Office market report Brussels

Transcription

1 Office market report Brussels Pulse Spring 2014 The Belgian Logistics Market - Quarterly Update On Point 3rd quarter 2014 Take-up in Q increased by 10% y-o-y to 72,229 sq.m. Year-to-date take-up amounts to 309,315 sq.m., up 16% y-o-y again boosted by local administrations. Vacancy slightly decreased to 10.3% vs. 10.6% in Q2 thanks to lettings in the CBD. Vacancy in the CBD is at a six year low of 5.8%. Prime rents were down to 275 / sq.m. / year. Investment volume in Belgium in Q3 was down 61% y-o-y after the excellent Q2. Year-to-date volume was up 8.7%. Prime office yields are confirmed at 5.75% in CBD locations.

2 - 2 - On Point Brussels Office Market Q Foreword The year 2014 is almost closed, and will probably end up into a 10-15% increase of takeup compared to the historically weak A take-up of 375,000 sq.m. to 400,000 sq.m. per year can be considered as a new benchmark, as nowadays, occupiers demand for surface per employee is 30% below what it was in the past. The demand has changed and supply of new buildings is slowly but surely adapting, in terms of floors flexibility & energy efficiency. The next step is hopefully more pragmatism by the regional authorities, in order to address (amongst others) Tax and Mobility issues. Erik Verbruggen - Head of Office Agency Belgium Key statistics 9M M 2014 Take-up (cumulative) (000 sq. m.) Take-up (cumulative) (No of Deals) Stock (Mio sq. m.) Completions (cumulative) (000 sq. m.) Vacancy (000 sq. m.) 1,458 1,360 1,351 1,361 Vacancy Rate (%) Prime Rent ( /sq. m./pa) Top Quartile Rent ( /sq. m./pa) Weighted Average Rent ( /sq. m./pa) Total Investment Volume in BE (cumulative) (bn ) (*) Offices Investment Volume in BE (cumulative) (bn ) (*) Prime Yield Band (%) (**) 2015 (**) 2016 (**) Future Supply, Speculative (000 sq. m.) Future Supply, Non Speculative (000 sq. m.) Total (*) Investment volume includes investment, owner occupier and redevelopment acquisitions; excludes land sales. Data as of 30/09/2014. (**) Under construction and projects with permit. Projects with no permit, except if prelet, on 30/09/2014 excluded.

3 - 3 - On Point Brussels Office Market Q Letting Market Take-up year-to-date: 309,315 sq.m. In the 3rd quarter 2014 we registered 72,229 sq.m. of transactions, ie 10% more than a year ago and 48% below the exceptionally high Q Year to date this brings total take-up up 16% y-o-y to 309,315 sq.m. «375,000 sq.m. take-up is the new norm» Local administrations confirm their return to the market Corporates haven t recovered in the letting market for now, in Q3 we recorded 47,700 sq.m. take-up, which is 5.7% lower than Q2 and down 6.9% year-on-year. Their proportion in the take-up year-to-date is 49%, vs. 68% a year ago. Representative transactions in Q3 include AG Real Estate in the Arts-Lux (Leopold district, 4,930 sq.m), Wabco Europe in the Glaverbel building (Decentralised, 3,890 sq.m.) and Silver Square in the Louise- Legrand (Louise, 2,785 sq.m.). The centre-right coalition that will run the Belgian Federal government scheduled employer-friendly measures to boost employment in the country. In principle this may imply higher space needs provided that there is an economic recovery. Predictions of GDP growth for the country remain low at 1.5% for 2015 (Source: BNB/NBB), probably not enough to support higher demand for offices, though the availability of brand new and energy efficient buildings at acceptable rental values could be seen as an opportunity by corporates to revamp their image to their existing and future employees. With regard to local administrations, Afosoc/ Vesofo acquired 3,132 sq.m. in the Eolis (North district) and the Cocom (through citydev) acquired 2,900 sq.m. in the Royal Court (Pentagon). The European institutions signed for a small 1,200 sq.m. surface in the Espace Rolin (Decentralised) and international administrations, especially embassies, were active in Q The Embassy of Azerbaijan acquired the Tervueren 282 (2,000 sq.m.) in the Decentralised and the Embassy of Slovakia took 7,635 sq.m. in the Da Vinci (Leopold district). 375,000 sq.m: a normal year of take-up? What is a normal year of take-up in Brussels? Referring to the past 10 years, average yearly take-up is 471,000 sq.m. Back to the last 20 years, the average is 521,000 sq.m. Shortening to the last five years, ie the post Lehman period, the average is 401,000 sq.m. Now, as occupiers from every sector administrations included tend to optimise floorspace per employee to c. 12 sq.m. ie 20% lower than previous normality, an average yearly take-up of 375,000 sq.m. can be considered as the new norm. TAKE-UP BY BUSINESS SECTOR (SQM) Local administrations support the market TAKE-UP BY DISTRICT (SQM) North district boosted by mega deals 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% M 14 Belgian Adm EU International Adm Corporates M 14 Decentralised Leopold Louise North Pentagon Periphery South

