In line with a trend that has been going on for several years, the focus of real estate transactions in the logistics sector has shifted slightly more to the east of the country. It is the provinces of Limburg and Liège that have registered the largest transactions.
With 585,921 m² of transactions, 2025 was less active than 2024 and this is even the fourth year in a row that this volume has fallen. However, JLL prefers to speak of a ‘new normal’. “After the Covid years, when transaction volumes were boosted by e-commerce logistics, we are returning to volumes that are 30% below the average of the last ten years,” explains Mathieu Opsomer (Head of Industrial & Logistics Agency Belux at JLL), who also believes that over the course of 2025 the market will have accepted and “processed” the economic uncertainties resulting from the international turbulence and the “tariff wars”. That would explain why the beginning of the year was bad (especially in the second quarter), but the end of the year was more active.
In general, occupancy rates are declining: vacancy now stands at 3.3% on the Antwerp-Brussels axis, which is still considerably lower than the European average (6.3%). JLL also notes that its prime locations are fully occupied. The phenomenon of vacancy therefore mainly affects warehouses that are less well located or slightly older.
Limburg and Liège in the lead
For the second time, the largest transaction volume was registered on the Antwerp-Limburg axis, just like in 2023. Some large deals contributed to this, such as the 90,000 m² that will be built in the Beringen Logistics Terminal for Aertssen (50,000 m²) and Van Moer Logistics (40,000 m²). Three other transactions from the top 10 also took place in Limburg: the 26,000 m² that will be built for Gosselin Group in Genk, the sale of an existing building (23,427 m²) to Nolmans Retail Support (toy stores Toychamp and now also Dreamland) and a building of 22,000 m² to be built in Oudsbergen for Portwest Unlimited Company, an Irish company that produces safety clothing and distributes.
The Walloon axis is in second place with two major transactions: the sale of 55,000 m² by WDP to Jost in Trilogiport (largest transaction of the year – see photo) and the sale of the former Maxi Toys distribution center to ADTI Autoparts (41,500 m²). A total of 191,000 m² of transactions were registered on this axis. The country’s most important logistics hubs, on the other hand, had a lower transaction volume than in previous years: 114,000 m² for the Antwerp-Brussels axis (highlighted by the sale of the MG Malinas site and the project to be built by MG Real Estate for Colruyt in Lembeek) and the same amount for the Antwerp-Ghent axis (highlighted by the arrival of the Dutch logistics service provider Logent in Evergem on 49,000 m² and of Xwift on the Ghent Logistics Campus 21 on 22,000 m²).
The semi-industrial market in top form
In contrast to the figures for the logistics market, the results of the semi-industrial sector (where mainly local entrepreneurs set the tone) have increased by 36% compared to 2024, despite the departure of many large foreign industrial groups. This proves that the entrepreneurial spirit is still alive and well in our country, despite, as Mathieu Opsomer regrets, far too long procedures for obtaining permits and a lack of interest from the intermunicipal companies in Flanders.
