Economic Context
Belgian nominal GDP reached €160.2 billion in Q1 2026 (NBB). Household consumption remained the main driver of economic activity, although spending growth moderated during the quarter, partly reflecting normal seasonal patterns. Spending was weaker in certain categories, including transport. Fiscal measures and wage developments may weigh on consumption in the coming quarters. Inflation is easing but remains above target. Belgian HICP inflation rose to 4.2% in April and stood at 4.0% in May, before easing to 3.0% in June. Average inflation is forecast at 3.4% in 2026.
Occupier Market
Q2 2026 recorded take-up of ~112,900 sq m across 74 transactions. This was 25% higher than in Q2 2025, when ~90,300 sq m was recorded, and roughly three times the volume of the previous quarter. Total take-up for the first half of the year reached ~149,600 sq m, up 16% compared with H1 2025. Occupier activity was strongly concentrated in a small number of large transactions. The average deal size stood at 1,526 sq m, while the median was only around 374 sq m. This wide gap shows the extent to which a few large deals supported the quarterly result. Of the 74 transactions recorded, 44 involved less than 500 sq m, which also explains the relatively low median deal size.
Investment Market
After a first quarter with no recorded transactions in the Brussels districts, investment activity resumed in Q2 2026, though volumes remained thin. Four transactions were recorded, totaling ~€139 million. As anticipated last quarter, the flow of deals stayed limited, reflecting continued caution towards the sector combined with the geopolitical uncertainty and financing conditions that have become more expensive.