4 - 4 - On Point Brussels Office Market Q This is the level we are heading to in 2014: in the first days of 2014 the Municipality of Uccle (commune at the south of Brussels) announced it will acquire a 13,000 sq.m. property, and other mid-size deals are under closing For 2015, European institutions could take at least 40,000 sq.m. and there is a pipeline of c. 100,000 sq.m. from local administrations. 20% 15% 10% 5% VACANCY RATE CBD & OUTSIDE CBD Vacancy rate at record high in the Periphery Ups and downs in vacancy Conversion activity has never been so high in Brussels: stock withdrawals in Q3 largely exceeded completions, and compared to Q the office stock declined by 124,000 sq.m. to 13,235,000 sq.m. At the end of Q3 2014, vacancy was back down to the Q1 level, at 10.3% in Brussels overall vs. 10.6% 3 months ago. Vacancy in the CBD fell back below 6% at 5.8%, the lowest since 2008 (5.3%). In Q2 2014, the vacancy rate was 6.2% and in Q %. In the Leopold district, the vacancy rate tightened by 70 bps (23,000 sq.m.) to a 11 year low of 4.8%, due to, among others, the mid-size lettings in the Da Vinci and Arts-Lux buildings, but also to a number of smaller size transactions. There was a 30 bps deterioration in the Pentagon due to floors vacated in second hand properties for a total of 6,400 sq.m. In the North, however, the vacancy tightened by 11,719 sq.m. and vacancy rate came in at 8.7% vs. 9.3% in Q2. This results from a mid-size letting (Eolis: 3,000 sq.m.) and the removal from the vacancy figures of Banimmo s North Plaza which will be refurbished for completion in Vacancy in the Louise district declined by 8,236 sq.m. and the vacancy rate came in at 11.4% vs. 12.5% 3 months ago. A few mid-size new buildings for a total of c. 34,000 sq.m. will become available in (C de Ligne, Black Pearl, and Merode buildings), and AXA will vacate c. 21,000 sq.m. in the 0% Q Q Belmont (Rue Belliard, Leopold district), potentially lifting vacancy in the CBD to c.6% by year-end. The recent media announcement that Belfius Bank will group all of its banking activities in the Rogier Tower (North district) is a nonevent for the real estate market since a 30,000 sq.m. vacancy in one of the three buildings owned by the former Dexia group was already accounted for in our figures. Now we know which building will be occupied by the bank. The next step is to identify where Belfius Insurance will be located: Pacheco (30,000 sq.m. in the Pentagon), or stay in the Galilée (27,000 sq.m. in the North). The latter is said to be targeted by the European Commission. Q2 14 Total BXL Market CBD Outside CBD COMPLETION AND PIPELINE More speculative completions in the CBD in 2014 and e 2016e Completions Future Compl. Spec. Future Compl. Non Spec. Q3 14

