Figure

Belgium Retail MarketView 1H 2023

Resilient retail market shows good demand and decreasing voids

July 31, 2023 10 Minute Read

Retail MarketView_972x1296

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Key Takeaways

 

  • Lowering general inflation masks the sticky underlying core inflation in Belgium in 2023. Because of
    this, the ECB is expected to proceed with hiking interest rates, which is in turn having an effect on
    consumer spending.
  • Footfall has recovered well since the end of Covid in Belgium's major shopping cities.
  • Retail take-up in the first half of 2023 was moderate, with 183,000 m² of new deals.
  • Top rents are aligned in the best market, and can be found in Brussels Downtown, Brussels Uptown and on the Meir in Antwerp.
  • Limited new development is expected for this year and the next.
  • Retail investment in 2023 is similar to the first half of 2022, with over €294 million invested.