MARKETBEAT - Flanders Office Market H2/2018

MARKETBEAT FLANDERS OFFICE MARKET H2 2018

CONTENTS

01 02 03 04 05 06 07 08 09

Executive summary

Economic overview

Belgian regional office markets

Antwerp

Ghent

Mechelen

Leuven

Local markets

Regional office investment market

FLANDERS OFFICE MARKET H2 2018

EXECUTIVE SUMMARY •

•

H2 take-up across regional markets amounted to 221,000 sq m, including a record-breaking 156,000 sq m in Flanders and 19,000 sq m in Wallonia.

Demand in 2018 propelled take-up to its strongest year this century with a total of 354,000 sq m. Take-up in Flanders amounted to 290,000 sq m, and more than 63,000 in Wallonia.

•

Activity in Flanders was led by announcements of large developments and projects in the field of bioscience in Ghent, Mechelen (Galapagos) and Leuven (VIB), boosting take-up by 51,000 sq m.

•

Close to 70,000 sq m of new spaces were delivered in the latter half of 2018 while as much as 226,000 sq m could be added to the stock in 2019, including 60,000 sq m which are being developed speculatively.

•

•

•

The global vacancy rate for regional markets is 4.80% Flanders vacancy is 5.20% and in Wallonia vacancy is 3.55% with very few Grade A spaces available.

221,000 sq m TOTAL FLANDERS TAKE-UP IN H2 2018.

5.20% FLANDERS VACANCY RATE

Figure 1 Flanders office markets take-up, sq m 350,000 300,000

250,000 200,000

The Flanders prime rent is EUR 155/sq m/year in Antwerp. Regional prime rents are still led by Namur in Wallonia and overall (EUR 160/sq m/year).

150,000

Investment volumes in regional office markets picked up substantially in H2, clocking up EUR 188 million, bringing the total for 2018 to EUR 215 million, in line with levels of the previous three years. All investments were carried out by Belgian buyers.

0

Cushman & Wakefield | Marketbeat Flanders Office Market H2 2018

100,000 50,000

2014 Antwerp Leuven

2015

2016

Ghent 5Y Avg 2014-18

2017

2018

Mechelen

Source: Cushman & Wakefield

2

ECONOMIC OVERVIEW GDP growth on the downward in 2019.

Recent indicators suggest that the Belgian economy is stabilising in 2018, with an industrial production and private consumption remaining robust. But consumer confidence and business confidence are now falling as geopolitical instability is growing. As such, GDP growth is expected to witness a downside in 2019, around 1.4%, compared to 1.7% in 2017. In the longer term, the GDP growth is expected to stabilise at 1.5% on a yearly basis.

The evolution is forecasted to be different in Brussels in 2018 compared to the two other regions. Indeed, the Capital region is expected to witness a slight downward of its GDP growth while Flanders and Wallonia are expected to slightly increase (Figure 2). In the longer term, the path will be similar for the three regions of the country and globally in line with the evolution of the Eurozone.

Confidence indices at its lowest since 2017.

After having witnessed a continuous increase since 2013, consumer and business confidence indices have slightly decreased during 2018 (Figure 3).

Although domestic demand and production showed some resilience, the consumer confidence indicator is clearly no longer at its peak and is showing pronounced downward momentum. Furthermore, households expect the labour market situation to worsen and their financial situation to deteriorate.

Business confidence is also waning as risks to trade are mounting. In light of the escalation of the US-China trade conflict, it now seems almost unavoidable that the US will slap tariffs on European car imports, which could have an impact on the supply chains. Uncertainties on the Brexit are also negatively impacting the confidence indices.

Figure 2 GDP growth, in % 3% 2% 1% 0% -1% -2%

Brussels Source:

Flanders

Figure 3 Confidence indices 10 5 0 -5 -10 -15 -20 -25 -30

Consumer confidence Source:

Business confidence

Belgian National Bank

Figure 4 Unemployment rate, in %

The unemployment rate is at a record low 6% in Belgium.

However, it has remained relatively constant all over the year 2018. Despite this slight decrease, Belgium is still offering an important of vacant jobs as there are some mismatches between employers’ demand and the skills.

20%

Although on the decrease in the country’s three regions, important disparities are still observed, with the unemployment rate in Flanders below 5% while it should stand below 15% in Brussels before the end of the year.