5 - 5 - On Point Brussels Office Market Q Should this scenario materialise, the vacancy would go substantially down. Another scenario is to group Belfius Bank and Insurance in the Rogier Tower: at current headcount this looks difficult, unless there is a high recourse to teleworking which in our view will not happen overnight. Outside the CBD, the vacancy rate decreased by 10 bps to 18.2%, with 15% vacant in the Decentralised (-30 bps) and 22% (unchanged, all-time high) in the Periphery. There is substantially higher potential for reduced vacancy in the Decentralised than in the Periphery because of conversions. Some areas have substantially declined as office zones but have become successful residential avenues. The best examples remain the Marcel Thiry zone (South East) and more recently the Colonel Bourg zone. We believe that this trend will reach some parts of the Periphery and that the main obstacle is political will. The ageing vacant stock (49% of the 482,000 sq.m. vacancy is older than 15 years and not renovated), especially in the North East (51%), has to be seen as a signal that more political support is needed to solve the structural vacancy issue. More speculative completions in ,085 sq.m. will be completed in 2014, of which 23,800 sq.m. in speculative (the Black Pearl and the Merode buildings in the Leopold district). Adding to that, the refurbished RAC II building (9,600 sq.m., Pentagon) was, completed in the last days of Q and will become available for immediate occupation. In 2015, 122,407 sq.m. will be delivered, of which 57,161 sq.m. is speculative. 92% of the speculative completions are located in the CBD, with among others the completion of AXA s Treurenberg (9,600 sq.m.), Mr Marian s Regent 35 (7,300 sq.m.) and and Cofinimmo s Guimard 10 (6,900 sq.m. still vacant). Non speculative completions amount to 62,600 sq.m., of which 56,000 sq.m. in the Leopold district (Europa building, new HQ of the European Council) and 6,600 sq.m. in the Decentralised (Veridis, prelet to Marsh). MERODE - LEOPOLD DISTRICT 12,800 SQ.M. AVAILABLE IN 2014 OWNER: P&V DISTRICT BUILDING NAME TYPE sq. m. OFFICE PLANNING PENT DE LIGNE Ref 30,000 Q LEOP BELLIARD 40 New 17,500 Q LEOP MERODE Ref 12, LEOP BLACK PEARL New 11, PENT TREURENBERG New 9,600 Q PENT C DE LIGNE Ref 9, LEOP REGENT 35 New 7,300 Q3 2015

6 - 6 - On Point Brussels Office Market Q3 Q Prime rent down in the Leopold district, but longer leases Prime rents declined from 285 / sq.m. / year to 275 / sq.m. / year in the Leopold district. This reduction is the consequence of the persistently tenant favourable market conditions brought about by the weak economic climate. Besides, as prime rents are often achieved in new developments, the pressure on prime yields leave developers with more comfort to concede lower rents. In the Pentagon prime rents are stable at 235/ sq.m / y, in the Louise district 230/ sq.m. / y, in the North and the Decentralised 185/ sq.m. / y and in the Periphery 165/ sq.m. / y. Substantial discounts to these prices are applicable to second hand buildings PRIME FACE RENT BY DISTRICT From 275 in Leopold to 165 the Periphery Q3 14 Pent South North Leop Louise Dece Peri EVOLUTION OF FACE RENTS BRUSSELS Slight pressure on rents ( /sq.m./y) The tenant favourable market conditions can be an opportunity for occupiers to renegotiate their lease. While transparency in that respect is limited, some tenants find it more profitable to renegotiate their rents lower instead of moving to new, and probably more energy efficient, premises. We also see more tenants securing rental charges with long term leases (6/9 or 9 year fixed) at lower levels. Top quartile rents (TQR) did not materially changed for Brussels. Overall: in Q3 2014, they came in at 213 / sq.m. / year, unchanged compared to Q2 and down 1% compared to a year ago. By district, however, TQR slid by 3% y-o-y and q-o-q in the Leopold district to 244 / sq.m / year. In the Pentagon TQR also declined by 5% q-o-q to 196 / sq.m. / y (only 3 deals in Q3 2014), in the Louise Q2 14 Q3 14 Prime Rent Top Quartile Rent Weighted Average Rent below the North East (Zaventem), generally proportionately more important. The Brussels office market remains tenant-favourable district they declined by 3% q-o-q to 219 / sq.m. / y (unchanged y-o-y). In the Decentralised, top quartile increased by 1% q-o-q and by 6% y-o-y to 174 / sq.m./ year as there was a limited number of transactions but all in the best buildings of the district and at or close to the prime rent. There was a 3% decline in the Periphery over the last quarter, to 146 / sq.m. / yearn, ie 5% lower than a year ago. The decline is primarily due to the higher proportion of transactions in the South East and South West (Wavre, Waterloo and Braine l Alleud) where rents for the best buildings are 12% Weighted average rents in Brussels as a whole also hardly changed, with an increase by 1% y-o-y to 169 / sq.m. /year for the total market, the same level as Q2. Weighted average rents in the Leopold district declined by 5% y-o-y and by 1% q-o-q to 197/ sq.m. / y because of several transactions with higher than average surface where closed at lower rents (f.i., Embassy of Slovakia: 7,635 sq.m. at 170 / sq.m. / year).

