OFFICES - Flanders
Office Market
Research Report -
Autumn 2022 

Good demand despite headwinds

October 27, 2022
  • Pierre-Paul Verelst

Office Agency

Inflation and recession are the two key words of the new era we’re entering into. The Flanders office market will not be immune though at this stage it is not yet visible as the figures and trends that we will present in this report demonstrate good performances and a healthy situation. Rents are expected to rise across all Flemish cities not only because of inflation, but also because of the shortage of fossil free buildings and high demand thereto. We could see double digit rental growth by 2023, and possibly beyond. At a time of surging energy prices and climate risks, occupiers are conscious that they have to reduce their carbon footprint and real estate is a major constituent of this challenge. This has a price.


Capital Markets

In a market characterized by high inflation, Real Estate in general has proven to be a resilient asset class, forming a good hedge against inflation thanks to the automatic rent indexation. Moreover, the Flanders office market has an additional weapon against inflation, which is the continuous upwards pressure on prime rents, further alleviating the impact of the current economic situation. However, rising interest rates are impacting financing costs of investors, in turn impacting returns & valuations of investors requiring leverage. Following observations of decompression in Brussels, we expect that other markets like the Flemish cities will follow as well, leading to higher yields. 

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