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Office Market Overview 2023 Q2 - Brussels and Key Cities

Report Colliers

Charles Lasserre & David Vermeesch
Managing Partners - Belgium

Real estate markets are currently experiencing global market volatility and ongoing recalibration, which is expected to continue into 2023. Rather than being deterred by recent trends, investors should view them as a return to a more rational state of the market, presenting exceptional opportunities for those with the right strategies and

Nevertheless, the constantly changing and uncertain nature of real estate markets nowadays makes it challenging for investors to accurately predict future finance costs and model new opportunities. Factors such as currency volatility and perceived pricing stagnation also contribute to a lack of momentum, with investors being cautious
about making immediate purchases due to the possibility of better prices in the future.

Occupier market is also on hold. The difficult macroeconomic conditions are leading to both delayed property decisions and a need to carefully assess cost implication. In 2023, there has been a hesitant take-up in all three regions of Belgium. Prime rents continue to be
subject to upward pressure.

However, economic indicators suggest that this won't last long, and that the Belgian economy is avoiding recession. It is likely that market activity will start to pick up gradually in H2.

In this dynamic environment, it is crucial to recognize that change is a constant and adaptability and resilience are key for sustained success.

In this report : 

  • Economic outlook
  • Belgium office market in a nutshell
  • Districts snapshot
  • 23Q2 showed no improvement in take-up
  • Rising rental prices reflect growing demand for quality
  • ESG Barometer
  • Pipeline ‘23-25
  • Selection of projects - CBD
  • Selection of projects - Decentralised & Periphery
  • 23Q2: Observations from the waiting period
  • Key transactions
  • Forecast & Opportunities
  • Cities Snapshot : Antwerp Office Market
  • Cities Snapshot : Ghent Office Market

Download the report 


David Vermeesch
Managing Partner, Belgium
+32 473 71 29 95

Charles Lasserre
Managing Partner, Belgium
+32 479 77 77 93

Olesia Infanti
Market Research Analyst, Belgium
+32 498 34 88 88

19 juillet, 2023
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