Warehouse Rents in Belgium: Prime Rents Hold as the Market Splits in Two
The Belgian logistics market did not move as one block in the first half of 2026. CBRE's Belgium Logistics MarketView reports the strongest first half on record for semi-industrial demand, while logistics take-up fell as international third-party providers stayed on the sidelines, still absorbing capacity taken on during the post-COVID boom. Prime rents held stable across every corridor. That is a market pausing, not weakening — and a single take-up figure tells you very little about the building type you are looking for.
Two segments, two speeds
The two segments serve different occupiers. Semi-industrial space — SME units, business parks, mixed workshop-and-office premises — is taken largely by SMEs and by companies looking for flexible operational space for their own activity.
Large-scale logistics is taken by international third-party providers and retailers. Those are the occupiers the MarketView identifies as staying on the sidelines in the first half of 2026, still absorbing capacity taken on during the post-COVID boom.
Why SME units keep performing
Semi-industrial demand posted its strongest first half on record in 2026, driven by SMEs and by occupiers looking for flexible operational space. Prices in the segment have risen over recent years, as we set out in our article on the rising prices of SME units in Belgium, and the current SME business units to let show what is on the market.
Where the available space comes from
Vacancy edged up in the first half and then stabilised. Most of what is available is second-hand and sublease space rather than new development, which CBRE reads as an adjustment rather than a supply imbalance.
Almost nothing speculative is being built. Everything currently under construction is pre-let on a build-to-suit basis, so new supply follows an occupier commitment rather than arriving on the market ready to take.
Rents: a consolidation, not a correction
Prime logistics rents held stable on every Belgian corridor in the first half of 2026, after four years of growth. Brussels remains the most expensive market at €80 per m²/year, which the MarketView attributes to a shortage of urban and last-mile space, while Charleroi-Mons sits at €50.
Final Thoughts
The useful thing in the H1 2026 MarketView is the separation it draws. Semi-industrial and large-scale logistics are performing differently, driven by different occupiers and different decisions, and any read of the Belgian market that treats them as one will misjudge whichever segment you are in.
The full analysis is in CBRE's Belgium Logistics MarketView H1 2026. For a specific requirement, our Industrial & Logistics team can advise directly.
