Retail vacancy rates rise sharply again in Belgium

The vacancy rate in Belgian shopping streets has increased significantly last year, with 11.2 % of retail properties now standing empty. This marks a concerning reversal after years of gradual decline.

Shopping centres more resilient

At the beginning of the year, 21,546 retail spaces were unoccupied, Locatus states. This is the highest since the previous peak of 2021 (at 11.8 %), since when vacancy rates had slightly decreased. The bankruptcies of several major retailers have significantly contributed to this trend. Notably, shopping centres have been largely unaffected, with an average vacancy rate of 6.7 %. Locatus cites Shopping Ring Kortrijk as a prime example, with only 2 % of its retail spaces vacant.