Economic Context
Belgium's industrial and logistics market opened 2026 on stable ground, with total take-up broadly matching Q1 2025 levels despite a more uncertain macroeconomic environment. Geopolitical tensions and renewed stagflation risks are adding caution to business decision-making, yet occupier fundamentals remain sound, particularly in the semi-industrial segment where end-user demand continues to drive activity.
Occupier Market
Take-up for the quarter reached 362,000 sq m, with semi-industrial activity accounting for the lion's share at 290,000 sq m. Owner-occupiers were notably active, representing around 40% of semi-industrial transactions — a sign of continued conviction from businesses investing in their own operations. Logistics take-up was softer year-on-year, though significant deals such as Neovia Logistics at Genk Green Logistics underline that demand for quality warehouse space remains present. Prime logistics rents held steady following strong upward movement in 2025, with no significant shifts expected in the short term.
Investment Market
Investment activity was subdued in Q1, with just €30 million recorded across four transactions, a reflection of limited product availability rather than lack of appetite. Investors remain interested in the Belgian logistics market, and prime yields are holding stable at 4.90%. The pipeline remains thin in the near term, with few large-scale transactions expected to come to market, and a meaningful pickup in investment volumes is not anticipated in the short term.
