losses, the ‘market’ has a positive profitability, varying between 0 and 5 %. • The lack of growth in turnover has halved (!) the profitability of the market from > 4 % in 2012 to 2 % in 2014. • The main profit generators (> 50 %) are the international players in our market. • Still 26 % of the business and coworking-centers make losses ! The decline in turnover by center has halved the profitability of the business center market in 2013-14 !
  • 13. IV. FINANCIAL DATA OF BUSINESS CENTER MARKET 4.3. Advantages of scale ? • There are clearly a lot of advantages of scale in the business center market – Commercially (website, referrals, …) – Purchasing power, also on management-level – Strategically and – After a strong increase of their turnover from 2005-2009, we see a stabilization of turnover the last years. • But, the medium turnover of a business center is declining …. – And, we have not included the coworking-centers in this comparison … • We have put the ‘profitability’ of a center compared with the ‘size’ of each center. – Profitability = profit margin on turnover – Size = turnover by center • The ‘regression-line’ clearly demonstrates – The substantial losses that a business center makes in his 1-2 starting years (between 100 and 500 k€) – A ‘break-even’ level of a ‘median’ center around 500 k€ turnover – Above 600-700 k€ turnover, most of the business centers are profitable.
  • 14. Conclusions • The business and coworking market are ‘integrating’ more and more towards a service- office market • In 2010-14 the growth of locations (>10 %) was much faster then the growth of turnover, which has halved the profitability of the market (Offer>demand  prices  profit ) • The business center/coworking market in Belgium should be at a ‘turning point’ in 2015 – The lack of growth in 2013-14 must create growth opportunities, since the ‘international’ market has grown with 5-10 % from 2010 until now. – A lot of new initiatives (coworking, but also a lot of new, international players who are coming to Belgium) have started in 2014, and will continue to create new initiatives in 2015.
  • 15. Annexe List of business centre and coworking places inventoried for this study
  • 16. rie Locatie Naam Locatie Naam Locatie Naam BC Geel 4Wings BC Oostende Bedrijvencentrum Regio Oostende BC Brussel Business People Services BC Aalter Aalters Bedrijvencentrum BC Waregem Bedrijvencentrum Regio Waregem BC Liège CAP Business Center BC Lier Accentis business center BC Roeselare Bedrijvencentrum Roeselare CW Nivelles Capinnove BC Egezée Accortise Pactech Business Center BC St Truiden Bedrijvencentrum Sint Truiden BC Louvain La NeuveCEI Louvain CW Antwerpen Acospace BC Tienen Bedrijvencentrum Tienen BC Brussel Centre d'Entreprises de Saint-Gilles BC Brussel Acte BC Tongeren Bedrijvencentrum Tongeren BC Liège Centres d'Affaires Afinis BC Gent Adequat BC Veurne Bedrijvencentrum Veurne BC Louvain La NeuveCercle Du Lac BC Brussel Agence 86 'creative business center' BC Brussel Bedrijvencentrum Vilvoorde BC Brussel Chambre d'affaire CFCI BC Gent Ajuinlei 1 Business Center - Growth Phase BC Oudenaarde Bedrijvencentrum Vlaamse Ardennen CW Kontich Clubhouse Coworking BC Brussel Alnair Business Center BC Sint-Niklaas Bedrijvencentrum Waasland BC Genk C-Mine Crib BC Louvain La Neuve Alternative Business Center BC Brussel