OFFICES- Brussels Office Market Research Report
Q3 2023

Occupier activity supported by European institutions but investors sentiment remains weak

October 18, 2023
  • 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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