Research

OFFICES- Brussels Office Market Research Report Q4 2023

Failed to show the expected strong recovery

January 11, 2024

Contributors:

Pierre-Paul Verelst
Christophe Golenvaux *LWL Invest srl/bv
Vincent Van Brée

2023 was expected to be the year of the recovery of demand for offices, unfortunately it was not due to delays in the closing of mega deals.

The mega trends of focus on Grade A properties and centralization in the CBD and most accessible districts were however reinforced during the year. Vacancy was below initial forecasts as the new projects were taken by a large variety of tenants resulting to additional rental growth in most districts.

Investment activity dropped to a 10 year low in absence of clarity of financing costs and yields moved up more rapidly than rents equating to a value destruction, even for the best Grade A properties. 2024 seems better oriented first on the demand for offices side, then as financial markets are expecting rates cuts before the summer that will put an end to office yield decompression.

Recovery of capital markets transactions activity is hence around the corner, probably for the second part of the year.

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