7 - 7 - On Point Brussels Office Market Q Investment Market Belgium Total investment volume: 1,951 Mio / + 8.7% After the excellent Q2 2014, the investment volume in Belgium was down 61% quarter on quarter to 470 Mio (deals > 2.5 Mio, excluding development and land sales). Compared to Q3 2013, this is 5% lower. Yearto-date, investment volume is up 8.7% y-o-y to 1,951 Mio, ie 5.6% above the yearly average of the period. Based on current transactions likely to be closed by year-end, the full year volume would reach at least a six year high and tend towards 3 bn. In other words, we would return to pre-crisis investment volumes. Offices: 1,356 Mio / % At the close of the quarter, a total of 305 Mio volume was registered, of which 75% in Brussels. Compared to a year ago this is 2.4% higher, but down 67.8% compared to record high Q2. There were 11 deals, compared to 13 in Q2 and 7 a year ago. 81% of the transactions in Q3 were investment, 17.5% owner occupier deals and the rest redevelopment. Over the nine month period, the investment volume is up 25.7% to 1,356 Mio, of which 77.4% located in Brussels. We counted 31 deals vs. 26 a year ago. 86% of the volume was investment, 8.6% owner occupation and 5.4% redevelopment. market (78.7% of the investment volume excluding owner occupier deals), with for example the acquisition by L Integrale of the new HQ of Brussels Environment in the North district on the Tour & Taxis site for 72 Mio. This 17,000 sq.m. passive office building is let with a 18 years lease and was sold at a yield of 5%. We see more large size opportunistic deals (17.5%), the most representative being the recent acquisition by Ares Management of the Pegasus Park in Diegem (Brussels Periphery). This US private equity fund purchased this 81,500 sq.m. office development previously owned by Segro for 83.4 Mio at a yield of 10%. Another example is the acquisition by Financière Techeyné of the HQ of Carrefour Belgium in Evere (Decentralised, 20,000 sq.m. offices and 15,000 sq.m. retail) for 50 Mio implying a gross yield of 7.7%. At this stage, the value-add transactions almost only consists of redevelopment of old offices into residential although this is changing with the acquisition early October of the Manhattan Center in the North district. UK private equity fund Victory acquired this 46,000 sq.m. (incl. 10,000 sq.m. retail) second hand building occupied by BNP Paribas Fortis, BPost and the Vlerick School for 70 Mio. Important capex is foreseen, and there is about 12.5% vacancy left. Core transactions continue to dominate the TOTAL INVESTMENT VOLUME BY SECTOR - BELGIUM - Majority of Offices deals INVESTORS BREAKDOWN BY ORIGIN 9M14 44% of international investors Germany 6% France 6% USA Asia 4% 1% Other 5% Denmark 22% Belgium 56% M 14 Office Warehousing Retail Retirement Homes Other

8 - 8 - On Point Brussels Office Market Q is set to reach a pre-crisis investment volume with the office segment leading the way Jean-Philip Vroninks Head of Capital Markets BeLux Regarding redevelopment deals, during the summer the local developer Skyline acquired the Extensa I and II buildings (12,000 sq.m. in total) for only 5 Mio. Both of these properties are located in the Rue Colonel Bourg (Decentralised) that progressively loses its status as an office area and becomes a residential avenue. The pipeline of further conversions deals is important and not likely to substantially decrease in the near term. Retail: 238 Mio / % Higher retail property volumes were traded in Q3 2014, we saw an 28.7% increase quarter-onquarter to 97.9 Mio (9 deals vs. 10, suggesting higher deal size), however this remains 35.6% lower than a year ago. Year-to-date volume was 238 Mio, 44.6% lower than a year ago, however there are 6 more deals at 30. No significant deals were signed in Brussels during the last quarter, the largest being in Flanders with two Frun Parks (Wetteren and Oudenaarde) sold to Retail Estates for 28 Mio. Industrial: 156 Mio / +2.7% Limited movements in Q3: 3 transactions for a total of 30 Mio only in Flanders. Year-to-date, investment volume was 156 Mio, up 2.7% yearon-year, in 13 deals compared to 22 a year ago. 70% of the volume year-to-date was for logistics properties, 30% for semi-industrial. All of the transactions were realised in Flanders. IBGE - NORTH DISTRICT SELLER: TOUR & TAXIS NV BUYER: L INTEGRALE

