Despite economic and geopolitical headwinds, the logistics property market in Belgium thrived in 2022. The transaction volumes were underpinned by large transactions and by a new trend : sub-lettings. Supply remains tight and largely oriented towards build-to-suit. Demand was driven by changes in supply chains, centralization and optimizations. Rising construction costs and lack of supply put upward pressure on rents.
The volume invested in industrial and logistics in Belgium in 2022 was the highest annual volume ever, although market activity paused in the final quarter of the year, when yields started moving upwards for the first time in more than a decade. Both national and international investors were active on the buy-side.
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