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Brussels Office MarketView Q3 2025
Liquidity returning for office assets in the Brussels market
October 21, 2025 6 Minute Read
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Summary
The Brussels office market showed signs of resilience in the third quarter of 2025, with liquidity returning to the investment landscape and occupier activity remaining solid.
Economy
On the macroeconomic front, Belgian inflation stood at 2.1% in September, with core inflation at 2.6%. The ECB maintained its deposit facility rate at 2.00%, reflecting a cautious stance amid geopolitical uncertainties. The Belgian 10-year government bond yield remained stable at 3.24%, while the Brussels Capital Region saw its unemployment rate decline to 11.9% in Q2, down from 14.2% in Q1.
Take-up
Despite a slight dip in deal volume compared to Q2, take-up reached a healthy 89,751 m², bringing the year-to-date total to 285,539 m². This performance continues to be driven by large-scale transactions, including notable deals such as Crelan's acquisition of The Arch (14,278 m²), Eubelius leasing 5,555 m² in Luxia, and Bain & Company securing 4,350 m² in the Lebeau Sablon project.
Vacancy
Vacancy remained stable at 8.3%, with grade A availability slightly decreasing due to recent take-up. However, several high-quality buildings in the CBD, including The Precedent, The Louise, and Luxia, are still being commercialised. Meanwhile, grade B and C vacancies held steady, with some landlords considering significant capex investments or conversions.
Rents
Prime rents across Brussels held firm at €400/m²/year, with the Centre district seeing a slight increase to €390/m²/year. Other submarkets remained stable, including Leopold (€400/m²/year), North (€315/m²/year), South (€200/m²/year), and Louise (€340/m²/year).
Development
Development activity was subdued in Q3, with only 18,000 m² of new office space delivered, including Mediapark – The Frame (8,157 m²) and Wellwood (9,800 m²). This brings the year-to-date total to 114,400 m². An additional 40,774 m² is expected to be completed by year-end, with 40% already secured.
Investment
Investment activity picked up significantly in Q3, with €287 million in Brussels office deals closed, pushing the year-to-date total to €517 million. This marks a return of core investment transactions, including AG Real Estate's sale of the Arts-Lux building to Ampega and the Monteco building's acquisition by Caisse d'Epargne. Prime yields remained stable at 5.25% for standard leases and 4.75% for long-term contracts.
