Research

Brussels Office Market Dynamics, Q3 2024

Summary and analysis of Brussels' current office real estate market conditions.

October 09, 2024

Contributors:

Pierre-Paul Verelst
Vincent Van Brée
Christophe Golenvaux

Q3 is traditionally the quietest period of the year, returning a low level of activity. 2024 is no exception although the year to date has fared way better than the sluggish 2022 and 2023, largely thanks to corporate and administration deals in Grade A buildings.

Vacancy broke its upward trend as recent deliveries have progressively found tenants. 8% is vacant, vs. 8.3% 3 months ago.

Prime office rents are rising further to a new high of €400 / sq.m. / year, achievable in the European District. Projects in all districts are trading at higher rents vs. previous benchmarks.

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