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Office Market Report Brussels Q1 2017: Rising rents, finally?

  • ​​Nice start of take-up: 88,200 sq.m. with a first large size transaction. The year 2017 will result in a take-up volume lower than the outstanding 2016, at 325,000 – 350,000 sq.m. 

  • Vacancy is at the lowest since Q4 2002: 9% in Brussels as a whole, 4.7% in the CBD and 16.5% outside the CBD. There is additional downside potential since the speculative completion pipeline is limited. 

  • Higher rents, finally: no change in prime headline rents at city level (€275 / sqm / year), but increases at submarket level and higher weighted average rents. 

  • Quiet start of capital markets activity: volume of €689 Mln, dominated by offices. Outlook is promising with shopping center deals. 

  • Prime office yields stabilize at their current all-time low: 4.75%. 

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