Office market report Brussels
Pulse Spring 2014
The Belgian Logistics Market - Quarterly Update
On Point
2nd quarter 2014
Take-up in Q2 2014 increased by 35% y-o-y to 137,800
sq.m. Year-to-date take-up amounts to 239,400 sq.m., up
19% y-o-y again boosted by local administrations.
Vacancy slightly increased compared to Q1 2014 to 10.6%
due to speculative completions and large offices vacated.
Prime rents were unchanged at €285 / sq.m. / year.
Investment volume in Belgium came in 18.5% higher than
a year ago thanks to huge office deals.
Prime office yields tighten further in CBD location, to
5.75%
Source all charts : JLL Research - 2 - On Point • Brussels Office Market • Q2 2014
www.jll.be
Foreword
As already announced in our Q1 comments,
the Brussels Office Market was boosted by the
Administrations (Actiris, Flemish Community,
European Commission) during the 1st semester
of 2014.
This trend will probably continue during the 2nd
semester, with a positive effect on the overall
take-up.
In the meanwhile, Grade A office space will
continue to be scarce in the CBD, due to active
take-up in this segment of the market and due
to less speculative construction.
Erik Verbruggen - Head of Office Agency
Belgium
Key statistics – H1 2014
2011
2012
2013
H1 2014
Take-up (cumulative) (000 sq. m.)
350
423
331
239.4
Take-up (cumulative) (No of Deals)
350
383
355
192
Stock (Mio sq. m.)
13.0
13.1
13.3
13.4
Completions (cumulative) (000 sq. m.)
111
85
223
47
Vacancy (000 sq. m.)
1,458
1,360
1,351
1,411
Vacancy Rate (%)
11.1
10.4
10.1
10.6
Prime Rent (€/sq. m./pa)
300
285
285
285
Top Quartile Rent (€/sq. m./pa)
222
219
210
213
Weighted Average Rent (€/sq. m./pa)
171
172
169
168
Total Investment Volume in BE (cumulative) (bn €) (*)
1.85
2.20
2.23
1.481
Offices Investment Volume in BE (cumulative) (bn €) (*)
1.02
0.85
1.25
1.031
6.00-6.50
6.00-6.50
5.80-6.50
5.75-6.50
Prime Yield Band (%)
H2 2014 (**)
2015 (**)
2016 (**)
Future Supply, Speculative (000 sq. m.)
37.4
76.7
57.0
Future Supply, Non Speculative (000 sq. m.)
20.3
69.1
168.4
Total
57.7
145.8
225.4
(*) Investment volume includes investment, owner occupier and redevelopment acquisitions; excludes land sales. Data as of 30/06/2014.
(**) Under construction and projects with permit. Projects with no permit, except if prelet, on 30/06/2014 excluded.
Source all charts : JLL Research - 3 - On Point • Brussels Office Market • Q2 2014
www.jll.be
Letting Market
Solid take-up growth in Q2
The volume of leasing activity increased by
35.4% year-on-year to 137,800 sq.m., 36%
more than in Q1 2014. Year-to-date volume
therefore came in at 239,400 sq.m., 19.3%
more than a year ago.
The recovery of corporate letting
activity has still to materialise
Local administrations confirm their return
on the market
The recovery of take-up after a weak 2013
is primarily the result of the return of local
administrations to the market with largesize deals. In Q2 the Flemish Community
pre-let the Meander project in the North
district. This 50,000 sq.m. building is located
on the Tour & Taxis site situated along the
canal, and will neighbour the brand new
Brussels Environment building. As a result
of this huge – and long awaited – transaction,
the proportion of the Local administrations
exceeds Corporates for the first time since
2003, at 48% for the former vs. 45% for the
latter. Noticeably, all of the recent deals by
administrations are replacement demand
illustrating the needs of administrations to
move to larger energy-efficient buildings
instead of several medium size old
properties.
Corporate activity has not improved much
compared to Q1: only 50,800 sq.m. was
taken up vs. 57,000 sq.m. 3 months ago. The
largest transactions were the acquisition by
an international non-profit organisation of
the Arbre Bénit (11,000 sq.m.) in the Louise
district, the acquisition by Mediagenix of
5,800 sq.m in the Periphery and the letting to
Spadel of 1,990 sq.m. in the Decentralised.
The European Commission’s Training Center
prelet Cofinimmo’s refurbished Livingstone
II building (15,300 sq.m.) in the Leopold
district, this being the first transaction by
European institutions in 2014.
