Economic Context
Belgium's regional office markets opened 2026 with encouraging headline activity, though the underlying picture is more nuanced. Against a backdrop of geopolitical uncertainty and downward-revised GDP growth forecasts, take-up reached 89,400 sq m in Q1, ahead of the same period last year, yet the result was significantly shaped by a handful of large public sector transactions rather than a broad-based acceleration in demand.
Occupier Market
The occupier market was dominated by owner-occupier purchases, which accounted for more than half of total volume. Two deals stand out: the Régie des Bâtiments acquiring 18,000 sq m in Mons, and Arteveldehogeschool purchasing the 16,000 sq m Campus Dok 2 building in Ghent. Beyond these, activity was spread across a wide range of smaller occupiers, with the average deal size sitting around 500 sq m. Flexible workspace operator IWG was notably active, signing three deals across Antwerp, Ghent and Lummen. Prime rents held firm across regional markets within the €185–200/sq m/year range, though a transaction in Antwerp above that threshold hints at upside potential should grade A letting activity continue to build.
Investment Market
On the investment side, Q1 brought a modest improvement with €53.7 million transacted across four deals, all located in Flanders. The largest was the re-acquisition of Ubicenter I in Leuven for approximately €23 million. Three of the four transactions carried an add-value profile, reflecting buyers' continued preference for repositioning opportunities over stabilised assets. The market remains thin, with no transactions recorded in Wallonia, and prime yields held steady at 6.60% in Flanders and 7.60% in Wallonia. Investment activity is expected to remain selective in the coming quarters.
