Are low retail property yields in Brussels justified?

At around 4.5%, Brussels retail yields are back very close to the lows recorded in late 2007 and early 2008. On this basis, only in Vienna and some German cities does retail property look more expensive. Unfortunately, we expect the Belgian economy to contract over the next 12 to 18 months and the current level of retail yields is unlikely to be sustained, either in absolute or relative terms.

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