finance
Brussels Office Conversions Create Openings for Developers and Brokers
Government purchases and private investments shift commercial space toward mixed-use uses in the city center.
How we reported this
The Belgian Government purchased 23 office buildings totaling 300,000 m² from the European Commission for €880 million to convert portions into housing, shops and sustainable offices, with first deliveries expected in 2028. This transaction, paired with Immobel’s €900 million commitment to mixed-use projects, marks the clearest sign yet of emerging demand for repositioned commercial assets.
Government Acquisitions Drive Initial Demand
The purchase targets buildings in the European Quarter. It directly supports the conversion of roughly 150,000 sq m of commercial property into residential stock across Brussels, a shift that has already lowered the CBD vacancy rate from nearly 10% to 6%. Cushman & Wakefield was named exclusive broker for BROEKLIN Brussels, where commercial pre-leasing began in March 2025 and construction starts in Q1 2026 ahead of an Autumn 2028 opening.
These moves create immediate work for brokers, planners and contractors handling permit applications and adaptive reuse. The scale of the government portfolio alone requires coordination across multiple sites and disciplines.
Private Developers Secure Early Positions
Stellar Offices is advancing three new commercial properties-Artis, Jardis and Orbis-with deliveries scheduled for Q1 2027 in a premium location. Immobel’s city-center mixed-use pipeline adds further supply that aligns with the same conversion trend. Both firms stand to benefit from the reduced vacancy and the policy push toward sustainable offices and retail.
Market data from Q3 2025 showed subdued new deliveries of just 18,000 m², underscoring that most activity now centers on conversions rather than ground-up office builds. Pre-leasing activity for BROEKLIN Brussels and the Stellar pipeline indicates tenants are already evaluating these repositioned assets.
Next steps center on securing permits and finalizing pre-leasing agreements ahead of the 2026-2028 construction windows already set by the government and private developers.
This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.