Real Estate for a changing world
Over the past three months, office take-up presents a mixed picture with volume reaching around 59,200 sq.m. Throughout the year, economic conditions continued to hamper the Brussels office market. Further complications come from cost optimization strategies, and a more selective approach by tenants about location and intrinsic quality of buildings. The combination of these factors has resulted in a lengthening in decision-making processes.
Quarterly key statistics of the Brussels Office Market
On the proposal of Thierry Laroue-Pont, Chairman and Chief Executive Officer, BNP Paribas Real Estate has integrated a new generation of managers from business lines and strategic support functions into its Management Board appointing six new members.
BNP Paribas Real Estate Belgium advised MEAG Munich RE on the purchase of all the shares of AGRE Office Invest II, owned by AG Real Estate, holding the prestigious City Center building. The site consists of approximately 31.000 sq. m spread on eight floors, ideally located in the heart of Brussels, in front of the Place Rogier.
Quarterly key statistics of the Brussels Office Market
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
Located close by the Brussels South station, The Rails is made of two distinct assets, a 7-storey office building dating from 1955 and fully renovated in 2003, and a modern mixed-use construction built in 2004, combining offices and warehousing accommodations.
