Realty - Magazine Review

Review

2011

Highlights of the REALTY 2011 seminar program

12 Belgium Needs To Plan Urbanization of the Brussels Periphery 17 European listed real estate could double in five years 18 Think Of A City As Though It Were A Hotel

Attendance at REALTY Soars By Over 40% Let’s talk real estate

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In this magazine: HIGHLIGHTS OF THE REALTY 2011 SEMINARS Think Of A City As Though It Were A Hotel ...................................................... 6 Belgium Needs To Plan Urbanization of the Brussels Periphery ................ 8 European listed real estate could double in five years -EPRA ................ 11 Impressions ..................................................................................................... 12

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Market Transparency is a Good Thing... in a Group .................................... 14 Getronics wins IFMA Belgium Facility Awards 2011 At REALTY ............... 16 “Credit Crisis Far From Over,”RICS REALTY Lunch Hears ........................... 18 RICS’ Growth Mirrors Property Professionalism In Belgium ..................... 20

Attendance at REALTY Real Estate Trade Fair Brussels Soars By Over 40%

p Gregory Olszewski,

Exhibition Manager, REALTY 2011

The number of visitors to the REALTY real estate trade fair in Brussels between May 24th – 26th this year soared by over 40%, to just under 5,000, compared with around 3,400 in 2010. The number of exhibitors at the Tour and Taxis former Royal Trading Depot venue, also leapt to 112 from 95 a year ago.

“This is only the third year we’ve run the event and the rate of growth at each successive show has been astonishing. The exhibitors really stepped up to the plate this year through their efforts in inviting their clients and potential clients to REALTY. I think this success demonstrates that there was a clear gap in the market for an event which really showcases the Belgian real estate investment market and for an accompanying high quality seminar program at the heart of the European Union,” said Gregory Olszewski, Exhibition Manager for REALTY.

THE SUCCESS OF REALTY DEMONSTRATES THE CLEAR GAP IN THE MARKET FOR AN EVENT WHICH REALLY SHOWCASES THE BELGIAN REAL ESTATE INVESTMENT MARKET AND FOR AN ACCOMPANYING HIGH QUALITY SEMINAR PROGRAM AT THE HEART OF THE EUROPEAN UNION. Olszewski added that REALTY’s strategy of focusing on the requirements of pivotal market groups such as real estate investors, and the participation of new sectors including retailers and facility managers, had really paid off in broadening the attraction of the trade fair in the market.

The increasing quality and internationalization of the seminar program also drew in key speakers, notably top French economist and former advisor to President François Mitterrand, Jacques Attali, as well as a string of high profile real estate industry associations. These ranged from the Belgian Real Estate Trade Federation (UPSI-BVS) , the Investment Property Databank (IPD), the European Public Real Estate Association (EPRA), the Urban Land Institute (ULI), the Royal Institution of Chartered Surveyors (RICS), the International Facility Management Association (IFMA) , the Belgian Council of Shopping Centres (BLRW-CBLCC) and many more. Many of the commercial companies attending REALTY held their own market seminars in conjunction with their exhibit stands and there was a notable increase in the number of social networking events at the fair such as lunches, dinners, and cocktail parties.

“I received a lot of positive feedback from investors, who really appreciated the intimacy of REALTY in comparison with other large real estate trade fairs as they could accomplish in one or two days what would otherwise have required perhaps dozens of meetings around Brussels. The enthusiasm of exhibitors is also obvious as I’ve already had many people trying to reserve the prime spots for their stands next year,” Gregory Olszewski concluded. n

By Steve Hays, Bellier Financial Communication, Amsterdam THE REALTY REVIEW 2011 - 3

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HIGHLIGHTS OF

THE REALTY 2011 SEMINAR PROGRAM THE REALTY REVIEW 2011 - 5

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THINK OF A CITY AS THOUGH IT WERE A HOTEL Every seat was occupied and many other people crowded around the edge of the largest REALTY seminar space, to hear a presentation by keynote speaker Jacques Attali, the leading French economist and writer, and former advisor to President Francois Mitterand. Attali offered an upbeat vision of the outlook for Europe and its cities in his speech entitled: “A Short History of the Future,” which was organised by architectural agency Art & Build.