North district recovers
The largest recent transactions by Local
administrations (Actiris in Q1, Flemish
Community and INASTI / RSVZ in Q2) boosted
occupier activity in the North district. In
H1 it represented 39.6% of the take-up, vs.
14% on average over the last 10 years. The
Leopold district follows with 15% (down
compared to 63% a year ago, an exceptionally
high level thanks to 3 large deals) and the
Decentralised ranks third with 13%.
TAKE-UP BY DISTRICT (SQM)
TAKE-UP BY BUSINESS SECTOR (SQM)
Local administrations outperform Corporates
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
North district boosted by mega deals
800.000
700.000
600.000
500.000
400.000
300.000
200.000
100.000
2005
2006
2007
Belgian Adm
2008
EU
2009
2010
2011
International Adm
2012
Corporates
2013 H1 14
0
2005
Decentralised
2006
2007
Leopold
2008
Louise
2009
2010
North
2011
Pentagon
2012
2013
Periphery
H1
2014
South
Source all charts : JLL Research www.jll.be
Completions and move to new buildings
pushed vacancy higher
In the Leopold district, the vacancy rate
increased to 5.5% vs. 5.2% because of the
completion of the renovation of the Da Vinci
(7,635 sq.m. Avenue de Cortenbergh) and
limited letting activity.
In the Louise district, the vacancy rate is
roughly unchanged at 12.5%, the completion
of the E-Lite (4,287 sq.m. still vacant) being
offset by the acquisition of the Arbre Bénit
building and some conversions of obsolete
buildings.
20%
15%
10%
Total BXL Market
CBD
Q2 14
Q1 14
Q4 13
Q2 13
Q4 12
Q2 12
2011
2010
2009
2008
0%
2007
5%
2006
Vacancy in the CBD districts was 6.2%, up vs.
5.9% 3 months ago.
The most substantial increase was in the
North district, with the Green Island A (c.
19,000 sq.m. vacated by KBC Bank) and the
Botanic Tower (c. 24,000 sq.m. vacated by the
Federal Police that moved to the Belair in
the Pentagon district), offset by the letting of
the UpSite 35 (10,000 sq.m.). As a result the
vacancy rate increased to 9.3% vs. 7.4% in Q1
2014.
Vacancy rate outside CBD not far from peak
2004
A few medium to large size buildings became
available in Q2 2014, some after having been
renovated. As a result, the vacant volume in
Brussels increased by 41,000 sq.m. and the
vacancy rate increased to 10.6% vs. 10.3% 3
months ago. Total vacant space in Brussels
came in at 1,411,000 sq.m.
VACANCY RATE CBD & OUTSIDE CBD
2005
- 4 - On Point • Brussels Office Market • Q2 2014
Outside CBD
COMPLETION AND PIPELINE
More speculative completions in the CBD in 2014 and 2015
450
400
350
300
250
200
150
100
50
0
2005
2007
Completions
2009
2011
Future Compl. Spec.
2013
H2 14e
2016e
Future Compl. Non Spec.
The situation is different in the Pentagon
where there was no completion and robust
letting activity: vacancy decreased by 14,400
sq.m. and the vacancy rate declined by 70 bps
to 3.6%, the lowest since Q4 2007.
Outside the CBD, the vacancy rate increased
by 30 bps as well to 18.3%, with 15.2% vacant
in the Decentralised (+40 bps) and 22% (+20
bps, an all-time high) in the Periphery. The
completion of the renovation of Befimmo’s
Triomphe I building (10,800 sq.m.) and the
move to the North district of Electrabel,
exiting the Ariane Square (11,000 sq.m.
vacant), largely explain the deterioration in
the Decentralised.
Source all charts : JLL Research Source all charts : JLL Research - 5 - On Point • Brussels Office Market • Q2 2014
www.jll.be
More speculative completions in 2015
A total of 47,000 sq.m. was completed in the first
semester, the most recent being the Brederode
1B (13,400 sq.m. in the Pentagon, occupied by
Linklaters) and the E-Lite (6,800 sq.m. in the
Louise district, partly occupied by VW Bank and
Knight Frank). As a result and deducting stock
removals for conversions, the existing stock in the
Greater Brussels amounts to 13,359,000 sq.m.
Completions in the second semester are limited:
58,000 sq.m. are expected, of which 37,400 sq.m.
is speculative.
Next year will see more speculative completions,
we expect 76,700 sq.m. to be delivered without
predefined tenant. 73% is located in the CBD.
