Market Research

In H1 2024, Brussels' office market saw a 6.5% increase in take-up, driven by major deals like Engie's headquarters and European Commission transactions. Vacancy rose to 8%, with new projects hitting the market. Prime rents are up, widening the gap with older buildings. Investment surged due to a major EU deal.

Quarterly key statistics of the Brussels Office Market : Insights on key figures by office districts

Quarterly key statistics of the Brussels Office Market : Insights on key figures by office districts

For the entire year, the take-up level stands at 308,000 sq.m.  The activity showed resilience given the economic, financial, and geopolitical context, as well as the structural change in the office sector.

The investment market concluded a year of underwhelming performance, with €2.4 billion injected into Belgium's commercial real estate over the past 12 months.

Quarterly key statistics of the Brussels Office Market

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

Quarterly key statistics of the Brussels Office Market