Brussels office market overview Q1 2025
The first quarter of 2025 presented a picture of relative calm in the Brussels office market, showing similar take-up figures to the same period in 2024. However, underlying trends suggest opportunities and shifts that potential tenants should monitor closely.
Office demand and take-up
Q1 2025 recorded a take-up of 33,338 m², a figure comparable to Q1 2024. This indicates a steady but not exceptionally high level of immediate activity. Looking ahead, market watchers are anticipating a substantial 44,000 m² deal in the next quarter, which could significantly boost overall take-up figures for the first half of the year.
Vacancy: opportunities and challenges
The vacancy rate in Brussels saw a slight increase, reaching 8.1% by the end of Q1 2025. This rise is attributed to a combination of factors: older, obsolete Grade C buildings becoming less desirable and therefore vacant, and the introduction of new developments into the market. For businesses, this slight increase in vacancy could present more options and potential negotiation leverage, particularly in certain locations or building types.
Rental stability
A positive note for businesses planning their budgets is the stability of prime rents. Across all submarkets in Brussels, prime rental levels remained stable during Q1 2025. This provides a level of predictability for those looking to secure high-quality office space.
New developments
The supply pipeline continues to deliver modern office space to the Brussels market. Q1 2025 saw the completion of 61,400 m² of new office developments. Furthermore, another 93,700 m² is expected to be completed later in the year. It's important to note that nearly half of this upcoming supply has already been pre-let, indicating strong demand for the most modern and well-located buildings even within a period of modest general take-up.
Investment context
While the broader Belgian commercial real estate investment market showed strength in Q1 (€1.35 billion), investment specifically in the office sector was more subdued at €111 million. Notable transactions included the sale of the Chancelier building. Although investment figures provide context, the direct impact on tenants seeking space is less immediate than trends in take-up, vacancy, and supply.
In summary, Q1 2025 in the Brussels office market was characterised by stable rents, a slight increase in vacancy offering potential options, and a steady flow of new, modern supply entering the market, with significant future activity anticipated in Q2.
Source: cbre.be