Bedrijvencentrum Zaventem CW Antwerpen Co Buro BC Antwerpen Antwerp Business Center BC Brussel Bedrijvencentrum Zennevalei CW Mons Co nnexion - coworking BC Antwerpen Antwerp Business House BC Brussel Belgium Business center CW Brussel Coworking Business Center Brussels BC Sint-Niklaas Astrid Business Center Sint-Niklaas BC Antwerpen Benelux Business Center CW Hasselt Coworking Hasselt BC Brussel Ateac Business Center CW Brussel Beta Group Coworking CW Namen Coworking Namur BC Brussel Ateliersdes Tanneurs BC Brussel BG3 CW Liège Cristal Hub Coworking BC Louvain La Neuve Axisparc business center BC Leuven Bio Incubator Leuven BC Leuven de Hoorn CW Brussel Bar Buro BC Brussel Bisschofsheim business center CW Brugge De Huyskamer CW Brussel Bar D'Office Brussel (Voka) BC Brussel Bizzcenter BC Antwerpen De Wolkammerij CW Leuven Bar D'Office Leuven BC Kortrijk Bizz-Init BC Antwerpen Diamant Conference & Business Center Antw CW Oostende Bar D'Office Oostende BC Brussel BLSI BC Brussel Diamant Conference & Business Center Brus BC Nivelles BCS Group BC Antwerpen BNO 'The factory' BC Luik Diamant Conference & Business Center Luik BC Aalst Bedrijvencentrum Aalst BC Brussel BPS Ad Hoc BC Brussel Diegem Grensstraat BC Beringen Bedrijvencentrum Beringen BC Brussel Brussels Airport Corporate Village CW Antwerpen Dots Coworking BC Gent Bedrijvencentrum De Punt BC Brussel Brussels Village BC Brussel Double Digit Zaventem BC Antwerpen Bedrijvencentrum De Winkelhaak CW Sint-Truiden Bur O Bar BC Gent Easy Office Center BC Dendermonde Bedrijvencentrum Dendermonde BC La Louvi!re Buro Business du Centre BC Brussel EEBIC Business Center BC Genk Bedrijvencentrum Genk BC Namen Burogest Bouge BC Louvain La NeuveEinstein Business Center BC Geraardsbergen Bedrijvencentrum Geraardsbergen BC Namen Burogest Office Park CW Brussel Enclume&Co BC Hasselt Bedrijvencentrum Hasselt CW Antwerpen Burooz CW Tournai ESCO Expace Coworking BC Ieper Bedrijvencentrum Ieper BC Brussel Burotel BC Brussel Espace Moselle BC Zelzate Bedrijvencentrum Kanaalzone BC Brussel Burotel 367 BC Brussel EU Business Centre BC Leuven Bedrijvencentrum Leuven BC Brussel Burotel Congres BC Liège Euregio Business Center Liège BC Maasmechelen Bedrijvencentrum Maasmechelen BC Antwerpen Business Center Amerikalei CW Brussel Factory Forty BC Malle bedrijvencentrum Malle BC Charleroi Business Center Charleroi BC Dienze Filad Ondernemingscentrum BC Maldegem Bedrijvencentrum Meetjesland BC Nivelles Business center services BC Brussel Flagey Digital BC Overpelt Bedrijvencentrum Overpelt BC Waver Business Center Wavre Nord CW Gent Floating Desk Coworking BC Brugge Bedrijvencentrum Regio Brugge BC Kortrijk Business Centrum Kortrijk Pottelberg BC Antwerpen Fountain business park BC Kortrijk Bedrijvencentrum Regio Kortrijk BC Willebroek Business centrum Rivium BC Herentals Frame 21 BC Mechelen Bedrijvencentrum Regio Mechelen CW Fosses La Ville Business One BC Tournai Futur Orcq
