Brussels office market activity in Q1 2025
The first quarter of 2025 saw a modest level of activity in the Brussels office market, with a total take-up of 33,338 m². This figure is comparable to the activity recorded in Q1 2024. However, the market is poised for a significant rebound in the second quarter, driven by a large pre-let deal of 44,000 m² already secured. This indicates underlying demand and signals a potential acceleration in activity moving forward.
Vacancy and rental trends
Vacancy rates in Brussels saw a slight increase during Q1 2025, reaching 8.1%. This rise is primarily attributed to the availability of older, obsolete Grade C buildings entering the market alongside space delivered from recent development projects. Despite the marginal increase in overall vacancy, rents for high-quality office space remained stable across the city's diverse submarkets. Prime rents were recorded as follows: Leopold at €400/m²/year, City Centre at €330/m²/year, North at €280/m²/year, South at €200/m²/year, and the Louise District at €345/m²/year. This stability provides clarity for businesses budgeting for new office premises.
Development pipeline
Development activity continues to shape the Brussels landscape. Q1 2025 saw the completion of 61,400 m² of new office space. Looking ahead, an additional 93,700 m² is expected to be delivered to the market throughout the remainder of 2025. This ongoing pipeline offers businesses a range of modern, high-specification options for future relocation or expansion needs.
Investment overview
While the focus here is on the rental market, it's worth noting the broader context of commercial real estate investment in Belgium. Q1 2025 was a strong quarter overall, with total CRE investment reaching €1.35 billion. The office sector specifically contributed a more modest €111 million to this total during the quarter.
Source: cbre.be
