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Brussels faring well at European level



Real estate advisor JLL has been looking at the Brussels office market over the first quarter, and has also produced its ‘Office Clock’ report which analyses the performance of major European cities in comparison to each other. Starting with this report, JLL finds that the first quarter of 2018 has been the strongest Q1 in terms of European office take-up since 2007, headlined by robust demand in Paris (+13% y-o-y). European office vacancy decreased by 30bp to 7.0% in Q1 2018 – the lowest since 2008. The European Office Rental Index rose by 1.0% compared to the first quarter of 2017, led by strong growth in Brussels
And confirming the overall trend, at 2.5%, 2018 annual European rental growth is forecast to outperform the 5-year average of 2.2%.

Within this European Office Clock, Brussels falls into the segment entitled ‘rental growth accelerating’. Remaining with Brussels, JLL finds that leasing activity was slightly down (-2.6%) in the quarter, but that there was record-breaking investment volume: the best first quarter of the Belgian history, with the office segment remaining dominant and South-Korean interest still being outstanding. Vacancy hardly changed on a quarterly basis (8.3% for the entire Brussels region) but decreased substantially to 4.1% in the CBD. Prime rents increased by another 5%.
Tim Harrup
02-05-2018


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