JLL's view on the post-COVID real estate office market in Belgium

Office: reduced take-up in 2020, but sound prefundamentals allay concerns of oversupply and falling rents


  • GDP in Belgium in 2020 seen contracting by 8.9% with a bounce back in H2 2020. Growth of 7.4% in 2021. Source: Oxford Economics forecasts as of Mid-May.
  • Corporates, Europe and administrations demand will undoubtedly be affected, but strategic occupier transactions are still signed despite the crisis (ING taking 14,400 sqm is the most representative). 
  • The likely restructurings in the corporate sector consecutive to the economic downturn could have a short-term impact for office space needs.


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