Dutch Office - Knight Frank · demand for office space in 2019. Substantially more space was let or sold on the open market than the year prior. Office take-up in the region amounted

Research 2020

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Dutch Office Market Report

Occupier market trends in the Randstad.

Amsterdam ◆ The Hague ◆ Rotterdam ◆ Utrecht

2 3

While take-up continues to decline in Amsterdam overall, demand remains in the city centre.

A M S T E R D A M

Take-up

The Amsterdam region saw moderating

demand in 2019, leading to less office

space being taken up on the open market

than over the previous year. The fall in

demand was most notable in the city of

Amsterdam, where take-up decreased by

almost 25% to approximately 212,000 sq

m. In addition to take-up, the number

of transactions also declined relative

to the previous year. The majority of

take-up was small to medium-sized lots,

Source: Knight Frank, Bak Property Research

Availability rates by district, year-end 2019

D U TC H O F F I C E M A R K E T R E P O R T 2 0 2 0

0

200400600

800

1,0001,200

1,4001,6001,800

2,000

2018

2009

2010

2011

2012

2013

2014

2015

2016

2017

0%

5%

10%

15%

20%

Amst

erda

m C

entre

Amst

erda

m S

outh

east

Amst

erda

m O

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Amst

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m S

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Availability versus take-up 000's sq m

Availability Take-up

0.0M

0.5M

1.0M

1.5M

2.0M

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

albeit there were several larger lettings,

including those with Coty, EVBox,

Intertrust, Netflix, Spaces, University of

Amsterdam and Fosbury & Sons.

Within Amsterdam, demand was

focused mainly on the city centre, the

Southeast district, the Sloterdijk district

and the South Axis. Take-up in the

area surrounding the Amstel Railway

Station, was limited, largely due to lack

of office space coming onto the market.

Take-up of office space also declined in

the neighbouring towns of Amstelveen

and Hoofddorp.

Availability

Office availability in the Amsterdam

region continued to trend downwards,

declining by 40,000 sq m over the year

in 2019, to approximately 870,000 sq

m. The decline in availability was most

noticeable in the city of Amsterdam

itself, where vacant space fell to 570,000

sq m, or 9.3% of the total stock. This

reduction in supply benefited the

Sloterdijk and Southeast districts in

particular. In contrast, availability

increased sharply in the West district,

along the A10 ring road, which was

caused primarily by the former Fashion

Garden building coming on to the

market. The South Axis also faced

increasing availability. Including new

developments, approximately 159,000

sq m was available for lease by the end

of 2019.

DISTRICT RENTAL RANGE

Amsterdam Centre 200 – 500

Amsterdam Sloterdijk 145 – 200

Amsterdam West 145 – 200

Amsterdam South Axis 245 – 475

Amsterdam Southeast 145 – 220

Amsterdam Other 125 – 185

Amstelveen 125 – 225

Diemen 100 – 165

Hoofddorp/Schipol 145 – 425

O F F I C E R E N T S 2 0 2 0 ( € P E R S Q M PA )

Amsterdam’s main office districts

2

A9

A9

A4

A9

A1

A10

A10

A10

A10

A2

South

Sloterdijk-Teleport

Riekerpolder

West

Amstelveen

Hoofddorp

East

Southeast

Diemen

North

Centre

South Axis

Buiten-veldert

Schiphol

Schiphol-Rijk

Take-up nearly doubled in The Hague over the year to 2019.

T H E H A G U E

Take-up

The Hague office market and its

surrounding towns enjoyed a

surprisingly strong recovery in 2019.

Take-up of office space on the open

market was approximately 163,000 sq

m, nearly twice the 2018 figure. The city

of The Hague saw most of this demand,

with take-up reaching 130,000 sq m,

driven by a number of large deals. This

included the letting of a 20,000 sq m

planned office complex to the Central

Government Real Estate Agency and

a similar amount of office space let to

PostNL. There were also several other

large lettings including Shell, Fosbury

& Sons, The province of Zuid-Holland,

T-Mobile and Nationale-Nederlanden.

Partly as a result of the deals with PostNL

and T-Mobile, the focus of demand within

The Hague itself was on the Laakhaven

district. Outside the city of The Hague,

a notable strong performer was Rijswijk,

where take-up increased to 17,000 sq m.

Availability

The increased take-up in the region

was accompanied by a decline in

the amount of space available for

immediate occupation, which fell to

765,000 sq m by the end of 2019. This




0

200400600

800

1,0001,200

1,4001,6001,800

2,000

2018

2009

2010

2011

2012

2013

2014

2015

2016

2017

0%

10%

20%

30%

40%

The

Hagu

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denh

out

The

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20

30

40

The

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The

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0.0M

0.2M

0.4M

0.6M

0.8M

1.0M

1.2M

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

was most notable in the city of The

Hague itself, where vacant space fell to

308,000 sq m, or 8.4% of the total stock.

Vacancy rates decreased in nearly all

parts of the city but fell particularly

sharply in the Laakhaven office district.

The Benoordenhout and Bezuidenhout

districts also saw marked declines in

vacancy to below 3% in both markets.

While availability in the city centre of The

Hague remained unchanged at 100,000

sq m, in Rijswijk, availability significantly

increased due to offices formerly

occupied by Shell and the European

Patent Office coming to the market.


