The Q2 2019 Brussels office market report highlights stock and supply metrics, reporting a total of 13.35 million m² across various district categories. Vacancy rates showed mixed trends, while take-up demand year-to-date reached 349,000 m², driven primarily by private sector activity. Rental values for prime and average rents exhibited slight increases, with prime yields remaining stable across various lease terms.

1. DASHBOARD -Q22019
BRUSSELSOFFICEMARKET
Brussels Office Market
TotalCBD
Decentralised Periphery
City Centre North South Leopold Louise
STOCK&SUPPLY
Stock (million m²) 2.37 1.54 0.54 3.44 0.69 2.62 2.10 13.35
Change
Q-on-Q
Vacancy rate 2.10%  1,30%  3,5%  4,40%  7.4%  11.5%  18,5%  7.40% 
Speculative Pipeline H2 2019 (m²) 11,500 45,200 - - 3,000 - - 59,700
Change
Q-on-Q
DEMAND
Take-up Q2 (m²) 9,700  3,800  -  25,800  10,900  11,900  41,800  103,900 
Private (m²) 9,700 3,800 - 17,900 10,900 10,800 41,800 94,900
Public (m²) - - - 7,900 - 1,100 - 9,000
Change
Y-on-Y
Take-up YTD 2019 (m²) 55,300  81,700  200  42,500  17,500  27,000  123,800  349,000 
Change
Q-on-Q
RENTALVALUES
Prime Headline Rent(per annum) 270  220  200  315  240  195  195  315 
Average rent (per annum) 203 195 - 207 178 143 131 173
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 (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
315
173
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
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