> **来源：[研报客](https://pc.yanbaoke.cn)** # The Brussels Office Market H2 2025 Fresh data and insights on the capital of Europe knightfrank.be/research # The Brussels Office Market H2 2025 Two-speed Brussels. This semester we offer an alternative look at occupier activity in 2025. Belgian GDP growth is expected to remain modest, forecast at $1.1\%$ in 2026. Although inflation is easing and confidence among households is improving, domestic demand will stay constrained. Household purchasing power is set to rise only slightly, partly due to cuts in unemployment benefits. Domestic demand is projected to grow at a slightly faster pace in 2026 and 2027. Business services are experiencing weaker activity and rising margin pressure, which is prompting firms to accelerate digitalisation and cost reduction. Logistics and warehousing activity remains broadly stable, despite persistently tight margins, especially in logistics. External demand is expected to stay subdued in 2026 because of weak industrial activity in the eurozone and a broader slowdown in global trade. US tariffs have added pressure on Belgian exports, although their impact was partly offset by frontloaded shipments in 2025. Exports are expected to recover from 2026 as wage growth moderates and competitiveness improves. In the long term, unpredictable market conditions continue to limit business planning. Inflation is forecast to decrease in 2026, driven by lower price pressures for industrial goods and energy, before rising in 2027 following an increase in energy prices, partly reflecting the introduction of ETS-related costs. - Employment in Belgium is expected to rise by about 35,000-40,000 in 2026, while unemployment is projected to remain broadly stable or rise slightly. - The aforementioned unemployment reform will push some jobseekers out of the labour force, leading to a slight contraction in participation. - Employment growth, which slowed in 2024 due to industrial job losses, is set to pick up as investment improves and labour market reforms take effect. Market Trends Indicators (H2 2025) <table><tr><td>Take-up, sq m</td><td>210,000</td></tr><tr><td>Take-up (Q2 2025), sq m</td><td>126,000</td></tr><tr><td>Completions, sq m</td><td>75,000</td></tr><tr><td>Stock, million sq m</td><td>14.29</td></tr><tr><td>Vacancy rate (%)</td><td>8.80</td></tr><tr><td>Prime rent, €/sq m/year</td><td>400</td></tr><tr><td>Average rent, €/sq m/year</td><td>257</td></tr><tr><td>Prime yield (%)</td><td>5.25</td></tr><tr><td>Invested volume, € million</td><td>731</td></tr></table> The unemployment rate is projected to move from $6.0\%$ in 2025 to $6.2\%$ by the end of 2026 as a short-term consequence of labour market and pension reforms, before decreasing slightly in 2027. Ageing costs (pension and healthcare), interest payments and defence spending are expected to drive expenditure up. Defence outlays are projected to rise gradually towards $2\%$ of GDP in 2027. The deficit is forecast to reach $5.5\%$ of GDP in 2026 and to widen further to $5.9\%$ in 2027. Source: European Commission, IRES, National Bank of Belgium <table><tr><td>Belgian economic indicators</td><td>2024</td><td>2025</td><td>2026</td><td>2027</td></tr><tr><td>GDP Growth (%, YoY)</td><td>1.0</td><td>1.0</td><td>1.1</td><td>1.3</td></tr><tr><td>Inflation (%, YoY)</td><td>4.3</td><td>2.8</td><td>1.8</td><td>2.0</td></tr><tr><td>Unemployment (%)</td><td>5.6</td><td>6.0</td><td>6.2</td><td>6.1</td></tr></table> Source: European Commission # Brussels: a miserable new record heightens uncertainty The Brussels Region has, as of January 2026, exceeded 600 days without a government since the 2024 elections, beating the previous record (held by the Belgian federal government) in December 2025. The most recent attempt to form a government, led by Les Engagés (historically a centre-left party) was been launched at the expense of the MR (centre-right/liberal), but failed during the latter half of January. Concerns about the Region's finances continue to intensify. The accounts are in the red and the level of public debt has become exceptionally high, now exceeding 14 billion euros, equivalent to roughly $250\%$ of the Region's annual revenues. The burden is set to rise further because of higher interest rates and a growing reluctance among lenders to maintain their exposure to Brussels. The state of urgency continues to gain ground, as two of the Region's creditors have threatened to suspend their credit lines. The region is currently operating a provisional twelfths scheme, spending one twelfth of its 2024 budget each month. This negatively impacts the long-term running of the region and new schemes and visions cannot be implemented with the old majority acting in a caretaker role. As a result, Standard & Poor's downgraded the credit rating of the