2026-01-28-莱坊-Brussels_Office_Market_Report_H2_2025_6页_6mb

The Brussels Office Market Summary (H2 2025)

Core Content Overview

The Brussels office market in the second half of 2025 is characterized by a two-speed dynamic, where large occupier deals drive market activity, while smaller transactions remain stagnant. The report highlights the economic and political challenges facing the Brussels region, as well as the trends in demand, supply, rents, and investment activity.

Economic Outlook

• Belgian GDP Growth: Expected to remain modest, at 1.1% in 2026, with a slight increase to 1.3% in 2027.
• Inflation: Projected to decrease to 1.8% in 2026, then rise to 2.0% in 2027 due to energy price increases and ETS-related costs.
• Unemployment Rate: Set to increase slightly to 6.2% by the end of 2026, then decrease to 6.1% in 2027.
• Public Debt: Exceeds 14 billion euros, equivalent to 250% of annual revenues, and is expected to grow further due to higher interest rates and reduced lender confidence.
• Government Stability: The Brussels Region has been without a government for over 600 days, setting a new record. This political instability has raised concerns about the region's financial health and led to a credit rating downgrade by Standard & Poor's.

Market Trends

• Annual Take-Up: Increased by 17% year-on-year to 383,000 sq m, the highest in four years.
• H2 2025 Take-Up: Reached 210,000 sq m, with the majority (85%) concentrated in the CBD districts.
• CBD vs. Periphery: Large occupiers prefer the CBD, especially the European and North districts. The Periphery, particularly the Airport district, saw strong take-up due to lower fiscal charges.
• Vacancy Rate: At 8.80% in Q4 2025, up from 8.28% at the end of 2024.
• Prime Rent: Remained stable at €400/sq m/year, with the Centre district seeing an increase to €345/sq m/year.
• Average Rent: Decreased to €190/sq m/year, largely due to the high share of Grade C lettings.

Occupier Activity

• Large Deals (Over 5,000 sq m):

  • Took up 48% of total take-up, with 15 transactions.
  • Dominated by European/International institutions (45%), Belgian public sector (24%), and Banking/Finance/Insurance (15%).
  • Prime assets (Grade A) accounted for 78% of this segment.
  • Notable deals included the European Commission (17,700 sq m), Zone de Police Midi (15,200 sq m), Crelan (14,600 sq m), and IBA (7,700 sq m).

• Small Deals (Under 5,000 sq m):

  • Took up 199,000 sq m across 304 transactions.
  • The market is stagnant, with a growing sense of frustration among smaller occupiers.
  • Grade A take-up was 52%, with Grade C accounting for 25%.
  • CBD districts (especially Centre and European) remained the most popular, followed by the Periphery.

Investment Activity

• Total Investment Volume: €731 million in H2 2025, bringing the annual total to €948 million.
• Key Deals:
  • Egmont I & II: Sold for €300 million to SPFIM, Ethias, and Whitewood, with plans for renovation.
  • Arts&Lux: Purchased for €80 million by Ampega Asset Management.
  • Ring Station Campus: Acquired for €78 million by Zone de Police Midi.
  • Louise Centre: Bought for €40 million by Altoria Investments.
  • Lavallee: Sold for €31 million to Maple Knoll.

Deliveries and Pipeline

• New Deliveries in 2025: 112,000 sq m of Grade A offices, including 42,000 sq m speculative.
• Available Space: Approximately 23,000 sq m.
• 2026 Deliveries: 375,000 sq m, including 325,000 sq m speculative.
• Pipeline Up to 2028: 526,000 sq m, with 82% expected to achieve BREEAM certification.

Yields

• Prime Yield: Stood at 5.25% in Q4 2025, with potential for compression if international capital re-enters the market.
• Monetary Conditions: Eurozone and Belgium inflation remained near 2%, with the ECB maintaining its policy stance.
• Euribor Rates: Slowly easing, but long-term government bond pricing (e.g., Belgian 10-year OLO) remained around 3.28%.

Conclusion

The Brussels office market is at a critical juncture, with a growing reliance on a few major occupiers in the large deal segment, while smaller occupiers struggle to find suitable space. The political and economic uncertainty in the region, along with the lack of a stable government, continues to impact the market's ability to evolve and attract new investment. However, the pipeline of new, ESG-compliant developments presents opportunities for future growth, especially as investors look to prime and core CBD assets.

Key Points

• Two-Speed Market: Large occupiers drive market activity, while smaller ones face stagnation.
• Political Uncertainty: A prolonged government vacuum and high public debt raise concerns about the region's financial stability.
• Economic Challenges: Modest GDP growth, inflation fluctuations, and weak external demand affect the market.
• Investment Trends: Office investments are expected to rise in 2026, with a focus on prime, ESG-compliant assets.
• Deliveries and ESG: A significant portion of future developments will be ESG-compliant, signaling a shift in market priorities.