Non speculative completions amount to 69,000
sq.m., of which 56,000 sq.m. in the Leopold
district (Europa building, new HQ of the European
Council).
B E L L I A R D 40 - L E O P O L D D I S T R I CT
A R C H I T E CT : A R T & B U I L D / P I E R R E L A L L E M A N D
OW N E R : C O F I N I M M O
C O M P L E T I O N : Q 1 2017
DISTRICT
BUILDING NAME
TYPE
sq. m. OFFICE
PLANNING
PENT
DE LIGNE
Ref
30,000
Q1 2017
LEOP
BELLIARD 40
New
17,500
Q1 2017
LEOP
MERODE
Ref
12,800
Q4 2014
LEOP
BLACK PEARL
New
11,000
Q4 2014
PENT
TREURENBERG
New
9,600
Q2 2015
PENT
RAC 2
Ref
9,000
Q3 2014
LEOP
REGENT 35
New
7,300
Q2 2014
Source all charts : JLL Research - 6 - On Point • Brussels Office Market • Q1
Q2 2014
www.jll.be
Stability of prime rents, top quartile and
weighted average show no sign of recovery, nor
of deterioration
Prime rents remained unchanged at € 285/ sq.m.
/ year, this level being achievable in the Leopold
district. In the Pentagon prime rents are € 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.
Top quartile rents (TQR) did not materially changed
in Q2 2014 after the deterioration last year: for the
total market they increased by 1% q-o-q to € 213/
sq.m./y, however compared to a year ago it is still
3% below. In the Pentagon TQR declined by 1%
q-o-q to € 206/ sq.m. / y, in the Leopold district
they tightened by 1% to € 251/ sq.m. / y, in the
Louise district they were flat at € 227/ sq.m. / y,
in the Decentralised and the Periphery they were
roughly unchanged at respectively € 173/ sq.m. / y
and € 151/ sq.m. / y.
PRIME FACE RENT BY DISTRICT
From € 285 in Leopold to € 165 in the Periphery
330
310
290
270
250
230
210
190
170
150
2005 2006 2007 2008 2009 2010 2011 2012 2013 Q1 14Q2 14
Pent
South
North
Louise
Dece
Peri
Leop
EVOLUTION OF FACE RENTS BRUSSELS
Decline of top quartile and weighted average rent
350
300
Weighted average rents in Brussels also hardly
changed, with an increase by 1% q-o-q to €
168/ sq.m. /year for the total market. Noticeably,
weighted average rents in the Leopold district
declined by 3% q-o-q to € 199.3/ sq.m. / y because
of recent large size transactions closed well below
prime rents.
250
200
150
100
2005 2006 2007 2008 2009 2010 2011 2012 2013 Q1 14 Q2 14
Prime Rent
The Brussels office market
remains tenant-favourable
Source all charts : JLL Research Top Quartile Rent
Weighted Average Rent
- 7 - On Point • Brussels Office Market • Q2 2014
www.jll.be
Investment Market Belgium
Sharp rise of investment volume in Q2
Total investment volume in Q2 2014 increased
by 18.5% year-on-year to € 1,203 Mio, led by
offices which jumped by 43.5%. In the first
semester, the total investment volume came
in at € 1,482 Mio, 14% higher than a year ago.
Based on the transactions currently under
negotiation in every segment, investment
volume in 2014 may be the highest since 2008
and trend to € 3 bn.
Offices: € 1,051 Mio
Investors’ appetite for core office properties
was again confirmed with the acquisition by
the Danish pension fund ATP, in JV with AXA
that took 10% of the deal, of the North Galaxy
in the North district. This 105,000 sq.m.
building consists of two towers, leased by the
Federal Public Administration of Finances
until 2031, was sold by Cofinimmo for €
475 Mio. This is the largest office deal ever
in Belgium’s history. In the Louise district,
GLL acquired the Platinum for close to € 91
Mio. This multi-let fully refurbished building
totals 23,700 sq.m. and was sold at a yield
below 6%. Year-to-date, volume amounted
to € 1,051 Mio, 34.6% more than a year ago.
78% of the transactions were in Brussels,
totalling € 821 Mio, an increase of 28.5%
year-on-year.
The average deal size in Brussels (excluding
owner-occupation
and
redevelopment
transactions) increased in Brussels. In H1
2014, it was € 79.7 Mio vs. € 25.7 Mio over
the last five years and vs. € 29.4 Mio over the
last 10 years.
