The logistics property market has seen this year also in Belgium and a very poor start. But there is reason for cautious optimism. Chinese players are now also finding their way into Europe. Thanks to Covid, Belgium is more firmly on the radar of international players. It has also become slightly more competitive compared to the Netherlands, amongst others says Mathieu Opsomer, head of Industrial & Logistics Agency BeLux, JLL. He is the moderator of the panel discussion ‘The future of the logistics market and logistics property’ (with a particular focus on the Ghent region) on WEDNESDAY 23 SEPTEMBER2026 (1.30 pm – max. 2.40 pm) at Flanders Expo at LIB during Transport & Logistics in Ghent.
Logistics property got off to an extremely slow – one might even say disastrous – start in the first quarter of 2026.
Mathieu Opsomer: ‘There was in the first quarter hardly any take-up, just 40,000 m² and there were no major deals. In Limburg, 17,000 m² for Carglass, a 10.000 m² for Neovia and a further 10,000 m² for Nippon Express. Thatwas it for Flanders. And then there was another 10,000 m² for All Exeptional eand end-user in Brussels. We provided in the commentary on thefirst-quarter figures we did already indicated that we were anticipating an improvement in the market, certainly towards the end of the second quarter. And there is now also improvement. We expect that two major deals totalling around 40,000 m² will be finalised very shortly, certainly before the end of the summer, will be signed and announced. And maybe the second quarter already exceed n 100,000 m²’.
There was hardly any demand for logistics property last year…
Mathieu Opsomer: ‘There is the demand side and there is the supply side. We cannot, however, deny that we in the sector were all working on the supply side last year. The closure of a number of companies, including Audi Brussels, a company employing 4,000 people, at the forefront, was no exception to this. There have beenn many sites coming onto the market due to closures of international companies that have moved abroad. This has ensured for ensured that they could be sold and which was therefore part of the business for us’.
Why did even family-run property investors invest less?
Mathieu Opsomer: ‘ We were involved in various projects that we wereonegotiating with family property investors. In principle, if they decide to buy, then they purchase it under normal circumstances as well. They have, so to speak, the money ready to hand. We have recently begun to also observe that even amongst these family-run property investors, there are now parties who are only are only willing to sign if there is one or more clauses setting out conditions precedent. And why is that? Do these people no longer have the money? No, but they also face challenges in their portfolios challenges: a default here, a defaulting debtor there… and suddenly they find themselves with many square metres vacant space. There are also among their clients parties who can no longer afford to pay the rent. These property players are now saying that they want to resolve those problems in their existing portfolio first. If I were in their shoes, I would do exactly the same’.
Let’s turn our attention back to the demand side for a moment: Belgium’s economic situation. It’s not exactly brilliant.
Mathieu Opsomer: ‘That’s right. And let’s be honest, if we look at a new trend in 2026, it’s that the major Chinese logistics players, who have been the subject of discussion for years, are now entering the market. The enquiries are concrete, the tenders are concrete, so before the end of the year a number of major logistics transactions will be announced in Belgium involving Chinese logistics companies’.
Is Belgium still competitive enough for logistics property?
Mathieu Opsomer: ‘Industrial logistics in Belgium has always been here. Some call it a grey market, but we call it a very stable market with a number of established players, such as WDP, Montea, Intervest, and then there are the established developers: Weerts Group, MG Real Estate, Bolckmans Group, Heylen Warehouses …’
Internationally, our position has certainly not deteriorated since the pandemic. In the Netherlands, the go-ahead had been given for years. Everyone was welcome. Any (agricultural) site was transformed into an industrial estate in no time at all, and a 200,000 m² logistics facility would spring up there. In Belgium, however, nothing could be done because of night work, the trade unions’ stance, and so on. Meanwhile, in many regions of the Netherlands, for a host of reasons – such as the nitrogen issue, urban sprawl, the labour shortage, a different political outlook, and so on – the light is now ‘amber slash red’. Here, meanwhile, the status is ‘orange slash green’. There is a growing realisation here that something really needs to be done. If things have become more difficult for our main competitor, it means that things have become a little easier for us. In the future, within a few years, there may well be more competition from northern France, particularly for Zeebrugge, Ostend and Ghent. Especially when I hear about all the projects Belgian developers are working on in Dunkirk and Calais. But we’re not quite there yet. The Netherlands remains our biggest competitor.’
