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Belgium : Retail parks drive pipeline - 2013

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Belgium : Retail parks drive pipeline - 2013

A decline in new activity in shopping centres is tempered by the current wave of consolidations in the sector. Indeed the highest ranking centres by number of deals include a majority of retailers renewing their leases.

Despite an overall decrease in high streets deals, take-up has already improved on 2012, with Big Six streets improving significantly on 2012, and the Meir and Rue Neuve retaining the same prime rental levels as in 2012.

Retail parks and warehouses both do very well so far in 2013 thanks to new retail warehouse projects and consumers’ affinity for well placed retail warehouses along main roads.

Retail parks and warehouses also accounted for around 80% of the overall new supply delivered this year. The pipeline will mostly be composed of mixed-use schemes and retail parks in the next couple of years. Meantime, in the northern part of Brussels, Docks Bruxsel is the first to start its development and should negatively impact the development of UPlace and Neo.

2013 has witnessed a strong decrease in investment volumes, although this year’s emerging trend sees activity occurs in smaller transactions.

Source : DTZ (Groupe UGL)

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