Research

OFFICES - Brussels Office Market Research Report Q4 2022

Will sustainability save the Brussels office market?

January 18, 2023

Pierre-Paul Verelst

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. 

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