Belgium Industrial Market Dynamics, Q3 2025

Logistics take-up is normalizing following the COVID-era peak. The sector recorded a 21% year-on-year decrease in Q3 2025, reaching 273,412 sq.m., and remains significantly below pandemic-period levels with an average decline of 51% compared to the five-year average.

The semi-industrial sector is driving market activity. Total industrial take-up is dominated by semi-industrial real estate, which accounts for approximately two-thirds of activity compared to one-third for logistics, highlighting Belgium's traditional strength in the semi-industrial segment.

The market faces an extended project pipeline alongside limited vacancy rates. Despite numerous ongoing logistics developments that are not being built speculatively, vacancy across the Brussels-Antwerp axis remains constrained at 2.33% at the end of Q3 2025.