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The Brussels office market in 2016: corporates are back

  • ​​T​ake-up in 2016 increased by 46% to 438,000 sq.m. Multinational corporates were very active in Q4 with several noticeable deals. Over the full year, local administrations recorded an important volume of large size transactions, as well as European institutions. 2017 will be quieter as most of the expected mega deals are now behind us. 

  • Vacancy slightly increased vs. Q3 to 9.4%, but vs. a year ago this is 30 bps lower. Outlook for 2017 is downward oriented, especially in the CBD. 

  • Market conditions in the CBD are now well balanced between landlords and tenants: at this stage prime rents are unchanged at €275 / sq.m. / y but we expect an increase this year. 

  • The investment market in 2016 was very strong with a transaction volume of €3.7 bn. 

  • Prime office yields stabilized at 4.75%, outlook is now stable.

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