Belgian real estate market H1 2026: offices decline, industrial progresses

BRUSSELS, 16 July 2026 – General volatility and multiple geopolitical and economic uncertainties weighed on business confidence. The impact on occupier demand for offices is visible in Belgium with a decrease in take-up in the country's major cities. Over the first six months of the year we recorded a transaction volume of 210,000 sqm, 16% lower than in H1 2025. However, this observation only applies to Brussels, with other regions showing much more contrasted performances.

Offices

Office demand in Brussels fell 36% to 108,600 sqm, although several notable deals were completed. The semester's headline transaction was Elia's purchase of 12,000 sqm in the Lebeau project in Sablon.

In contrast, take-up increased 19% in Flanders to 74,000 sqm over the first six months, partly thanks to Telenet's lease of 19,000 sqm in The Quint project in Mechelen, one of the decade's largest transactions in Flanders. JLL acted as agent in this transaction.

Strong growth also in Wallonia with 27,400 sqm recorded, 61% higher than the same period in 2025. Once again, pre-leases in development projects are supporting the market, with BNP Paribas Fortis signing for just under 6,000 sqm in The Hub project near Guillemins Station.

Industrial

Industrial real estate appears healthier with take-up increasing 15% to 712,000 sqm. As observed in 2025, the semi-industrial segment is driving the market upward with a 71% share of total transaction volume.

Retail

Retail shows stability with estimated take-up of 197,400 sqm, 3% lower than last year. Demand is supported by shopping centres (+26%) while retail warehousing remains broadly unchanged, offsetting the 15% decline in High Streets.

Several major brands including Tedi, Wibra and Medi-Market are very active in Belgium, but the major development is Sephora's entry into Brussels. This brand has growth ambitions that should support the Walloon market in coming months.

Offices

"Regarding office availability, the end of the first semester was marked by a large delivery with completion of the Ellipse tower renovation in the North Quarter. This project adds nearly 40,000 sqm to rental vacancy, which now stands at 8%, slightly up from 7.8% at end-2025," analyzes Pierre-Paul Verelst, Head of Research BeLux at JLL. "Based on our estimates, this upward trend should continue throughout the year with other speculative projects launched particularly in the Periphery. However, compared to other capitals like Paris or London showing rental vacancy of around 9-10%, our situation is significantly more favorable," he adds.

In Antwerp, rental vacancy is at its lowest at 3.7% and should remain there as no speculative delivery is expected for at least two years.

Logistics

Slight increase also in the logistics segment to 3.8% on the Brussels-Antwerp axis versus 3.4% at end-2025. As with offices, this vacancy level remains well below the European average exceeding 6%.

The relatively constrained supply in new projects for both offices and logistics is putting upward pressure on rents.

Offices

Considering that office construction costs are roughly the same throughout Belgium but land prices show enormous variations between municipalities, the following can be observed.

Rents for new projects in Brussels' central districts converge in a range between €320 and €400 per sqm per year. In Brussels periphery and most regional cities, all projects are valued at rents between €190 and €215 per sqm. This applies in the airport district (€215, +7.5% year-on-year), Antwerp (€210, +5%), Ghent (€190, unchanged), Mechelen (€210, unchanged) and now also Liège (€210, +14%).

Industrial

Logistics project rents are also slightly up at €77/sqm/year in Brussels versus €75 at end-2025. No change for semi-industrial at €74/sqm/year in Brussels.

Retail

The situation differs in retail where rents have stagnated for several quarters. This reflects the economic slowdown and decreased purchasing power in our country. Prime rent on Rue Neuve remains at €1,650/sqm/year while it holds at €1,700/sqm/year in Antwerp. Same observation in shopping centres at €1,300 (Brussels) and €1,250 (Antwerp), as well as retail warehousing at €180/sqm/year.

Across all asset classes, real estate investment volume fell 14% year-on-year to just under €1.4 billion. On the surface this appears a weak start to the year. The reality is more nuanced as 2025 was marked by significant portfolio volumes, including Cora's. In terms of transaction numbers, the first part of 2026 includes 27% more than a year ago.

One notable development was offices' strong return, doubling in volume to €430 million, partly due to the sale of The Muse to Easternmed Real Estate for €100 million. Conversely, after the record year of 2025, industrial real estate investment volume plunged 50% to €374 million. Commercial real estate increased 6% with a volume of €367 million. In this segment, the sale of 50% of The Mint shopping centre to QRF stands out, where JLL advised the seller.

Finally, the first semester confirmed investor appetite for hospitality, which saw its transaction volume nearly quadruple to €95 million, supported partly by the sale of the Penta Hotels European portfolio including four Belgian assets. The buyer is the joint venture between investment funds Ogilvy Capital and Ironstone.