The growing differential between office and retail yields in Brussels does not seem sustainable. But if, as we suspect, it primarily reflects investors’ views that retail has the best defensive characteristics given the uncertain economic outlook for Belgium, the spread is unlikely to narrow materially over the next couple of years. Thus retail capital values should hold up better than offices.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services