Published in Property on 13-03-2014
Johan Van Geyte
French real estate investor Klépierre will not participate in the Neo shopping project at the Heysel in Brussels. It is still unclear what the other partners in its consortium, AG Real Estate and Wereldhave, will now do.
This English version is only a summary to make Belgian retail news available for an international audience. The complete article can be read in the Dutch version or in French.
In order to combat rising vacancy rates, owners of commercial real estate are heavily pressured into offering significant discounts - often as high as 15 %, but sometimes even up to 50 %.
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Over the past ten years, the number of shops in Flanders and Brussels has decreased by 15 %. Strangely, the vacancy rate increased, but so too did the amount of retail space that was actually used. E-commerce is often presented as the culprit, but the story is actually much more complex than that.
The launch of Westfield on the European continent was celebrated in Paris. The shopping centre operator will have ten Unibail-Rodamco shopping centres under their responsibility, ranging from France to Sweden.