RETAIL Market Overview Belux - Annual Overview 2022

Rental growth and yield stability could create opportunities

March 20, 2023

Retail activity is affected by the mitigated economic outlook, which is having a direct impact on retail sales, although wage indexation and a healthy labour market support purchasing power.

Take-up levels were excellent in 2022, driven by high demand from food & beverages and other sectors, particularly in high streets and in out-of-town retail.

Prime rents are on the rise again in all segments after approx. five years of rent adjustments, with further increase potential in 2023.

Investment volumes remained well below their 5-year averages in 2022 as shopping centre transactions were absent. Rental growth and yield stability could create opportunities

Prime yields lack the volatility observed in other asset classes and could herald the return of large international investors to the market.

ESG principles are challenging for retailers as they reach far beyond the day-to-day operational CO2 emission. Success in this area will require close collaboration between retailers, landlords, developers and shoppers.

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