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The Brussels office market in Q2 2015 : vacancy below 10%

  • ​Take-up in H1 2015 down by 42% y-o-y to 147,000 sq.m. One of the four expected transactions by European institutions this year has been signed.

  • Vacancy declined below 10% for the first time in 7 years, to 9.9% vs. 10.2% 3 months ago. In the CBD, vacancy is at the lowest since Q4 2008 at 5.5%, while outside the CBDit was 17.5% vs. 17.9% in Q1 2015. By year-end, pending t​he confirmation of expected deals by European institutions, cacancy in the CBD may fall to 5%, the lowest since 2002!

  • Prime rents unchanged at €275 / sq.m. / year, but we observe a decline in incentives in the European district.

  • Investment market remains very strong in Belgium: in H1 2015 we registered a volume of € 1.741 bn, 9% more than a year ago.

  • Prime office yields trend down and we are seeing transactions being closed below 5.5% in the short term in the CBD.  

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