Economic Context
Moody's has lowered its forecast for Belgian GDP growth to 0.6% in 2026, as higher energy prices linked to the conflicts in Ukraine and the Middle East weigh on the economy. Inflation rose to 4.6% in September, well above the ECB's 2% target, and the ECB raised rates for the second time this year. Belgian 10-year bond yields climbed to 4.1%. In this climate, occupiers take decisions carefully and the market leans on a small number of large deals, while investors stay cautious and focus on entry price.
Occupier Market
Brussels office take-up reached ~62,200 sq m across 58 transactions in Q3 2026, 16% less than a year earlier. Most activity took place outside the city centre. In the North-East, NATO's Communications and Information Agency leased ~14,300 sq m in Leopold Square. On the Ring, Siemens pre-let 12,000 sq m in Origin, while Vinçotte and Ansell signed for space in The Cube at the Airport. These pre-lettings made up almost a third of the quarter, and without them take-up would have been around 40% lower than last year. Behind the large deals, the typical deal stayed just under 400 sq m. Prime rents were stable at €380 to €400/sq m/year in Leopold, €340 to €365/sq m/year in the Centre and €190 to €210/sq m/year at the Airport.
Investment Market
Investors spent ~€17 million on Brussels offices in Q3 2026, across only two transactions, against ~€279 million a year earlier. The main deal was the sale by Aedifica of the tréfonds of the Egmont complex to Arch-Invest, the Jaspers family's investment company, for ~€16 million. Over nine months, volume passed €1 billion, but almost all of it came from Aedifica's takeover of Cofinimmo. Without that deal, investment reached around a third of its 2025 level. With bond yields above 4% and few active buyers, the prime yield in Leopold rose by 10 bps to 5.25%. Further upward pressure on prime yields remains possible.
