The Brussels office market ended 2016 on a positive note, with 454,000 sq m of take-up recorded, an increase of 50% compared to 2015.
As the level of speculative developments remains relatively low and as the office reconversions continue (though at a more limited pace), the vacancy rate continues its slow and continuous decrease and reached 9.2% at the end of
the year, its lowest level since 2007. The vacancy rate could start to increase as from 2017 as important relocation processes are in the pipeline.
There are currently 70,000 sq m available in grade A buildings. As the speculative pipeline only amounts to 32,000 sq m for 2017, this level is expected to decrease in the coming months.
No changes are to mention regarding the prime rental levels which remain at €275/sq m/year in the Leopold district. Slight adaptations have been made during 2016 depending one concerned districts. An increase of the prime rent is still expected in 2017.
The average rents witnessed a slight increase during the year 2016 and stand around €160/sq m/year at the end of Q4, compared to €150/sq m/year at the end of 2015.
Further slight increases are forecasted in 2017.