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
Retail take-up reached ~126,400 sq m across 280 transactions in Q2 2026, 13% below the 144,600 sq m recorded in Q2 2025 but 26% above Q1. H1 2026 stands at ~226,400 sq m over 509 transactions, around 7% ahead of H1 2025. Prime retail rents were unchanged in Q2 2026, at €1,750/sq m/year on the high street, €1,300/sq m/year in shopping centres and €190/sq m/year out-of-town. Limited availability of units in prime locations continues to support rental levels, particularly in prime (A) locations.
Investment Market
Retail investment volume reached ~€262 million across 31 transactions in Q2 2026, roughly double the €130 million recorded in Q1. This brings the H1 total to ~€392 million over 49 transactions. That is 52% below H1 2025, though the comparison is not like-for-like: last year's first half was inflated by the Forum Estates portfolio and the Metro/Makro sites, and no transaction of that scale occurred in H1 2026.