Wallonia is between the two with a rate around 8.5% (Figure 4).

Eurozone

Oxford Economics

Unemployment rate at a record low 6% in Belgium.

It’s also to mention that a hard Brexit could negatively impact the labour market as more than 40,000 jobs are at risk in Belgium.

Wallonia

15% 10% 5% 0%

Brussels Source:

Cushman & Wakefield | Marketbeat Flanders Office Market H2 2018

Flanders

Wallonia

Oxford Economics

3

ECONOMIC OVERVIEW Employment growth should be driven by services firms.

According to the Federal Planning Bureau and Oxford Economics in their latest forecasts, the employment growth in Belgium will be driven by administrative & support functions and jobs related to information & communication with an employment growth between 2% and 3% for 2018. In the longer term, the employment growth is expected to decelerate, though remaining positive up to 2022. Employment in the public sector is expected to remain stable while some relocations linked to the reform of the State could impact the regions differently.

Employment in the finance and insurance sector will continue to decrease by around 1% per year in the coming years.

Figure 5 Employment growth, in % 6% 4% 2% 0% -2%

Public sector Information & Communication Other services

Inflation at 2.05% in 2018.

Source:

Inflation reached 2.1% in 2017, above the Eurozone average. The situation remained relatively stable in 2018 with an inflation at 2.05%. 2019 should witness a slight decrease with an inflation forecasted around 1.5%.

Figure 6 Inflation, in %

From 2020, evolutions in the Eurozone and Belgium should be similar, with an inflation expected to remain slightly below 2% between 2020 and 2022.

ECB policies remain supportive in 2019.

Although the ECB ended its asset purchase programme, the policy will still remain accommodative for a long time.

We don’t expect interest rate hikes before the end of 2019 or the beginning of 2020. This, along with an acceleration of aggregate demand and rising capacity utilisation will support business investment.

The 5-years and 10-years government bond yields are respectively at 0% and 0.71% at the end of 2018 and should remain at this low levels all along 2019, though the elections of May could still have an impact (Figure 6).

Structural limits to medium-term growth Over the medium term, the economy faces a number of structural constraints, adding to a small negative impact from Brexit. Drags on growth will include: •

•

•

Fiscal constraints: the government has taken steps towards deficit reduction. But further improvements in public spending efficiency, such as reforming pensions, are needed to reach a balanced budget.

Labour market fragmentation: employment rates vary widely across skills and age groups, with firms lacking an incentive to hire low-skilled workers, thus constraining the decline in structural unemployment.

Oxford Economics, Federal Planning Bureau

3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0%

Belgium Source:

Eurozone

Oxford Economics

Figure 7 Belgian Government bond yields, in % 6% 5% 4% 3% 2% 1% 0% -1%

OLO 5-years

Competitiveness problems: reforms to put a halt to long trend of rising labour costs appear to have worked. But the tight labour market should lead to upward pressure on labour costs.

Finance & Insurance Administrative & Support

Source:

Cushman & Wakefield | Marketbeat Flanders Office Market H2 2018

OLO 10-years

Oxford Economics

4

BELGIAN REGIONAL OFFICE MARKETS Record year of take-up in regional markets.

Figure 8 Take-up in regional markets, sq m

Demand in 2018 was bookended by strong first and last quarters to propel take-up to its strongest year this century with a total of 354,000 sq m (Figure 8). Take-up in Flanders amounted to 290,000 sq m and more than 63,000 sq m in Wallonia.

400,000 350,000

300,000 250,000 200,000

In Q4, demand rebounded in style in Q4 after a lacklustre Q3 to total a record quarter as take-up amounted to 165,000 sq m. This is mainly attributed to a record quarter in Flanders (156,000 sq m); Wallonia recorded 9,000 sq m.

Significant projects in Antwerp, Mechelen and Leuven in particular contributed to a strong year-end and record quarters in these markets. Indeed, in Antwerp KdG Hogeschool purchased the Meir 127 (33,000 sq m) for own occupation in an exchange operation with Tans Group. In Leuven, VIB will develop a 27,000 sq m building, the Leuven Bioscience Toren in Wetenschapspark Arenberg (following a similar announcement in H1 in Ghent), while in Mechelen, Galapagos will develop their new 24,000 sq m headquarters near the train station.

