Figures
Brussels Office MarketView Q2 2025
Handful of large deals drive the market, while middle segment remains sluggish
July 22, 2025 6 Minute Read
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Summary
The Brussels office market saw its highest quarterly take-up in nearly four years (139,000 m²) in Q2 2025, despite a slight increase in the vacancy rate (8.3%) and low investment (€120 million). Prime office rent remained stable at €400/m²/year. Development activity was moderate, with 35,000 m² of office space completed and another 58,700 m² expected in the second half of the year.
Economy
The European Commission forecasts moderate economic growth for the Eurozone, including Belgium, in 2025 and 2026, with inflation projected to decrease. In Q2 2025, Belgian general inflation was 2.2%, and core inflation was 2.6%, while the ECB deposit facility rate stood at 2.00%. The Belgian 10-year government bond yield showed increased volatility. Unemployment in the Brussels Capital Region rose to 14.2% in Q1 2025.
Take-up
The strong Q2 2025 take-up (138,952 m²) was driven by several large deals, notably Proximus's 44,000 m² lease, highlighting a robust demand for modern, well-located office space from institutional and large corporate tenants. However, the number of transactions was lower than the 10-year average, reflecting macroeconomic uncertainty and cautious decision-making.
Vacancy
The Brussels office vacancy rate rose to 8.3% in Q2 2025, with Grade A vacancy also increasing slightly due to recent completions. Vacancy increased in Grade B and C buildings, with landlords weighing options on recommercialization. The CBD saw a slight increase in vacancy, while other areas remained stable.
Rents
Prime office rents in Brussels remained stable at €400/m²/year in Q2 2025, except for the North district, which saw an increase to €315/m²/year. Despite stability, the overall prime rent is facing challenges due to new projects entering the market.
Development
In Q2 2025, 35,000 m² of office space was completed, with an additional 58,700 m² expected in the second half of the year. Significant projects are underway for 2026 and 2027.
Investment
Total CRE investment in Belgium reached €2.34 billion in Q2 2025, but office investment remained low at €231 million in Brussels. The majority of investment was concentrated in the I&L and retail sectors. Prime investment yields remained stable.
Contact
Kim Verdonck
Executive Director – Head of Research, Marketing & IT Development
