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Brussels market slips in first half



As we move into the second half of the year, broker JLL has compiled the key figures for the Brussels office market for the first half.

Second quarter take-up of 137,000 m² brought the half year total to 225,000 m². Both of these figures are down on last year, by 20% and 15% respectively. Take-up was hugely dominated by corporates, which accounted for 61% of the total. Virtually all of the rest was made up of local administrations (37%) leaving just 2% for international administrations, and nothing at all for the European institutions.

Where vacancy is concerned, this has decreased again, now standing at 8.8%, against 9.4% at the end of the second half of 2016. The really good news (except for those bodies looking for space) comes in the CBD, where vacancy is just 4.7%, a tiny fraction higher than a year ago.

Investors have not been quite as active as last year, with 844 million Euros placed in Brussels offices, some 9% lower than last year. Prime yield has compressed slightly to 4.5%.

Looking forward, JLL Head of Office Agency Erik Verbruggen expects take-up for the second half of the year to be similar to the first, leaving 2017 a little behind 2016. The European institutions are negotiating in various domains, but are unlikely to impact take-up figures this year.
Tim Harrup
17-07-2017


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