The Hague Centre 125 – 225

The Hague Bezuidenhout 130 – 195

The Hague Benoordenhout 120 – 180

The Hague Binckhorst 70 – 140

The Hague Convention Centre 145 – 185

The Hague Other 90 – 165

Leidschendam-Voorburg 90 – 130

Rijswijk 90 – 140

Delft 90 – 130

Zoetermeer 75 – 140


The Hague main office districts

Rijswijk

Leidschendam

Laakhaven

Convention Centre

Binckhorst

Benoordenhout

Centre Bezuidenhout

A4

A4

E19

A12E30

E19

A13

Zoetermeer

Delft


4 5


Due to exceptional demand in 2018, Office take-up moderated in 2019.

R O T T E R D A M

Take-up

Last year, the office market in the

Rotterdam region had to contend with

flattening demand, leading to less

property being let or sold on the open

market compared to 2018. This trend was

seen in both the city of Rotterdam and

the neighbouring towns of Capelle a/d

IJssel and Schiedam.

The decline in take-up was particularly

apparent in the city of Rotterdam.

However, this was expected due to the



0

200400600

800

1,0001,200

1,4001,6001,800

2,000

2018

2009

2010

2011

2012

2013

2014

2015

2016

2017

0%5%10%15%20%25%30%

Schi

edam

Rotte

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Oth

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Rotte

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Sou

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0.0M

0.2M

0.4M

0.6M

0.8M

1.0M

1.2M

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

city having enjoyed an exceptionally

high level of demand in 2018. In

Rotterdam take-up fell by 27% to

approximately 97,000 sq m, primarily

as a result of weaker demand for large

lot sizes. However, market sentiment

remains positive and there were a very

high number of small and medium sized

transactions ranging between 200 sq m

and 1,500 sq m. There were also a few

sizeable deals including occupiers such

as Unilever, MSC, Gemeente Rotterdam,

HDI Global and OMA. As in the past,

tenant and purchaser interest in the

city of Rotterdam focused primarily on

office buildings in the city centre, with

this area accounting for 55 percent of

total take-up. Although demand for

office space in the city centre can be

considered as favourable, take-up was

nevertheless of a lower level than in the

preceding year. Decreases were also seen

in the Brainpark office district, the Kop

van Zuid area and the Alexander district.

Availability

Despite relatively sluggish demand,

total availability in the region declined

over the year to 616,000 sq m by the

end of 2019. Although most places

benefited from this, the decline was

greatest in the city of Rotterdam, where

vacancy decreased to 467,000 sq m,

or 14.7% of total stock. Availability

declined most sharply in the city centre

and in the Brainpark district.


Rotterdam Centre 125 – 225

Rotterdam Alexander 130 – 165

Rotterdam Brainpark 140 – 170

Rotterdam South 90 – 225

Rotterdam Other 85 – 150

Capelle a/d IJssel 90 – 135

Schiedam 80 – 135


Rotterdam main office districts

A15 A16

E19

E20

A4

A13

E19

A20

A20E25

Centre

Brainpark

Alexander

Capelle a/d IJssel – Hoofdweg

Capelle a/d IJssel – Rivium

Schiedam

RotterdamAirport

South

Multiple large leasing transactions caused take-up to increase by 28% over 2019.

U T R E C H T

Take-up

The Utrecht region enjoyed healthy

demand for office space in 2019.

Substantially more space was let or sold

on the open market than the year prior.

Office take-up in the region amounted

to approximately 182,000 sq m, which

was a 28% increase on the previous year.

The city of Utrecht in particular, saw a

number of exceptionally large letting

deals. The most popular office locations

within the city was the area surrounding

the Central Railway Station and the

Papendorp office park, where take-up

was boosted by a significant deal with

the Dutch Police in a building formerly

occupied by Mercedes-Benz. The Lage

Weide industrial estate also accounted

for a substantial part of the achieved

take-up, driven by a sizeable deal

concluded by Rabobank.

These and a number of other large

transactions in Utrecht amounted

for more than half of take-up, albeit

demand was also generated by numerous

small occupiers.

Of the places around Utrecht, only

Nieuwegein performed well, with

take-up of approximately 19,000 sq m.

Demand for Houten was limited, with no

significant deals occurring there.



0

200400600

800

1,0001,200

1,4001,6001,800

2,000

2018

2009

2010

2011

2012

2013

2014

2015

2016

2017

0%5%10%15%20%25%30%

Utre

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Utre

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Utre

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Utre

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0.0M

0.1M

0.2M

0.3M

0.4M

0.5M

0.6M

0.7M

0.8M

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

Availability

The substantial take-up in the region

resulted in a sharp decrease in the

availability of office space for immediate

occupation, with the city of Utrecht and

Nieuwegein particularly benefitting

from this trend. In the city of Utrecht

supply fell by 25% to approximately

196,000 sq m, or 8.2% of the total stock.

Vacancy rates decreased in nearly all

districts, but fell most sharply in the

Papendorp and Lage Weide districts.

Nieuwegein also succeeded in cutting

back the level of availability due to the

take-up of second-hand buildings and

the withdrawal of large volumes of space

for redevelopment.


Utrecht Centre 140 – 285

Utrecht Rijnsweerd 145 – 170

Utrecht Kanaleneiland 130 – 185

Utrecht Lage Weide 80 – 135

Utrecht Papendorp 140 – 180

Utrecht Other 130 – 175

Maarssen 80 – 135

Nieuwegein 80 – 135

Houten 80 – 125


Utrecht main office districts

E35

E30E30

E25

A2A27

A27

A12

A12

A28Centre

Nieuwegein

Houten

Kanaleneiland

Rijnsweerd

Lage Weide

Papendorp

Maarssen

De Meern

Knight Frank ResearchReports are available atknightfrank.com/research or www.NLrealestate.nl

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Dutch Office - Knight Frank · demand for office space in 2019. Substantially more space was let or sold on the open market than the year prior. Office take-up in the region amounted