RANDSTAD OFFICE MARKET 2014

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RANDSTAD
OFFICE MARKET 2014
STATE OF AFFAIRS
AMSTERDAM REGION
TRENDS IN OFFICE TAKE-UP PER DISTRICT
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014 H1
26,000
m2
Amsterdam Centre
59,000
93,500
71,000
39,500
26,000
32,500
46,500
53,500
55,500
Amsterdam Sloterdijk-Teleport
29,500
21,000
35,000
33,500
13,500
7,500
11,500
2,500
14,500
1,500
Amsterdam West
54,500
50,500
55,500
24,000
22,500
17,000
19,500
13,000
8,500
2,000
Amsterdam South Axis
13,500
94,500
36,500
35,500
46,000
75,500
26,500
37,000
57,500
9,500
Amsterdam Southeast
55,000
45,500
71,500
65,500
37,500
39,000
66,000
75,000
12,500
33,500
Amsterdam North
Amstelveen
Diemen
0
14,500
16,500
16,500
0
2,500
1,500
5,500
2,000
0
35,000
72,500
22,500
4,000
14,500
8,500
6,500
12,500
13,500
2,000
4,500
24,500
2,500
6,000
0
500
5,000
0
5,500
0
2007
2008
2009
2010
2011
2012
2013
2014 H1
TRENDS IN OFFICE SUPPLY PER DISTRICT
2005
The first six months of 2014 were reasonably positive as
far as the office market of the Amsterdam conurbation
is concerned. In the open market in which property
developers and investors are actively involved, firms and
organisations rented approximately 95,000 m² of office
space. And even though the mood could be described as
‘not too bad’, indeed demand was slightly below that in
the same period last year. The main reason for lower
office take-up levels in this region was the lack of lease
transactions in the cities of Amstelveen and Diemen.
Amstelveen’s market in particular was lethargic in the
first half of this year. The city of Amsterdam, however,
succeeded in keeping take-up levels steady in the same
period, allowing the trend of previous years to continue.
The market’s mood was particularly determined by a
number of major transactions with ING Bank, Calvin
Klein, Booking.com, TravelBird, Stryker and Lexence. As
a result, this time demand was strongest in Amsterdam
Southeast and the city centre. Both districts were
responsible for two-thirds of office take-up, although
one needs to bear in mind the fact that the transaction
with ING Bank in Southeast did add serious weight to
the scales. Interestingly enough, demand for offices in
the South Axis business district was indeed something
of a letdown. Despite various transactions, total take-up
volumes were below those of previous years. In fact the
only transaction worth pointing out was the one that
involved the Lexence law firm in the building previously
used by the NN Group, better known as the ING House.
As for the rest South Axis, Southeast and the city centre
were exceptions more than anything. In other parts of the
city the first six months of 2014 were exceptionally quiet
despite price cuts. For instance, demand for premises in
the Sloterdijk-Teleport office area got off to a bad start and
also the area along the A10 ring road had to sail against
the wind. In North there were no transactions whatsoever
according to data available to NVM. Generally speaking,
most market experts expect demand for offices to hold up
well in the second half of this year, although the number
of major companies looking for offices will be modest
according to expectations.
One setback for the office market followed from the
increased availability of offices for rent. In the first six
months of 2014, vacant office space in the Amsterdam
conurbation increased by nearly 3% to approximately
1.41 million m². Indeed a large number of square metres of
office space have been withdrawn from stock for conversion,
yet the floor area taken off the market was insufficient
to counterbalance the rising availability of existing
office space. Availability increased mainly in the cities of
Amsterdam and Amstelveen while Diemen made a positive
exception in this region, pushing down its supply levels
for the fourth time in a row. It is because the decision was
made to take down a number of vacant buildings. One of
the interesting developments in Amsterdam is the fact
that the South Axis business district in particular saw
availability levels rise alarmingly. This mainly followed
from the availability of floor area in existing buildings,
including ING House, Atrium, Olympic Plaza and Tripolis.
Also a number of new construction projects such as The
Edge and 1000 Mahler led to ample availability. And
even though availability levels did climb in the city of
Amsterdam, the market senses that in some places there
will be a shortage of high-quality office space in the years
to come. One of the office locations where this problem has
presented itself already, is the ArenA area in Southeast.