We are living in a completely different world today than we were a few years ago. Is the geopolitical situation having a negative impact on logistics property? Suppose there really is a positive turn of events in the war in Ukraine or Iran. Or suppose Trump loses the mid-term elections. Could something like that have an impact on the logistics property market?
Mathieu Opsomer: ‘Anything that brings greater certainty and stability brings, can help to boost the market. That’s nothing new. It’s just as important, however, that we maintain a realistic view of the market. During and nthe pandemic, there was an unprecedented boom. We must compare today’s situation with the pre-pandemic period. For the past two years, we have been back at a comparable level. Over the past few quarters, and certainly in the first quarter of 2026 were slightly more difficult, partly due to the geopolitical uncertainty ’.
In recent years, it has been said that there is more potential in Wallonia. Hasn’t Liège Airport lost some of its momentum as a logistics hub for the south?
Mathieu Opsomer: ‘After Covid, we were at the very peak of the logistics sector in Flanders. Within the Antwerp–Ghent–Brussels logistics golden triangle and along the major transport corridors in Flanders, we had a 0% vacancy rate. Compared with our neighbouring countries, that was unprecedented. So we had absolutely nothing available in this prime logistics location. Everything was fully occupied. As a result, of course, a great many investors, developers and logistics operators started looking to the other side of the country.’
And then, initially, there was Liège, which has always behaved somewhat like an outsider within Wallonia, as an extension of the Flemish Antwerp–Limburg axis. Liège did very well at the time and was also full. So, out of necessity, people then turned their attention to Mouscron & Tournai, close to Kortrijk and Waregem, and even to Charleroi.
At present, the prime properties in Flanders are still virtually fully occupied. However, in the slightly older buildings or those in slightly less desirable locations, there is currently some vacancy. So there is once again a supply of properties in Flanders, which means people are looking less towards Wallonia.
The Flemish government was a candidate to take over the site made available by Van Hool.
Mathieu Opsomer: She didn’t succeed. Is that a bad thing? Personally, I don’t think so. One might wonder whether the government should be using taxpayers’ money for such investments make. It is, after all, a truly beautiful site, the likes of which are rare in Belgium. New economic activity does indeed need to be created; I fully agree with that. But to now join the bidding at that location for a major industrial logistics redevelopment… It is not at all very difficult accessible for a major industrial or logistics company. If you’re in any doubt, I suggest you simply try driving there . That isn’t easy, is it? It is an extremely difficult location in terms of access. I suspect the buyer will subdivide the site for local developers. Where the local council is dreams of – a single large-scale production like in the old days – sounds like wishful thinking to me. What jobs will be created and there will be lots of 2.500 m² to 1 hectare for local SMEs’s, makes much more sense. That will then undoubtedly a mix of local SMEs’s, will become a mix become of local logistics and semi-manufacturing. Aand modern industrial estate with all sorts of things’.
Let’s now look more specifically at the Ghent region. What is the situation there?
Mathieu Opsomer: ‘The Port of Ghent has also seen a massive boom in terms of logistics. Ten years ago, nobody wanted to set up there. The E17 was always the preferred route. Two years ago, the area was completely full. These days, however, you can see that there are quite a few vacant units here and there. Partly due to the closure of glass manufacturer AGP, there is now around 40 to 50,000 m² of vacant space there. There are also still a few units available here and there, so there really is some availability in the Port of Ghent.34 4
There’s no need to panic, but the reality is that even in Ghent, not everything is ‘full, full, full’. It is a market with potential, a market with opportunities, but it is a market that is currently fairly saturated. I understand that DSV has also temporarily shelved its plans to construct a new building there.’
What are the prospects for the coming years?
Mathieu Opsomer: “We expect interest rates to stabilise or even fall slightly, and oil prices and inflation to develop favourably. This will have a positive impact on the logistics property market.”
A distinction must, however, be made between prime locations (“world 1”) with state-of-the-art buildings and limited supply, and secondary locations (“world 2”) with greater supply and price pressure. For prime locations, we expect a slight rise in rents and a possible modest improvement in yields under ideal conditions; for secondary locations, we see pressure on rents and stable yields. Developers are not building at their own risk and are prioritising the letting of existing vacancies and pre-letting’.
