OFFICES- Brussels Office Market Research report
Q2 2023

Rebound supported by European institutions

July 12, 2023
  • 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. 

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