Notwithstanding the ample supply of offices, various
locations managed to keep rents steady. At the best
locations, including e.g. the ArenA area in Southeast and
the core area of the South Axis business district, in fact
a slight upwards pressure occurred and fewer incentives
were granted. In Sloterdijk-Teleport that is less popular
among office users, however, rents were seriously under
downward pressure.
NVM BUSINESS RANDSTAD OFFICE MARKET 2014
2006
m2
Amsterdam Centre
190,500
130,500
136,000
109,000
139,000
150,500
135,500
168,500
152,500
144,000
Amsterdam Sloterdijk-Teleport
159,000
170,500
181,000
160,000
178,000
204,000
182,500
229,000
233,000
200,500
Amsterdam West
146,500
195,000
207,500
186,000
208,000
167,500
187,500
187,500
157,000
167,500
Amsterdam South Axis
206,500
184,500
194,000
147,500
131,000
91,500
81,500
72,000
70,500
132,000
Amsterdam Southeast
298,000
337,000
340,500
282,500
292,000
307,500
304,500
252,500
323,500
318,000
8,000
8,000
14,000
4,000
15,000
13,500
18,500
21,500
25,500
28,500
106,500
94,500
72,500
109,500
126,000
144,500
159,500
171,000
196,500
215,500
74,500
66,000
78,500
69,000
73,500
72,500
65,000
38,500
32,500
25,500
Amsterdam North
Amstelveen
Diemen
AVAILABILITY RATES PER DISTRICT MID 2014
PRIME RENTAL LEVELS PER DISTRICT MID 2014
%
€
Amstelveen
Amsterdam Sloterdijk-Teleport
Amsterdam Southeast
Amsterdam West
Amsterdam North
Amsterdam South Axis
Amsterdam Centre
Diemen
Amsterdam South Axis
Amsterdam Centre
Amsterdam Southeast
Amsterdam North
Amstelveen
Amsterdam Sloterdijk-Teleport
Amsterdam West
Diemen
0
10
20
30
40
50
Source: NVM
0
50
100 150 200 250 300 350 400
Source: NVM
TYPICAL RENTAL BANDS PER DISTRICT MID 2014
TAKE-UP AND SUPPLY IN AMSTERDAM
Amsterdam Centre
x 1,000m2
1200
1000
800
2
2
145
300
Amsterdam Sloterdijk-Teleport
90
150
Amsterdam West
80
150
Amsterdam South Axis
230
335
Amsterdam Southeast
80
195
600
Amsterdam North
125
180
400
Amstelveen
80
175
200
Diemen
70
130
0
2005
2006
2007
2008
Supply
2009
2010
2011
2012
2013
Take-up
Source: NVM
NVM BUSINESS RANDSTAD OFFICE MARKET 2014
THE HAGUE REGION
TRENDS IN OFFICE TAKE-UP PER DISTRICT
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014 H1
21,500
m2
The Hague Centre
17,500
52,500
16,000
26,000
19,500
35,000
12,000
28,000
23,500
The Hague Benoordenhout
10,000
3,500
8,500
500
500
3,500
0
17,000
3,500
2,000
The Hague Bezuidenhout
48,000
29,500
7,500
2,000
32,500
41,000
21,500
11,000
26,000
4,000
The Hague Binckhorst
1,000
0
13,500
15,000
2,500
0
1,500
1,500
4,000
0
The Hague Convention Centre
1,000
6,000
3,500
2,000
9,500
1,000
7,000
1,500
4,500
1,500
The Hague Laakhaven
Rijswijk
4,000
7,500
10,500
2,500
2,000
0
500
9,000
2,500
6,000
23,500
5,500
40,000
15,500
7,500
13,000
5,500
10,000
10,000
7,500
Leidschendam
5,000
500
9,500
500
1,000
0
1,500
1,500
1,000
0
Voorburg
4,000
5,000
3,000
0
1,500
0
5,000
4,000
3,500
0
Delft
10,000
1,500
6,000
15,500
7,500
6,500
6,500
8,000
6,000
1,000
Zoetermeer
19,000
12,500
28,000
22,500
14,500
11,500
8,500
23,000
9,500
1,000
2008
2009
2010
2011
2012
2013
2014 H1
143,000
TRENDS IN OFFICE SUPPLY PER DISTRICT
2005
2006
2007
m2
Better-than-expected lease results allowed the office
market in The Hague and surroundings towns to have a
relatively good first half year. Assuming the reliability of
the available data on office rentals and sales, approximately
45,000 m² were taken up in the first six months of 2014.