“Our continent is not condemned to decline and become a giant museum, you have to think of its past to see its future. The city is the only living creature that can rejuvenate without losing its soul and attract the political, financial and cultural elites, from which it draws its power,” Attali told the audience.

He said cities needed to consider themselves as hotels, they have to warmly receive those who want to come in, but also go out into the

world and look for clients. That is why port cities have a particular economic power and attraction, because they have no difficulty in considering themselves as hotels.

“Of course the best hotels in the world are in Europe and that’s why I think the U.S. is ruined in comparison and why China will never become the dominant superpower,” he joked.

What is clear is that the 21st Century is the “Century of the City” with the global population due to

I THINK THE FUTURE WILL SEE A STRONG ECONOMIC INTEGRATION BETWEEN SUCCESSFUL PORT CITIES AROUND THE WORLD.

surpass 7.0 billion by October this year. By 2050 9.0 billion people will be walking the earth and 6.0 billion of those will be living in cities – 500 of which will have more than one million inhabitants.

Europe can continue to be the beneficiary of the global wealth created in the future with a bit of willpower and a strong focus on the development of cities that are both economically and socially sustainable.

But which European cities will be the winners of the future?

“As a Frenchman I would love to say Paris, but I have my doubts as it is not a port. I think the future will see a strong economic integration between successful port cities around the world,” Attali concluded. n

t Jacques Attali during his speech “A brief history of the future: the European City”.

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BELGIUM NEEDS TO PLAN URBANIZATION OF THE

BRUSSELS PERIPHERY Belgium needs to accept the de facto reality of the urbanization of the Brussels “Rand,” or the periphery suburbs around the capital, and plan for its development as a dynamic expanded city region with integrated transport routes and public spaces, a leading “Territorial Architect” argued in a presentation at REALTY for the UPSI-BVS. “A large segment of Western Europe’s economy and of people’s lives are already not taking place in compact historic cities, but rather in regional environments, with spread-out developments, based on automobile access…

A perfect, if very loaded case study, lies around Brussels, where urbanization politics have become interwoven with language politics,” said Alexander D’Hooghe, associate professor in Architectural Urbanism at

p Alexander d’Hooghe, associate professor in Architectural Urbanism at MIT. 8 - THE REALTY REVIEW 2011

the Massachusetts Institute of Technology.

He said that in Brussels and Belgium there has been an historical identification of Dutch as a language defining a cultural area that is rural and green (surburban); and of French with the city. This connection desperately needs to be uncoupled in order to build a sustainable future for the Brussels Rand.

A SECOND METROPOLIS Urbanization of the surburban periphery is a fact that has already happened in the sense that much of this is a

rear-guard battle of coming to terms with a new reality.

The acknowledgement of a second metropolis – a Randstad (Regional City) – entangled in an embrace with Brussels that is no longer suffocating, but to the contrary, a source of possibility and opportunity. That is the real challenge and the way out of the current Belgian political gridlock.

China’s most successful, cosmopolitan city was for a long time Hong Kong. That is until the mainland Chinese decided to build a twin city right next to it: Shenzhen, which today is bigger, newer, as fast, etcetera. It took them only 20 years to build a city with a population of 12 million and now both gain from each other’s presence, fostering each other’s growth. This mutual embrace is not asphyxiating, but empowering, and is a model for the future of the Rand and of Brussels.

make up the collective of the city, so it can recognise itself and construct its own identity through their mirror. This would have to be a first priority – the construction of a civic apparatus for spaces for the suburbs around Brussels,” D’Hooghe concluded. n

THE HISTORICAL IDENTIFICATION BETWEEN DUTCH DEFINING A CULTURAL AREA THAT IS RURAL AND GREEN (SURBURBAN); AND OF FRENCH WITH THE CITY, DESPERATELY NEEDS TO BE UNCOUPLED IN ORDER TO BUILD A SUSTAINABLE FUTURE FOR THE BRUSSELS PERIPHERY. t Eric Verbeeck, President of the Belgian Real Estate Federation (UPSI-BVS). q Alexander D’hooghe (guest speaker), panel members Louis Tobback, Willy Demeyer and Bernard Clerfayt (mayors of Leuven, Liège and Schaarbeek in Belgium) and moderator Jean Blavier.

