The latest Cushman & Wakefield 2025 report on Belgian retail reads less like a and more like a cycling race where the favorites are suddenly looking over their shoulders.
While the major metropolitan hubs—our “Big Four” of Antwerp, Brussels, and Ghent—are cruising at their established high speeds, two regional contenders have mounted a thrilling breakaway, signaling where the real momentum lies in Belgian shopping.
The Crown Is Heavy: The Big Four Stand Still
At the top of the podium, the reigning champions remain firmly in place, but their rental growth is frozen at 0%:
Antwerp’s Meir (€1,700/sq m/year): The undisputed Flemish powerhouse, retaining the national crown.
Brussels’ Rue Neuve (€1,650/sq m/year): The beating heart of the capital’s mass market, stable at #2.
Brussels’ Avenue Louise (€1,550/sq m/year): The sophisticated sister, where luxury brands pay a premium to rub shoulders, stable at #3.
Ghent’s Veldstraat (€1,500/sq m/year): The historical core of the student city, holding strong at #4.
These locations represent the bedrock of Belgian retail, commanding the highest prices purely on the basis of foot traffic and prestige. However, zero growth suggests these prime addresses may have hit a ceiling, or perhaps retailers are taking a breath after the post-pandemic frenzy.
The Breakaway: All Eyes on the +5% Climbers!
The real story of 2025 is found down the ranking in the two cities that recorded a spectacular +5% Year-on-Year rent increase—the only streets in the Top 10 to see upward movement. These are the dark horses turning regional charm into serious economic growth:
Bruges: Steenstraat (Now €1,050/sq m/year) Steenstraat, nestled in the Venice of the North, has leveraged its irresistible cobblestone charm and relentless tourism. Retailers here are tapping into a captive global audience that flocks to the city’s medieval heart. The increase signals that high-end brands are now willing to pay a hefty premium for the romantic, high-footfall setting that Bruges’ UNESCO-protected streets provide. It’s a retail proposition built on pure, unadulterated destination appeal.
Hasselt: Hoogstraat (Now €1,000/sq m/year) Known as the “Fashion Capital” of Limburg, Hasselt’s Hoogstraat is a testament to savvy, curated retail. Its +5% jump confirms its status as a breeding ground for unique concept stores, local designers, and stylish boutiques that offer a fresh alternative to the mass-market offerings of the major cities. Hasselt is winning by being different, offering experience and exclusivity that major thoroughfares can sometimes lack.
The Rest of the Peloton
The remaining streets in the Top 10—including Leuven’s Diestestraat (#7), Namur’s Rue de l’Ange (#8), Liège’s Vinâve d’Île (#9), and Mechelen’s Bruul (#10)—all held their ground with 0% rent changes. This stability across the board confirms a trend: retailers are either fiercely protecting their best spots (at the top) or are simply maintaining existing footprints in stable regional cities.
The 2025 ranking confirms that while Antwerp and Brussels still demand the highest rents, the most dynamic action is happening in secondary cities. The future of Belgian retail is polarized: retailers are either paying top euro for sheer volume in the Big Four, or they are betting big on the +5% growth factor found in high-quality, high-experience destinations like Bruges and Hasselt.
