Economic Context
Moody's now expects Belgian GDP to grow by only 0.6% in 2026, as higher energy prices linked to the conflicts in Ukraine and the Middle East slow the economy. Inflation rose to 4.6% in September and the ECB raised rates for the second time this year, making borrowing more expensive. Households have become more pessimistic and expect prices to rise again. So far, however, consumers keep spending, and retailers continue to commit to new space, especially for larger stores.
Occupier Market
Retail take-up reached ~166,200 sq m across 219 transactions in Q3 2026, 37% more than a year earlier. Out-of-town retail drove the quarter with 70% of all space let, largely thanks to former Makro sites now repositioned as new retail destinations. Colos took the two largest units there, of ~19,200 sq m and ~13,900 sq m. Without these sites, take-up would have been 10% lower than last year. High streets were busy too, with H&M on Avenue Louise in Brussels (~2,500 sq m) and Mango in Ostend (~1,900 sq m). Shopping centres were quieter, but HalfPrice's signing in several Cora centres will lift Q4. Prime rents were stable at €1,750/sq m/year on the high street, €1,300 in shopping centres and €190 out-of-town.
Investment Market
Investors spent ~€181 million on Belgian retail property in Q3 2026, across 22 transactions. Volume was lower than a year earlier, but Q3 2025 included the Cora/Galimmo portfolio sale, estimated at €600 million; without it, the decline was 26%. Out-of-town retail took almost three quarters of the volume, with Ninovita in Ninove going to Roca Invest and Winkelpark N60 in Oudenaarde to RVM Invest, each for ~€27 million. On the high street, private investors bought the Inno building on Veldstraat in Ghent for ~€23 million. All buyers were Belgian. Prime yields were stable, with the high street at 4.85%. The agreed ~€49 million sale of retail park De Mael in Bruges is expected to complete in 2027.
