Economic Context
Belgian nominal GDP reached €160.2 billion in Q1 2026 (NBB). Household consumption remained the main driver of economic activity, although spending growth moderated during the quarter, partly reflecting normal seasonal patterns. Spending was weaker in certain categories, including transport. Fiscal measures and wage developments may weigh on consumption in the coming quarters. Inflation is easing but remains above target. Belgian HICP inflation rose to 4.2% in April and stood at 4.0% in May, before easing to 3.0% in June. Average inflation is forecast at 3.4% in 2026.
Occupier Market
In Q2 2026, the logistics and industrial market recorded 286 take-up transactions totalling roughly 404,000 sq m, revealing a two-speed market. The semi-industrial segment drove volume, accounting for 270 of the 286 deals, though these were predominantly small SME units averaging under 1,000 sq m, with ‘Construction & Building Materials’ occupiers the most active group (70 deals). The segment also included one of the quarter's larger signings, the former Mithra production site in Liège, acquired by Trasis (17,000 sq m).
Investment Market
Investment activity improved in the second quarter, after a slow start to the year. Volume reached €210 million across 10 recorded transactions, bringing the year-to-date total to €240 million, still well below the first half of 2025. Activity was concentrated around a handful of predominantly national players. Alirec acquired three assets, including the Balta site in Wielsbeke, for a total of around €61 million. Katoen Natie and Koramic acquired the mixed-use Claver portfolio for an estimated €50 million, including the SnowWorld complex in Wilrijk. Montea invested €65 million across two sites, one in Antwerp and one in Anderlecht.