150,000 100,000 50,000

0 2014

Q1

2015

Q2

2016

Q3

Q4

2018

5Y Avg 2014-18

Source: Cushman & Wakefield

Figure 9 Take-up distribution by building grade, Belgian regional office markets, 2018

In spite of these large new projects, demand was once more mainly oriented towards Grade C products which accounted for 54% of take-up in 2018 (Figure 9). There was indeed a regression of Grade A take-up compared to 2017 (39% in 2018 against 52% in 2017).

A 39%

With some Grade B- and C products priced at Grade A levels in certain markets, new speculative projects are eagerly awaited to regulate the supply.

C 54%

354,000 sq m

B 7%

Strong (speculative) pipeline for 2019.

Approximately 70,000 sq m of new spaces were delivered in H2 mainly in Antwerp and Ghent, where MG Business Center II (5,000 sq m) and the Bioscape Life Science Incubator (16,000 sq m) are added to the stock.

2017

Source: Cushman & Wakefield

Figure 10 Belgian regional office prime rents, EUR/sq m/year

As much as 226,000 sq m is under construction and could be added to the stock in 2019, including 60,000 sq m which is being developed speculatively.

170 160

The global vacancy rate for regional markets is 4.80% Flanders vacancy is 5.20% and Wallonia is 3.55%.

150 140 130

Highest prime rents in Antwerp and Namur.

As far as prime rents are concerned, Namur has the highest among regional markets with EUR 160/sq m/year; in Flanders, the highest is Antwerp with EUR 155/sq m/year (Figure 10).

120 110 2014

2015

Antwerp Leuven Charleroi

2016 Ghent Liège

2017

2018 Mechelen Namur

Source: Cushman & Wakefield

Cushman & Wakefield | Marketbeat Flanders Office Market H2 2018

5

ANTWERP Another very dynamic year.

Figure 11 Antwerp office take-up, sq m

H2 2018 take-up on the Antwerp market marked a significant improvement with take-up recorded at 110,000 sq m bringing the year’s total to 144,000 sq m (Figure 11).

Therefore 2018 was second only to a record 2017 in terms of the volume of take-up and overtakes the five-year average of 127,000 sq m.

The number of deals over 1,000 sq m increased considerably with 17 in total recorded in H2. The largest was quite atypical and consisted of the acquisition of Meir 127 (33,000 sq m) by KdG Hogeschool in exchange of buildings with Tans Group. The rest of this list was essentially completed with deals in Grade C buildings (eg Pleegzorg Provincie Antwerpen’s 4,000 sq m letting in Berchemse Poort) as well as deals in The Link (VF Europe – close to 8,000 sq m) and Post X (10,000 sq m let across three deals).

250,000 200,000 150,000

100,000 50,000 0 2014 Centre

2015 Singel

2016

2017

Periphery

2018

5Y Avg 2014-18

Source: Cushman & Wakefield

More than 80% of take-up is attributed to Grade B- and C buildings in H2.

Figure 12 Antwerp office availability rate 12%

Vacancy decreases, speculative projects incoming.

10% 8%

Close to 77,000 sq m of new or refurbished offices were delivered in 2018, and up to 130,000 sq m of new spaces could be delivered up to 2021 including potentially 55,000 sq m which could be launched speculatively. These will help boost the share of Grade A take-up overall. Such spaces are particularly required now that large schemes like Post X and The Link are near full occupancy.

6% 4%

2% 0%

Among the most notable projects announced recently, are Blue_App and BlueChem which will add close to 9,000 sqm of offices and labs in 2020 on the Blue Gate Antwerp site (Periferie Zuid district). These are developed by a wide consortium of public and private sector players. In addition Group Bouwen’s Campus West project will be able to boost activity in the Linkeroever district in the medium term with 46,000 sq m spread across eight buildings.

2012

2013

2014

2015

2016

2017

2018

Source: Cushman & Wakefield

The vacancy rate in Antwerp has decreased even more than what was anticipated to 6.41% at the end of 2018 (Figure 12). This is the lowest vacancy rate since mid-2015 on the back of two excellent years of take-up.

Stable prime- and average rents.

The prime rent remains at EUR 155/sq m/year for a second year in a row and is located in the Centrum and Singel districts. This level may slightly increase in 2019.

Average rents have also remained stable at EUR 119/sq m/year (Figure 13).

