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Brussels Office MarketView Q1 2026
Office activity stumbles in Q1, as core capital circles for the best assets
April 22, 2026 6 Minute Read
The Brussels office occupier market recorded a subdued start to 2026, with take-up limited to less than 35,000 m², primarily driven by smaller transactions. Activity softened compared to recent periods, although the number of deals closed edged slightly higher year-on-year. The Leopold activity was the main focus of activity, accounting for the largest share of both volume and take-up deals.
Prime rents remained stable across the Brussels office market quarter-on-quarter, recording no prime rental changes for Q1 2026. Average rents continue to be under upward pressure across most markets.
The development pipeline is estimated at approximately 246,000 m² to be delivered by the end of 2026, with the majority concentrated in the City Centre, Leopold district, and the Periphery Airport.
Vacancy increased over the previous quarter. In the CBD, Leopold remains a very tight market, while Louise is experiencing double digit vacancy. Availability remains limited in Grade A stock, while peripheral submarkets continue to register higher vacancies. Ongoing conversions to alternative uses are also helping to contain overall vacancy.
Investment activity reached €730 million in Q1 2026, almost solely driven by Aedifica’s acquisition of Cofinimmo’s portfolio (80% stake) through a share deal. Despite muted transactional activity, core capital continues to accumulate. Deployment remains challenging in an uncertain environment with limited supply of prime assets, resulting in strong competition for core, high-quality assets strong, putting downward pressure on prime yields.
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