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Brussels Office Districts Brussels Office Districts

Insights

The Brussels Office Districts

Some insights on the actual situation of the main office districts in Brussels as well as some previsions for future occupiers and investors on how these areas will perform in terms of leasing and investment. 

The Louise District

Towards a new age for the Louise district

 

The Louise submarket is located to the South-East of the city centre of the Brussels-Capital Region, stretching from the inner ring to the Bois de la Cambre. The Louise district is characterised by its mix of office, retail and high-end apartments. This area is prestigious and internationally known for its high street and luxury retail. The prime retail area can be found at the so-called “bottleneck” of Avenue Louise. The Louise district benefits from an attractive and convenient work environment with a lot of restaurants, bars, shops, and coffee shops. The area benefits from a good accessibility by public transportation, mainly thanks to tram line running along the Avenue Louise and Chaussée de Charleroi and to metro lines 2 and 6 running through the Louise stop.

Since its development in the 1970s, the Louise district has undergone a lot of changes. Over the last ten years, many office buildings have been converted. 

As the office stock is rather oriented towards mid-size and multi-let office schemes, the Louise district is less dependent on...

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The North District

Important challenges ahead in a new office paradigm

 

The COVID-19 outbreak has changed and is still changing the European office market, with impacts on the activity (take-up), vacancy rate, future pipeline and rental levels. In the longer term, the COVID-19 outbreak will contribute to a profound reshaping of the way we work and use the office. 

The Brussels office market is not an exception in this European context. While the 2021 take-up was above average, we still forecast potential increase in the vacancy rate and/or slight decrease of the average rental levels in the coming months. 

In this fast-evolving context, at the end of 2021, the North district successfully faced its different challenges: 

- Absorption of the important pipeline thanks to different public authorities
- High level of take-up thanks to private tenants (re-)locating in the area
- Vacancy rate still at a low level though on a slight increase
- Redevelopment of public spaces

However, new challenges arise and will contribute to a profound mutation of the North district...

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The Airport District

Strong performances even in challenging times

 

The COVID-19 outbreak has unprecedented impacts on the Brussels office market, affecting take-up (globally 50% down in 2020 compared to 2019) with potential increase in the vacancy rate and/or slight decrease of the rental levels. The office market will have to face the growing working from home trend, raising challenges for the upcoming pipeline while coworking operators currently witness and could continue to observe difficulties to fill in their coworking centres. 

However, in this context, the Airport District continues to perform well and to attract both occupiers and investors. The future pipeline is important and could weigh on the vacancy rate, though enhancements in public transportation accessibility could benefit to some specific locations. 

Eager to know more about the Airport District?

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Download our Louise District report

Louise District report

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Our Office Districts Experts

Maximilien Mandart Brussels
Maximilien Mandart

Partner, Office Agency
Brussels, Belgium

+32 2 514 40 00

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Michael Despiegelaere
Michael Despiegelaere

Partner, Head of Capital Markets
Brussels, Belgium

+32 2 514 40 00

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