There were 20 deals during the first half, one
more compared to a year ago and a five year
average of 18 for a first semester.
87.4% of the deals in Brussels year-to-date
were investment, 6.8% owner-occupation
and the remainder redevelopments. In
Belgium as a whole, 89.5% of the office deals
were investments, 6% owner-occupier and
4.5% redevelopment deals.
Retail: € 140 Mio
Volumes year-to-date in Belgium are 49%
below H1 2013. At this stage there have been
few deals and have been limited in size. The
average size of deals was only € 6.8 Mio
compared to € 16 Mio in H1 2013.
Industrial: € 126 Mio
Investment activity in the industrial segment
was broadly in line with previous years
with volume of € 54 Mio compared to € 78
Mio in Q1 and € 108 Mio in Q2 2013. Yearto-date, investment volume was € 126 Mio,
down 10.9% year-on-year. 63% of the volume
was for logistics properties, 37% for semiindustrial. All of the transactions were
realised in Flanders.
TOTAL INVESTMENT VOLUME BY SECTOR
- BELGIUM Majority of Offices deals
INVESTMENT VOLUME BY SOURCE
– BELGIUM – 2013 +
Majority of Offices deals
Pooled
Funds
11%
5.000
4.000
Propco's
5%
Corporate
2%
Other
4%
Developers
1%
3.000
REITs
11%
2.000
1.000
0
Private
12%
2005 2006 2007 2008 2009 2010 2011 2012 2013 H1 14
Office
Warehousing
Retail
Retirement Homes
Other
Institution
54%
Source all charts : JLL Research - 8 - On Point • Brussels Office Market • Q2 2014
www.jll.be
“The North Galaxy and Platinum transactions
confirm the growing appetite for large volume office
transactions”
Jean-Philip Vroninks
Head of Capital Markets BeLux
Diversification of investors origin
The investors’ origin tends to be more diversified.
Following the acquisition of 90% of the North
Galaxy, Danish investors contributed to 28.8% of
the investment volume in H1 2014. Noticeably, this
is the first investment of Denmark in Belgium since
2003. Belgian investors, however, retain by far the
majority of the deals with 50.8% of the volume in
H1 2014. The German investors contributed to
7.8% of the volume in H1 and French investors
contributed to 6.4%. At this stage, there is limited
direct activity by Middle East investors, however
Asian sovereign wealth funds from China, Korea
or Singapore as well as Canadian pension funds
demonstrate interest for prime properties in
Brussels.
Institutional investors such as pension funds and
insurers are active and investing in large lot sizes.
In H1 2014 they contributed to 51% of the volume
in 8 deals. The average deal size of institutional
investors was € 99 Mio in H1 2014, way higher than
the five year annual average of € 49 Mio. Private
investors rank second with 12% of the volume but
the average deal size was € 9 Mio in H1 2014 and
€ 11 Mio in the last five years. REITs, also active
with 11%, have average deal size of € 16.9 Mio in
H1 and € 20 Mio over the last five years. Pooled
funds (11% of the volume) invest in larger deals
than REITs at € 31 Mio in H1 2014 and € 25 Mio
over the last five years.
P L AT I N U M - LO U I S E D I S T R I CT
SELLER: ABERDEEN
BUYER: GLL
Source all charts : JLL Research - 9 - On Point • Brussels Office Market • Q2 2014
www.jll.be
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%. 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 (>
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.
A good example of an opportunistic transaction
is the Pegasus Park for which an agreement in
PRIME OFFICE YIELDS (6/9 YEAR LEASES) BY DISTRICT
Yields down in all CBD locations
8,5
8,0
7,5
7,0
6,5
6,0
5,5
Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q2 Q4 Q1 Q2 Q3 Q4 Q1 Q2
05 06 07 08 09 10 11 12 12 13 13 13 13 14 14
Pentagon
North
Leopold
Louise
Decentralised
Periphery
principle on a sale to ARES was found in early
July. The acquisition price is approximately € 83.4
Mio at a net initial yield above 10%.
Compared to 10 year government bonds, real
estate offers a substantial yield premium. At the
end of June 2014, the yield gap between 10 year
Belgian OLO yield and prime property yield was
4.05%.
Brussels is cheap compared to other European
cities
Prices for prime office properties in the
major European capital cities have increased
substantially over the last 24 months. In London
West-End, prime yields have reached the
unprecedented low of 3.75% in Q1 2014, in Paris
prime yields returned to pre-crisis levels of 4.25%,
as well as in Berlin and Frankfurt to 4.6%.
