Brussels ($35/sqft, 8.2% vacancy) and London ($121/sqft, 8.6% vacancy) compete on different axes: Brussels on rent and tax and London on talent depth.
Brussels ($35/sqft, 8.2% vacancy) and London ($121/sqft, 8.6% vacancy) compete on different axes: Brussels on rent and tax and London on talent depth.
| Metric | Brussels | London |
|---|---|---|
| Region | EMEA | EMEA |
| Country | Belgium | United Kingdom |
| Class A rent (USD/sqft/yr) | $35 | $121 |
| Class A rent (local) | 32 EUR | 95 GBP |
| Vacancy | 8.2% | 8.6% |
| Trend | flat | rising |
| Prime yield | 5.4% | 4.5% |
| Premium flex / seat / month (USD) | $580 | $1,380 |
| Submarkets covered | 5 | 7 |
| Corporate tax | 25% | 25% |
| Metric | Brussels | London |
|---|---|---|
| Typical term | 9 yrs | 10 yrs |
| Typical rent-free | 8 mos | 24 mos |
| Lease norms | Net leases. 9-year terms with break options at years 3 and 6 (Belgian 3/6/9 standard). Free rent of 6-12 months and TI of €60-€100/sqm typical. | London leases are predominantly Full Repairing and Insuring (FRI). Tenant pays service charge and is responsible for dilapidations on lease end. Rent reviews to open-market rent every 5 years are standard. Rent-free periods of 18-30 months on a 10-year term are typical, with 'capped' rent-free for break-clause certainty. Personal guarantees are uncommon for institutional tenants; rent deposits are common for younger covenants. |
| Tax note | 25% Belgian corporate income tax. Notional Interest Deduction and innovation income deduction available. SME rate of 20% on first €100k for qualifying small companies. | UK corporation tax is 25% (19% small profits rate). Business rates are a major occupancy cost — ~50% of rateable value annually, levied separately from rent and service charge. |
| Metric | Brussels | London |
|---|---|---|
| Talent index (0–100) | 84 | 96 |
| Talent note | Deepest multilingual professional talent pool in the EU — French, Dutch, English, and German fluency is standard. Strong EU institutional, regulatory, lobbying, and trade association talent. | Largest financial-services and technology talent pool in EMEA. Average all-in compensation indexes 96 vs. New York's 100. |
Brussels: STIB Metro (4 lines), tram, and bus. SNCB national rail anchors regional and EU-wide connectivity. Brussels Airport (BRU) is connected via SNCB rail (~17 minutes to Brussels-Central).
London: The Elizabeth Line transformed cross-London commute times. Heathrow to Liverpool Street is 35 minutes; Paddington to Canary Wharf is 17 minutes. Crossrail-adjacent assets command a measurable rent premium.
Brussels is the cheaper Class A market on a USD basis.
London has the deeper talent index (96/100 vs 84/100).
Tax rates are tied.
Brussels typical term is 9 years with 8 months free; London runs 10 years with 24 months free.
Brussels: STIB Metro (4 lines), tram, and bus. SNCB national rail anchors regional and EU-wide connectivity. Brussels Airport (BRU) is connected via SNCB rail (~17 minutes to Brussels-Central). London: The Elizabeth Line transformed cross-London commute times. Heathrow to Liverpool Street is 35 minutes; Paddington to Canary Wharf is 17 minutes. Crossrail-adjacent assets command a measurable rent premium.
Score Brussels, London and up to two more markets side-by-side on Class A rent, vacancy, talent, corporate tax, and premium flex pricing — all in USD.
Reviewed by Samuel Okafor — EMEA contributing editor. Last updated 2026-04-15. See our methodology and editorial standards.