Economic Context
Belgium's economy concluded 2025 with moderate and stable growth, achieving GDP expansion of 1.02% for the year. Inflation decelerated to 2.2% by December 2025, while financing conditions stabilised with unchanged ECB policy rates and stable government bond yields. The labour market demonstrated softening, with unemployment increasing to 6.15%, and is projected to rise marginally in 2026, reflecting ongoing structural reforms.
Demand Analysis
Total office take-up in Brussels recorded 341,000 sq m in 2025 across 315 transactions, maintaining levels broadly consistent with 2024 performance, though remaining 9% below the 10-year average of 374,000 sq m. Q4 2025 demonstrated particularly robust activity, driven by three transactions exceeding 10,000 sq m, including the European Commission's 20,000 sq m lease in the Leopold district. Activity expanded in the 5,000–10,000 sq m segment, signalling cautious renewed interest from larger occupiers. The market continues to exhibit polarisation, with increased demand for grade A assets (quality and ESG compliance) and grade C offices (cost efficiency), while grade B take-up continues to decline.
- Largest Q4 occupier transaction: European Commission, 20,000 sq m, EQ (Arlon–Trèves), Leopold District
- Additional significant transactions: Bain & Company (4,682 sq m, Lebeau/Sablon), Spaces (IWG, 3,345 sq m, Airport Business Center)
Vacancy Analysis
Vacancy rates in the Brussels office market increased marginally to 9.25% at year-end 2025. The CBD vacancy rate remained at 6.30%, with the Leopold district maintaining the lowest vacancy at 3.79%. Louise and North districts recorded higher vacancy rates ranging between 11% and 12%, reflecting more challenging market conditions in these submarkets.
Rental Market Trends
Prime rents in the CBD remained stable throughout 2025, maintaining the €370–390/sq m/year range, with incentive packages continuing to serve a critical function in lease negotiations. The Airport district recorded an increase in prime rents from €185 to €195/sq m/year, with additional increases anticipated in H1 2026.
Construction and Supply Pipeline
Detailed data on new construction commencements or completions for 2025 remains limited. However, market focus continues to centre on quality and ESG-compliant assets, as evidenced by occupier preferences and the ongoing polarisation between grade A and grade B/C office space.
Brussels' office market in Q4 2025 demonstrated stable rental levels, marginal vacancy increases, and consistent demand concentrated on quality and cost-efficient assets, with economic and financing conditions supporting a measured optimistic outlook for the sector.