Belgian Industrial & Logistics Market 2025: A Year of Stability, Divergence and Renewed Investor Confidence
The Belgian industrial and logistics market ended 2025 on a solid footing, shaped by a noticeable contrast between segments. Semi‑industrial activity surged, logistics demand eased, vacancy stabilised and development momentum remained strong. Despite shifting occupier behaviour, the sector demonstrated a maturity and resilience that continued to attract significant investor interest.
Economic Conditions: Stability After a Volatile Period
By early 2026, the Belgian economy had moved into a more balanced phase following a year of moderate expansion. While growth softened in the final months of 2025, the broader trend remained stable, supported by increased industrial and construction activity. Logistics, however, faced external pressures as total cargo throughput at the Port of Antwerp‑Bruges declined, even though container flows showed greater resilience. Expectations for the year ahead point to steady but modest economic growth, helped by easing inflation but tempered by ongoing fiscal challenges.
Demand: A Market Driven by Semi‑Industrial Activity and Rental Stability
Take‑up in 2025 surpassed the previous year’s performance, but the headline volume masked a clear divergence between segments. Semi‑industrial demand dominated, fuelled by strong activity in SME business parks as well as a sharp rise in larger warehouse deals in the second half of the year. Logistics demand, meanwhile, softened as international third‑party logistics providers continued to consolidate the additional capacity they had accumulated in previous years.
Despite the cooling within pure logistics, several strategic transactions underscored the depth of demand for well‑connected, high‑quality space. The purchase of a major Liège facility by Jost Group highlighted the continued strength of multimodal locations such as Trilogiport. At the same time, infrastructure-led projects like the large Beringen development along the Albert Canal reaffirmed the long-term importance of integrated transport corridors.
Rental values reflected this more balanced environment. Prime rents held firm along Belgium’s major logistics axes, consolidating the strong growth of earlier years. Brussels remained the most expensive market due to its chronic shortage of high-spec warehousing in urban settings. The overall stability in rental values suggests that occupiers remain selective, prioritising modern, efficient and ESG‑compliant facilities, while developers exercise greater caution in speculative construction.
Vacancy and Development: Stabilisation and Strategic Growth
Vacancy rates stabilised at just under five percent by year‑end, signalling a market that had reached equilibrium. Availability along the main logistics corridors remained healthy, with newer stock representing only a modest share of the space on offer. Liège tightened significantly due to major transactions, while the southern submarkets continued to show more abundant supply.
Development activity remained robust. New completions concentrated along Belgium’s strongest logistics routes, particularly the E313 and E17 corridors, with the Brussels periphery also seeing notable delivery. Built‑to‑suit projects dominated, confirming occupiers' preference for customised, high‑spec warehouses. This trend is set to continue, with a sizeable pipeline of committed developments expected to come to market over the coming months.
Land values moved broadly in line with these patterns. Prices remained highest in and around Brussels and along the northern logistics axes, while more affordable land continued to be available around Charleroi and Mons. Developers approached acquisitions with increased caution, applying stricter exit calculations, yet brownfield redevelopment continued to gain momentum as a strategic source of new supply.
Net absorption remained strong, supported by the sustained delivery of new logistics stock and stabilising vacancy levels. Even with shifting occupier behaviours, the overall absorption level reflected a fundamentally healthy and deeply rooted industrial base.
Investment: A Strong Finish to the Year
Investment activity provided a powerful close to 2025. Logistics once again proved to be a key pillar of Belgium’s commercial real estate market, attracting more than a billion euros in capital—almost matching the already strong result of the previous year. Industrial real estate also saw a sharp rise in volumes, more than doubling the previous year’s performance.
The second half of the year was marked by several landmark deals. Intervest’s acquisition of the Weerts portfolio stood out as one of Belgium’s most significant logistics transactions in recent years. The sale of a major Trilogiport facility to Jost Group and an important sale‑and‑leaseback involving high‑bay space and future development potential illustrated investors’ ongoing confidence in the segment’s long‑term fundamentals.
Financing conditions played an important role. With the European Central Bank continuing to ease rates and inflation steadily moderating, investor sentiment strengthened. This shift contributed to a mild compression in prime logistics yields by year‑end, while yields for semi‑industrial assets remained stable. The overall yield landscape now reflects a market where stability, liquidity and long‑term structural demand continue to underpin investor appetite.
