Economic Context
Moody's has cut its forecast for Belgian GDP growth to 0.6% in 2026. Energy prices rose again on the back of the conflicts in Ukraine and the Middle East, pushing inflation to 4.6% in September, and the ECB responded with a second rate increase this year. Belgian industry is running below capacity, and business investment declined in the second quarter. In this context, logistics occupiers continue to commit to large units, while semi-industrial users are more cautious and investors remain selective.
Occupier Market
Industrial and logistics take-up reached ~429,000 sq m across 161 transactions in Q3 2026, 40% more than a year earlier. Two large logistics lettings explain much of this: JD.com leased ~65,600 sq m at Park De Hulst in Willebroek, the former Decathlon site, and Skechers took ~45,900 sq m at Herstal Logistics I. Even without them, take-up would have been 4% higher than last year. Logistics accounted for more than half of all space, while semi-industrial was quieter at ~184,000 sq m. Flanders took three quarters of the total, with the Mechelen-Willebroek area alone at ~105,000 sq m. Prime rents were stable at €80/sq m/year in the Brussels area and €70 in Flanders, while Liège moved up from €60 to €62/sq m/year after the Skechers letting.
Investment Market
Investors spent ~€114 million on industrial and logistics property in Q3 2026, across 10 transactions, about half the Q2 volume. Q3 2025 included the ~€300 million sale of a Weerts Logistics Parks portfolio to Intervest; without that deal, volume was only 7% lower. Sale-and-leasebacks led the quarter, with Montea buying the 38,000 sq m Vanguard Logistics site in the Port of Antwerp-Bruges for ~€30 million. Land for redevelopment also attracted buyers, as WDP acquired the former Arlanxeo site for ~€24 million and plans a new 55,000 sq m development. The prime logistics yield moved out to 5.00%, from 4.90%, and the prime semi-industrial yield stands at 6.95%.
