Research
OFFICES- Brussels Office Market Research report
Q2 2023
Rebound supported by European institutions
July 12, 2023
Contributors:
- Pierre-Paul Verelst
- Christophe Golenvaux *LWL Invest srl/bv
- Vincent Van Brée
- Economic uncertainties weigh on demand for offices, though strategic transactions materialized in Q2 like a first deal by the EU Commission in the North Light tower. All combined take-up climbed by 13% y-o-y to 168,620 sq.m. but the number of deals decreased, illustrating a subdued occupier activity.
- Vacancy however declined to 7.2% that is one of the lowest point in 15 years thanks to the Periphery that posted its lowest vacancy since 2001.
- Average rents are up in most districts but no change has been recorded so far in prime rents.
- Investment volume is massively below normal levels as demand for core investors is on hold due to unclear pricings, while value-add transactions are again very dynamic but not at the same price as before.