And provided this trend persists, late this year transaction
volumes in this region will be nearly the same as in 2013.
True to tradition, a leading role was claimed by the city of
The Hague, which should not come as a surprise bearing
in mind the amount of existing office stock. Although many
small to medium-size transactions did take place in the city
of The Hague, it was a number of major transactions that
helped office space take-up move in a positive direction. One
of the transactions that did attract quite some attention
involved the office building on the Nieuwe Uitleg which
was leased out to the national police forces. Also the UWV
(Employee Insurance Schemes Implementing Body) and
housing corporation Staedion contributed to these take-up
volumes. Because most transactions involved The Hague’s
city centre, this area has now become the city’s hotspot.
Especially those locations that are in the proximity of the
Central (train) Station have gained popularity beyond
the ordinary. Except for the city centre, office users were
also interested in the Beatrixkwartier district located in
Bezuidenhout, although take-up rates remained slightly
below expectations. The course of events in the area
surrounding the World Forum Convention Centre and
also at the industrial park known as Binckhorst, however,
was rather disappointing as potential lessees were hardly
interested in any of these areas. Trends in demand were
also slow in The Hague’s suburbs. In fact, Zoetermeer
paid the highest price and only Rijswijk managed to walk
away from this reluctant mood where demand for offices
remained afloat thanks to transactions with accounting firm
BDO and claims adjuster Van Ameyde.
Office market events were typified by the fact that total
availability in The Hague conurbation dropped significantly
for the first time in years. This improved situation to a great
extent followed from a decrease in the amount of floor area
available in both The Hague and Voorburg. In the city of
The Hague supply levels dropped after withdrawing some
major office buildings located on the Binckhorstlaan, the
Stationsplein and Kortenaerkade in order to make room
for e.g. residential construction. Consequently, halfway
through the year 13% of The Hague’s total office stock was
available for rent, versus 14.5% in late 2013. Diminishing
supply levels in the city of The Hague was mainly a good
thing for the city centre and the Binckhorst area. The
Bezuidenhout district, however, saw these levels slightly go
up. In Zoetermeer they were almost the same and strangely
enough, unlike developments in The Hague, hardly any
offices were withdrawn although plans to convert a number
of long-term vacant buildings have existed for quite some
time. The odds are that due to plans of the Netherlands
General Intelligence and Security Service (AIVD) to
relocate to The Hague, supply levels in Zoetermeer will rise
instead. Increased availability is also expected in Rijswijk
as considerable floor area will be released following the
large-scale new construction on behalf of the European
Patent Office.
Despite improved market conditions in this region, rents
were clearly still under serious pressure in the first half
of this year, making bandwidths even smaller. As a result,
almost each office location suffered to a greater or lesser
extent. Due to ample supply and the relatively limited
number of prospective tenants, rents are expected to drop
even further down. In addition to downward pressure
on rents, real estate agents also identify more generous
incentives.
NVM BUSINESS RANDSTAD OFFICE MARKET 2014
The Hague Centre
63,500
41,000
63,000
78,000
111,500
135,500
139,000
138,500
164,500
The Hague Benoordenhout
26,500
21,500
26,000
37,000
42,000
56,500
46,000
49,000
68,000
65,000
The Hague Bezuidenhout
44,500
20,500
26,500
53,000
62,000
50,000
52,000
66,500
112,500
116,000
The Hague Binckhorst
58,000
55,000
56,500
45,500
70,000
84,500
84,000
85,000
78,000
57,500
The Hague Convention Centre
32,000
37,500
38,000
17,000
31,000
34,500
27,500
33,000
30,500
32,000
The Hague Laakhaven
27,000
36,000
24,000
17,000
37,000
40,500
53,000
70,000
58,500
39,000
Rijswijk
95,000
114,000
133,000
