Belgium Retail MarketView H2 2023

High streets note a record year, supported by a resurgence in large fashion deals

February 16, 2024 6 Minute Read

Retail MarketView_972x1296

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Key Takeaways

  • Both general as well as core inflation have cooled notably in recent months, recognizing some short term spikes. The question remains when central banks will reverse course and lower interest rates amidst weak European growth.
  • Consumer confidence has improved considerably this year as consumers appear to be more optimistic about macroeconomic factors.
  • Retail take-up was up for high street and shopping center retail, but down for out-of-town, totaling 438,000 m² of deals in 2023.
  • Top rents were stable in Belgium's key markets and vacancy is continuing its downward trend.
  • Retail was a bright spot in the investment market in 2023, increasing year-over-year to €690 million despite an overall lower level of activity in the commercial real estate market.