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The Brussels Office Market Q3 2017: Back to a normal level of activity

  • Take-up in the nine months period came in 15% lower than last year at 302,000 sq.m. Full year forecast is 350 – 375,000 sq.m., ie a normal level of activity compared to the excellent 2016. 
  • Vacancy decreased further to new 15 years low of 8.6% in Brussels as a whole, 4.5% in the CBD and 15.6% outside the CBD. In our view the decline is not sustainable, with the flow of completions next year vacancy will start rising again. 
  • Prime rents have stabilized since the increase of the last quarter. €300 / sq.m. / year is the norm for the new projects in the European district. 
  • Capital market activity stays strong with Korean funds maintaining a strong interest for Brussels office. Volume in 9M 17 was €2.4bn, of which €1.4 bn for offices (+21% y-o-y). 
  • Prime office yields stabilized at 4.5% for standard 6-9 lease terms, the outlook is stable. 

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