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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.

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.


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.


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.


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.


Given the global economic condition, Belgium’s economy is in for a slow ride for 2023 and early 2024. A range of factors, including high core prices, tighter borrowing conditions, still-low consumer sentiment, and business competitiveness weigh and will continue to weigh on growth.

Brussels Office


Brussels office market ended 2023 with a strong Q4, recording at least 115,000 sq m of take-up. This surge in demand, compared to previous quarters, boosted the overall year-end figure to nearly 323,000 sq m.


The Brussels investment market continued its slump in Q4 2023, seeing investments decline to 87 MEUR, bringing the annual total to just 640 MEUR.


The upward revision to GDP growth in the last quarter, driven by easing inflation, brings the annual figure to 1.48%. However, ongoing economic uncertainties require vigilance.


Regional Office


Flanders' office market held steady in 2023, despite a slight 8% dip in overall take-up compared to the previous year. This decline falls within the range of activity seen since 2020, indicating a stable market.


Despite a drop in investment volume (reaching 72 MEUR in Q4 2023), regional office markets saw a positive sign with a rise in transaction activity. This trend contributed to a yearly total of 255 MEUR. 


While inflation is down, it's important to note that GDP growth for the year remains at 1.48%. While this is an improvement, continued monitoring of economic indicators is necessary.





More than 180,000 sq m have been recorded on the retail letting market in the last quarter of 2023. The latter puts the 2023 total take-up at 419,000 sq m, which is comparable to pre-COVID-19 levels. 


In the fourth quarter of 2023, 272 MEUR was recorded, representing over 45% of the total yearly invested volumes. Despite difficult circumstances, the retail investment market in 2023 was undoubtedly resilient.


Despite a poor start to the year, the retail industry has managed to maintain its level of performance from prior years. With an increasing consumers confidence, the retail market seems favorable for 2024.





In 2023, the semi-industrial letting market experienced its most robust year since 2021, with a take-up of nearly 1,220,000 sq m, only 15% lower than the record-setting year of 2021.


Out of all the industrial markets, the logistic letting market suffered the most. Take-up in 2023 was 730,675 sq m, almost 20% less than the five-year average.


In the final quarter of 2023, the combined investment in semi-industrial and logistical transactions was 16 MEUR, making up a total of 376 MEUR invested for the year.


The Semi-Industrial and Logistics markets are both gaining interest by investors, which leads to a promising 2024.


Meet our Research team

Benjamin Devie
Benjamin Devie

Senior Analyst
Brussels, Belgium

+33 (6) 29453281

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