135,500
189,500
193,000
221,500
244,500
243,500
238,500
Leidschendam
18,000
20,000
24,000
40,500
46,000
46,000
44,000
45,500
27,500
27,500
9,500
20,500
19,000
23,000
28,500
30,500
29,000
31,500
29,000
13,500
Voorburg
Delft
36,500
28,500
18,500
4,000
32,000
35,000
39,500
36,500
44,500
48,000
Zoetermeer
89,500
119,500
103,500
83,000
102,000
132,000
130,000
135,500
138,000
136,500
AVAILABILITY RATES PER DISTRICT MID 2014
PRIME RENTAL LEVELS PER DISTRICT MID 2014
%
€
Rijswijk
Leidschendam
Zoetermeer
The Hague Laakhaven
Voorburg
The Hague Binckhorst
The Hague Bezuidenhout
The Hague Benoordenhout
Delft
The Hague Convention Centre
The Hague Centre
The Hague Centre
The Hague Bezuidenhout
The Hague Benoordenhout
The Hague Convention Centre
The Hague Laakhaven
Rijswijk
Voorburg
Delft
Zoetermeer
The Hague Binckhorst
Leidschendam
10
0
Source: NVM
20
30
40
50
Source: NVM
0
50
100 150 200 250 300 350 400
TYPICAL RENTAL BANDS PER DISTRICT MID 2014
TAKE-UP AND SUPPLY IN THE HAGUE
The Hague Centre
x 1,000m2
1200
1000
2
200
The Hague Benoordenhout
120
160
The Hague Bezuidenhout
130
195
The Hague Binckhorst
800
2
125
The Hague Convention Centre
60
125
125
160
600
The Hague Laakhaven
75
130
400
Rijswijk
70
130
200
0
Source: NVM
2005
2006
2007
2008
Supply
2009
2010
2011
Take-up
2012
2013
Leidschendam
70
120
Voorburg
75
130
Delft
90
130
Zoetermeer
65
130
NVM BUSINESS RANDSTAD OFFICE MARKET 2014
ROTTERDAM REGION
TRENDS IN OFFICE TAKE-UP PER DISTRICT
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014 H1
17,000
m2
Rotterdam Centre
41,000
43,500
64,500
62,500
33,000
72,500
71,500
27,000
29,500
Rotterdam Prins Alexander
35,000
20,000
22,500
42,500
7,000
2,500
2,000
4,500
1,000
2,500
Rotterdam Kralingen
14,500
4,000
5,500
21,500
8,000
17,000
12,000
11,000
2,500
2,500
1,500
3,000
21,000
1,500
5,500
500
4,000
12,500
6,500
4,000
Rotterdam South
Rotterdam Waalhaven
38,000
51,500
14,000
16,500
2,000
18,500
1,500
5,500
3,500
500
Capelle a/d IJssel
16,000
24,500
8,500
25,000
21,500
13,000
11,000
10,000
9,500
500
500
1,500
3,500
17,500
4,000
5,000
18,500
2,000
2,500
0
2006
2007
2008
2009
2010
2011
2012
2013
2014 H1
396,000
Schiedam
TRENDS IN OFFICE SUPPLY PER DISTRICT
2005
m2
180,500
159,500
164,000
142,500
271,500
280,000
307,500
323,500
389,000
Rotterdam Prins Alexander
Rotterdam Centre
47,500
26,000
27,000
16,500
17,000
28,500
60,000
81,000
83,500
81,000
Rotterdam Kralingen
31,500
39,500
53,000
41,500
54,500
52,000
53,000
54,500
56,000
61,500
Rotterdam Waalhaven
The Rotterdam region’s office market experienced modest
increase in demand during the first six months of 2014,
although it should be pointed out that recovery was
infused particularly by relatively favourable developments
in the city of Rotterdam. Indeed, office take-up was
absolutely disappointing in Capelle aan den IJssel and
also in Schiedam in the first half of this year. As for the
city of Rotterdam, demand for rented property ensured
take-up worth approximately 27,000 m² of office space,
which is about as much as in the same period a year
ago. Expectations for the rest of the year are moderately
optimistic. Real estate agents assume market will equal
last year’s transaction volumes, given the fact that various
medium-sized office users are in search of alternative
accommodation. In line with previous years, in the first six
months of 2014 demand was strongest in the city centre,
particularly in the area surrounding the Central (train)
Station. Take-up volumes in the city centre remained
steady mainly due to large-scale lease transactions with
chemical concern LyondellBasell and Calder Holding,
some of the enterprises that are actively involved in
labour reintegration. But good take-up rates in the city
centre were undone by poor demand for offices in other
parts of the city. One interesting detail when it comes to
demand for offices was that companies were slightly more
interested in the areas known as Prins Alexander and
Kralingen (Brainpark). For instance in Kralingen, a large
number of square metres were leased out to insurance
broker Concordia de Keizer. But despite growing interest in
locations on the north side of the city, concrete transactions
have not taken place so far.
