Economic Context
Moody's has lowered its forecast for Belgian GDP growth to 0.6% in 2026, as higher energy prices linked to the conflicts in Ukraine and the Middle East weigh on the economy. Inflation rose to 4.6% in September, well above the ECB's 2% target, and the ECB raised rates for the second time this year. Belgian 10-year bond yields climbed to 4.1%. In this climate, occupiers take decisions carefully and the market leans on a small number of large deals, while investors stay cautious and focus on entry price.
Occupier Market
Regional office take-up reached ~48,200 sq m across 101 transactions in Q3 2026, the slowest third quarter in a decade. The main reason is the absence of large deals: only three exceeded 2,000 sq m, and the typical deal was ~270 sq m. Year to date, the market is still 5% above its ten-year average, thanks to a strong first half. Owner-occupiers played a large role, with BNP Paribas buying the monumental Meir 48 building in Antwerp (~5,400 sq m). Flanders took 95% of the quarter, led by Antwerp, while Balta Industries leased ~2,500 sq m at Evolis in Harelbeke. Prime rents were stable at €195 to €215/sq m/year, and vacancy remains low at 4.6% in Antwerp and 4.0% in Ghent.
Investment Market
The regional office investment market was very quiet in Q3 2026, with only two transactions. In Antwerp, Fédérale Assurance sold the Carlton building on Desguinlei to Ducri Invest for ~€5 million, while LIFE and WorxEstate bought Sneeuwbes 14 (~11,000 sq m) from CDMG for redevelopment. Over nine months, volume reached ~€89 million, slightly above 2025 but around half the ten-year average. Buyers were mainly developers and private investors, targeting older buildings to renovate or redevelop, while institutional owners such as Intervest, PIMCO and Patrizia sold. Prime yields held at 6.60% in Flanders and 7.60% in Wallonia, but without a core deal this year, these levels remain untested.