Brussels Capital Region from A+ to A in June 2025, assigning a negative outlook. This decision highlights worries regarding the region's capacity to handle its budget deficits and elevated debt levels. As of October, Moody's has maintained Belgium's credit rating at Aa3 with a negative outlook. # Occupier activity Interpreting market dynamism is entirely dependent on the point of view... # Point of view 1: the superficial take - demand is increasing, market is gradually improving. Overall, annual take-up has achieved its best level in the past four years, increasing $17\%$ year-on-year to reach 383,000 sq m, and exceeding the five-year average level. Take-up during the second half of the year made a strong contribution to the overall figure, with 210,000 sq m recorded. Those are the official figures... # Point of view 2: a two-speed occupier market offers contrasting views... The year that was 2025 warrants a different of examination. Indeed, a trend which has always carried some weight in Brussels but has gained momentum in 2025: an increasing dependence on above-average occupier moves. Take-up, Brussels offices For the purpose of this report we therefore divide the market in two tiers, according to deal sizes, each offering contrasting and very real stories affecting the Brussels economy, and commercial real estate landlords by extension. # Occupier deals above 5,000 sq m In this segment, the market has improved year after year, in volume and in number of transactions overall. Indeed, in 2025, take-up in this tier amounted to 184,000 sq m, or $48\%$ of the total volume. A total of 15 transactions took place, which corresponds to just under $5\%$ of the total number of deals recorded during 2025. Take-up, Brussels offices - deals above 5,000 sq m Share of take-up per occupier type (deals above 5,000 sq m), 2025 European/International institutions ICT Banking/Finance/Insurance Belgian public sector Education Coworking Pharma/Me Source: Knight Frank Research Top five occupier deals H2 2025 (deals over 5,000 sq m) <table><tr><td>Property</td><td>Occupler</td><td>Sector</td><td>District | Subdistrict</td><td>Size (sq m)</td></tr><tr><td>EQ</td><td>European Commission</td><td>European/International institutions</td><td>CBD | European</td><td>17.700</td></tr><tr><td>Ring Station Campus</td><td>Zone de Police Midi</td><td>Belgian public sector</td><td>CBD | Midi</td><td>15.200</td></tr><tr><td>The Arch</td><td>Crelan</td><td>Banking/Finance/Insurance</td><td>CBD | North</td><td>14.600</td></tr><tr><td>ex-Croix Rouge</td><td>Zone de police Marlow</td><td>Belgian public sector</td><td>Decentralised | South</td><td>8.200</td></tr><tr><td>Axisparc</td><td>IBA</td><td>Pharma/Medical</td><td>Periphery | Walloon Brabant</td><td>7.700</td></tr></table> Given that only a small number of deals take place in this segment, each one attracts strong interest from landlords and developers, especially those with prime, Grade A assets (78% of take-up in this segment in 2025). Typical candidates include the usual suspects: European and Belgian public sector bodies, large corporates and similar major occupiers. Perhaps more surprising is the presence of occupiers linked to Education this year (purchases by ULB and Saint-Louis). As a result, the same limited group of landlords and projects end up competing for a very narrow pool of potential tenants. This high dependence on a few major occupiers also works against smaller organisations that are looking for a modern workplace. Today's landlords tend to prioritise a smaller number of large occupiers, as this will speed up the commercialisation of a property and reduce the need for ongoing asset management. As for preferred location, large occupiers overwhelmingly preferred the CBD districts in 2025, where they directed $85\%$ of their total take-up volume. The European and North districts in particular were head and shoulders above the other CBD districts. # Occupier deals under 5,000 sq m These deals are the bread and butter of the market and are crucial for understanding the state of the Brussels economy. At 199,000 sq m take-up and 304 transactions recorded in this category, the best that can be said is that the market is stagnant. There is a tangible sense of frustration which is not revealed by the figures, however. Take-up, Brussels offices - deals under 5,000 sq m Share of take-up per occupier type (deals under 5,000 sq m), 2025 Indeed, demand in this category is increasingly difficult to accommodate, with deals taking longer than before to come to fruition while landlords of Grade A assets prefer large occupiers as discussed above. Grade A take-up's share in this category was only $52\%$ in 2025, with Grade C deals accounting for as much as $25\%$ of take-up. The balance would have been even less favourable to Grade