  • 17. Locatie Naam Locatie Naam Locatie Naam BC Mouscron Futur X BC Hasselt Officenter CW Antwerpen Social Media Club Kube8 BC Oostende Greenbridge incubatiecentrum en wetenschapsparkBC Antwerpen Officenter Antwerpen/A12 BC Brussel Solaris Business Center BC Houthalen Greenville Cleantech Campus BC Turnhout Officenter Turnhout CW Turnhout SPK -Bar D'office BC Sint-Niklaas Heptagon business center CW Mechelen Ondernemershuis/Bar d'Office BC Turnhout Square Point Business Center CW Antwerpen Het Bolwerk / Bar d'Office (Fort 5) CW Ieper Ondernemingscentrum Ieper/ Bar D'Office CW Brussel Studio 28 BC Hasselt Huis Vanstraelen CW Gent Oneoffice CW Antwerpen Studio Start BC Gent Huize Minne BC Bierges Optimalis Business Center CW Antwerpen Swenst BC Leuven I & I Leuven BC Brussel Oriona Group Cinquantenaire CW Charleroi Switch Coworking Charleroi BC Gent IBBT-Incubator BC Brussel Oriona Group Louiza BC Mechelen T -Offices CW Gent Icubes BC Brussel Oriona Group Schumann BC Antwerpen T -Offices BC Gent I-Cubes BC Brussel Paepsem Business Center BC Antwerpen Talentarena CW Gent Ihub BC Gent Parkoffice CW Antwerpen Telenet Idealabs -The Squad BC Estaimpuis Impact Centre Européen d'affaires et de services BC Kortrijk Parkoffice CW La Louvi!re the cowork Factory BC Leuven In volle Vaart BC Brussel Plug &Work BC Gent The Crescent Ghent BC Gent Incubatie en Innovatiecentrum Ugent BC Antwerpen Q4 Central Park Building BC Brussel The Crescent Riverside CW Antwerpen Indian Caps BC Charleroi Quadrature Business center CW Brussel The Flex BC Brussel Innovatie en incubatiecentrum Brussel BC Brussel Quartier Latin BC Brussel The Hub Brussel BC Wommelgem Interoffices Antwerp East BC Eupen Quartum Business Center CW Brussel the Library BC Zaventem Interoffices Brussels Airport BC Antwerpen Re Flex Antwerpen CW Brussel The Loft CW Antwerpen K85 BC Brussel Regus Airport Meeting Center CW Brussel The Mug BC Hasselt Kaai 16 BC Braine lalleud Regus Braine Lalleud CW Kortrijk The Studio's BC Geel Kempens Bedrijvencentrum BC Brussel Regus Brussels South Station CW Ronse TIO3 Textiles Open Innovation Centre CW Liège La Forge BC Brussel Regus Brussels West Basilix CW Brussel Transforma CW Louvain La Neuve Lauvain Coworking Space BC Brussel Regus EU Parliament/Leopold BC Kortrijk Twelve CW Tubize Le Centre d'Entreprises Chapagne Landas BC Gent Regus Gent Zuiderpoort BC Antwerpen UBIS CW Antwerpen Level 9 BC Brussel Regus Midi BC Antwerpen Universitair bedrijvencentrum BC Liège Liège business center BC Brussel Regus Park Atrium BC Brussel VIP Offices Headquarter BC Liège Liège Spatiopôle BC Brussel Regus Pegasus BC Tielt Vlaeminch Business Center CW Gent Like Birds BC Antwerpen Regus Rubens BC Hasselt Wetenschapspark Limburg CW Gent Loft169 BC Brussel Regus Schuman BC Louvain La NeuveWetlands Business Center BC Gent Maaltecenter BC Brussel Regus Stephanie Square BC Brussel Workspaces BC Brussel MC Square BC Brussel Regus Waterloo Office Park BC Antwerpen WTC business center BC Mechelen MC Square Mechelen CW Liège Rogier Espace Coworking CW Charleroi Wup Coworking BC Antwerpen Multiburo Antwerpen Centraal Station BC Brussel Science14 Atrium CW Hasselt Zelfies BC Brussel Multiburo Brussels Airport BC Brussel Seed Factory BC Zellik Zellik.biz BC Brussel Multiburo Louise BC Brussel Servcorp Bastion Tower CW Aarschot The Office (coworking Aarschot) BC Brussel Multiburo Quartier Européen BC Brussel Servcorp Schuman CW Tielt Creatielt BC Diest Office 21 BC Brussel Silver Square CW Gent Aerey Coworking BC Brussel Office services Brussels BC Antwerpen Silver Square CW Gent Wolfstraat 9 BC Leuven Officener Leuven BC Brussel Sint Annacenter CW Brussel Co.Station Brussels BC Antwerpen T -Offices BC Gent Idola Business Center