Commercial real estate in Belgium in 2025: trends, challenges, and opportunities

Building under constuction

In 2025, commercial real estate in Belgium will take a new turn. Between office rationalisation, the rise of flexible spaces, the green transition and the emergence of new asset classes, players will have to rethink their strategies to remain competitive.

Significant contraction in the office market

Transactions have reached their lowest level in ten years: only €800 million invested in 2023, compared to around €1.3 billion a decade earlier. This decline can be explained by rising interest rates and increased caution among investors. At the same time, Cofinimmo, a major player, is reducing the proportion of offices in its portfolio, now at 15%, in favour of healthcare real estate. In 2025, commercial real estate in Belgium is taking a new turn. Between office rationalisation, the rise of flexible spaces, the green transition and the emergence of new asset classes, players must rethink their strategies to remain competitive.

The office market trend is stabilising in Brussels

Brussels has a vacancy rate of 7–8%, which has remained fairly stable since 2023, despite low transaction volumes. Rents for premium offices remain high, at around €330–400/m²/year depending on the neighbourhood (Louise, Nord, Léopold). Demand is mainly focused on modern, sustainable, well-connected Grade A buildings.

More coworking spaces, flexible offices and conversion opportunities

The Belgian market is catching up: flex office and coworking space are slowly gaining ground (around 3% of the stock), benefiting from the search for modularity. Mixed strategies are developing, combining long and short leases. Conversions (from office to residential or mixed use) are gradually starting to take place, although on a smaller scale than in Manhattan.

Technological innovation

Digitalisation is intensifying: IoT sensors, management platforms and digital twins are now at the heart of strategies. At the same time, sustainability is becoming essential: ESG certifications (BREEAM, LEED) are playing a crucial role, enhancing the value and attractiveness of buildings.

Diversification into new sectors

Investors are turning their attention to healthcare, logistics, data centres and housing. In Antwerp, for example, logistics rents have risen by 22% in one year. Ghent and Leuven are focusing on technology centres and innovation hubs, with attractive rents (€250-320/m²/year).

Favourable reforms and macroeconomic context

The reduction in registration duties (2-3%) in Flanders and Wallonia is boosting investment. The macroeconomic context is favourable: mortgage rates around 3.5-4%, GDP growth (1.3%).

Investors and managers aim to

Trend	Recommended Strategy
Office space contraction	Prioritize downtown Grade A assets that are modern and sustainable
Flexible offices & conversions	Focus on modularity, flexibility, and mixed lease terms
Sustainability & digitalization	Integrate PropTech, IoT, and ESG certifications
Sector diversification	Invest in healthcare, logistics, data centers, and innovation
Reforms & macroeconomic context	Take advantage of reduced taxes, accessible financing, and favorable economic conditions

Conclusion

The Belgian commercial property market is at a turning point. Faced with the contraction of traditional office space, the opportunities lie in asset quality, flexibility, innovation and diversification. To make the most of them.