Retail vacancy rates in Belgium continue to fall in the first half of the year, despite a number of major bankruptcies. Vacant retail premises are finding new occupants surprisingly quickly.
Looking to diversify
During the first six months of 2024, real estate consultant CBRE recorded 199,183 sqm in new retail lettings in Belgium, which is slightly higher than the five-year average for the first half of the year. These were mainly transactions in high streets and out-of-town locations: activity in shopping centres is lagging behind due to a shortage of quality available properties.
The 380 transactions were mostly smaller transactions in high streets. Retailers that traditionally prefer out-of-town locations continue to explore high streets and shopping centres : they want to diversify their presence and shop formats.
