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Pulse Retail Q3 2016: Resilient retail in Belgium

  • Take-up as at Q3 2016 was 290,000 sq.m., 16% above the take-up level of 2015 for the same period. As at mid-October, the transaction volume had risen to 338,600 sq.m.
  • Recent large transactions include lettings by Primark in Brussels, Antwerp, Charleroi and Mons, whilst Zara let 3,300 sq.m. in Liège and C&A let 3,200 sq.m. in Charleroi.
  • Prime rents in high streets remained stable this quarter at €2,000/sq.m. p.a. and apply to the Rue Neuve and the Avenue Louise in Brussels, and to the Meir and the Schuttershofstraat in Antwerp.
  • 2016 is a good year for investment in retail with an investment volume of € 611 million after three quarters, rising to € 704 billion as at end October. The market remains liquid with interest coming from local and international parties.
  • The current prime yields amount to 3.75% for high streets, 4.25% for shopping centres and 5.75% for retail warehousing, with a stable outlook.

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