Cushman & Wakefield | Marketbeat Flanders Office Market H2 2018

Figure 13 Antwerp office rents, EUR/sq m/year 180 160 140 120 100 80 60 40 20 0 2014

2015 Prime rent

2016 2017 2018 Average weighted rent

Source: Cushman & Wakefield

6

GHENT Modest deals no barrier to strong year.

Figure 14 Ghent office take-up, sq m

H2 take-up in Ghent amounted to 24,000 sq m, i.e. roughly the same as in H1 to bring the year’s total to just over 48,000 sq m (Figure 14). This represents Ghent’s strongest return since a vintage 2013 (58,000 sq m).

70,000

60,000

Several deals over 1,000 sq m were recorded in H2, although the largest was “only” 2,300 sq m, which makes the dynamic level of demand all the more impressive. The deal in question was a letting by Itineris in the Westrem Building (Zuid district), while the largest Grade A deal was a 1,800 sq m letting by Ausy in the Take Off office park on The Loop (also Zuid district).

50,000 40,000 30,000

20,000 10,000 0

As large deals especially take place in the Zuid district, we note the decreasing weight of the Centre district as a trend which is gathering pace.

Also noteworthy was the fact that Grade A take-up amounted to a strong 39% of take-up in H2.

2014

2015

Centre

2016

Periphery

2017

2018

5Y Avg 2014-18

Source: Cushman & Wakefield

Figure 15 Ghent office rents, EUR/sq m/year

Stock to keep growing.

180

Approximately 22,000 sq m of new or renovated office schemes were delivered in H2, including Biovest’s 16,000 sq m Bioscape Life Science Incubator in Zwijnaarde as Ghent continues to build on its status as a stronghold for R&D start-ups and larger occupiers.

160 140

120 100

80

As much as 31,000 sq m could further be added to the stock in 2019, including 6,000 sq m developed speculatively.

60

40 20

0

The vacancy rate in Ghent was at a level of 5.39% at the end of 2018, with very few spaces left in recent developments.

2014

2015 Prime rent

2016

2017

2018

Average weighted rent

Source: Cushman & Wakefield

Stable prime-, increased average rents.

The Ghent prime rent is ever stable at EUR 150/sq m/year, at level it has been at since 2015, average rents have increased to EUR 130/sq m/year due to the strong weight of Grade A take-up (Figure 15).

Cushman & Wakefield | Marketbeat Flanders Office Market H2 2018

7

MECHELEN Record year thanks in large part to one development.

Figure 16 Mechelen office take-up, sq m

The Mechelen office market’s total take-up in H2 amounted to 30,000 sq m, bringing the total for the year to an historic high of 47,000 sq m (Figure 16).

50,000 40,000

A sizeable chunk of this volume was nevertheless accounted for by a single deal. Indeed biotech company Galapagos announced in October that it would be developing a new 24,000 sq m head office next to Mechelen station, slated to be operational in 2021. As a reminder, Galapagos had recently extended their presence in Mechelen Campus and Intercity Business Park.

As a result of the Galapagos development, Grade A takeup corresponded to 82% of overall take-up in H2 and 51% for the whole of 2018.

30,000 20,000 10,000 0

2014

2015

2016

2017

2018

5Y Avg 2014-18 Source: Cushman & Wakefield

Also in H2, representatives of three major business parks, Mechelen Noord, Mechelen Zuid and Ragheno have addressed local authorities in a bid to improve their accessibility amongst other issues.

Figure 17 Mechelen office rents, EUR/sq m/year 180 160

Limited pipeline.

140 120

No major projects have been added to the stock in 2018.

In addition to Galapagos’ headquarters, several projects such as I-Projects’ Het Zegel (8,000 sq m) near Mechelen train station are in the pipeline but will not be developed speculatively.

100 80 60 40 20 0 2014

Average rents mark increase.

The prime rent has not increased and is still at a level of EUR 145/sq m/year.

2015 Prime rent

2016 2017 2018 Average weighted rent

Source: Cushman & Wakefield

Average rent have increased to a high of EUR 123/sq m/year (Figure 17).

Cushman & Wakefield | Marketbeat Flanders Office Market H2 2018

8

LEUVEN Momentum comfortably sustained.

Figure 18 Leuven office take-up, sq m

A dynamic market saw its momentum sustained into H2 with take-up of more than 38,000 sq m for the latter half of the year, bringing the total for the year to 50,000 sq m, Leuven’s best year on record (Figure 18).

