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
For Q2 2026, the take-up in the regions recorded 79,000 sq m over 107 transactions. This brings the total for H1 to 172,000 sq m, which is more than 20% above the 10-year-average for the regional office take-up. This higher take-up is driven by a handful of large deals. Three deals alone in H1 account for ~30% of the total take-up: Telenet pre-letting in The Quint in Mechelen (19,000 sq m), Régie des Bâtiments acquiring Thomas Edison in Mons (18,000 sq m) and Arteveldehogeschool acquiring Campus Dok 2 in Ghent (16,000 sq m).
Investment Market
Regional office investment reached €22.8 million in Q2 2026, bringing H1 volume to €76.2 million across eight transactions. While that is a marked improvement on the €19 million recorded in H1 2025, it remains ~12% below the ten-year H1 average of €86 million, and the composition of activity has changed fundamentally.
