Market Research

Slowdown in activity was already noticeable in the second half of 2022, and this trend is continuing at the beginning of this year. Office take-up in the Brussels office market began the year on a low note with 71,300 m², -4% compared to Q1 2022 and -25% compared to the ten year quarterly average. Occupiers are cautious due to the uncertain economic context characterized by ongoing price increases, business slowdown and persistent geopolitical tensions. In this situation, potential tenants are more selective in their choices, giving particular attention to the property's location and quality.

Quarterly key statistics of the Brussels Office Market

A decline in take-up marked 2022 as occupiers delayed leasing decisions with the adverse financial circumstances and high inflation. Over the final quarter, 79,500 sq.m of office space was let bringing the annual volume at 282,700 sq.m. While total take-up stands far short of long-term averages, the number of transactions in the market increased and in line with the average for that metric.

Quarterly key statistics of the Brussels Office Market

The economic environment remains complex and uncertain, characterized by galloping inflation and declining prospects for growth in the coming quarters. Despite this gloomy picture, the activity of the Brussels market is firm both occupationally and for investment.

Quarterly key statistics of the Brussels Office Market

Deterioration in growth prospects and a climate of geopolitical uncertainty marked the second quarter. The lettings market remains active though, particularly in the midsized segment.

Quarterly key statistics of the Brussels Office Market