Sharp Vacancy Increase in Belgian Retail Landscape
From 2008 onwards, the vacancy rate rose steadily, peaking on January 1, 2021. Then the vacancy rate reached 11.8%. After 2021, we saw the vacancy rate gradually decrease again in the following years. However, last year this decline came to an end and vacancy rates rose sharply again. At the beginning of 2025, 11.2% of retail properties are vacant, which is 21,546 vacant properties.
Bankruptcies and bank closings
A major reason for the increasing vacancy rate is the large number of 2024 bankruptcies. Last year, Bristol, Carpet Right, Esprit and Scotch & Soda, among others, went bankrupt.
The other major reason has been hanging over the head of the Belgian retail market for a long time. Belgium, despite the digitization of banking, still has a very large number of bank branches. Especially now, when customers are increasingly managing their banking online, a large number of bank branches are being closed. Last year, ING closed more than 100 branches, and with the merger of AXA and Crelan, they too closed nearly 100 bank branches. A total of 300 premises disappeared last year.
Differences between centers
One aspect that always stands out in vacancy figures is the large differences between Belgian centers. Center areas of medium-sized cities have, on average, the highest vacancy rates. There, 17.5% of premises are vacant, with peaks in Charleroi (36.2%) and Péruwelz (32.8%). In the centers of those places, one of every 3 properties is vacant.
Huge numbers, especially when compared to the other end of the spectrum, the Shopping Centres where the vacancy rate is 6.7%. In Kortrijk's Ringshopping, for example, only 2% of properties are vacant.
Belgian center areas face a major challenge if they are to find an infill for the large number of vacant properties in the coming years. Given the developments over the past 17 years, it is certainly not to be expected that they will again fill all the properties with retail, other solutions are needed for that.
Are you interested in learning more about Belgium's vacant properties? Order the vacancy monitor Belgium 2025 now.
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