> **来源：[研报客](https://pc.yanbaoke.cn)** # 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**.