Economic Context
Belgium’s economy closed 2025 with moderate and stable growth, recording a full-year GDP increase of 1.02%. Inflation eased to 2.2% by December, aligning closely with the euro area average, while financing conditions stabilised as ECB policy rates remained unchanged since June 2025. The labour market softened, with unemployment rising from 5.70% in 2024 to 6.15% in 2025, reflecting ongoing reforms and slower employment growth, particularly in industrial sectors.
Demand Overview
Retail leasing activity was exceptionally strong in 2025, with total take-up reaching 562,000 sq m across 1,049 transactions—30% above the ten-year average. Q4 2025 alone saw 227,000 sq m transacted in 379 deals. Home & deco and fashion categories led in surface area, while fashion and food & beverage (dine-in) dominated transaction numbers. Shopping centres recorded 95,878 sq m of take-up, driven by the repositioning of Cora shopping complexes and integration of larger-format units. Notable occupier activity included JYSK’s acquisition of former Leen Bakker stores and new openings in Cora centres, with TEDi, Dreambaby, and Kiabi also active.
Vacancy Trends
Vacancy in prime high street locations remains very limited, particularly on Meir and Rue Neuve, as demand continues to outpace supply. Shopping centres experienced strong take-up, but vacancy levels and rent adjustments indicate a more regionally nuanced market. No significant mention of sublease space impacting total availability was noted.
Rent Trends
Prime high street rents increased from €1,700 to €1,750/sq m/year in Q4 2025, reflecting sustained demand and limited supply in top locations. Shopping centre prime rents were slightly adjusted downward from €1,330 to €1,300/sq m/year, highlighting regional differences and more realistic market expectations. Out-of-town prime rents remained stable.
Construction & Supply Pipeline
The report does not detail new construction starts or completions, but highlights significant repositioning and integration of larger-format retail units in shopping centres, notably the Cora complexes. The supply pipeline is characterized by ongoing asset repositioning rather than large-scale new developments.
Belgium’s retail market in Q4 2025 demonstrated robust leasing and investment activity, with prime high street assets outperforming and shopping centre dynamics evolving through asset repositioning and selective rent adjustments.