Brussels Office Market report Q4 2019

And the winner is…the North district


Occupier market:

  • 2019 is the most active year since 2007 with take-up of 516,000 sq.m. (+43% YoY). The North district outperformed.
  • Vacancy is down further to a two decade low of 7.1%, vs. 7.4% in Q3. In the CBD it stands at 2.9% while outside the CBD it is 14.2%. Vacant volume across all districts is estimated at 942,000 sq.m.
  • The prime rent stabilised at €315 / sq.m. / y, but increased by 9% in the North district. Further upside is expected in 2020 in that district. 

Investment market:

  • Investment volume was €4.8 bn in 2019, nearly identical to 2018, driven by office assets. Non-core transactions gained share.
  • Prime office yields compressed further to 3.9% for a 6/9 lease and stabilised at 3.5% for long term leases. Lower yields are expected in 2020.

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