60,000

50,000

On the one hand, this was attributable to a large volume of deals, including a handful between 1,000- and 3,000 sq m, such as a letting by Partena on the Diestsevest in the case of the latter.

40,000

30,000 20,000

On the other hand, Vlaams Instituut voor Biotechnologie (VIB) announced the future development of the Leuven Bioscience Toren - 27,000 sq m of offices and labs on Wetenschapspark Arenberg which should be delivered by 2022.

Thanks to the VIB development, Grade A activity amounted to 81% of H2 take-up.

10,000 0 2014

2015

2016

2017

2018

5Y Avg 2014-18 Source: Cushman & Wakefield

Figure 19 Leuven office rents, EUR/sq m/year

Modest pipeline for next couple of years.

160

In addition to the announcement regarding future VIB’s Leuven Bioscience Toren, Wetenschapspark Arenberg has welcomed the delivery of Van Roey’s 6,400 sq m project which combines offices and lab spaces at the end of the 2018, constituting the main new addition to the stock for the year. This development is occupied by Flanders Make and Sirris.

140 120

100 80 60 40

As far as the rest of the pipeline is concerned, only 5,000 to 6,000 sq m will be delivered of the next couple of years, including De Silo’s, a 3,000 sq m partly committed development with some spaces left on the Vaartkom.

20 0

2014

2015 Prime rent

2016

2017

2018

Average weighted rent

Source: Cushman & Wakefield

Prime and average rents move in opposite directions.

The prime rent in Leuven has increased to EUR 150/sq m/year in 2018 due to the demand for quality spaces in a mature market.

Average rents have decreased to EUR 113/sq m/year underlining the polarity of spaces on offer (Figure 19).

Cushman & Wakefield | Marketbeat Flanders Office Market H2 2018

9

LOCAL MARKETS FLANDERS Regional markets in Flanders (Antwerp, Ghent, Leuven and Mechelen) and Wallonia (Charleroi, Liège and Namur) remain the primary focus of this Marketbeat reports series, nevertheless we cover relevant activity in local markets over one page.

Aside from Belgium’s regional markets, a sustained amount of activity has taken place in local markets in recent years.

These local markets include province capitals such as Bruges and Hasselt, in addition to well-located or historically significant towns in Flanders and Wallonia such as Kortrijk, Aalst, Mons and Tournai.

Limburg leads.

After a slow H1, activity on local markets picked up during the second half of 2018 to register a total of 55,000 sq m (51,000 sq m in Flanders and 4,000 sq m in Wallonia), bringing the year’s total to 69,000 sq m in Flanders and 4,500 sq m in Wallonia (Figure 20).

The largest deal was a 7,500 sq m letting by Cegeka in the Corda Campus in Hasselt.

Hasselt and Genk in Limburg were the most popular destinations with a total take-up of 14,000 sq m in H2, while Kortrijk (eight) and Ostend (five) recorded the most deals.

Also in Limburg, one of the key new projects announced in H2 was H. Essers’ future new head office in Genk, 4,000 sq m to be delivered in 2021.

Figure 20 Regional and local office markets take-up, sq m 500,000 400,000 300,000

200,000 100,000 0

2014 Flanders total

2015 Rest of Flanders

2016

2017

Wallonia total

2018

Rest of Wallonia

Source: Cushman & Wakefield

Highest rent in Hasselt.

The maximum rent recorded in H2 was EUR 135/sq m/year in Hasselt, while average rents amounted to EUR 100- to 110/sq m/year.

Cushman & Wakefield | Marketbeat Flanders Office Market H2 2018

10

188 MEUR Invested volumes in H2 2018 in regional office markets

INVESTMENT MARKET REGIONAL OFFICES Large deals, small deals, regular volume.

Investment volumes in regional office markets picked up substantially in H2, clocking up EUR 188 million, bringing the total for 2018 to EUR 215 million, in line with levels of the previous three years (Figure 21).

Figure 21 Annual invested volumes, EUR m 300

30

250

25

Alinso’s purchase of The Crescent and several units of Axxes in Ghent for EUR 48 million right at the end of the year was the largest deal in 2018. Encouragingly, further large Flanders investments involved Belgian REITs as Intervest Offices & Warehouses purchased the Ubicenter in Leuven for close the EUR 34 million, while Leasinvest acquired Hangar 26 & 27 in Antwerp at the end of the year – possibly as a result of attractive yields on offer in regional markets

200

20

150

15

100

10

50

5

In Wallonia, the standout transaction in H2 was Belfius’ purchase for own occupation of the Combattants project in Namur (EUR 20 million).

