Belgium Industrial Market Dynamics, Q3 2024
Summary and analysis of Belgium's current industrial real estate market conditions.
- Caroline Housen
- Mathieu Opsomer
- Kristof Buelens
2024 will remain another challenging year for logistics occupational markets. Year-to-date logistics take-up volume has decreased by half year-on-year and is the lowest recorded volume over the last ten years. Retailer demand is stable, whereas e-commerce demand has dropped drastically.
The semi-industrial segment has boosted the industrial take-up volume so far this year with a share of 64%. Lettings are exceeding acquisitions, 61% and 39%, respectively. The average transaction size is stable.
The vacancy rate rose to 3% along the Antwerp - Brussels logistics axis while the prime rent remained stable due to high demand for state-of-the-art buildings and the lack of modern supply.