RETHINKING PUBLIC SPACES “Most importantly, infrastruc­ tural developments may have to be considered anew. If we look at the Rand as if it were a city, something obvious is missing.

These are the boulevards, the plazas, -- the public spaces which THE REALTY REVIEW 2011 - 9

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EUROPEAN LISTED REAL ESTATE COULD

DOUBLE IN FIVE YEARS The European listed real estate sector has the potential to double in size over the next five years, as banks look to offload distressed property assets held on their books and private investors turn to attractive REIT structures to realise the value of their investments, the Head of Research at the European Public Real Estate Association (EPRA) told a seminar at REALTY.

p Fraser Hughes – Director at EPRA (European Public Real Estate Association)

He said Europe’s three largest economies: Germany, France and the UK, have the greatest potential to increase the size of their domestic listed real estate sectors by between €10 to €50 billion each, but there also interesting situations emerging in Italy, Turkey, Spain and Ireland.

In Germany, the liquidity crisis in the €88 billion open-ended property fund sector which has locked-up investors’ capital in the vehicles, is likely to increase pressure for the expansion of a more liquid and transparent listed real estate sector, particularly by institutional investors. Of the ten largest global property markets (with the exception of Italy at 0.6%), Germany has the lowest proportion of its underlying real estate held within the listed sector at only 1.5%.

In France, Europe’s largest quoted property sector by market cap, expansion could be driven by more private companies floating their portfolio via the tax efficient SIIC (REIT) structure. But Hughes noted that the French industry needed to do more to boost liquidity to attract investors, as the limited free float in real estate shares meant that of the 80 quoted property companies in France, only 10 are included in the FTSE EPRA/NAREIT European real estate shares index.

In the UK, Europe’s deepest

of exiting these situations.

In Spain and Ireland, which have both experienced deep shocks to their financial systems through highly leveraged speculative property investments, the utilisation of listed vehicles to help the market clearing mechanism shift distressed real estate stock into the more robust and transparent listed real estate sector is probably still some way off, but is likely to come into play in the future.

Italy’s government is sitting on extensive property holdings, which could be used to help

for lifting the continent’s listed real estate market capitalisation, but it has a robust REIT regime, which includes residential property – in contrast to Germany, for example, and a dynamic strongly growing economy with a young active population.

Fraser Hughes concluded: “The value of Europe’s investable property stock is the largest in the world at around $9.0 trillion, but only a tiny fraction of that is held by listed real estate companies. We are on

A NUMBER OF OPPORTUNITIES ARE CONVERGING THAT HAVE THE POTENTIAL TO DOUBLE THE CURRENT €300 BILLION MARKET CAPITALISATION OF THE EUROPEAN LISTED REAL ESTATE SECTOR OVER THE NEXT FIVE YEARS UNDER A BEST-CASE SCENARIO. and most liquid listed property market, banks are slowly beginning to shift property assets held against distressed loans from their books, and the country’s REIT investment vehicle offers an efficient means

reduce its large fiscal deficit, but EPRA believes that shortfalls in the Italian REIT structure are limiting the efficient use of the equities market.

On Europe’s periphery, Turkey is perhaps a surprising candidate

the cusp of a period of unique opportunities over the next few years to substantially increase the European quoted property sector to the benefit of investors, governments, and private companies alike.” n THE REALTY REVIEW 2011 - 11

IMPRESSIONS REALTY 2011

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MARKET TRANSPARENCY IS A GOOD THING...

Wednesday’s session on market transparency and information quality organised by the Investment Property Databank (IPD) saw Serge Fautré, chief executive of Belgium’s largest listed property company Cofinimmo take the stage alongside speakers from IPD, broker DTZ and German real estate firm IVG Immobilien.

“We have a legal duty to be transparent, but increasingly we find it difficult and commercially stupid,” Fautré, provocatively told the audience.

