Retail Market Overview Research Report Belux 2020

Covid-19: shock therapy for retail property

  •  The Covid-19 crisis made retailers pause their development prior to adopting more Covid-proof strategies by rightsizing their networks and boosting investments in online retail. A handful of retailers are still pursuing a growth path.
  • Take-up volumes fell back in 2020 in both Belgium and Luxembourg, particularly after the outbreak of the health crisis.
  • The vacancy rate rose to 11.8% in Belgium and to 7.4% in Luxembourg, both historically high levels. 
  • Prime rents are softening and remain under downward pressure in both countries.
  • Investors pushed the “Pause” button, particularly for large size transactions. Demand turns to shops with a grocery or convenience shopping component and retail parks. 
  • Prime yields remained stable for retail warehousing but are decompressing for high streets and shopping centres, with prime yields up to 50 bps higher than 12 months earlier.

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