Snapshot Q2/2020: key analytics on Belgian real estate market – Nobody move! Cushman & Wakefield’s back with its quarterly marketbeat of the Belgian real estate market. Up next: Second Quarter of 2020.
Delve into the key parameters of the local market. Zoom in on what’s what in industrial, office and retail real estate, and get your asset strategy up to speed with crucial insights into what’s happening today – and what might affect the market outlook next.
Following the heavy economic blow caused by the coronavirus-related lockdown, indicators and surveys confirm activity is now rebounding. In particular, surging expectations in both business and consumer confidence surveys support the view that recovery is underway.
Oxford Economics’ GDP growth forecast indicated that the Belgian economy will contract by 8.7% this year followed by a rebound in 2021 where a 7.1% growth is expected. However, subsequent growth (up to mid-2022) will be much more gradual as higher unemployment (forecasted at 6.6% for 2020), subdued external demand, delayed investment plans and a limited fiscal response due to the return of the political deadlock, will slow the recovery.
In Brussels, letting activity during Q2 reached 78,000 sq m (62 transactions), bringing the total for the first half of the year to 128,000 sq m. Indeed, this is one of the weakest semesters ever recorded. As a reminder, activity in the letting market was expected to decrease following…
A headline take-up figure close to 63,000 sq m in regional markets was pretty solid during a Q2 which has seen the economy marred by the consequences of the health crisis. Additionally, Wallonia outweighed Flanders in the take-up stakes, which is a rare occurrence…
Semi-industrial activity increased marginally in Q2 to record take-up at 171,000 sq m, a tribute to the sector’s resilience amid the COVID-19 sanitary crisis. Furthermore, logistics activity has come leaps and bounds since the slow start recorded in Q1..
The COVID-19 crisis accelerate the reshaping previously observed in the retail sector. The growing shift towards the online retail and the lockdown observed during most of the second quarter led to a 15% decrease of the activity (both in number of deals and surfaces) in…
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