Major deals in Q4 boost 2009 office take-up in Brussels

Massive last minute transactions in the final quarter of 2009 boosted office take-up in Brussels over the full year to a total of 400,000 m2, according to a report by Cushman & Wakefield. Major transactions involved GDF Suez taking 75,000 m² in the North Pole and North Star towers developed by Fortis Real Estate, in the Brussels North district, and the Belgian State purchasing the 43,000 m² office space in the Forum building (rue de Louvain) for EUR 139.5 mln. C&W advised on the sale of this Immobel development.

Other deals involved HUB (Hogeschool Universiteit Brussel) purchasing the 17,000 m² office space in the Serclaes building for its own use, for EUR 60 mln, with Jones Lang Lasalle advising on the transaction. The state building agency (Régie des Bâtiments/ Regie der Gebouwen) also took 12,671 m² in the Platinum (avenue Louise) for its scientific policy department. Both C&W and CB Richard Ellis advised on this transaction.

The spate of deals in Q4 followed three underperforming first quarters, Jef Van Doorslaer, Head of Research at C&W, noted. 'At the time we published our latest snapshot report, in October 2009, take-up was reaching about 200,000 m2, a level that was historically low. Nevertheless, in the same issue, we were announcing this figure might double during the last quarter of 2009.'

The full-year performance was more or less in line with an ordinary year, according to Antoine Brusselmans, Partner and Head of Research. The take-up by the corporate sector was weaker than in previous years, with public institutions playing a key role in the final figure, he added.