Economic Context
The Brussels office market entered 2026 on a steady footing, before geopolitical turbulence reshaped the outlook. The closure of the Strait of Hormuz triggered energy market volatility and renewed stagflation concerns, prompting Moody's to revise Belgium's GDP growth forecast down to 0.7% for 2026. While uncertainty persists, the market has so far demonstrated resilience, with occupier sentiment remaining broadly constructive.
Occupier Market
The occupier market recorded 32,100 sq m of take-up in Q1 across 39 transactions, driven predominantly by private sector demand. The quarter's standout deal saw law firm Eubelius commit to around 5,700 sq m at the Luxia building, reinforcing the ongoing flight-to-quality trend. Prime CBD rents held firm at €370–390/sq m/year, though whispers of €400/sq m are growing for the very best boutique spaces. In the Airport district, rental levels are on a clear upward trajectory, now ranging from €180–200/sq m/year.
Investment Market
Investment activity was exceptionally subdued, with no transactions completing in the Brussels market during Q1, an unusually slow start even by seasonal standards. Investor caution, compounded by geopolitical uncertainty and elevated long-term bond yields, kept deal flow at a standstill. Prime yields remain stable at 5.15% in the CBD, and while a handful of deals are in the pipeline, a meaningful recovery in investment volumes is not expected before the end of the year.
