Economic Context
Belgium's retail market entered 2026 with strong momentum, even as the broader economic backdrop became more uncertain following geopolitical shocks in the Middle East. With Belgian GDP growth revised down to 0.7% for 2026 and consumer confidence softening, the retail sector has nonetheless demonstrated notable resilience, underpinned by stable sales volumes and continued occupier activity across all segments.
Occupier Market
Leasing activity got off to an exceptionally strong start, with take-up reaching 100,300 sq m in Q1? nearly 50% above the same period last year. Shopping centres were the standout performer, attracting both international brands and food & beverage operators traditionally focused on high streets. Prime rents remain well-supported by tight supply in the best locations, with high street rents holding at €1,750/sq m/year and only minor fine-tuning observed in the out-of-town segment.
Investment Market
On the investment side, €130 million transacted across 18 deals in Q1, led by several solid out-of-town transactions. While the quarter lacked the mega deals that boosted Q1 2025, investor appetite remains healthy. With larger assets such as Shopping Hydrion in Arlon and K in Kortrijk being monitored, and potential high street portfolios set to come to market, 2026 is on track to reach the €1 billion investment milestone by year-end.
