Massive last minute transactions in the final quarter of 2009 boosted office take-up in Brussels over the full year to a total of 400,000 m2, according to a report by Cushman & Wakefield. Major transactions involved GDF Suez taking 75,000 m2 in the North Pole and North Star towers developed by Fortis Real Estate, in the Brussels North district, and the Belgian State purchasing the 43,000 m2 office space in the Forum building (rue de Louvain) for EUR 139.5 mln. C&W advised on the sale of this Immobel development.

Other deals involved HUB (Hogeschool Universiteit Brussel) purchasing the 17,000 m2 office space in the Serclaes building for its own use, for EUR 60 mln, with Jones Lang Lasalle advising on the transaction. The state building agency (Régie des Bâtiments/ Regie der Gebouwen) also took 12,671 m2 in the Platinum (avenue Louise) for its scientific policy department. Both C&W and CB Richard Ellis advised on this transaction.

The spate of deals in Q4 followed three underperforming first quarters, Jef Van Doorslaer, Head of Research at C&W, noted. 'At the time we published our latest snapshot report, in October 2009, take-up was reaching about 200,000 m2, a level that was historically low. Nevertheless, in the same issue, we were announcing this figure might double during the last quarter of 2009.'

The full-year performance was more or less in line with an ordinary year, according to Antoine Brusselmans, Partner and Head of Research. The take-up by the corporate sector was weaker than in previous years, with public institutions playing a key role in the final figure, he added.