At the turn of the millennium imagination running wild about growth
resulting from the dot.com boom initially led to an extreme shortage in office
space, which then triggered a huge overreaction in building activity.
More than 1 million m2 came on to the market in a short space of time. The after-effects can
still be felt today in prime locations. Rents, having risen to up to EUR 50 per m2
in 2001, were corrected downwards by almost 40% in the years that followed.
Even today, top rents of EUR 38 per m2 are still below the 1990s’ average.
Therefore, one of the medium-term Brexit effects could be a rise in volatility in
rent levels and available space.