Economic Context
Belgium’s economy closed 2025 with moderate, stable growth, as GDP rose by 1.02% year-on-year. Economic activity slowed in the second half of the year due to trade uncertainty, but domestic demand provided support. Inflation eased to 2.2% by December, while financing conditions stabilised with unchanged ECB policy rates and steady government bond yields. The unemployment rate increased to 6.15% in 2025, reflecting softer employment growth and ongoing labour market reforms.
Demand Overview
Leasing activity strengthened in Q4 2025, with 116,000 sq m of take-up across 158 transactions, marking the most active quarter of the year. The full-year take-up reached 282,000 sq m over 480 deals, aligning with the five-year average and improving on 2024. Notable transactions included imec’s pre-letting at MivX in Leuven (11,335 sq m) and Heberlie’s purchase of Amercoeur 55 in Liège (5,000 sq m). Owner-occupier activity accounted for 27% of Q4 take-up. Performance varied by location, with Leuven and Mechelen among the best-performing markets.
Vacancy Trends
Vacancy rates continued to decline across regional office markets in 2025. Antwerp’s vacancy rate fell to 3.50%, Ghent remained stable at 3.43%, and Liège edged down to 3.52%. Namur recorded the lowest vacancy at 1.67%. The downward trend reflects ongoing absorption and limited new supply, with no significant impact from sublease space reported.
Rent Trends
Prime office rents trended upward in most regional markets, generally ranging from €185 to €200/sq m/year. Leuven and Mechelen saw the strongest rental growth, with prime rents reaching €185–€195/sq m/year. Antwerp remains the most expensive regional office market. In Wallonia, only Liège recorded an increase (to €170–€185/sq m/year), while Namur and Charleroi remained stable.
Construction & Supply Pipeline
The report does not indicate significant new construction starts or completions in 2025. The market’s supply pipeline remains limited, with leasing and rental trends driven by existing stock and selective new developments, as evidenced by major pre-letting transactions such as MivX in Leuven.
The Belgium regional office market in Q4 2025 demonstrated stable fundamentals, with steady demand, declining vacancy, and upward pressure on prime rents in select locations. Investment activity remained subdued, reflecting a cautious and selective market environment.