Figures

Belgium Logistics MarketView H1 2025

Investor Confidence Holds as Vacancy Rises.

August 5, 2025 6 Minute Read

Logistics MarketView_972x1296

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Take-up


The Belgian logistics and semi-industrial property market recorded a total take-up of 686,590 m² in the first half of 2025, comprising 326,327 m² of logistics space and 360,263 m² of semi-industrial units.

 

Logistics demand remained subdued with a notable absence of large-scale transactions, while semi-industrial demand held up relatively well, supported by steady SME activity.

 

Vacancy


Logistics vacancy rates continued to rise, reaching 4.79% in the first half of 2025. Higher vacancy levels are evident in the A12/E19 corridor (6.44%) and Charleroi/Mons region (8.00%).

 

Despite rising vacancy, net absorption remained positive, indicating underlying market strength and preference for modern facilities.

 

Development


A total of 316,698 m² of logistics warehouses was completed in H1 2025, with 305,806 m² delivered as built-to-suit projects. The development pipeline decreased to approximately 385,183 m² over the next nine months, including 341,767 m² of built-to-suit projects and 43,416 m² of speculative development.

 

Rents


Rental values have largely stabilised following previous growth. Brussels commands the highest prime rents at €80/m² (up from €75/m² at end-2024), while the A12/E19 axis maintains €68/m², Liège at €65/m², and Charleroi offers the most affordable rates at €50/m². Limited land availability and construction costs create upward pressure on prime rents.

 

Land Values


Land values remained consistent throughout H1 2025. Brussels and northern areas command €300-340/m², the A12-E19 axis trades at €260-300/m², while Charleroi-Mons remains affordable at around €60/m².

 

Investment


The logistics sector attracted €669 million in investment volume, approaching the entire 2024 total of €868 million. Notable transactions included Ares Management's acquisition of the Logicor portfolio and WDP's purchase of the former Renault site in Vilvoorde. Prime yields compressed to 4.75% from 5.00% at end-2024, supported by ECB rate cuts and improved financing conditions.

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