Research
OFFICES- Brussels Office Market Research Report
Q3 2023
Occupier activity supported by European institutions but investors sentiment remains weak
October 18, 2023
Contributors:
- Pierre-Paul Verelst
- Christophe Golenvaux *LWL Invest srl/bv
- Vincent Van Brée
- The third quarter mirrors the preceding one with a high degree of caution from occupiers translating into slower than usual activity.
- After nine months take-up is on the rise by 13% to 225,584 sq.m. but the number of transactions is falling by 8%. Vacancy overall is down by a bit to 7.1% while it is minimal for Grade A assets.
- Rental values are consequently up with a new prime rent of €340 / sq.m. / year.
- Investors sentiment does not improve due to rising cost of financing and uncertain pricing. As a result investment volume is 63% below last year and yields are shifting further.
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