Renaissance of Belgian office property

In Q4 2009, the volumes of investment in this segment of Belgian market has soared by 205%, compared to the preceding quarter.

Brussels has become the leader in this growth. The overall volume of investment in Brussels’ offices over the second half of 2009 has dramatically increased by 391%, compared to the first six months. That said, throughout the whole year the indicator was 71% lower than in 2008, Property Wire reports with reference to the data provided by the Savills company.

Generally, the level of renters’ activity in the city has also declined over 2009 – the indicator has plummeted by 37%. That said, a significant increase in offices rented in Brussels’ downtown. Rental rates have declined by 6.3% in the central part of the city, however increasing by 3.8% beyond its bounds.

According to the analytics, foreign investors, especially investment funds, have started returning on the Brussels’ market. Among the negative trends, deficiency in offer of long-term lease offers and the reluctance of many owners to make discounts are noticed.