Figures
Belgium Retail MarketView H2 2025
Belgium's Retail Market Gains Renewed Momentum
February 26, 2026 6 Minute Read
Retail take-up reached 545,524 m² for the full year, surpassing the decade average, reflecting solid demand and continued redevelopment initiatives.
Shopping centres led year-on-year growth in H2 2025, followed by high street and out-of-town formats. High street locations showed a marked rebound after several slower years, demonstrating renewed interest in prime locations.
Prime rents and yields held broadly stable across all retail segments. Out-of-town formats continued to see strong demand for compact units, which maintained pressure on pricing for smaller surfaces.
Also, vacancy levels remained within a typical regional range and broadly stable throughout the year.
Development activity stayed modest, constrained by high construction costs, stricter planning frameworks and a market focus on repositioning existing assets rather than launching large new projects.
Investment activity strengthened in 2025, with total volumes reaching €2.1 billion, over half of which was recorded in the second half of the year, driven mainly by large out-of-town retail park transactions and supported by shopping center activity. Notable deals included Shopping Ville 2 in Charleroi and the Cora/Galimmo center in La Louvière.
Overall, the retail market showed renewed momentum in H2 2025, supported by improving sentiment, stable fundamentals, and a more active investment landscape.
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