A Self-Regulating Market but Which Is Many Challenges
Offices i Market trends i Brussels A self-regulating market but which is facing many challenges Despite a somewhat perturbed economic, social and political climate, transactions during 2012 on the Brussels office market can be described as satisfactory, although the investment level was disappointing. Take-up from companies and administrations was 11% up compared to 2011, vacancy is down but remains around the 10% mark, and ‘face- value’ rents are, in general, stable. ake-up(1) recorded during 2012 amounted to attract occupiers. They do not respond to to more than 400,000 m²(2), which is 11% current market norms and expectations, which is Tmore than the previous year. This result can pushing some owners to convert them to new uses. be considered as positive even though it remains The Office Observatory(4) calculates that between below the average of the last ten years (around 1997 and 2011, some 542,000 m² of offices have 500,000 m²). The most significant deals were been converted to other uses, of which 66% to mostly transacted with the European institutions, residential. This represents an average of 36,000 m² which proved to be particularly active in 2012: the per year over the past 15 years, not including 2012. two principal deals involved the take-up by the This trend has picked up speed since 2007, with European Parliament of 32,000 m² in Trebel and the average between 2007 and 2011 practically by the European Commission of 25,350 m² in New doubling. Orban. As in 2011, transactions were mainly concentrated investment in the central business districts of Brussels (Centre, While the level of take-up can be considered Guibert de Crombrugghe, South, North, Louise and Leopold) which accounted satisfactory in view of the current situation, results Managing Director - MRICS for almost 53% of take-up, against 15% in the where investment in offices in Brussels is concerned, de Crombrugghe & Partners decentralised zone and 32% in the periphery, which are more in the balance.
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