What also added to the slightly positive mood in the office
market was how availability developed. Indeed the number
of office space available in the city of Rotterdam did slightly
climb in the first six months of 2014 reaching 726,000 m²
in total, yet growth was much more insignificant compared
to previous years. One of the factors involved was the
decision to convert several large buildings including offices
located on the Westzeedijk and the Schiekade. In addition,
no offices were scheduled for construction in the first half
of this year, so again increase could not present itself. All
in all 21% of offices were available for rent nevertheless.
Rotterdam’s areas with relatively high availability
levels are Prins Alexander, the city centre and Kralingen
(Brainpark). In fact, availability only managed to stabilise
in the city of Rotterdam. In Capelle aan den IJssel and also
in Schiedam availability levels kept rising in the first six
months of 2014 and as a result, nearly 30% of stock was
available for rent in Capelle aan den IJssel. Office vacancy
rates were highest in the commercial district known as
Rivium but also availability is expected to further grow
in the city of Rotterdam, as upon extending their leases
companies will require less space than they have so far.
While availability increased fractionally in the city of
Rotterdam, and although take-up levels did manage to
keep steady, parties were more concerned about rents.
For net rents continued to fall, affecting peripheral office
locations such as Kralingen and Prins Alexander in the
first place. In addition, different locations in the city centre
had to take lower rents for granted.
NVM BUSINESS RANDSTAD OFFICE MARKET 2014
Rotterdam South
8,000
7,500
13,000
11,000
16,500
28,000
27,000
22,000
23,500
24,000
24,500
31,000
25,500
30,000
32,000
32,000
53,000
67,000
61,000
68,000
Capelle a/d IJssel
91,500
73,500
88,000
64,000
96,000
108,000
132,000
136,000
140,000
146,500
Schiedam
30,500
24,500
26,000
22,500
34,500
29,500
24,500
23,500
36,000
43,000
AVAILABILITY RATES PER DISTRICT MID 2014
PRIME RENTAL LEVELS PER DISTRICT MID 2014
%
€
Capelle a/d IJssel
Rotterdam Prins Alexander
Rotterdam Centre
Rotterdam Kralingen
Schiedam
Rotterdam Waalhaven
Rotterdam South
Rotterdam South
Rotterdam Centre
Rotterdam Kralingen
Rotterdam Prins Alexander
Rotterdam Waalhaven
Schiedam
Capelle a/d IJssel
0
10
20
30
40
50
Source: NVM
0
50
100 150 200 250 300 350 400
Source: NVM
TYPICAL RENTAL BANDS PER DISTRICT MID 2014
TAKE-UP AND SUPPLY IN ROTTERDAM
Rotterdam Centre
x 1,000m2
1200
1000
800
2
2
100
190
Rotterdam Prins Alexander
120
150
Rotterdam Kralingen
140
170
Rotterdam Waalhaven
90
145
Rotterdam South
90
210
600
Capelle a/d IJssel
90
135
400
Schiedam
80
135
200
0
2005
2006
2007
2008
Supply
2009
2010
2011
2012
2013
Take-up
Source: NVM
NVM BUSINESS RANDSTAD OFFICE MARKET 2014
UTRECHT REGION
TRENDS IN OFFICE TAKE-UP PER DISTRICT
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014 H1
m2
Utrecht Centre
45,500
74,000
20,000
12,000
6,000
24,500
17,500
13,000
17,500
14,000
4,500
10,500
16,000
14,000
36,000
5,500
2,500
10,500
20,500
2,000
30,000
8,500
36,500
22,500
10,500
7,500
13,500
2,000
10,500
0
Utrecht Lage Weide
9,000
12,000
16,000
4,000
2,500
12,500
3,500
5,000
9,000
500
2,500
Utrecht Rijnsweerd
Utrecht Kanaleneiland
Utrecht Papendorp
31,000
12,000
9,500
29,500
11,500
23,500
16,500
9,500
14,500
Utrecht De Meern
7,000
1,500
3,500
2,000
5,500
500
1,000
1,000
500
0
Maarssen
4,000
1,000
4,500
6,000
1,000
2,500
3,500
500
0
0
Nieuwegein
37,000
13,500
17,000
10,000
9,000
12,500
12,000
8,500
5,000
7,500
Houten
34,000
3,500
5,500
10,000
6,000
2,000
5,000
500
1,500
3,000
2007
2008
2009
2010
2011
2012
2013
2014 H1
TRENDS IN OFFICE SUPPLY PER DISTRICT
2005
2006
m2
A slightly pessimistic mood seems to have taken possession
of the office market in the Utrecht region. This slightly
negative mindset follows from the reluctant attitude
of office space occupiers, who hardly showed up in the
first half of 2014. Due to insufficient enthusiasm the
office market in this region also had to settle for modest
transaction volumes that never managed to exceed
35,000 m². The fact that many organisations decided to
wait and see has clearly affected the office market in the
city of Utrecht in the first place. Not only did the number
of transactions drop significantly, but also the total take-up
levels tumbled heavily. Poorer demand for office space
in Utrecht presented itself particularly in edge-of-town
locations. For instance, take-up in the Kanaleneiland
district, which usually reports reasonable letting activities,
did not amount to much. And also Rijnsweerd as well as
Papendorp experienced the same disappointing demand.