Brussels offers an appreciable yield premium
compared to these core cities and can therefore
be an attractive alternative for international
investors.
PRIME OFFICE YIELDS (6/9 YEAR LEASES) VS. BOND
YIELD
Offices trade at substantial premium to government bonds
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
Q4
05
Q4
06
Q4
07
Q4
08
10 year Bond
Q4
09
Q4
10
Q2
11
Q4
11
CBD average
Q2
12
Q4
12
Q2
13
Q4
13
Q1
14
Q2
14
Non CBD average
Source all charts : JLL Research - 10 - On Point • Brussels Office Market • Q2 2014
www.jll.be
Key figures by district - H1 2014
Take-up
cumulative
Stock
Vacancy
Rate
‘000 sq. m.
Mio sq. m.
%
Pentagon
13.2
2.3
3.6
235
South District
1.1
0.5
3.8
North District
94.8
1.7
Leopold
District
35.6
Louise
District
Prime Rent
Top
Quartile
Rent
Weighted
Average
Rent
Speculative Pipeline
H2 2014e
2015e
‘000 sq. m.
‘000 sq. m.
13.6
27.4
195
0
0
9.3
185
0
0
3.4
5.5
285
251
199
23.8
20.5
24.8
0.7
12.5
230
227
177
0
0
Decentralised
Area
32.2
2.6
15.2
185
172
140
0
0
Periphery
37.7
2.2
22.0
165
151
130
0
28.8
Total
239.4
13.4
10.6
285
213
168
37.4
76.7
€/sq. m./
year
206
193
Letting transactions – H1 2014
YEAR
QTR
DISTRICT
Operation
2014
2
NORTH
Preletting
2014
1
NORTH
Preletting
2014
2
LEOPOLD
Preletting
2014
2
LOUISE
2014
2
2014
AGE
AREA
TENANT
MEANDER
PNP
50,000
VLAAMSE GEMEENSCHAP
ASTRO TOWER
PWP
32,000
ACTIRIS
LIVINGSTONE II
UR
15,300
EU COMMISSION
Acquisition
ARBRE BENIT
Modern
11,000
INTERNATIONAL NON
PROFIT ORGANISATION
NORTH
Acquisition
UPSITE 35
New
10,000
INASTI / RSVZ
1
DECE NO
Letting
ATLANTIS
New
7,200
B-BRIDGE
2014
2
PENTAGON
Letting
BOTANIC CENTER
Old
6,000
BRUXELLES FORMATION
2014
1
LOUISE
Acquisition
TRIO
New
5,200
CITYDEV
2014
1
PERI NO
Acquisition
STATIONSTRAAT (GR.
BIJGAARDEN)
PWP
3,353
OPEN TOURS
2014
1
NORTH
Letting
ALBERT II - ZENITH
BUILDING
New
2,500
INFRAX
Source all charts : JLL Research BUILDINGNAME
- 11 - On Point • Brussels Office Market • Q2 2014
www.jll.be
Investment transactions H1 2014
Year
Qtr
District
Property
Price est.
(EUR Mio)
Seller
Buyer
2014
2
NORTH
NORTH GALAXY
475
Cofinimmo
ATP / AXA
2014
2
LOUISE
PLATINUM - AVENUE LOUISE
91
Aberdeen
GLL
2014
2
DECENTRALISED
HQ CARREFOUR BELGIUM
47
Redevco
Financière
Techeyné
2014
1
NORTH
UPSITE 36
27
PMV
Allianz
2014
2
DECENTRALISED
VERIDIS / MARSH
23
Banimmo
L’Intégrale
2014
2
LEOPOLD
BELL’ARTS
22
IVG
Morabanc
2014
2
LEOPOLD
MONTOYER 14
13
Cofinimmo
NEIF
2014
1
DECENTRALISED
Place Communale
d’Auderghem
11
AG real Estate
(certificate)
Private
2014
1
LOUISE
LOUISE 66
11
Leasinvest
Immo Graanmark
2014
1
Decentralised
GENEVE 10
9
Aberdeen
Private
Source all charts : JLL Research - 12 - On Point • Brussels Office Market • Q2 2014
www.jll.be
Map of the Brussels office market
Source all charts : JLL Research - 13 - On Point • Brussels Office Market • Q2 2014
www.jll.be
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
Source all charts : JLL Research - 14 - On Point • Brussels Office Market • Q2 2014
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Source all charts : JLL Research