Belgium Logistics MarketView (Early 2022)
February 21, 2022
Demand for logistics space in 2021 increased by 17.5% to a record 1.2 million m². Readily available space is extremely limited, and continues to decrease. The logistics vacancy rate has now dropped to only 0.76%, from 1.26% a year earlier. The possibility of increasing the pipeline in the short- to medium-term to relieve the demand pressure is limited given the lack of available land. Additionally, complicated permitting and looming environmental questions are further hindrances. A mix of strong pent-up demand, scarcity of land and rising construction costs is pushing rents higher all over the country.