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Belgium MarketBeat

Cushman & Wakefield MarketBeat reports analyse quarterly Belgium commercial property activity across office, retail and industrial real estate sectors including supply, demand and pricing trends at the market and submarket levels.

Our team of local Research experts give you the lowdown on all the latest Belgian commercial real estate market trends and outlook.

Cushman & Wakefield’s MarketBeat series leverages compelling in-house datasets and market-leading knowledge to provide all the latest coverage and analysis of activity across Belgium’s office, retail and industrial real estate sectors. Every quarter our MarketBeat reports dissect the occupier and investment markets, delivering insight into supply, demand and pricing trends at market and submarket levels.


After the COVID-19 outbreak, a new period of uncertainties began with the crisis in Ukraine. Belgian growth could be affected
despite a robust first quarter of 2022, with a GDP growth around 2.7%.

Brussels Office


In Q1, 78,000 sq m of take-up was recorded on the Brussels office market which is consistent with the five-year quarterly average. 


In the first quarter of 2022, roughly 455 MEUR has been invested on the Brussels office market, which is the weakest first quarter since 2015.


In February 2022, Russian invasion of Ukraine pushed the already high inflation to a record level in Belgium. If the conflict persists, the global economy could be severely affected.


Regional Office


The Flanders office market recovery noted in 2021 has not fully spilled over into 2022, as we record the lowest take-up since the outbreak of the COVID-19 pandemic in early 2020. 


Despite only six deals having been recorded in Belgian regional markets in Q1, 2022 has strong momentum with a total of EUR 199 million invested, twice the quarterly average.


Prime yields currently remain stable 5.25% in Flanders and 6.75% in Wallonia. Nevertheless, compressions are forecast in both regions.




Despite growing uncertainties and rising inflation, the retail occupational market witnesses a record start to the year with 136,000 sq m of take-up already observed in Belgium (and 210 deals).


Activity on the investment market remained subdued in Q1 2022 with 156 MEUR invested.


After a continuous increase of the consumers’ confidence index thanks to the ease of containment measures in April 2021, consumers’ confidence is on the decrease since the end of 2021 and growing concerns regarding rising energy prices, high inflation and more recently war between Russia and Ukraine.




Semi-industrial take-up amounted to more than 230,000 sq m over 174 deals in Q1, a decent start to the year, especially considering the supply issues this market is facing. 


Demand for logistics spaces was within its quarterly average, with a total of 228,000 sq m, with very strong demand recorded in Flanders where deals were large (over 10,000 sq m on average) and numerous.


An outstanding EUR 547 million have been invested in industrial assets in Q1, including EUR 441 million in logistics.


Rents will increase and yields will sharpen, such is the demand in semi-industrial and logistics, against a backdrop of supply and labour shortage and increasing costs of energy and materials.


Latest MarketBeats

Brussels Office Marketbeat
Office Brussels Marketbeat

Office Marketbeat is a summary of the Brussels office property sector providing comment on recent trends as well as market data and analysis.


Belgium Regional Office Marketbeat
Regional Office Marketbeat

Office MarketBeat is a brief summary of the office sector in key cities across Belgium, providing comment on recent trends as well as market data and analysis.


Belgium Retail
Belgium Retail Marketbeat

Retail MarketBeat is a brief summary of the retail sector in key cities across Belgium, providing comment on recent trends as well as market data and analysis.


Industrial Belgium

Industrial Marketbeat is a summary of the Belgium industrial and logistics property sector providing comment on recent trends as well as market data and analysis.



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