1. RESEARCH
2012
BELGIUM
Industrial market report
HIGHLIGHTS
• Despite strong investor demand for high quality logistics and industrial property, yields
have remained stable as a result of a poor investment turnover. We believe that this trend
will continue during 2012.
• Some recent occupational transactions in the logistics market towards the end of 2011
show a strengthening climate. However, we believe that 2012 will remain a difficult year for
logistics take-up.
• Investment transactions in both industrial and logistics markets are characterized by a
longer decision making process and growing difficulties for purchasers, mainly end-users,
in financing their investments.
• Semi-industrial take-up is decreasing across all regions.
• There is still a limited development pipeline and consequently a severe lack of immediately
available property. The logistics market continues to be characterized by built-to-suit
projects. As land prices rise and rental values remain unchanged, developers are reluctant
to start construction without having secured an occupier.

2. 2012
BELGIUM
Industrial market report
Investment Data
Prime investment yields Major investment transactions
(%)
Purchaser Property sq m Vendor
Location Industrial Logistics Private Woluwe Industry Park - Sint-Stevens-Woluwe 9,000 Segro
Brussels 7.75 7.00 Private E40 Trade Center - Sint-Stevens-Woluwe 7,500 Segro
Flemish Brabant 7.60 7.00
Integrale Budasteenweg - Machelen 5,000 Pylos
Walloon Brabant 7.60 7.30
Intervest ‘De Gyzeleer’ - Huizingen 17,000 Sale-and-leaseback
Antwerp 7.75 7.25 with DHL Pharma
logistics
East-West Flanders 8.25 7.50
Limburg 8.25 7.70 Intervest DHL Pharma Logistics - Huizingen 15,900 Sale-and-leaseback
Liège 8.25 7.60 Intervest Oevel - UTI Belgium 27,500 West-Logistics
Hainaut 8.20 7.80 Intervest Caterpillar Logistics - Houthalen 26,250 Groep Maes
Namur / Luxemburg 8.20 7.80 WDP Betafence Zwevegem 120,000 Betafence
Source : Knight Frank WDP Genk Distribution Platform 18,000 Hermespark Genk
Source : Knight Frank
Main industrial locations
Main industrial locations
Netherlands
Logistics market
KNOKKE TURNHOUT
Ports
OOSTENDE ANTWERPEN
BRUGGE
ST-NIKLAAS
MAASEIK
VEURNE GENT
MECHELEN
HASSELT
AALST
VILVOORDE
LEUVEN
BRUXELLES
KORTRIJK OUDENAARDE Germany
TONGEREN
WAVRE
ATH
TOURNAI LIÈGE
NIVELLES VERVIERS
SPA
MONS
NAMUR
CHARLEROI
DINANT
France PHILIPPEVILLE
BASTOGNE
NEUFCHATEAU Luxembourg
limited industrial
investment activity
ARLON
in 2011
VIRTON
2

3. Occupational data Belgian semi-industrial and
logistics real estate market
Semi-industrial Logistics Land value
Average rent Prime Average Prime € / sq m Logistics space
(€/sq m/year) rent rent rent
> 5,000 sq m
Brussels 48 55 40 45 140-220 Built after 1980
Flemish Brabant 48 55 40 45 125-185 Clear height > 8m
Walloon Brabant 48 52 38 42 70-120 Loading docks > 1/1,000 sq m
Antwerp 39 46 40 43 120-190 Offices < 10% of total floorspace
East-West Flanders 36 42 38 43 70-160
Semi-industrial
Limburg 35 40 38 41 40-85
> 400 sq m
Liège 35 40 30 39 25-45
Built after 1965
Hainaut 33 42 35 38 25-45
Clear height > 4.5 m
Namur / Luxemburg 33 40 30 38 20-40
Loading docks are optional
Offices < 50% of total floorspace
TAKE-UP
oN logistics
Major occupational transactions
and industrial
Lettings
Tenant Property sq m Owner markets in 2011
Caterpillar Logistics
Damco
Canal Logistics
The Bridge Logistics
20,000
16,700
Leasinvest
De Paepe
reached
Nike Herentals Logistics 48,800 Intervest 800,000 SQ M
Stanley Black & Decker Sint-Truiden 61,000 Goodman
Boyriven Nivelles 10,000 WDP Belgium infrastructure
Vincent Logistics Milmort 11,000 Private • Dense motorway network
Sales • 45,000,000 consumers
Occupier Property sq m Vendor within 3 hour drive
Duvel Moortgat Puurs 25,500 Goodman
• 60% of EU purchasing power
Colim (Colruyt) Mechelen 49,000 FM Logistics within 500 km range
• Well developed port accomodation
• Increasing railway and inland water
transportation
• Government stimulus package
focused on logistics activities
Development pipeline
Source : Knight Frank
Property Maximum floor area (sq m) Developer
Brussels (Neder-Over-Heembeek) 64,000 Katoennatie
Bornem Maritime Logistics 103,000 Depaepe Group Belgium key economic data 2011
Logistic Cluster Willebroek 30,000 Depaepe Group Population 11,071,000
Ghent Kanaalzone 1,600,000 G2I Land Mass 30,528 sq km
Neufchâteau Ardennes Logistics 60,000 Group 3 GDP € 365,474 m
Magna Park La Louvière 150,000 Gazeley Unemployment 8.4%
Trilogiport Liège 200,000 WDP Source : Knight Frank
Source : Knight Frank
3

4. RESEARCH
Americas Belgium Investment Department Belgium Valuation Department
USA Filip Derijck sprl Tom Maes
Bermuda
Managing Director Head of Valuations
Brazil
+32 (0) 2 548 05 48 +32 (0) 2 548 05 66
Canada
filip.derijck@be.knightfrank.com tom.maes@be.knightfrank.com
Caribbean
Chile Alexis Duvieusart sprl
Australasia Head of Investment Department
Australia +32 (0) 2 548 05 48
New Zealand alexis.duvieusart@be.knightfrank.com
Europe Belgium Industrial Department
UK
Didier Delobel
Austria
Head of Industrial Department
Belgium
+32 (0) 2 548 05 60
Czech Republic
didier.delobel@be.knightfrank.com
France
Germany David Batens
Hungary Industrial Department
Ireland +32 (0) 2 548 05 61
Italy david.batens@be.knightfrank.com
Monaco
Poland Xavier Constant
Portugal Industrial Department
Romania +32 (0) 2 548 05 62
Russia xavier.constant@be.knightfrank.com
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