OFFICES - Brussels Office Market Research Report Q4 2022
Will sustainability save the Brussels office market?
January 18, 2023
Head of Research Belux+ 32 (0)2 550 25 04
Ralph Schellen - allres bvba
Head of Office Agency Brussels & Wallonia & Head of Project Advisory+32 (0)3 212 15 90
Adrian Glatt - Saga bv/srl
Head of Capital Markets Belux+32(0)2 550 26 28
- Occupier take-up in Brussels received a serious hit in 2022: all-time low transaction volume due to the absence of large-size deals. 2023 poised to show a strong recovery.
- Vacancy is back to close to pre-pandemic levels as speculative completions find demand and the reconversion trend continues.
- Prime rents on the rise in the European District and more strongly in the Periphery. Further upward pressure in 2023.
- Record high investment volume boosted by a mix of core and non-core deals among others in the North.
- Yield shift across all asset classes, in line with sharply rising financing costs amid ECB and Fed multiple rate hikes.