Real Estate for a changing world
A decline in take-up marked 2022 as occupiers delayed leasing decisions with the adverse financial circumstances and high inflation. Over the final quarter, 79,500 sq.m of office space was let bringing the annual volume at 282,700 sq.m. While total take-up stands far short of long-term averages, the number of transactions in the market increased and in line with the average for that metric.
Located above De Brouckère station, the iconic building constructed in the 70s and known, in particular, for its cross shape is currently undergoing an ambitious renovation programme. The aim is to create a new sustainable Brussels destination for great work, life and entertainment.
Quarterly key statistics of the Brussels Office Market
Cofinimmo Offices, owner of multiple office buildings in Belgium, sold one of their assets to a French SCPI (société civile de placement immobilier), managed from Paris. BNPPRE concluded the transaction, on behalf of its client Cofinimmo.
Geneviève Debaisieux, a Senior Consultant within BNP Paribas Real Estate's Advisory division, tells us about her rather unusual career path that led her to the real estate world, as well as the different tasks that make her everyday work in Brussels so rewarding.
The economic environment remains complex and uncertain, characterized by galloping inflation and declining prospects for growth in the coming quarters. Despite this gloomy picture, the activity of the Brussels market is firm both occupationally and for investment.
Quarterly key statistics of the Brussels Office Market
The last two years have had a major impact on our lifestyles, fundamentally revolutionising the way that we work. The advent of flex-offices is transforming office buildings and this now lies at the heart of company strategies. In particular, this transformational approach is built around providing a personalised and immersive user experience in order to make teams want to get back to the office.
Deterioration in growth prospects and a climate of geopolitical uncertainty marked the second quarter. The lettings market remains active though, particularly in the midsized segment.
