Belgium Logistics MarketView H2 2023
Record take-up and continued rental growth as yields stabilise in Q4
February 12, 2024 6 Minute Read
- Inflation is down over the medium term and interest rates appear steady into the new year. Weak growth in 2023 - though better than the EU average - is expected to carry through 2024.
- Take-up increased considerably in H2 2023 to bring logistics to a new record of 1.32 million m2.
- Vacancy is under upward pressure, mostly from second-hand space but also newly delivered speculative developments.
- Developers currently have 363,000m2 of logistics space under construction, of which two-thirds concerns pre-committed warehouses.
- Commercial investment across Europe fell significantly year-over-year, with total industrial investment in Belgium recording €328 million for the year and a 58% decline from 2022's record.