Brussels Office MarketView Q4 2023

Despite subdued activity, prime rent rose and vacancy declined in the final quarter

January 17, 2024 6 Minute Read

Office MarketView Q3 2023_700x530

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Report's key takeaways

  • General inflation reached its lowest level in two years in October. It recently registered a slight increase to 1.4% in December. Core inflation continues a overall downward trend;
  • Take-up volume picked up in Q4 but ended essentially flat for the year;
  • Prime rent increased to a new high of 375 €/m²/year after a pre-letting in the Leopold area;
  • Vacancy decreased once more to 7.08%, and is now at a cyclically low level;
  • Development delays push offices delivery to next year, with a notable pipeline expected;
  • Office investment activity in Q4 was weak, concluding at €549 million of investment deals in the Brussels office market in 2023.