Belgium Logistics MarketView H2 2023

Record take-up and continued rental growth as yields stabilise in Q4

February 12, 2024 6 Minute Read

Logistics MarketView_972x1296

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Key Takeaways

  • Inflation is down over the medium term and interest rates appear steady into the new year. Weak growth in 2023 - though better than the EU average - is expected to carry through 2024.
  • Take-up increased considerably in H2 2023 to bring logistics to a new record of 1.32 million m2.
  • Vacancy is under upward pressure, mostly from second-hand space but also newly delivered speculative developments.
  • Developers currently have 363,000m2 of logistics space under construction, of which two-thirds concerns pre-committed warehouses.
  • Commercial investment across Europe fell significantly year-over-year, with total industrial investment in Belgium recording €328 million for the year and a 58% decline from 2022's record.