9 - 9 - On Point Brussels Office Market Q % of international investors Belgian investors dominate the market however their share is decreasing: in 9M14 44% of the transactions were realised by international investors compared to 31% in the period. German funds are traditionally among the most active players, with shares between 15% and 20% of the volume. This year so far, German contribution is only 6% in two deals (UpSite 35 and Platinum). Following the acquisition of the North Galaxy by ATP in Q2 2014, Danish investors contributed to 22% of the investment volume this year to date. French investors contributed to 6%, USA 4%, Asia 1% and others 5%. As a reminder, behind the legal origin of investors there is often more international money, for example private equity funding base is generally diversified globally. Institutional investors such as pension funds and insurers remains the largest contributors to the investment market with a share of 47% this yearto-date. Pooled funds, including private equity investors, counted for 12% of the transactions and REITs for 15%. Private investors rank fourth with 11%. Prime yields under further pressure in the CBD Prime office yields in Brussels with standard 6/9 year leases are under further downward pressure in the CBD. In the Leopold district prime yields are 5.75% (was 5.8% in Q1) and prime properties in the Louise and Pentagon districts trade at 5.9% (vs. 6.0% 3 months ago). In the North district yields also trend stronger at 6% vs. 6.25%. Further yield compression is likely in prime districts. Outside the CBD, prime yields in the Decentralised Area and the Periphery remain high, at 7.50% and 8%, reflecting the higher inherent risk. Properties located in the CBD, having a long term lease (superior to 9 years) and an investment grade tenant, trade at higher prices than half a year ago with yields of 5% - or below vs. 5.25% previously. Yields for secondary assets are clearly much higher, value-added investments deals achieving yields well above 8%. This has started attracting opportunistic investors provided that the occupancy rate of the asset is at a reasonable level. As we do not see material change in the current low yields on government and corporate bonds, real estate remains a valuable alternative for long term investors such as pension funds and insurances companies. As of 30/09/2014 the Belgian 10 year OLO traded at a yield of 1.22%, reminding that prime office buildings with long term leases and safe tenants now trade at or slightly below 5%, the gap is very much in favour of real estate at this moment. TOP 5 BUYERS VOLUME INVESTED 9 M 14 NUMBER OF DEALS ATP EUR 427 Mio 1 AG REAL ESTATE EUR 195 Mio 1 L INTEGRALE EUR 125 Mio 3 AEDIFICA EUR 90 Mio 1 GLL EUR 90 Mio 1 INVESTMENT VOLUME BY TYPE INVESTOR Institutions are the most active investors PRIME OFFICE YIELDS (6/9 YEAR LEASES) VS. BOND YIELD Offices trade at substantial premium to government bonds Propco's 4% Private 11% REITs 15% Pooled Funds 12% Corporate 3% Developers 2% Government 5% Hotel 1% Institution 47% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% Q Q Q Q year Bond CBD average Non CBD average Q2 14 Q3 14

10 On Point Brussels Office Market Q Key figures by district - 9M 2014 Take-up cumulative Stock Vacancy Rate 000 sq. m. Mio sq. m. % Prime Rent Top Quartile Rent /sq. m./ year Weighted Average Rent Speculative Pipeline 2015e 2016e 000 sq. m. 000 sq. m. Pentagon South District North District Leopold District Louise District Decentralised Area Periphery Total Letting transactions 9M 2014 YEAR QTR DISTRICT Operation BUILDINGNAME AGE AREA TENANT NORTH Preletting MEANDER PNP 50,000 VLAAMSE GEMEENSCHAP NORTH Preletting ASTRO TOWER PWP 32,000 ACTIRIS LEOPOLD Preletting LIVINGSTONE II UR 15, LOUISE Acquisition ARBRE BENIT Modern 11,000 EUROPEAN COMMISSION TRAINING CENTER INTERNATIONAL NON PROFIT ORG NORTH Acquisition UPSITE 35 New 10,000 INASTI / RSVZ LEOPOLD Letting DA VINCI New 7,635 EMBASSY OF SLOVAKIA DECENO Letting ATLANTIS New 7,210 B-BRIDGE PENTAGON Letting BOTANIC CENTER Old 6,000 BRUXELLES FORMATION LOUISE Acquisition TRIO New 5,350 CITYDEV LEOPOLD Letting ARTS-LUX New 4,930 AG REAL ESTATE DECESE Letting GLAVERBEL BUILDING Old 3,890 WABCO EUROPE NORTH Acquisition EOLIS New 3,132 AFOSOC - VESOFO

