布鲁塞尔写字楼市场报告2025年上半年

Primeyield(%)TheBrussels OfficeMarketH12025Two sides to every story.The latest forecasts from the NationalBank of Belgium predictGDP growthof around 1% per annum between2025 and 2027. This moderate growthis explained by the uncertaininternational environment andeconomic policy adjustments,although domestic demand remainsrelatively stable.Inflationis expected to fall below 2%in 2026, before rising temporarily in2027 due to the introduction of theETS2 system1, which will affect fuelprices. This reflects a return to adegree of price stability in the shortterm, with upward pressure expectedlater.Theunemploymentrate shouldremain low, at around 6%, despitethe creation of 100,000 jobs over theperiod. However, the Belgian publicdeficitcontinues to widen, reaching5.6% of GDP by 2027, while publicdebt would exceed 112% of GDP,increasingconcerns about fiscalsustainability.Robust occupier activity contrasts with the turmoil in capital markets.Take-up,sqmStock, millionsqmTake-up(Q2 2025),sqmVacancyrate (%)Completions,sqmMarketTrendsIndicators (H12025)Primerent,€/sqm/yearAveragerent,€/sqm/yearBelgian economic indicators202420252026GDP Growth (%, YoY)1.01.21.1Inflation (%, YoY)4.32.61.3Unemployment (%)5.66.16.1Source: National Bank of BelgiumAdded to this is growing geopoliticaluncertainty: the date of 9 July hadbeen seen as a potential turningpoint in trade relations between theUnited States and the EuropeanUnion. In the absence of anagreement, the Trumpadministration is threatening toincrease customs duties to 30% from1 August. The EU intends to make useof the time before the USadministration’s deadline to seek anegotiated solution, while theEuropean Commission is alsopreparing its own tariffs should thetalks fail.A negative outcome will furtherweigh on Belgian exports andaccentuate economic tensions.Investedvolume,€millionMore than one year on from the elections, the Brussels region is still rudderless. Numerous talks betweenjust as many potential configurations have taken place, without ever achieving a consensus.Talks will take place from mid-July to establish a potential new majority. We are now beyond a state ofurgency, and among the key issues impacting the day-to-day running of the region is its budgetarysituation. The region is currently operating a provisional twelfths scheme, spending one twelfth of its 2024budget each month. This negatively impacts the long-term running of the region and new schemes andvisions cannot be implemented with the old majority acting in a caretaker role.As a result, Standard & Poor's has downgraded the credit rating of the Brussels Capital Region from A+ to A,assigning a negative outlook. This decision highlights worries regarding the region's capacity to handle itsbudget deficits and elevated debt levels.Brussels:one yearpost-elections and no government in sight.Source: National Bank of Belgium1European emissions trading system applicable to buildings and transport, complementing the European Green Deal. Office take-up in Brussels reached 172,500 sq m in the first half of the year, providing a sound footing for the end-of-year prospects as well as a solidbedrockfor the investment market. This includes the best quarter (Q2, 136,000sq m)in past years.TheBrussels OfficeMarket I H1 2025OccupieractivityEuropean district activity already ahead of last year in only six months.•172,500 sq mtake-up. Includes best quarter in 4–5 years during Q2 (136,000 sq m) thanks to major movesby the EU and Proximus.•137 deals, including 86 during Q2. There is momentum beyond the big names and a solid flow of dealsacross the board.•Green imperative. Occupiers are chasing sustainability, cost savings, and future-proof spaces. This willcontinue to feed the pipeline with potential market-changing deals.•More budget-conscious occupiers will continue to reduce theiroffice footprintby 30-50%, generating adegree of nervousness for Grade B- and C landlords.•Prime rent increasesto €400/sq m/year in the European district. This reflects the increase in momentumof occupiers’ shift towards premium assets, as well as overall costs associated with Grade A buildings andtheir development, and the sheer amount of Grade A take-up (63%) in H1.In a nutshellActivity in the CBD was particularly dynamic(120,000 sq m), with the European district(58,000 sq m) already surpassing last year’s totaltake-up within just six months. Activity in thePeripheral districts is also quite decent. Largedeals always weigh heavy on overall Brusselsnumbers, so it is not surprising that the top fivedeals (see tableon the next page) all took place inone of these districts.Nevertheless, beyond large deals, there is also anabundance of activity in all deal categories.Notably, as many as 23 deals took place in the1,000-5,000 sq m category, while for all the talkof European’s institutions’ undeniable role, theprivate sector combined for the lion’s share oftake-up (more below). 050.000100.000150.000200.000250.000300.000350.000400.000450.000500.000202120