He noted that a research study in the UK commercial property investment market has shown that there is a +/- 20% variation between valuation and actual transaction prices, demonstrating that the real estate market is not particularly transparent at a deal level and therein lies its attraction for the skilled investor.

Cofinimmo previously published the value of its assets in its annual report, but stopped doing so in 2004, because the company found this was increasingly adversely affecting its business.

“It was difficult for a buyer to convince his investment committee that he’d got a good deal with us, if the price they were being asked to accept for an asset was higher than the value openly quoted by Cofinimmo,” Fautré said.

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He stressed, however, that it was important for the broader market to have reliable reference data, such as the indices produced by IPD, through which companies and funds can benchmark themselves. But the data needed to be pooled confidentially, so that information on individual contributors’ assets can’t be identified. Independent research on the market is more valuable than public information, Fautré concluded.

better than equities? We are in this market for the long-term,” he said.

THE INVESTOR’S PERSPECTIVE At first glance Belgium appears to have a highly transparent property market, but the often wide differences in brokers’ reporting of fundamental data is a problem, said Dr. Oliver Voss, Head of Research at Germany’s IVG. IVG has about €1.0 billion invested in the country, mainly in offices, from the company’s total assets under management of approximately €22 billion.

He identified the lack of consistency among brokers on estimates of rental levels as a particular difficulty and

REFERENCE DATA NEEDS TO BE POOLED CONFIDENTIALLY, SO THAT INFORMATION ON INDIVIDUAL CONTRIBUTORS’ ASSETS CAN’T BE IDENTIFIED. “I resent the fact that people say real estate should be liquid – who cares about one-year returns. If real estate was liquid, would we have seen the good returns we have, which are

suggested they developed a consensus around common definitions for rent indicators in the main sub-markets.

Voss said there was also a specific problem in developing

quantitative forecasting models for the Brussels office market, due largely to the strong discretionary influence of public institutions on the market. A solution for this could be to deliver a consensus forecast among major regional market players for the expected trends in the market, he added.

BELGIUM COULD IMPROVE ITS GAME IN MARKET DATA GATHERING - DTZ Belgium lags other European real estate markets in terms of the quality of its data gathering and should perhaps move towards the more efficient and transparent French system, Vincent Leroux, Head of Belgium Research & Global Geomatics at DTZ said.

Belgian market data is mostly gathered by brokers and there is little formal collaboration, such as the brokers communication forum in central and east European markets where numbers are uniformly agreed. In France, by contrast, the Immostat organisation represents an independent structure with four major brokers as shareholders (CBRE, JLL, BNP Paribas and DTZ). Immostat was founded in 2002 with data processing handed over to IPD in 2009.

The market data contributed

IN A GROUP DEVELOPING QUANTITATIVE FORECASTING MODELS FOR THE BRUSSELS OFFICE MARKET IS DIFFICULT, DUE TO THE STRONG DISCRETIONARY INFLUENCE OF PUBLIC INSTITUTIONS ON THE MARKET.

by the brokers is pooled and discussed by the participants with their aggregate conclusions communicated to the press by Immostat-IPD, but excluding confidential detailed individual information. The brokers are obligated to use the agreed market numbers in their daily dealings.

Leroux said that although an Immostate-type system had been tried in Belgium in the past and had not succeeded, it might now be time for the market to give it another go.

BELGIAN 2010 INVESTMENT RETURNS AT LOWER END OF PROPERTY PACK – IPD Belgium ‘s total real estate investment returns were towards the lower end of the 21 countries that have so far reported their results for 2010, IPD’s Managing

Director for Southern Europe, Stéphanie Galiègue showed in a presentation to the seminar.

The Belgian market was in the bottom third among the countries surveyed with total returns of 4.6%, equal with the Netherlands, but way behind the top ranking UK market at 15.9% last year.

The retail sector was the biggest contributor to Belgian’s investment returns at 10.4% last year, compared with the lagging office and industrial sectors at 3.0% and 3.7% respectively. n

u Serge Fautré - CEO of Cofinimmo THE REALTY REVIEW 2011 - 15

GETRONICS WINS

IFMA BELGIUM FACILITY AWARDS 2011 ICT company Getronics took first place for the ‘Facility Management Project of the Year’ at IFMA’s Belgium Facility Awards 2011. During a reception at REALTY on the Tuesday evening the company received the award for its global data centre building within the Pegasus Park development near Brussels airport. The project was judged to have best captured the new flexible way of working in modern office space and also cut costs by nearly 25%.

