Office Market Report Brussels – Q1 2024

A chilly start to Spring, waiting for the large transactions to materialise

April 24, 2024
  • Pierre-Paul Verelst
  • Vincent Van Brée
  • Christophe Golenvaux

A lower than expected first quarter. Few of the delayed transactions from 2023 were completed early 2024, which suggests that next quarter's results will be way more encouraging with large size deals among others by European institutions.

At the same time, vacancy increased due to completions, among others in the Louise district while remaining way below long term averages.

Prime rents climbed to €375 / sq.m. / year in the European District.

With regards to yields, stability prevails at 5%. As the European Central Bank maintains its rates unchanged, core investors are on the side-line implying a limited investment activity.

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