Real Estate for a changing world
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.
Quarterly key statistics of the Brussels Office Market
Constructed in 1966, the iconic tower on Rue de l'Hôpital in Brussels has completed its transformation following an ambitious facelift that has restored the status of this iconic building. Renamed "31Central", the building now houses contemporary workspaces whose capacity in terms of workstations/fresh air supply ranks among the best, ensuring the building meets the new needs of occupants and the new demands of the post-Covid era.
BNP Paribas REIM’s Next Estate Income Fund III (NEIF III) secured a further €50 million from two new European institutional investors in the first quarter of 2022. Total commitments to date stand at €568 million, giving it a total investment capacity of over €900 million.
Offices represent a company's second largest outlay after wages. So, when a company comes to the end of its lease agreement or is planning to invest in new projects, it quite understandably reviews its real estate strategy. This is not just about trying to optimise costs, however, because offices now sit at the heart of a company's overall strategy more than ever, as vehicles for economic and social transformation.
After a selection process, Liege Airport Business Park has instructed the international brokers BNP Paribas Real Estate for the marketing of their brand-new office project “l'Escale".
The British investment manager Knight Frank Investment Management has decided to appoint BNP Paribas Real Estate as property manager of the iconic North Galaxy buildings. North Galaxy is an office complex consisting of two 27 storey towers and a smaller 5 storey building and comprises close to 122,000 sqm of gross lettable area and 611 car parking spaces.
After the impressive rally observed during the final quarter of 2021, take-up of office space in the Brussels started the year on a minor note.