Gert Potoms, chairman of the awards jury said: “Getronics relocation project stood out in the competition because of the visionary way in which it captured the ‘New World of Work’ concept. The company successfully engaged with both management and employees in demonstrating the importance of

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facility management and gained their involvement to make the whole project a success.”

A jury of experts, IFMA and media partners, evaluated the projects of the six award candidates who made it through the pre-selection round. The jury particularly praised the Getronics project because of the way it showcases

the facility management industry to clients and stimulates interest in its contribution to the work environment.

THE ‘NEW WORLD OF WORK’ AS A MISSION NWOW (New World of Work) became the working title for the Getronics’ project, as the concept is firmly rooted in the client company’s own culture and supports people “working when and where they want.”

Raising the attractiveness of the employer and the company’s offices also plays a key role in the development of the NWOW, as it permits employees to adapt their work space as they wish

and allows them to move around internally during the day.

The occupancy rate of the project was taken into account to determine the office space that would be required and this was found to average somewhere between 50% and 80% depending on the department concerned.

The new location does not have offices specifically designated for managerial staff, as these are the people who are most frequently away from the office.

The office then becomes no longer just work space, but rather an attractive meeting place where employees feel more connected to the company.

Due to the sophistication of the

p Yves Van Hooland (IFMA president) and presenters Kathleen Cools and Frédéric Deborsu, together with all the prize winners of the Facility Awards 2011. u Vincent van Quickenborne Minister of Economy and Administrative Simplification, who came to hand over the Facility Award, and Gert Potoms, Chairman of the Awards Jury.

WE’RE ALSO SEEING FACILITY MANAGEMENT BECOME MORE IMPORTANT WITHIN SMALLER PROJECTS AND COMPANIES AND THIS WILL CERTAINLY DEMONSTRATE THE INDUSTRY’S ADDED VALUE TO A WIDER CLIENT BASE IN THE FUTURE. information and communications technology (ICT) support, people are able to work flexibly at different locations, whether this is at another Getronics or client building, or at home. Every employee receives a personal badge in order to pass through access and security systems.

The Getronics project was completed within a period of six months, of which two were used for the actual realisation of the job. About ten days before the relocation date a pilot phase was launched, when a team of 40 employees tested every aspect of the new location. This pilot team was able to analyse the use of new technologies, simplify

processes, question outsourcing contracts and benchmark the new environment before the arrival of the remaining staff.

Gert Potoms concluded:“Although we still continue to see many relocation projects put forward for the Facility Awards, there is also a growing attention to other disciplines within facility management, which ultimately made the difference between the candidates. We’re also seeing facility management become more important within smaller projects and companies and this will certainly demonstrate the industry’s added value to a wider client base in the future.” n

Other Prize Winners UZA AND SOLVAY were also prize winners, alongside Getronics, in IFMA’s Belgium Facility Awards 2011.

THE FACILITY SERVICES OF UZA were second with a project encompassing the insourcing of cleaning.

THE FACILITY & TECHNICAL SERVICES DEPARTMENT OF SOLVAY was third for the installation of an advanced facility management information system (FMIS) to manage its activities.

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“CREDIT CRISIS FAR FROM OVER”

RICS REALTY Lunch Hears

The Credit Crisis is far from over and is entering a worrying new phase as the debt problems of the eurozone deepen and global imbalances grow, but together they may be only the marginal signs of a more profound transition in the political and economic world order, the former Chief Economist for BNP Paribas Fortis told a packed lunch hosted by the Royal Institution of Chartered Surveyors (RICS) at REALTY. THE CREDIT CRISIS TAKING ON A NEW SHAPE “I don’t want to spoil your lunch, but I’m deeply worried about what is happening in the global economy and the world of finance as we approach the fourth anniversary of the Credit Crisis…I think the crisis is now taking a new shape, and one that could threaten the very existence of the euro,” Freddy Van den Spiegel said.

