Brussels office market performance in Q1 2025
The Brussels office market experienced a somewhat subdued start to 2025, with a total take-up of 33,338 m² in the first quarter. This figure remained similar to the performance seen in Q1 of the previous year. However, looking ahead, the market is anticipating a significant rebound in the second quarter, driven by large-scale transactions, notably including the substantial 44,000 m² Proximus-Nextensa deal.
Vacancy rates: a slight increase
The availability of office space saw a marginal increase in Q1 2025, with the overall vacancy rate reaching 8.1%. This uptick is primarily attributed to the obsolescence of older Grade C buildings being vacated, alongside new developments that have recently been completed and are entering the commercialisation phase. This presents a mix of challenges and opportunities for businesses evaluating options.
Stable rental costs across submarkets
One consistent positive for businesses planning their budgets is the stability of rental rates for quality office spaces across Brussels' main submarkets. Prime rents remained unchanged through Q1 2025:
- Leopold District: €400/m²/year
- City Centre: €330/m²/year
- North District: €280/m²/year
- South District: €200/m²/year
- Louise District: €345/m²/year
This stability provides predictability for companies looking to secure space in key areas.
New office supply coming to market
The first quarter saw the completion of 61,400 m² of new office space. Furthermore, an additional 93,700 m² is expected to be delivered throughout the remainder of 2025, indicating ongoing development activity. Notably, 48% of this anticipated supply for the year is already pre-let, suggesting continued demand for modern premises.
Investment market snapshot
While the broader commercial real estate investment market in Belgium showed strength with a total of €1.35 billion invested in Q1, the Brussels office segment contributed a more modest €111 million to this figure.
Source: cbre.be
