ON POINT: Brussels City Report Q2 2009. Jones Lang Lasalle

Belgium

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ON POINT: Brussels City Report Q2 2009

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The economic recession and the financial crisis continue to take their toll on both the occupational and investment markets.
Office take-up reached a historically low level of 102,000 m² during H1 2009. This combined with high speculative completions pushed vacancy up to almost 11%. The high speculative pipeline of the next eighteen months will push vacancy rates even higher. The office space requirements of the administrations will however mitigate this. The market is unlikely to return to balance before 2011. The Brussels prime rent, achieved in the Leopold District, remained stable at €265/m²/year over the quarter; only the City Centre was revised downwards by 4% to €215/m²/year.
Investment activity in Belgium declined again during the second quarter, reaching EUR 184M (Q2 09), down by 13% on the previous quarter. H1 volume amounted to EUR 395M EUR, 53% lower than the second half of last year. Trading will be thin as long as debt markets remain tight, economies weak and price evidence patchy. We do however anticipate greater activity in the second half of the year.