Belgium’s professional real estate market closed 2025 with a mix of steady growth, record-breaking logistics deals, and strategic repositioning across offices and retail, according to JLL’s latest review. The year highlighted structural shifts, from a rising occupier market in offices to an evolving investment landscape increasingly driven by international private investors.
Offices: Modernization drives activity
Office take-up in Belgium exceeded 360,000 square meters in 2025, slightly higher than 2024’s 335,000 square meters and the five-year average of 344,000. However, the number of individual transactions fell, with an estimated 323 signatures unlikely to be reached. “The message lies elsewhere,” says Pierre-Paul Verelst, Head of Research BeLux at JLL. “Nearly 70% of deals involved new buildings (‘Grade A’), the highest share in over 25 years.”
Christophe Golenvaux, Head of Office Agency Brussels, Wallonia, and Luxembourg, adds that transaction flows are increasingly replacing obsolete spaces with new constructions, often reducing overall space requirements. Major deals were dominated by European institutions: the European Commission signed leases for The Loom (22,000 m²) and EQ (20,000 m²), while the European Parliament acquired Monterra (19,000 m²). On the private side, flagship transactions included Proximus leasing 44,000 m² at Lake Side, Crelan purchasing The Arch (14,000 m²), Deutsche Bank moving headquarters to Square de Meeûs 29 (5,705 m²), and Isabel taking 5,496 m² in the Chancelier building.
Despite active take-up, Greater Brussels’ vacancy remained stable at 7.8%, with CBD availability around 4%. Outside the CBD, vacancy is higher at 19%, particularly in peripheral areas like the airport district, where upcoming deliveries may push vacancy closer to 25%. Rental levels remain strong: Grade A office space averages €251/m²/year, slightly down 1% year-on-year, while overall Greater Brussels averages €193/m²/year, marking an 8% increase.
Golenvaux also points to regulatory bottlenecks. “The absence of a Brussels government slowed permit approvals, delaying projects like Proximus’s new headquarters and the American embassy,” he explains. Austerity measures are also affecting public institutions’ sustainability initiatives.
Industrial & Logistics: A record year for deals
While total logistics and semi-industrial volumes lag behind the boom years of 2016–2023, 2025 showed strong recovery in the semi-industrial segment, reaching one million m², up 10% from 2024. Logistics transactions fell below 500,000 m², half the five-year average. “The COVID-era e-commerce boom is behind us,” notes Mathieu Opsomer, Head of Industrial & Logistics Agency BeLux, “but major deals by logisticians and manufacturers continue to drive the market.” Notable year-end transactions included Aertssen Group and Van Moer pre-letting 50,000 m² and 40,000 m² respectively in Beringen Logistics Terminal, with WDP-Gosselin renting 26,000 m² in Bilzen.
Vacancy along the Brussels–Antwerp axis rose to 2.33%, higher than the 1.5% average since 2020 but well below the European average of 6.3%. Rents remained stable in semi-industrial areas (€70/m²/year in Brussels, €72/m²/year in Antwerp) and rose 12% in Brussels logistics to €75/m²/year.
Retail: Renovation and new concepts drive growth
Retail transaction volume remained similar to 2024, around 430,000 m². Shopping centers saw significant activity, with nearly 75,000 m² of relocations and renovations, particularly in former Cora stores acquired by Mitiska. High Streets and retail warehousing saw declines of 6% and 10% respectively.
Raja Lachhab, Head of Retail Leasing BeLux, notes the emergence of new retail concepts such as Lululemon and expansions from Douglas, Medi-Market, and the Bestseller group. Strategic repositioning helped fill long-vacant locations, particularly in Liège. Prime retail rents remain stable at €1,700/m²/year (Meir, Antwerp) and €1,650/m²/year (Rue Neuve, Brussels), with shopping centers seeing slight gains: Wijnegem €1,275/m²/year (+2%), Woluwe Shopping €1,300/m²/year (+6%).
Investment Market: Diversification and international UHNW participation
2025 marked a shift in investment patterns, with industrial real estate taking the lead, followed by retail, while offices ranked third. Industrial deals, especially logistics, totaled €1.3 billion by early December, a record figure. Portfolio sales, including Weerts’ €300 million sale to Intervest, supported activity, allowing prime yields to compress slightly from 5% to 4.9%. Retail also performed strongly, exceeding €1 billion in transactions, largely due to Cora portfolio sales and the Ville 2 shopping center in Charleroi. Hotel investments surpassed €250 million, more than double the five-year average, including the €30 million Motel One sale in Antwerp.
Vincent Van Brée, Head of Capital Markets BeLux, highlighted a growing role for international Ultra High Net Worth investors, who invested over €1 billion in Belgium, representing nearly a quarter of total volume.
2026 Outlook: Cautious optimism
Looking ahead, JLL anticipates a cautious 2026 due to economic and geopolitical uncertainties. Office deals should see support from public institutions, including the European Commission and American embassy once permits are granted. Logistics recovery will remain closely tied to broader economic trends. Investment activity is expected to be buoyed by shopping center sales, such as K in Kortrijk, and long-term leased office transactions.
Belgium’s 2025 real estate market balanced modernization in offices, record industrial deals, and evolving retail dynamics, with selective growth and international capital shaping 2026.
