The confidence of real estate investors in Belgium and Luxembourg is once again on the rise. This is evident from a survey by JLL among around 100 investors and developers, conducted in December 2025 and January 2026.
After a strong recovery year in 2025, in which the investment volume in Belgium increased by 42% to 4.5 billion euros, logistics real estate in particular confirms its appeal. According to JLL, 2025 was even a record year for logistics real estate, in addition to a strong year for retail, while offices remained under pressure. There was also a clear recovery in Luxembourg, with an increase of almost 39% to 841 million euros.
Logistics real estate is the favorite asset class of investors today and in the future. The segment thus consolidates its leading position. Moreover, 88% of investors surveyed indicate that they will maintain or even increase their real estate exposure, which indicates renewed optimism in the market.
In terms of returns, a clear majority expects yields for logistics real estate to remain stable in 2026. That suggests a market that is rebalancing after previous corrections.
Although financing conditions are stable or improving according to 82% of investors, the geopolitical context remains a point of attention. Political tensions in Europe and internationally are cited as the main risk for 2026. Economic growth and interest rate developments also remain under supervision.
Yet JLL sees sufficient positive signals. The stabilization of the financing market and new reference transactions provide more clarity about achievable returns. According to JLL, the conditions are in place to restore liquidity in various segments. “The conditions are therefore present to restore liquidity in all segments,” confirms Vincent Van Brée, Head of Capital Markets at JLL BeLux.