But even though transaction volumes in the first half
of 2014 were something of a letdown almost throughout
the city, demand for office space remained steady in the
city centre. This, however, was mainly because of two
sizeable lease transactions with the Rabobank. All things
considered, much needs to be made up for in the second
half of this year in order to climb back to the 2013 level.
One major office user that still qualifies for relocation in
the city of Utrecht is the webstore Bol.com that intends to
concentrate all activities in the Papendorp district. One
of the buildings that could benefit from these plans is the
WTC Papendorp that has been vacant for the greater part
after Capgemini took off.
Some places in the Utrecht region did manage to escape
disappointing trends in demand. Such was the case in
Nieuwegein among other places, where take-up levels
climbed in the first half of 2014 following transactions
with GoConnectIT and ARGO. Interestingly, slightly more
activity was sensed in the municipality of Houten.
Except the fact that demand for office space in this region
did not meet expectations, the market also suffered from
seriously climbing availability levels in the first six months
of 2014. It is because much office space was added to the
market particularly in the city of Utrecht. Due to this
growth, which mainly presented itself in the city centre and
also in Papendorp, approximately 17% of Utrecht’s total
stock was available for rent or sale halfway through the
year, compared to a little more than 15% towards the end
of 2013. In Papendorp rise could be ascribed to office spaces
released by IT service provider Atos Nederland. Although
availability levels went up in the city centre as well, rise
was kept within bounds nevertheless. While availability
went up in the city of Utrecht, the office markets in
Nieuwegein and Houten did reasonably resist; in both
municipalities the amount of floor area available remained
almost unaltered. Indeed more floor area was released in
Nieuwegein, yet a number of vacant office properties were
withdrawn from stock.
In Utrecht poorer demand for office space and increased
availability led to a downward pressure on rents, pushing
down prices inside but also outside the city centre. And like
in previous years, investors continued to offer incentives on
a generous scale.
NVM BUSINESS RANDSTAD OFFICE MARKET 2014
Utrecht Centre
26,500
24,000
20,000
15,000
12,500
14,500
23,500
41,500
56,000
68,500
Utrecht Rijnsweerd
31,000
49,500
22,500
27,000
27,500
41,000
49,500
57,000
37,000
40,000
Utrecht Kanaleneiland
57,500
89,000
66,000
56,000
74,500
86,000
81,500
86,500
90,000
94,000
Utrecht Lage Weide
30,000
48,000
36,500
34,500
47,000
38,500
41,000
47,500
52,000
54,500
118,000
Utrecht Papendorp
28,500
37,000
51,500
46,500
55,500
65,500
60,000
97,500
89,500
Utrecht De Meern
12,000
20,500
18,000
17,500
23,500
28,000
29,500
33,500
34,500
34,500
Maarssen
24,500
35,500
33,500
24,000
45,000
47,500
44,500
45,500
46,000
43,500
Nieuwegein
92,000
95,000
80,000
90,500
127,000
159,000
176,500
173,000
160,000
158,000
Houten
23,000
23,000
22,000
10,500
23,000
39,000
40,500
45,500
46,000
44,500
AVAILABILITY RATES PER DISTRICT MID 2014
PRIME RENTAL LEVELS PER DISTRICT MID 2014
%
€
Utrecht Papendorp
Utrecht De Meern
Maarssen
Nieuwegein
Utrecht Kanaleneiland
Utrecht Lage Weide
Houten
Utrecht Rijnsweerd
Utrecht Centre
Utrecht Centre
Utrecht Rijnsweerd
Utrecht Papendorp
Utrecht Kanaleneiland
Utrecht Lage Weide
Utrecht De Meern
Maarssen
Houten
Nieuwegein
0
20
10
30
40
50
Source: NVM
0
50
100 150 200 250 300 350 400
Source: NVM
TYPICAL RENTAL BANDS PER DISTRICT MID 2014
TAKE-UP AND SUPPLY IN UTRECHT
x 1,000m2
