OFFICES - Brussels Office Market Research Report - Q2 2021

A transition semester

  • The recovery recorded in Q1 slowed down in Q2: H1 returned a take-up of 188,000 sq.m., in line with a year ago. More transactions foreseen in H2. 
  • Recent transactions show a substantial reduction of workspace needs by occupiers
  • Vacancy stayed about the same at 7.8% in Q2, but a material deterioration is expected in H2 and next year. 
  • Prime rents remain stable, except in the Decentralised. They could increase due to more expensive “green” construction costs. 
  • Investment activity is slowing down, green properties are high in demand and command sharper yields. 
  • Prime office yields compressed by 25 bps to 3.5%. 

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