The Leopold district remains strong on the office market in 2025
In 2025, the Leopold district continues to perform well on the Brussels office market. The total stock there reaches 3,337,449 sq m, while the vacancy rate remains low at 3.79%, or just over 126,500 sq m available, which is still a low level for this sector.
Letting activity remained buoyant throughout the year, with 94,154 sq m let excluding renewals, spread over 63 transactions.
Recent years have also seen a significant number of lease renewals, often for relatively short terms. This trend has been observed in the recent period, largely due to uncertainties about the organisation of work and the widespread adoption of teleworking.
The situation is now changing. In many organisations, teleworking is declining and companies are paying more attention to the quality of the spaces offered to their teams. Several occupants who had opted for temporary extensions are now embarking on relocation or upscale projects. Some of these situations are therefore likely to result in new leases in the short to medium term.
In terms of rents, the highest values are between €370 and €390 per square metre per annum. On average, rents are €323/sq m/year for Category A buildings, €232/sq m/year for Category B and €204/sq m/year for Category C, confirming the gap between the most recent or renovated buildings and the rest of the stock.
The occupant profile remains largely dominated by institutions, associations and companies linked to European affairs, which continue to favour the district for its location and connectivity.
Rodolphe du Bois d'Aische (Associate, Office Agency):
"The outlook for 2026 looks encouraging in terms of office leasing. After discussions with many landlords, the overall sentiment is optimistic. The number of visits is increasing and, above all, their quality is improving, with the return of solid companies and more concrete projects, which contrasts with the previous two years. We feel that the market is once again moving in a positive direction: several companies that had renegotiated short-term leases are now considering moving in order to offer their teams higher quality spaces. This dynamic is a very encouraging sign for future take-up."
Maximilien Mandart (Partner, Head of Office Agency):
"It should also be noted that any office development project in the European quarter offering at least 10,000 m² and meeting European requirements in terms of technical performance and sustainability will inevitably have the European Commission in its sights.
The institution has announced that it is looking for approximately 200,000 m² of above-ground space for the period 2027-2032, mainly to replace buildings that are coming to the end of their life cycle or whose leases are expiring.
The Commission favours buildings with very high environmental performance, complying with ZEB (Zero Emission Building) standards for new constructions or NZEB for major renovations."
Léopold district: a new cycle of growth driven by solid fundamentals and European attractiveness
The European property market is entering a new cycle in 2026, characterised by improved investor sentiment and greater availability of financing. Driven by rental yields and rent growth returning as the main drivers of performance, the sector is expected to gain momentum. This overall recovery is accompanied by a normalisation of the spread between property and bond yields, offering investors greater visibility.
Vincent Vanderstraeten (Partner, Head of Capital Markets Office):
"At the European level, the first positive signs are beginning to emerge. However, these trends will need to be confirmed in key markets such as France, the United Kingdom, Germany and the Netherlands before they can have a tangible and lasting impact on the Belgian market. Although caution remains the order of the day, certain local indicators offer encouraging prospects. In particular, we are seeing a significant number of ongoing projects (pipeline) involving European players committed to long-term leases. This specific feature, which is rarer in other international markets, is a differentiating factor for Brussels. Ultimately, the ability to capitalise on this contractual stability could enable the Belgian market to position itself favourably when the investment cycle resumes."