Brussels, 15 December, 2025 – JLL reviews the major trends of 2025 in the Belgian professional real estate market. Here are the key takeaways

Looking at transaction volumes, 2025 can be considered a good year. Take-up should exceed 360,000 m², slightly better than the 335,000 m² in 2024 and the 5-year average of 344,000 m². However, the number of transactions is declining, and while it's too early to give figures, the average of 323 signatures will not be reached. "The message lies elsewhere," explains Pierre-Paul Verelst, Head of Research BeLux at JLL. "With nearly 70% by mid-December, the share of new buildings ('Grade A') is at its highest in over 25 years."

Christophe Golenvaux, Head of Office Agency Brussels, Wallonia and Luxembourg at JLL continues: "In other words, transaction flow is more than ever motivated by the replacement of obsolete buildings with new ones, most often accompanied by space reduction."

The year's major transactions were essentially signed by European institutions, which alone contributed 61,000 m², or 17% of the total. The European Commission thus took The Loom (22,000 m²) and EQ (20,000 m²) while Parliament took Monterra (19,000 m²) in the European Quarter. The Belgian public sector is also returning to the market with about 14% of the total, notably thanks to the completion of the Police Zone Midi's move to Ring Station (15,000 m²). On the private sector side, three flagship transactions stand out: Proximus signed a long-term lease in the Lake Side project at the Tour & Taxis site (44,000 m²), Crelan bought The Arch project in the North Quarter (14,000 m²), Deutsche Bank will move its headquarters to Square de Meeûs 29 (5,705 m²) at a record rent and Isabel is taking 5,496 sqm in the Chancelier, a transaction advised by JLL.

However, availability remains fairly stable. In Greater Brussels, the vacancy rate is virtually unchanged at 7.8%, representing a volume of just over one million m². Most major CBD projects find tenants, keeping availability around 4% in this district. We believe this vacancy level should remain globally stable in 2026, with major expected transactions offsetting speculative deliveries. The situation is very different outside the CBD and especially in the Periphery, where about 19% is vacant at year-end. While stable compared to end-2024, we estimate that large deliveries planned in the next 12 months will heavily weigh on availability, particularly in the airport district, which could have nearly a quarter of its stock vacant.

Finally, rental values are confirmed at their record level. The €400/m² rent is indeed reiterated in the European Quarter. On average in Greater Brussels, you need to count €193/m²/year (+8%, absolute record), but focusing on Grade A, the average rent across all districts is €251/m²/year, down 1% year-on-year.

"As for whether the absence of a Brussels government has impacted the market, we can answer affirmatively," notes Christophe Golenvaux. "While permit granting is already an excessively long and complex procedure, it has been further slowed by the absence of a Bouwmeester until early December. His role being to provide opinions on projects over 5,000 m², his prolonged absence has pushed the permit granting for several projects like Proximus's new headquarters and the American embassy to 2026. Furthermore, certain public instances in current affairs do not have the possibility to complete their relocation. Finally, austerity measures at both federal and regional levels are undermining the greening strategies of public institutions' real estate," concludes Golenvaux.

While the combined transaction volume of logistics and semi-industrial should remain below the strong years of 2016 to 2023 when take-up flirted around 2 million m², 2025 is characterized by a recovery in the semi-industrial segment, which should again reach one million m², in line with the ten-year average. Compared to 2024, this sector shows an increase of a good ten percent in early December. In contrast, in early December, logistics caps below 500,000 m², half the average volume of the previous 5 years. "We'll probably have to get used to this new balance," states Mathieu Opsomer, Head of Industrial & Logistics Agency BeLux at JLL. "The covid years that were supported by transactions linked to the e-commerce boom are behind us. However, we have recorded major transactions from logisticians who continue to dominate the market with nearly half the transaction volume in this segment, as well as from the Manufacturing sector, which represents nearly 25%." Some year-end transactions stand out, notably the pre-letting of 50,000 m² and 40,000 m² respectively by Aertssen Group and Van Moer in the Beringen Logistics Terminal, and JLL advised WDP-Gosselin Group in the rental of 26,000 m² in Bilzen (Genk).

"Regarding vacancy evolution, it remains upward-oriented and we estimate the vacancy rate at 2.33% along the Brussels-Antwerp axis," details Pierre-Paul Verelst, Head of Research BeLux at JLL. "This is significantly more than the 1.5% average observed since 2020, but well below the average vacancy rate observed in Europe, which is 6.3%."

Finally, semi-industrial rents are unchanged in Brussels at €70/m²/year but have increased by nearly 3% in Antwerp to €72/m²/year. In the logistics segment, we observe a 12% increase in Brussels to around €75/m²/year, outperforming the average growth in Europe, which is limited to 3.6%. No change however in Antwerp, where you need to count €68/m²/year for the best locations. Generally, in Europe we observe a slowdown in rent trends after a decade of double-digit growth. This surge has not spared Belgium with 36% growth observed in Antwerp since 2020, and 25% in Brussels. Note that rents on our country's main axis, Brussels – Antwerp, are still evolving positively.

