2026-04-20-莱坊-Dutch_Office_Market_Report_2026_7页_14mb

Dutch Office Market Report Summary (2026)

Core Content

This report provides an overview of the office market trends in the G5 cities of the Netherlands: Amsterdam, The Hague, Rotterdam, Utrecht, and Eindhoven. It highlights leasing and investment activity, vacancy rates, rental trends, and the influence of key sectors such as technology, professional services, and government.

Key Market Trends

Amsterdam

• Leasing Market:
  • Total take-up in 2025 reached approximately 210,000 sq m.
  • Demand concentrated in the South Axis and city centre.
  • Prime office rents exceeded EUR 650 per sq m, with top rents at premium buildings above EUR 500 per sq m.
  • Flex-office operators and professional services firms were active.
  • Small unit demand increased, but large transactions remained robust.
  • Vacancy rates in prime locations remained below 5%, while secondary districts like West/Riekerpolder and Sloterdijk had higher vacancy.
• Investment Market:
  • Total investment volume in 2025 was EUR 651 million, the highest among Dutch cities.
  • Prime gross initial yields (GIY) stood at 5.25%, the sharpest in the country.
  • Weesperstaete was the key transaction, sold for EUR 100 million.
  • The market is supported by strong office-based employment growth and constrained development pipeline.
  • Prime vacancy rates are expected to stay tight, supporting rental growth and capital value stability.

The Hague

• Leasing Market:
  • Total take-up in 2025 was 59,000 sq m, with activity concentrated in Beatrixkwartier, Bezuidenhout, and city centre.
  • Government and semi-public sectors were key drivers, including FMO extending a lease of 9,300 sq m.
  • Prime vacancy rates remained below 5%, with top rents reaching EUR 245 per sq m.
  • Binckhorst had the highest vacancy at 17%, but redevelopment initiatives are expected to improve this.
• Investment Market:
  • Total investment volume in 2025 was EUR 370 million.
  • Prime GIY stood at 6.60%, reflecting low vacancy and rental growth.
  • New Babylon was the top transaction, sold for EUR 114 million.
  • The city's institutional backbone, including the Dutch government and international organizations, ensures stable, long-term demand.
  • The market is expected to benefit from core capital returning and urban regeneration.

Rotterdam

• Leasing Market:
  • Total take-up in 2025 was 62,000 sq m, with most activity in the city centre and Kop van Zuid.
  • New-build developments pushed headline rents to EUR 350 per sq m.
  • Flex-office operators expanded their presence.
  • Vacancy in the Alexander district reached 14.5%, due to older stock and peripheral location.
• Investment Market:
  • Total investment volume in 2025 was EUR 385 million, the second highest among Dutch cities.
  • Prime GIY stood at 6.70%, with a premium over Amsterdam due to redevelopment-ready assets.
  • FIRST Rotterdam was the largest transaction, sold for EUR 152 million, the biggest office deal in the Netherlands in 2025.
  • The city is undergoing a fundamental economic transformation from an industrial powerhouse to a knowledge-driven innovation economy.
  • Urban regeneration and planned investments are expected to drive future growth.

Utrecht

• Leasing Market:
  • Total take-up in 2025 was 68,000 sq m, with most activity in the city centre and Kanaleneiland.
  • Utrecht Central Station is the prime office hotspot due to excellent rail connectivity.
  • Kanaleneiland recorded the lowest vacancy at 3.9%, while Leidsche Rijn offers modern buildings and competitive rents.
  • Healthcare and technology sectors contributed significantly to leasing demand.
• Investment Market:
  • Total investment volume in 2025 was EUR 232 million.
  • Prime GIY stood at 6.40%, with compression expected as high-quality assets become available.
  • Supply pipeline is tightening, particularly in the city centre and Rijnsweerd, creating upward pressure on rents.
  • Population growth and economic momentum position Utrecht as a fast-growing city.
  • The city is a central rail hub in the Randstad and benefits from residential and mixed-use redevelopment.
  • Institutional and core investors are returning to the market, enhancing capital allocation potential.

Eindhoven

• Leasing Market:
  • Total take-up in 2025 was 31,000 sq m, driven by the high-tech and manufacturing sectors.
  • Edge Eindhoven attracted professional services tenants at top rents of EUR 265 per sq m.
  • Strijp district had the lowest vacancy at 3.9%, reflecting strong creative and innovation-oriented demand.
  • High Tech Campus had a vacancy rate of 9.8%, but still attracted technology companies.
• Investment Market:
  • Total investment volume in 2025 was EUR 79 million, relatively modest due to smaller market size.
  • Prime GIY stood at 6.75%, though this may not be fully representative due to limited institutional-grade assets.
  • ASML's mega-expansion is expected to intensify demand for office and R&D space.
  • The Brainport ecosystem and global megatrends in AI, semiconductors, and advanced manufacturing support structural growth.
  • Investment activity is expected to increase with new developments and market expansion.

Summary of Key Points

• Amsterdam:

  • Strong leasing and investment activity.
  • Prime locations maintain low vacancy, while secondary areas have higher vacancy.
  • Weesperstaete was the key transaction, with prime GIY compression expected in 2026.

• The Hague:

  • Stable, income-driven market with low vacancy in core districts.
  • New Babylon was the top transaction, reflecting government and institutional demand.
  • Binckhorst has high vacancy but is set for redevelopment.

• Rotterdam:

  • Largest investment transaction in the Netherlands in 2025.
  • FIRST Rotterdam sale for EUR 152 million highlights urban transformation.
  • Kop van Zuid and city centre are premium areas with strong rental growth.

• Utrecht:

  • Growing population and strong economic fundamentals.
  • Utrecht Central Station and Kanaleneiland are prime areas with low vacancy.
  • Institutional investors are returning, enhancing capital allocation potential.

• Eindhoven:

  • Tech-driven market with ASML's expansion and Brainport ecosystem.
  • Edge Eindhoven demonstrated strong rental performance.
  • Strijp district has the lowest vacancy, while High Tech Campus has higher vacancy but attractive demand.

Conclusion

The Dutch office market in 2025 showed resilience and growth, with Amsterdam leading in investment and leasing activity, The Hague offering stable, long-term demand, Rotterdam undergoing urban transformation, Utrecht benefiting from demographic and economic growth, and Eindhoven driven by technology and manufacturing. All cities are expected to see continued investment and leasing activity in 2026, supported by ESG compliance, flexibility, and strong occupier fundamentals.