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​Brussels Office Market Q4 2017: The year of co-working space

  • Take-up declined by 6% y-o-y to 417,000 sq.m. The transaction volume is ahead of expectations partly thanks to the sharp rise of co-working space operators that contributed to 8% of total take-up. 
  • Vacancy declined to a new 15 years low of 8.2%, vs. 8.4% previously. In the CBD 4.4% is vacant, down from 4.5% in Q3 whilst outside the CBD the vacancy rate eased to 14.7% vs. 15.6% previously. Completions in 2018 will imply a progressive increase to above 9%. 
  • Prime rents were unchanged on a quarterly basis at €300 / sq.m. / year. Compared to 2016, this represents an increase of 9%. 
  • Investment volume in Belgium came in at €3.5 bn over the full year, down 7% y-o-y and 8% above the 5-year average. 
  • Prime yields stabilised at 4.5% for a 6/9 lease. Long term lease yields stabilised at 3.75%. 

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