The empty office bubble is growing sharply in Brussels

Spotted in @lecho

There is a considerable amount of reflection on the impact that teleworking will have on the office space that companies will need in the future. Some of them are already announcing strategic organizational change in favor of a hybrid time-sharing solution between teleworking and work in the office. Their desire will therefore be to reduce their occupied office space. These companies are, however, obliged to honour their lease contract until its term and therefore plan to sublet part of their offices.

According to an unofficial source, more than 240,000 m² of offices may have already been injected into the subletting market today, in Brussels alone. For companies that sublet, even at a bargain price, this income is better than nothing. There will be unprecedented pressure on rents. Up to now, a gap of the order of 15 to 20% between published required rental levels and those actually negotiated has always existed. But with the storm to come on the market, the discount could in some districts exceed 50%, all benefits included.

Read the full story in L’Echo report [ La bulle des bureaux vides grossit à Bruxelles ]