Source: Cushman & Wakefield

The increased number of deals points to a greater liquidity for smaller tickets (under EUR 10 million typically) being transacted.

0

0 2014

2015

2016

Wallonia regional markets

2017

2018

Flanders regional markets

# deals (RHS)

Figure 22 Investments by origin 100% 80%

Blanc-bleu belge.

Regional markets are perceived as something of a specialty market (compared to Brussels) from abroad and 2018 was no exception as all verified buyers are of local extraction (Figure 22). Indeed, international investors are more likely to be involved in large tickets such as Ghent’s Zuiderpoort in recent years.

Prime yields under pressure in Flanders.

60% 40% 20% 0% 2014 2015 Belgium United States

2017 China

2018 Other

Source: Cushman & Wakefield

Wallonia prime yields have remained stable at 6.75% throughout the year, while Flanders yields have undergone a slight compression to 6.15% (Figure 23).

With further top-class assets expected to be traded in Flanders in 2019, this level is anticipated to further decrease.

2016 Europe

Figure 23 Prime office yields 8.50% 8.00% 7.50% 7.00% 6.50% 6.00% 5.50% Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018

5.00%

Prime yield Flanders

Prime yield Wallonia

Source: Cushman & Wakefield

Cushman & Wakefield | Marketbeat Flanders Office Market H2 2018

12

MARKET DEFINITIONS Availability:

Represents the total floor space in existing properties, which are physically vacant, ready for occupation and being actively marketed as known on the last day of the quarter (with a margin of error of 5%). The vacancy rate represents the total vacant floor space divided by the total stock at the survey date.

Building grade:

Grade A: newly developed or comprehensively refurbished to new standard, including sublet space in new/refurbished buildings not previously occupied.

Grade B: buildings of good specification, floor plate efficiency and image usually but not exclusively ten years old or less.

Grade C: remaining poorer quality stock.

New supply:

Represents the total amount of floor space that has reached practical completion as known on the last day of the quarter (including major refurbishments) regardless whether the space is occupied or still available on the market.

Prime rent:

Represents the attainable average prime rent that could be expected for an office unit (min. 500 sq m) commensurate with demand in each location, highest quality and specification in the best location in a market at the survey date. The rent is given as a base rent, i.e. no service charge or tax is included.

Square metres:

Unless stated otherwise, the square meters used in this publication refer to the Gross Leasable Area definition for Brussels. For more information, see our Insight: Office Lease Area Comparison.

Stock:

The office property stock is the sum of office properties which are in use and office properties standing empty at the time of analysis. The office property stock is not a static amount. Due to new-build or totally refurbished operations it increases (new supply), due to demolition, change of use or even larger refurbishments that make the space not usable for a significant amount of time, it decreases.

Take-up:

Represents the total office floor space known to have been either let, pre-let or developed for tenants as well as sold or pre-sold to owner-occupiers as known on the last day of the quarter. Adjacent office spaces, when known, are not included. Pure contract renewals, sales and leasebacks and sub-lettings are not included.

Cushman & Wakefield | Marketbeat Flanders Office Market H2 2018

13

CONTACT DETAILS

AUTHOR Shane O’Neill

Elisabeth Troni

Senior Research Analyst

Head of EMEA Research & Insight

+32 510 08 33 shane.oneill@cushwake.com

+44 203 296 2121 elisabeth troni@cushwake.com

Koen Nevens

Antoine Brusselmans

Marc-Antoine Buysschaert

Northern Region Leader

Head of Office Agency

Head of Capital Markets Office

Head of Belgium & Luxembourg

+32 2 546 08 86

+32 2 546 08 75

+32 2 546 08 63

antoine.brusselmans@cushwake.com

marc-antoine.buysschaert@cushwake.com

Christophe Ackermans

Kris Peetermans

Henry Morauw

Head of Valuation & Advisory

Head of Valuation & Advisory

Head of Asset Services

+32 2 629 02 87

+32 2 546 08 76

+32 2 629 05 50

christophe.ackermans@cushwake.com

kris.peetermans@cushwake.com

herry.morauw@cushwake.com

koen.nevens@cushwake.com

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