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Belgium Logistics MarketView H1 2026
A Market Splitting in Two: Semi-Industrial Peaks, Logistics Pauses.
July 30, 2026 6 Minute Read
The Belgian logistics market showed signs of normalisation during the first half of 2026 following several years of exceptional growth. Overall activity remained solid, although market dynamics became increasingly polarised between the logistics and semi-industrial segments.
Demand for semi-industrial properties continued to perform strongly, supported by SMEs and occupiers seeking flexible operational space. In contrast, the logistics sector experienced a temporary slowdown, largely due to major logistics providers optimising and consolidating space acquired during previous expansion cycles. Despite this moderation, the underlying demand fundamentals remain healthy.
Vacancy levels increased slightly but appear to have stabilised. Importantly, most available space is coming from existing buildings and sublease opportunities rather than from an oversupply of new developments. This indicates a market adjustment rather than a structural imbalance.
Development activity slowed significantly during the period. Developers adopted a more cautious approach, with new projects generally linked to specific occupier requirements. The absence of speculative construction suggests that future supply will remain limited, helping to support market fundamentals over the medium term.
Belgium’s key logistics gateways continued to demonstrate resilience. While port activity faced challenges linked to weaker export performance and global economic uncertainty, air cargo activity remained robust, benefiting from growing international trade flows and Belgium’s strategic position within European supply chains.
Rental values across the main logistics corridors remained broadly stable. Occupiers continue to prioritise modern, sustainable and energy-efficient facilities, supporting demand for high-quality assets. At the same time, the limited development pipeline and scarcity of well-located land continue to support prime rental levels.
On the investment side, transaction activity slowed compared with the exceptionally strong volumes recorded in recent years. Nevertheless, logistics assets remain highly attractive to investors due to their defensive characteristics, stable income potential and long-term growth prospects. Investor sentiment remains positive, although higher financing costs have encouraged a more selective approach to acquisitions.
Overall, the Belgian logistics market is entering a phase of consolidation rather than contraction. While occupier and investment activity have moderated, the combination of stable rents, controlled supply, strong infrastructure and strategic geographic positioning continues to support a favourable long-term outlook.
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