Belgium’s First Low-Carbon Investor Barometer

The Belgian real estate sector is undergoing an unprecedented transformation. In Brussels alone, €20 billion will be needed to renovate office buildings, with more than 8.4 million m² requiring transformation by 2050 to meet climate objectives.

At the same time, speculative renovations — launched without pre-commitment — have become rare, while the availability of prime buildings is historically low: less than 3% in many European capitals, and barely above 2% in Brussels’ European district. This supply tension, combined with a recovery in the rental market, reinforces the importance of carbon performance as a key criterion for preserving long-term asset value.

It is in this context that the Belgian Low-Carbon Investor Barometer emerges — the first study giving real estate investors active in Belgium a collective voice on their low-carbon transition. Inspired by the French Barometer conducted by Business Immo and presented at SIBCA in Paris, the Belgian initiative is led by Pulse (CFE Group), in collaboration with the Belgian Green Building Council (BGBC) and real estate newsletter Expertise.

The Barometer is based on input from 43 investors active in Belgium, covering all major real estate segments and representing a combined portfolio of more than €42 billion — a highly representative sample amounting to nearly two-thirds of the Expertise Top 100 portfolios (≈ €65 billion), the ranking of Belgium’s largest real estate owners.

The study assesses investors’ perceptions of decarbonisation efforts within the Belgian real estate market and sheds light on the low-carbon strategies being deployed as the sector undergoes major transformation.

Its mission: to establish a recurring benchmark that brings transparency to investor priorities, maturity levels, and the evolution of decarbonisation strategies.

1. Decarbonisation is now a widespread priority: Nearly 9 out of 10 Belgian investors consider decarbonisation important despite macroeconomic pressure — confirming that the transition has become a strategic imperative.
2. Belgian real estate is perceived as lagging behind: 58% believe Belgium is behind in its transition, while in France a majority see their market as ahead.
3. Regulation is useful… but still insufficient to accelerate progress: 68% find Belgian and EU regulations useful to very useful, yet 30% see them as a brake — necessary, but still too complex.
4. Renovation is the central driver of the transition: 70% prioritise renovating existing buildings, far ahead of low-carbon acquisitions (19%) or portfolio disposals (9%). The transition will be driven primarily by upgrading the existing stock.
5. Liquidity concerns are the main driver toward carbon neutrality: For 49% of investors, the key trigger is now asset liquidity — reflecting growing awareness of carbon’s impact on value and marketability. Tenant/client demand comes next (23%), while climate motivation ranks third (16%). In contrast with France, where climate urgency dominates, Belgium is driven mainly by risk of depreciation and obsolescence.
6. Lack of common standards is the main obstacle: 30% cite the absence of sector-wide standards as the top barrier, followed by measurement tools (19%) and lack of expertise (14%). This highlights a crucial challenge: the need for a clear, coherent, and operational framework to guide the transition.
7. Carbon performance directly affects asset value: 79% of investors anticipate a discount on non-aligned assets — clear evidence of the financial materiality of carbon in Belgium. 56% expect a price correction of more than 15%.
8. Climate objectives: progress, but slower than in France: 77% of Belgian investors have adopted a low-carbon strategy (vs. 95% in France), but 1 in 5 still have no carbon target — a much higher share than in France (15.4%).
9. Certifications matter: Environmental certifications remain important for most investors: 7 out of 10 consider them important to very important for acquisitions. BREEAM is the most held and most sought-after certification.
10. Belgium vs France: same ambition, uneven maturity: Belgium shares France’s climate ambition, but maturity is lower. 23% of Belgian investors are still developing their strategy (vs. 5% in France). Belgium is more reactive, with three times more intentions to sell non-aligned assets in the short term

Belgian real estate is decisively entering the low-carbon era, but the transition reveals uneven maturity across market players. Investors are committed, yet a majority believe the country is falling behind its neighbours — mainly due to the lack of common standards and a regulatory framework perceived as necessary but not yet enabling enough.

The transition is driven by renovation, liquidity concerns, and the financial impact of carbon. However, it remains hindered by significant disparities in maturity: some investors are moving quickly — notably through faster divestment of non-aligned assets — while others have yet to formalise carbon targets.

In this context, the Low-Carbon Investor Barometer — launched by Pulse by CFE, BGBC, and Expertise News — provides a shared, objective foundation to align the sector and accelerate Belgium’s low-carbon transition.

Press Contact:

Gwennaëlle Festraets

Gwennaëlle_festraets@cfe.be 

+32 496 28 25 26

Marketing & Communication, Pulse