Research
OFFICES- Brussels Office Market Research report Q1 2023
Flight to quality rebooted
April 25, 2023
Contributors:
- Pierre-Paul Verelst
Despite lackluster economic prospects, the first quarter demonstrated some dynamism illustrated by additional strategic moves by corporates to new projects.
Vacancy slightly increased during the quarter but should go down again in the rest of the year. In 2024 though completions should lift vacancy materially above current levels. Prime rents at city level were flat but increased by 20% in the Louise district.
With regards to capital markets, volumes dropped substantially from the record high of last year. Prices were cut by more than 20% due to financing cost hikes and the subsequent decompression of yields.