The last sector analyzed is retail. Based on provisional figures in early December, transaction volume should finish at a similar level to 2024, around 430,000 m². The notable fact was the strong increase in the shopping centers segment thanks to relocations to Dreamland/Dreambaby, Delhaize and Jysk in spaces freed up in the 7 Cora stores. These transactions are part of a new dynamic of renovating the existing commercial park. 2025 should be one of the best years of the decade for shopping centers with nearly 75,000 m² expected (+88% year-on-year), nearly half of which in the former Cora shopping centers that will be renovated by their new owner, Mitiska. However, the High Streets and retail warehousing segments are declining, the first expected at around 135,000 m² (-6%) and the second at about 220,000 m² (-10%).

Raja Lachhab, Head of Retail Leasing BeLux at JLL specifies: "We observe the emergence of new concepts in the Belgian market, notably Lululemon in the sportswear sector, as well as significant expansion of brands such as Douglas in perfumery, Medi-Market in healthcare, and the Bestseller group (Jack & Jones, Only...) in fashion. The cessation of activity by certain brands has created repositioning opportunities for other market players." She continues: "At JLL, our expertise goes well beyond simple lease transactions. We conduct in-depth analysis to identify the ideal brand, aiming to generate positive impact on the entire district. Thanks to this strategic approach, we have already managed to fill three long-vacant locations in Liège."

Commercial rents are evolving in contrasting ways. No change in High Streets, at Meir in Antwerp and Rue Neuve in Brussels, where you need to count €1,700/m²/year and €1,650/m²/year respectively in the best locations. However, increases of 9% and 6% respectively were recorded in retail warehousing in Antwerp and Brussels, at €185/m²/year each. Finally, for shopping centers, a small improvement is observed: in Antwerp, "prime" rents at Wijnegem increased 2% to €1,275/m²/year while in Brussels at Woluwe Shopping we recorded a 6% increase to €1,300/m²/year.ector.

Looking at investment volume, 2025 marks a decline in the traditional predominance of the office segment, paving the way for more marked diversification of real estate investments. The year's notable fact was indeed the first place occupied by industrial real estate, followed by commercial real estate. Offices follow in third position. "A position to nuance because if the billion euro volume in office transactions was reached, it's thanks to an atypical and difficult-to-quantify transaction, namely the sale of the Egmont I and II buildings to the City Forward fund by Union Bancaire Privée," details Vincent Van Brée, Head of Capital Markets BeLux at JLL. "What's missing to speak of an office segment recovery are 'core' transactions involving stand-alone buildings," he specifies. Consequently, "prime" yields remain at 5%, stationary compared to 2024.

"On the other hand, industrial real estate confirms its good performance - particularly logistics at 72% - which already reaches 1.3 billion euros in early December, an absolute record!" explains Pierre-Paul Verelst. Portfolio sales, including Weerts' for €300 million to Intervest, as well as transactions involving individual assets like MG Malinas (sold to Deka) supported activity. This good performance allowed slight yield compression to 4.9% versus 5% last year.

Also good performance for the retail segment, which exceeds one billion euros largely thanks to the sale of the Cora portfolio and the Ville 2 shopping center in Charleroi. Compared to 2024 and the 2020-2024 average, volume more than doubled. At this stage, yields are unchanged at 4.85% for High Streets, 5.75% for shopping centers and 5.8% for retail warehousing.

Finally, we must highlight the excellent year for the hotel segment, which should finish on a volume of more than 250 million euros, more than double the 5-year average and up nearly 20% year-on-year. JLL was particularly active in this segment, notably with the sale of Motel One in Antwerp for more than €30 million. In total, transaction volume already reaches 4.3 billion euros in early December, including owner-occupier purchases, exceeding 2024 by 34%. By end-December, the 5-year average of 4.5 billion euros should be equaled.

And Vincent Van Brée concludes: "On the buyer side, we witnessed another turning point: 'Ultra High Net Worth' private investors invested more than one billion euros in Belgium, representing nearly a quarter of total volume. This private capital invested in Belgium has also become internationalized, for example the sale of Motel One in Antwerp was won by a German family office advised by JLL."

Given persistent uncertainties in both economic conditions and the global geopolitical situation, we adopt a cautious attitude for the next twelve months. Some good deals should support the office market, including with the European Commission for at least two transactions and the American embassy, which will be counted once the final permit is granted. Logistics real estate being very cyclical, recovery will depend on economic developments. Real estate investment should be supported by shopping center sales such as the K in Kortrijk, for which JLL has received the mandate, as well as transactions involving offices with long-term leases.