Belgium Retail MarketView 2H 2022

February 28, 2023

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  • Soaring food and energy prices are weighing on consumer spending, resulting in lower real retail sales. Though, inflation is quickly moderating in Belgium in early 2023 to 6.62% as of February.
  • Retail take-up in 2022 was impressive, achieving a record 516,000 m² of new deals.
  • Rents were stable in the best markets last year, while shopping center prime rents increased.
  • Record take-up, limited new development and conversions have kept overall retail vacancy in check.
  • Retail investment in 2022 was characterised by some landmark deals such as the retail portfolio in the Metropöle deal and Antwerp Tower.