Brussels Office Market Research Report Q3 2020  

Substantial dip of occupier activity

  • Occupier activity down 54% y-o-y in the third quarter. Year-to-date, take-up came in at 230,433 sq.m., 46% lower than last year.
  • Vacancy marginally increased to 7.5%, as speculative completions in the North are offset by conversions outside the CBD. Next year, vacancy is seen materially higher.
  • Stabilisation of prime rental values, except in the North that recorded additional increase. €315 / sq.m. / y remains the norm in the European district.
  • Robust investment activity, the office segment could post its best year ever. Core assets are favoured, as well as redevelopment transactions.
  • Prime office yields are unchanged at 3.9%.

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