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Brussels Office MarketView Q1 2025

Low take-up in Q1 amidst growing pipeline of sizeable occupier deals

April 29, 2025 6 Minute Read

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Economy

 

The Eurozone economy continued its modest growth trajectory into early 2025, building on the 0.7% expansion seen in 2024. Belgium maintains its somewhat average growth position compared to its neighbors. The economic outlook for the remainder of 2025 and beyond is now facing increased headwinds, particularly concerning the potential impact of newly implemented and threatened tariffs by the Trump administration on global trade and the respons of various countries to this.


Demand

 

The Brussels office market experienced a weak first quarter in 2025, with 33,338 m² of take-up. This is quite similar to the first quarter of last year, when no large deals were signed in Q1. However, with some interesting take-up underway, this weaker quarter doesn't portend lower take-up for the year.

A significant larger take-up is expected for next quarter, with the 44,000 m² deal between Proximus and Nextensa already signed by the time of writing, more than doubling the current volume.

 

Vacancy

 

Vacant office space increased slightly to 8.1% of total stock in the Brussels market in Q1. This, on the back of some grade C office buildings that became obsolete and recent large developments that are still getting commercialised.

 

Rents

 

In Q1 2025, rents for quality office space remained stable in the Brussels' submarkets. This means, prime rents in Leopold (€400/m²/year), City Centre (€330/m²/year), North (€280/m²/year), South (€200/m²/year) and Louise District (€345/m²/year) remained unchanged.

 

Development

 

Q1 was an interesting quarter for office deliveries. In total, development activity amounted to a total of 61,400 m² of office space completed. 

For the remainder of the year, we expect another 93,700 m² of office space to be completed, of which 48% is already secured by occupiers. Notable expected deliveries are The Arch (14,278 m²) in Brussels North, Montgomery Parc (20,600 m²) in Brussels Decentralised and Montoyer 34 (14,582 m²) in Brussels Leopold.

 

Investment

 

CRE investment in Belgium was strong this quarter, with a total investment volume for Q1 2025 of €1.35 billion. This increase in the investment market suggests that investors are finding better valuations, have funding and a positive outlook.

However, the largest chunk of capital invested can be allocated to other asset classes than offices. The largest being retail, where we saw the take-over of Forum Estates by Cibus Nordic, and industrial & logistics, where some big ticket warehouses were transacted in Q1.

The Brussels office market had a more modest contribution with an investment volume of €111 million this quarter, of which the sale of the landmark Chancelier building (13,081 m²) in the centre was the most notable.

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