Belgium Office Capital Markets Market Dynamics, Q2 2026

Core transaction doubles market volume: The €100 million Muse sale in Brussels doubled H1 2026 investment volume doubled to €430 million, with single-asset deals replacing portfolio transactions as the primary driver.

Value-add leads activity: Value-add deals captured 29% of volume through nine transactions, followed by core assets (28%) and owner-occupier deals (26%), with prime yields (6/9) stable at 5.0% for Brussels and 6.0% for Antwerp.

Recovery underway but macro- and micro-dependent: The Muse sale signals renewed investor appetite, though sustained recovery requires geopolitical stability, whereas Core investors make no compromise on strong fundamentals like location and building quality.