Brussels Office Market Report Q1 2019: Projects drive activity
The occupational market surged in Q1 2019 to 239,000 sq.m., a record high level of take-up, a large part thanks to large prelettings in projects. About a dozen of mid to large size transactions are foreseen this year, hence take-up in 2019 may end up at a decade high.
Vacancy hardly changed against the last quarter at 8% and should remain very low at least until the end of the year as forthcoming projects have a comfortable level of prelets.
No change in prime office rents, but average rents are at an all-time high.
The investment activity is much quieter than last year in absence of mega deals. Prime yields are again under pressure as investors’ interest for prime offices is strong.