ON POINT: Brussels City Report Q3 2009. Jones Lang Lasalle

Belgium

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ON POINT: Brussels City Report Q3 2009

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Take-up reached 171,000m² during the first three quarters of 2009, down 50% year-on-year.
After a sharp increase in the first half of 2009, vacancy rate went up slightly over Q3 2009 and reached 11.2%.
253,000m² (223,000m² speculative) of new office space has been delivered in the first nine months and another 400,000m² (202,000m² speculative) is expected to be completed before the end of 2010.
Over the quarter, the Brussels prime face rent has remained stable in all districts. Incentives are increasing.
In the first nine months of 2009 some € 686M has been invested in commercial property in Belgium of which 40% in Q3 09
Prime Office yields remained stable at 6.25%. As demand for prime secure income producing products is picking up again prime yields are not expected to decompress further.