Research

Brussels Office Market Research Report Q4 2020

Welcome to a polarized world

 

  • Occupier activity in 2020 dipped to 315,000 sq.m., the second lowest level in 25 years. However, take-up strongly rebounded in Q4 thanks to projects.
  • Vacancy was roughly unchanged at 7.5% in the last quarter compared to 3 months ago. In 2021, a significant increase is anticipated due to project completions and remote-working.
  • Stabilization of prime rents at €315 / sq.m. / year. In 2021 we do not expect material change in that respect.
  • Office investment came in at a record high of €3.6 bn in 2020 and of €5.9 bn all asset classes combined.
  • Yields were not changed at 3.9%, but yield compression is likely in 2021.

 

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