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1. DASHBOARD -Q12019
BRUSSELSOFFICEMARKET
Brussels Office Market
TotalCBD
Decentralised Periphery
City Centre North South Leopold Louise
STOCK&SUPPLY
Stock (million sq,m) 2.37 1.54 0.54 3.44 0.69 2.62 2.10 13.35
Change
Q-on-Q
Vacancy rate 2.10%  2.4%  1.8%  4,50%  9.4%  11.5%  19,1%  7.70% 
Speculative Pipeline Q2-Q4 2019 (sq,m) 8,600 82,200 - - 3,000 - - 93,800
Change
Q-on-Q
DEMAND
Take-up Q1 (sq,m) 45,600  78,700  200  16,800  6,600  15,200  81,900  245,000 
Private (sq,m) 30,600 8,700 200 16,800 6,600 14,700 81,900 159,500
Public (sq,m) 15,000 70,000 - - - 500 - 85,500
Change
Y-on-Y
Take-up YTD 2019 (sq,m) 45,600  78,700  200  16,800  6,600  15,200  81,900  245,000 
Change
Q-on-Q
RENTALVALUES
Prime Headline Rent(per annum) 225  205  200  310  240  195  195  310 
Average rent (per annum) 195 190 - 213 176 144 130 175
Average rent-free period by year
of lease contract (per months)
0.5 -1.5 2 1.5 0.5 - 1.5 1.5 - 2.5 2.5 - 3.5 1.5 - 3 0.5 - 2
Trend
INVEST
Prime yield (3/6/9 yr leases) 4.00%  4.50  5,25  4,00%  4.25%  5,75%  6,25%  4.00 % 
Prime yield ( > 9yr leases) 3.50  3.60  3.80  3.50  3.50  4.00  4.00  3.50 

2. TAKE-UP VACANCY RATE RENTAL VALUES
BELGIAN INVESTMENT VOLUME INVESTMENT VOLUME BY ASSET YIELDS
0 sq.m
100 sq.m
200 sq.m
300 sq.m
400 sq.m
500 sq.m
600 sq.m
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Thousand
Q1 Q2 Q3 Q4 10 yr-Average
7,70%
0,00%
2,00%
4,00%
6,00%
8,00%
10,00%
12,00%
14,00%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
310
175
0 €/sq.m
50 €/sq.m
100 €/sq.m
150 €/sq.m
200 €/sq.m
250 €/sq.m
300 €/sq.m
350 €/sq.m
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Prime Rent Average Rent
0,0
0,5
1,0
1,5
2,0
2,5
3,0
3,5
4,0
4,5
5,0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Q1
2019
€Billion
Office Retail Warehousing Healthcare Hotel Residential Mixed & Others
52%
31%
9% 8%
0%
10%
20%
30%
40%
50%
60%
70%
2014
YTD2019
2014
YTD2019
2014
YTD2019
2014
YTD2019
Office Retail Warehousing Other
Prime Yield (3/6/9yr)
4,00%
Prime Yield LTL
3,50 %
3,00%
3,50%
4,00%
4,50%
5,00%
5,50%
6,00%
6,50%
7,00%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
GRAPHS
CONTACTS
BNP PARIBAS REAL ESTATE
Avenue Louise 235
1050 Brussels
+32 2 646 49 49
www,realestate,bnpparibas,be
Pascal Mikse
Head of Research Belux
+ 32 2 290 59 23
pascal.mikse@bnpparibas.com