The resumption of global economic growth is masking serious underlying structural problems that have not been resolved, he added: “ The banking and financial system has not yet been stabilised and is giving the illusion of rude health because it has been flooded with very

cheap capital, while the European and U.S. central banks keep real interest rates extremely low.

“All the Greek, Portuguese and Irish banks can only survive because Mr. Trichet (President of the ECB) is handing over buckets of cheap money and accepting poor quality assets, such as Greek debt, in return. In America the situation is even worse.

At the same time the Basel III reforms of the banking industry are going to increase pressure on the banks to raise huge amounts of capital. They do not know how they are going to achieve this, without cutting back severely on the loans that they make. So the risk of a credit crunch for the next seven to eight years is still with us.”

AFTER THIS CRISIS NOTHING WILL BE LEFT OF ALL THOSE DREAMS OF INTEGRATED MARKETS AND CONVERGING ECONOMIES.

Van den Spiegel added that the European banks’ appetite for risk and leverage would be severely constrained by the estimated €1,000 billion in new capital they need to raise based on their activities today. When their longterm liabilities are taken into account, that target soars to €6,000 billion.

SOVEREIGN DEBT CRISIS Another challenge for the euro zone is the sovereign debt crisis, that has divided it into two parts. These are performing very differently from each other and so require separate interest rate policies, which are not possible within a single currency bloc.

“What this crisis did to Europe

p Freddy Van den Spiegel , former Chief Economist

for BNP Paribas Fortis THE REALTY REVIEW 2011 - 19

is unbelievable. We now have an average Europe, which is not doing too badly in terms of growth and inflation, but the problem is that the average Europe doesn’t exist. In reality you have the Europe of the north – Germany and its satellite countries, which is doing well thanks to exports to China. Then we have the Europe of the south and west – Greece, Spain, Portugal and Ireland – which is a disaster. After this crisis nothing will be left of all those dreams of integrated markets and converging economies.”

GLOBAL IMBALANCES WORSENED At a worldwide level, the global imbalances that economists identified more than ten years ago have only been exacerbated by the crisis Van den Spiegel argued.

“China, Japan, Germany, if they all want to be big net exporters then someone has to be a big net importer and the U.S. said send it all to us. The rest of the world asked how are you going to pay?

The answer from the Americans was: we’ll print dollars and as long as you accept these as payment and accumulate them, you have

the illusion of saving and investing.

We are happy because we can enjoy a life based on credit.”

He noted that China had accumulated 3,000 billion in dollar reserves and has no choice but to continue to support the U.S. deficit, because otherwise the value of the greenback would crash, wiping out the value of its holdings and U.S. foreign debt, with untold consequences for the global financial and economic system. “We are at the edges of a huge transition in the world economy and its politics. These

major turning points, such as the French Revolution, appear to take around 30 years and then you have a new global order for a 100 years. This is the challenge the Western World is now facing as it accounts for 80% of the world’s resources – its wealth, energy use and standards of living. The rest of the world’s population and notably China is saying this is not what we want for the future – we want new balances. The financial crisis is just the marginal manifestation of the big transition,” Van den Spiegel concluded. n

RICS’ Growth Mirrors Property Professionalism In Belgium The phenomenal growth in the membership of the Royal Institution of Chartered Surveyors (RICS) in Belgium and Luxembourg in recent years, reflects the strong demand for higher professional standards in the real estate investment business, both from international and domestic investors, Ed Nypels, Country Manager for RICS Belux told the REALTY Review in an interview.

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THE RICS QUALIFICATION “Real estate investment is now more and more international in scope and investors want to do business with service providers they can trust and that are reliable.

The RICS qualification is recognised

worldwide as providing that endorsement of professionalism, so it doesn’t matter if you use a RICS surveyor in Belgium, the UK, France or the Netherlands, you’ll still get the same standard of service.

investment in Brussels, which as the administrative centre of the EU has also become an important market for investors and developers. The same processes have also fuelled the success of REALTY since its inception three years ago, he noted.

