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.

Fill out this form to download report

First Name

Last Name

Email *

Company

Country

I would like to receive communications from JLL.

There was an error submitting the form. Please try again.

PRIVACY NOTICE

Jones Lang LaSalle (JLL), together with its subsidiaries and affiliates, is a leading global provider of real estate and investment management services. We take our responsibility to protect the personal information provided to us seriously.

Generally the personal information we collect from you are for the purposes of dealing with your enquiry.

We endeavor to keep your personal information secure with appropriate level of security and keep for as long as we need it for legitimate business or legal reasons. We will then delete it safely and securely. For more information about how JLL processes your personal data, please view our privacy statement.