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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.


Inflation in Belgium climbed again in April and in May 2022. Recent political evolutions show no signs of a short-term resolution of the Ukrainian crisis. In these challenging times, GDP growth has been revised downwards and should stand at around 2.15% for 2023,
and continue to decelerate (though remaining positive) up to 2025.

Brussels Office


In Q2, 52,500 sq m of take-up was recorded on the Brussels office market which is consistent with the five-year quarterly average.  


In the second quarter of 2022, EUR 1.11 bn has been invested on the Brussels office market. In absolute volume this represents the best Q2 ever recorded, although heavily boosted by one single transaction.


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


Following its lowest quarter of take-up since the pandemic in Q1, Flanders now records its most dynamic quarter since early 2021 with more than 46,000 sq m across more than 60 deals. 


The total recorded investment volume in Q2 was EUR 17 million, bringing the current total in 2022 to EUR 216 million on the back of a very strong Q1.


In the current high inflation context, there appears to be more willing sellers than buyers generally. 




Letting activity is still at high level in Q2 (around 126,000 sq m, just below record Q1 at 136,000 sq m) despite growing uncertainties and rising inflation.


Conversely to the occupational market, activity on the investment market is still subdued with roughly 300 MEUR invested since the beginning of 2022. 


As the COVID-19 pandemic surged, many speculated that the increase of online retail activity would forever change the retail landscape, eliminating the need for the physical store. But retail stores are here to stay, because they do much more than just serve as a place to shop.




Semi-industrial take-up in Q2 amounted to 313,000 sq m, meaning 2022 had the second most dynamic H1 in our records (544,000 sq m), only behind what was a record 2021.


During Q2, logistics occupier demand maintained its remarkable course which will likely make 2022 a vintage year.


At the half-way stage, Belgian industrial property has already recorded its best year as far as invested volumes are concerned.


It is expected that prime yields should increase by the end of the year due to the inflationary context.


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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