11 On Point Brussels Office Market Q Investment transactions 9M 2014 Year Qtr District Property Price est. (EUR Mio) North North Galaxy 475 Cofinimmo ATP / AXA Seller Louise Platinum Avenue Louise 91 Aberdeen GLL Periphery Pegasus 83 Segro Ares Management North IBGE / BIM 72 Tour & Taxis L Integrale Decentralised HQ Carrefour Belgium Evere 47 Redevco Buyer Financière Techeyné Pentagon Rue aux Choux + Toison d Or AXA Belgium Befimmo North UpSite PMV Allianz Decentralised Veridis (Marsh) 23 Banimmo L Intégrale Leopold Bell Arts 22 IVG Morabanc Leopold Montoyer Cofinimmo NEIF Decentralised Place Communale d Auderghem 11 AG Real Estate (certificate) Private

12 On Point Brussels Office Market Q Map of the Brussels office market

13 On Point Brussels Office Market Q Definitions TAKE-UP Take-Up New: Represents take-up of floorspace in new or substantially refurbished buildings of less than five years since completion. Take-Up Modern: Represents take-up of floorspace built or renovated between 5-15 years ago. Take-up Old: Represents take-up of floorspace built more than 15 years ago and not renovated. RENT Prime Office Rent represents the top openmarket rent that could be expected for a notional office unit of the highest quality and specification in the best location in a market, as at the survey date (normally at the end of each quarter period). The rent quoted normally reflects prime units of over 500 sq. m. of lettable floorspace, which excludes rents that represent a premium level paid for a small quantity of space. Top Quartile Office Rent represents the average mean value of the top (25 %) quartile of all known face rents achieved on leasing transactions completed within a market during the survey period (normally calculated annually, or quarterly on a 12 monthly rolling basis). It excludes any unrepresentative deals. Weighted Average Rent represents the average mean value of all known face rents achieved on leasing transactions completed within a market during the survey period weighted with the floorspace (normally calculated annually, or quarterly on a 12 month rolling basis). It excludes any unrepresentative deals. PRIME YIELD Represents the best (i.e. lowest) rackrented yield estimated to be achievable for a notional office property of the highest quality and specification in the best location in a market, as at the survey date (normally at the end of each quarter period). The property should be let at the prevailing market rent to a first class tenant with an occupational lease that is standard for the local market. The prime initial net yield is quoted, i.e., the initial net income at the date of purchase, expressed as a percentage of the total purchase price, which includes acquisition costs and transfer taxes. VACANCY Vacancy represents completed floorspace offered on the open market for leasing or sale, vacant for immediate occupation on the survey date (normally at the end of each quarter period), within a market. It includes all vacant accommodation irrespective of the quality of office space or the terms on which it is offered. Vacancy excludes obsolete or mothballed office property, i.e. floorspace held vacant and not being offered for letting, usually pending redevelopment or major refurbishment. Vacancy Rate The Vacancy Rate represents immediately vacant office floorspace in all completed buildings within a market as at the survey date (normally at the end of each quarter period), expressed as a percentage of the total stock. STOCK Stock represents the total amount of completed office space in buildings mainly used for office purposes within a market that is capable of occupation regardless of the type of ownership or type of building quality, as at the survey (normally at the end of each quarter period). COMPLETIONS Completions represent floor-space completed during the survey period (normally annually). Completions include new development and refurbished accommodation, speculative developments, pre-let floor space and space for owner-occupation

14 On Point Brussels Office Market Q3 2014

15 On Point Brussels Office Market Q JLL Offices Belgium Avenue Marnixlaan, 23 b1 B 1000 Bruxelles Brussel T 32 (0) F 32 (0) Jan Van Gentstraat 1 bus 402 B 2000 Antwerpen T 32 (0) F 32 (0) JLL Contacts VINCENT H. QUERTON INTERNATIONAL DIRECTOR - CEO BENELUX +32 (0) ERIK VERBRUGGEN (*) HEAD OF OFFICE AGENCY - BELGIUM +32 (0) Erik.Verbruggen@eu.jll.com JEAN-PHILIP VRONINKS (*) HEAD OF CAPITAL MARKETS - BELUX +32 (0) Jean-Philip.Vroninks@eu.jll.com PIERRE-PAUL VERELST HEAD OF RESEARCH - BELUX +32 (0) Pierre-Paul.Verelst@eu.jll.com (*) sprl / bvba COPYRIGHT JONES LANG LASALLE IP, INC All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without prior written consent of Jones Lang LaSalle. It is based on material that we believe to be reliable. Whilst every effort has been made to ensure its accuracy, we cannot offer any warranty that it contains no factual errors. We would like to be told of any such errors in order to correct them. Printing information: paper, inks, printing process, recycle directive.