European institutions are the largest consumers of tertiary space and occupy some 1.8 million sq.m or 52% of the real estate stock in the area.
The most dynamic market in Brussels
The European quarter is by far the most active commercial real estate market in Brussels. One in four rental transactions signed on the entire Brussels market and its periphery over the last five years have been signed within the European district. While large-scale transactions by European institutional players are making the headlines, it remains essentially stimulated by transactions under 1,000 sq.m. This segment alone accounts for 75% of the number of transactions observed over the last 5 years.
10 biggest transactions in 2020 – Q1 2021
The European Commission’s need to refocus
The European Commission's strategy to rationalize its real estate stock by grouping its services within the European district will drive the district in the coming years. Although this is not new, the Covid crisis, once again acting as an accelerator, will make this strategy easier to implement as new labour standards are put in place. This implementation will bring significant changes in the landscape of the European district and is an opportunity for change, of which the Commission will be the main actor.
Functional mix remains a challenge
Functional mix is more than ever a major issue for the European district, which remains largely deserted outside working hours. This phenomenon can be seen mainly in the perimeter formed by the “Petite Ceinture” (inner ring), the Luxembourg station, rue Joseph II and rue du Trône, where the concentration of offices is the greatest. In order to promote this mix, the Brussels-Capital Region adopted a master plan specifically aimed at the European quarter in 2008, the red thread of which, as described above, is transcribed within the PuL (Projet urbain Loi or Urban law project).
The main objective of this project is to improve the environment and public space, create housing and thus create a functional mix. Today, these effects are still too little visible.
Read the full article published by Trends/Tendances on May 27th : go to the news article.