This document summarizes key metrics of the Brussels office market in Q3 2019. Total office stock was 13.34 million square meters with a vacancy rate of 7.1%. Take-up in Q3 was 103,900 square meters, led by the decentralised and periphery markets. Prime headline rents ranged from €195 to €315 per square meter annually. Prime yields for long-term leases were between 3.5-4% reflecting stable investment demand.

1. DASHBOARD—Q32019
BRUSSELSOFFICEMARKET
Brussels Office Market
TotalCBD
Decentralised Periphery
City Centre North South Leopold Louise
STOCK&SUPPLY
Stock (million sq.m) 2.37 1.54 0.55 3.44 0.68 2.66 2.10 13.34
Change
Q-on-Q
Vacancy rate 2.30%  0,90%  3,5%  4,1%  5,5%  11.6%  18,1%  7.10% 
Speculative Pipeline Q4 2019 (sq.m) 4,000 20,100 - - 3,000 - - 24,100
Change
Q-on-Q
DEMAND
Take-up Q3 (sq.m) 6,600  49,000  -  15,700  9,800  12,700  8,500  103,900 
Private (sq.m) 5,100 9,000 - 9,990 9,800 12,700 8,500 55,000
Public (sq.m) 1,500 40,000 - 5,800 - - - 47,300
Change
Y-on-Y
Take-up Q1-Q3 (sq.m) 61,900  131,800  200  58,200  27,200  40,300  131,700  451,300 
Change
Q-on-Q
RENTALVALUES
Prime Headline Rent(per annum) 270  220  200  315  240  195  195  315 
Average rent (per annum) 195 200 - 211 183 140 131 174
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
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
7,10%
0,00%
2,00%
4,00%
6,00%
8,00%
10,00%
12,00%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
315
174
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-Q3
219
€Billion
Office Retail Warehousing Healthcare Hotel Residential Mixed & Others
54%
19%
5%
23%
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