As had the top three largest deals in this category during H2 (see table below) not been attributed to brand new buildings. The split among occupier types reveals a varied landscape in this category, particularly in the middle $6 \%$ - to $8 \%$ share of take- up which was enjoyed by five separate occupier categories out of the eight highlighted in the chart below, from Banking, finance and insurance occupiers to Lobbies and everything in between. The distribution among districts indicates that the Central Business District (CBD), particularly the Centre and European sub-districts, was the most popular area for take-up at 87,000 square metres. The Periphery, led by the Airport district, followed closely with 69,000 square metres. The superior performance of the Periphery can be partly attributed to lower fiscal charges, as it is outside the Brussels administrative region. This fact is particularly relevant for smaller or non-tax-exempt occupants. Top five occupier deals H2 2025 (deals under 5,000 sq m) <table><tr><td>Property</td><td>Occupier</td><td>Sector</td><td>District | Subdistrict</td><td>Size (sq m)</td></tr><tr><td>Lebeau</td><td>Bain & Company</td><td>Consultancy firms</td><td>CBD | Centre</td><td>4,700</td></tr><tr><td>Brouck'R</td><td>Loterie Nationale</td><td>Consumer goods</td><td>CBD | Centre</td><td>4,500</td></tr><tr><td>Woluwe Heights</td><td>OEACP</td><td>Lobbies</td><td>Decentralised | North-East</td><td>4,400</td></tr><tr><td>Stellar Offices Artis</td><td>Gide Loyrette Nouel</td><td>Law firms</td><td>CBD | European</td><td>4,000</td></tr><tr><td>Rue du Poinçon 15</td><td>Université Libre de Bruxelles</td><td>Education</td><td>CBD | Centre</td><td>3,500</td></tr></table> # In conclusion We believe there is an untapped market of occupiers in this category that would be keen on letting new offices. This requires a certain breed of dynamic landlords which favour proactive asset management. The result could be beneficial for this smaller category of occupiers, the market and, ultimately, the Brussels economy. # Future deals As highlighted above, landlords of large new projects are casting a keen eye on future expected large deals. As things stand, the EU is contemplating further moves as it looks to improve on its efficiency. Due to a shortage of sustainable office space in Brussels' European district, the European Commission is expanding its search to include a 100,000 sq m building in the North district for the period between 2027 and 2032. This strategic shift is motivated by the need to secure more office space and the significantly lower financial conditions in the North district compared to the European district. In addition to this major project, the Commission is also negotiating smaller office deals in the European district. Remaining in the public sector, the market awaits the Fédération Wallonie-Bruxelles' next move which will yield some important take-up (see our previous report for more on this). Elsewhere, Elia (approximately 12,000 sq m), Orange, and the Maison du Travail are expected to announce where they will move in the near future. # Rents The Brussels prime rent stays stable at €400/sq m/year, having increased to this level during the first half of 2025. This level corresponds to the European district; however, a couple of other increases have been noted during H2. Indeed, the Decentralised South district moved up to €230/sqm/year, with more increases likely to follow in 2026. This is the district which includes the leafy southern belt extending from Watermael-Boistfort to Woluwe-Saint-Lambert, and features a new wave of premium offices along its axis. In the CBD proper, the Centre district continues to register increases to €345/sq m/year, offering Grade A offices close Prime rents, Brussels offices $\epsilon / \mathrm{sq} \, \mathrm{m/year}$ Source: Knight Frank Research to variety amenities and which are highly accessible by transport, a key ESG parameter, while remaining a more affordable alternative to the neighbouring European district. Average rents decreased to €190/sq m/year at the tail-end of 2025, likely linked to the high share of Grade C lettings highlighted above in this report. # Deliveries and pipeline The market saw 112,000 sq m of Grade A offices added to the stock across 2025, including 42,000 sq m which had been launched speculatively. Approximately 23,000 sq m remain available across these deliveries at the time of writing. Taking occupier trends and these new deliveries into account, the market does well to see its availability increase to $8.80\%$ in Q4 2025, against a rate of $8.28\%$ at the end of 2024. Selected H2 2025 deliveries <table><tr><td>Property</td><td>District | Subdistrict</td><td>Size (sq m)</td><td>Available (sq m)</td><td>Ratings</td></tr><tr><td>Montgomery Parc</td><td>CBD | European</td><td>24,200</td><td>0</td><td>BREEAM Outstanding, WELL Platinum</td></tr><tr><td>Montoyer 34</td><td>CBD | European</td><td>14,300</td><td>0</td><td>BREEAM Outstanding</td></tr><tr><td>Mediapark - Frame</td><td>Decentralised | North-East</td><td>8,000</td><td>0</td><td></td></tr><tr><td>ZEN</td><td>CBD | North</td><td>4,600</td><td>4,600</td><td>BREEAM Excellent</td></tr></table> The year 2026 will be important for the modernisation of the stock, with 375,000 sq m scheduled to be delivered, this figure includes 325,000 sq m which were launched speculatively. In the longer term, 526,000 sq m are currently in the pipeline up to 2028 included, with at least $82\%$ of spaces projected to achieve BREEAM certification. Brussels office - Deliveries and pipeline according to BREEAM rating Sq m Source: Knight Frank Research # Investment activity Little to chew on, plenty to mull over. During the second half of the year, a couple of Core deals including a €300 million share deal put a silver lining on a poor 2025, where Belgian capital dominated. In total, €731 million in investments were registered during H2 to bring the year's total to €948 million. The highlight was Swiss wealth manager UBP contributing the fully let Egmont I and II buildings (Centre district), valued at over €300 million, to Cityforward in exchange for shares in the fund. Both assets, are leased to the Belgian Buildings Agency until 2031 and will undergo renovation to retain the occupier beyond this timeframe. Other key deals included the €80 million purchase of Arts&Lux (European district), led by Ampega Asset Management, a rare German acquisition in 2025; and Altoria IM's purchase of the Louise Centre (Louise district) for a reported €40 million. Own occupier deals featured heavily in 2025, to the tune of €122 million, including most notably the purchase of Ring Station Campus by the Midi Police service for €78 million towards the end of the year. Going forward, Knight Frank's flagship Active Capital report, surveying investors internationally, indicates that office transactions should feature more heavily in 2026 across Europe. As much as $69\%$ of respondents aim to deploy capital across office investments in the coming year while grappling constantly evolving macro-economic and financial parameters. Their focus will be on prime, ESG-compliant assets in core CBDs, and repriced secondary assets with repositioning potential. In this regard, and given Grade A landlords' current focus on attracting large reliable occupiers to trophy assets, there is certainly potential for marketable offices in Brussels should pricing expectations be met. Top five Brussels office investment transactions, H2 2025 <table><tr><td>Property</td><td>Vendor</td><td>Purchaser</td><td>Price (€ million)</td></tr><tr><td>Egmont I & II</td><td>UBP</td><td>SPFIM, Ethias, Whitewood</td><td>300</td></tr><tr><td>Arts&Lux</td><td>AG Real Estate</td><td>Ampega Asset Management</td><td>80</td></tr><tr><td>Ring Station Campus</td><td>Virix</td><td>Zone de Police Midi</td><td>78</td></tr><tr><td>Louise Centre</td><td>AEW Europe, Franceurope Immo</td><td>Altoria Investments</td><td>40</td></tr><tr><td>Lavallee</td><td>License to Construct</td><td>Maple Knoll</td><td>31</td></tr></table> # Yields By Q4 2025, monetary conditions in the Eurozone remain broadly stable, with the ECB keeping its policy stance unchanged and inflation in both the Eurozone and Belgium holding close to $2\%$ . Improved financing conditions continue to filter through the market, with Euribor rates slowly easing; however, this has had only a limited effect on long-term government bond pricing. The Belgian 10-year OLO has settled around $3.28\%$ in Q4 2025, although daily movements remain volatile. This volatility reflects persistent long-term inflation uncertainty within a still unpredictable macro-economic environment rather than any shift in central bank policy. Against this backdrop, the Belgian prime office yield remains steady at $5.25\%$ in Q4 2025, with the potential for future compression should international capital begin to re-enter the Brussels market. Prime yields, Belgian offices We like questions, if you've got one about our research, or would like some property advice, we would love to hear from you. Recent Research The Belgian Industrial Market H2 2025 Alpine Property Report Active Capital 2026 Knight Frank Belgium Blog Research Shane O'Neill Head of Research +32 2 548 05 65 shane.oneill@be.knightfrank.com Valuation & Advisory Services Filip Derijck Managing Director +32 2 548 05 55 filip.derijck@be.knightfrank.com Capital Markets Ulrik Mertens Partner, Capital Markets +32 2 548 05 57 ulrik.mertens@be.knightfrank.com Offices Pierre Collette Head of Office Agency +32 2 548 05 52 pierre.collette@be.knightfrank.com