Trends Office Guide

cover Trends Office Guide

Lees nr. 01 | 27 mei 2021

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The president of UPSI-BVS, Stéphane Verbeeck, believes that the office segment is set to see substantial mutations in the future, but that numerous opportunities are also going to emerge. This should provide players in the real estate sector with some interesting perspectives.


Although take-up was substantial in the first quarter, the remainder of the story is set to be a little more difficult. Occupants are asking themselves a great deal of questions about which strategy to adopt. There are many new buildings on the market. Sub-letting is also taking off.


The Wallonia office market had an excellent year in 2020. Namur was particularly active, and the economic potential of the Liège district is currently being realised. Numerous projects are waiting to receive their permits, which leads to the future being envisaged with optimism.


Companies looking for office space have started making visits again but are delaying their decisions. Take up in the first quarter was substantial but artificially inflated due to two transactions by universities. Antwerp remains the driving force behind the Flemish office market with little availability and an increasing prime rent.


2020 was a record on the Belgian investment market. More than 6 billion euros were invested. It was the first time that this symbolic threshold had been exceeded on the Belgian investment market. Despite the current unprecedented situation and the lingering uncertainties as 2021 gets underway, both Belgian and foreign investors continue to take an interest in Brussels and Belgium. Despite the historically low 3.75% prime yield, Brussels remains an attractive proposition when compared to certain other European markets with cities recording prime yields below 3%. Broker Cushman & Wakefield Belgium has taken a look at this subject.


Looking back at last year, most people will probably have first in mind the Covid-19 crisis and its share of uncertainties and challenges for the real estate sector. This focus on the health crisis may explain that the B2B Law has not attracted much attention. However, this law applies since 1 December 2020 to contracts between enterprises, renewed or modified after that date, and may impact many real estate-related contracts.


Take-up in the first quarter of 2021 in Luxembourg was almost as high as in the whole of 2020. Following a catastrophic year with Covid, demand is back. The vacancy level remains very low. There is a substantial project pipeline.