比利时2025年下半年工业报告

Investment Rating - The report indicates a solid investment activity in both semi-industrial and logistics segments, with semi-industrial investment totaling €333 million in 2025 and logistics investment reaching €1.05 billion, surpassing long-term averages [35][40]. Core Insights - The Belgian industrial market is experiencing a watershed year for investment, driven by strong fundamentals and a resilient occupier base, despite modest GDP growth forecasted at 1.1% for 2026 [3][4]. - Semi-industrial demand has strengthened significantly, with total take-up in H2 2025 reaching 720,000 sq m, an 88% increase compared to the previous semester [12]. - The logistics sector remains subdued, with total take-up of 674,000 sq m in 2025, the lowest annual total in recent years, although the number of transactions increased to 53 from 35 in 2024 [15][16]. Summary by Sections Economic Overview - Belgian GDP growth is projected to be modest at 1.1% in 2026, with inflation expected to decrease to 1.8% [11]. - Employment is anticipated to grow by 35,000–40,000 jobs in 2026, while the unemployment rate is expected to rise slightly to 6.2% [9][10]. Semi-Industrial Market - Total take-up for semi-industrial space in 2025 was 1,103,000 sq m, with H2 2025 accounting for 720,000 sq m [8]. - Prime rents for semi-industrial space have increased to €85/sq m/year, with an average rent of €61/sq m/year [27]. - Investment activity in the semi-industrial segment was robust, with €159 million transacted in H2 2025 [35]. Logistics Market - Total logistics take-up in 2025 was 674,000 sq m, with H2 2025 accounting for 386,000 sq m [15][21]. - Prime rents for logistics have risen to €75/sq m/year in Greater Brussels, with average rents increasing to €63/sq m/year [28][30]. - Investment in logistics reached €463 million in H2 2025, bringing the full-year total to €1.05 billion, indicating strong interest from both international and domestic investors [40][41]. Occupier Trends - The semi-industrial segment saw a notable increase in demand, with own occupier purchases making up 51% of take-up in H2 2025 [12]. - The logistics sector is facing challenges, with a structural crisis in the last-mile transport sector leading to a significant number of bankruptcies [22][23]. Future Outlook - The development pipeline for semi-industrial space remains active, with at least 332,000 sq m expected to be delivered by 2029 [32]. - In logistics, a further 632,000 sq m is scheduled for delivery by 2028, indicating ongoing demand despite current market challenges [33].