“I think eventually we’ll reach a similar situation to the UK in Belgium, where you can’t even sit down at the table as a surveyor to do a business deal unless you have a RICS qualification. Of course that’s still a long way off, but it will come. At the moment it’s fairly senior people in companies in Belgium that are members, but we’ll increasingly penetrate down through the lower levels of these firms and across into service providers such as lawyers, who’ll realise they need an RICS qualification if they want to be seen as professionals in the real estate market.”

As the qualification has crossed borders it’s also boosted demand for more professionalism internally here in the Belgian market,” Nypels said. He added that RICS’ Belux membership has expanded by around 100% a year for the past three years, and now stands at about 158 from just 18 members in 2008.

THE BELGIAN MARKET Nypels said that the Belgian market had previously been a rather closed inward- looking affair, dominated by local players with limited transparency, so there wasn’t much need for RICS’ services. This has now changed dramatically driven by the development of real estate

Nypels estimated that there are perhaps 800 individuals in Belgium, who through educational standards and business experience could qualify as RICS members, and he expected that membership target to be reached within five to six years.

RICS’ MISSION “We have the obligation to help our members expand their knowledge of the industry worldwide and so we have extensive educational and research programmes in place. Many people also don’t realise that we actively market their qualification to promote their professionalism, as you can’t just walk-in to become a RICS member, you have to be comprehensively assessed by your peers before you can qualify.”

Nypels said that probably the hottest subject on the RICS agenda in Belgium was the question of sustainability standards in buildings, with everyone in the industry from developers to brokers realising that this is an area where they need to constantly update their knowledge as it will increasingly drive the market in the future. “I think it’s fair to say that the RICS is providing good value for money for the membership fee with all the services we provide, but it’s important to realise that we can’t lift professional industry standards in Belgium without the engagement of the membership.

The work of our volunteers is extremely important as they understand the value of the RICS qualification and are proud of it,” Nypels concluded. n

I THINK EVENTUALLY WE’LL REACH A SIMILAR SITUATION TO THE UK IN BELGIUM, WHERE YOU CAN’T EVEN SIT DOWN AT THE TABLE AS A SURVEYOR TO DO A BUSINESS DEAL UNLESS YOU HAVE A RICS QUALIFICATION. t Ed Nypels, Country Manager for RICS Belux THE REALTY REVIEW 2011 - 21

Facts & figures Realty is Belgium’s only professional real estate trade fair where professionals can meet. Visitors are mainly investors, end users and public authorities; exhibitors are developers, architects, construction companies, brokers, consultants, financers, investors, project managers, engineering companies and government agencies.

Deve End user

4815 participants (+41%)

Broker

Investor

The R Value

Broker Consultant Performance report from visitors • 86% visit REALTY for networking purposes.

• 82% plan to contact one or more exhibitors after the show.

• 99% will visit next edition.

• General score: 7,1/10

88% of visitors achieved their objectives for the show.

Visitor’ profile Developer Investor Architect & planner Consultancy firm Construction company Broker Local & public authority

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Project Management company Law firm / Notary Corporate End User Bank Engineering company Media & Press Trade federation & academics

Constr Com

113 exhibitors ( +11%)

loper Public Authority

EALTY Chain

Financer Performance report from exhibitors • Quality of visitors: 8,1/10 – quantity: 7,8/10 • Show concept: 8,2/10 • Return intention: 92% are sure to book a stand in 2012.

Architect

Engineering Planning

97% of exhibitors achieved their objectives for the show

Top 10 list of companies visitors are looking for at REALTY:

uction pany

International Investors Program • 2011: 61 investors (60% growth compared to 2010).

• New for 2012: International media campaign + adapted International Seminar Day

Netherlands France Germany Luxembourg Spain Belgium United Kingdom Ireland Switserland Tunisia

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SAVE THE DATE

22, 23 & 24

MAY 2012

Let’s estate Let’s talktalk realreal estate 24,Info: 25www.realty-brussels.com &Group 26Exhibition MayManager 2011Gregory Tour & Taxis Brussels Contact: Olszewski

Phone: +32 (0)9 241 94 21 - info@realty-brussels.com