1200
2
2
Utrecht Centre
140
210
Utrecht Rijnsweerd
145
175
90
160
Utrecht Kanaleneiland
1000
800
Utrecht Lage Weide
80
145
Utrecht Papendorp
130
175
600
Utrecht De Meern
80
145
400
Maarssen
70
135
200
0
2005
2006
2007
2008
Supply
2009
2010
2011
2012
Nieuwegein
50
125
Houten
80
130
2013
Take-up
Source: NVM
NVM BUSINESS RANDSTAD OFFICE MARKET 2014
SCHIPHOL REGION
TRENDS IN OFFICE TAKE-UP PER DISTRICT
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014 H1
m2
Hoofddorp Beukenhorst West
11,000
13,000
8,000
3,000
1,500
3,000
4,000
5,000
1,500
1,500
Hoofddorp Beukenhorst East
2,500
13,000
15,000
8,500
16,000
500
13,000
7,000
6,500
1,000
Hoofddorp Beukenhorst South
2,500
3,000
20,500
28,500
14,500
14,000
8,000
11,000
1,000
1,000
0
2,000
2,000
1,500
4,500
1,500
4,000
0
1,000
0
Schiphol
24,000
5,000
24,000
6,500
6,000
3,500
11,500
14,500
4,500
1,000
Schiphol Rijk
15,000
1,000
9,500
3,000
6,500
7,000
9,000
2,000
1,000
7,000
2007
2008
2009
2010
2011
2012
2013
2014 H1
Hoofddorp De Hoek
TRENDS IN OFFICE SUPPLY PER DISTRICT
2005
2006
m2
Hoofddorp Beukenhorst West
39,000
35,000
30,500
29,000
38,000
60,500
55,500
56,500
51,500
62,000
Hoofddorp Beukenhorst East
43,500
43,500
41,500
30,500
44,000
59,500
52,000
56,500
53,000
53,000
Hoofddorp Beukenhorst South
22,000
22,500
18,500
17,000
16,000
18,500
18,000
15,000
15,000
15,000
7,500
7,000
7,000
13,500
27,000
27,000
24,500
31,000
34,000
32,000
Hoofddorp De Hoek
The Schiphol region – which usually comes with a lively
demand for office space – experienced disappointing
take-up in the first six months of 2014. In the so-called
open market, dismissing construction of owner-occupied
offices, only 11,000 m² have found new users. This
modest demand for offices in the first six months of the
year was particularly persistent in Hoofddorp, resulting
in a disappointing image. Not only did the number of
transactions fail expectations, but also the lack of largescale lessees has pushed transaction volumes much below
the standard. Lessees who were actively involved in the
office market were mainly interested in small surface areas
anywhere between 200 and 1000 m². And even though
all locations in Hoofddorp faced disappointing demand,
decline in take-up levels was strongest in BeukenhorstEast. Beukenhorst-South too, which stood out in previous
years due to lots of new development, suffered from
lessees’ reluctant behaviour in the first half of this year. In
addition to Hoofddorp, the office market in Schiphol also
lacked any inspiration. Limited demand for office space in
Hoofddorp and Schiphol was made up for by positive trends
in demand in Schiphol-Rijk, which showed up surprisingly
well. Supported by a number of transactions with e.g.
Juniper Networks and UPC transaction volumes exceeded
the usual take-up levels by far. One of the factors that
definitely played a role was the improved accessibility of
the area. Although so far lease results in this region have
given hardly any reason to be positive, and because the
number of prospective tenants is relatively limited, real
estate agents are expecting some recovery in the second
half of the year.
But despite negative trends in demand developments on
the supply side did present a ray of hope, for the latter
manages to stabilise at the year-end 2013 level. The fact
that availability levels in this region did not go up and
hardly changed in the first six months of this year was
mainly thanks to Schiphol-Rijk. While availability levels
did climb in Hoofddorp, Schiphol-Rijk ensured a decline in
the number of office space available. Increased availability
in Hoofddorp was bad news particularly for BeukenhorstWest, where large surface areas were released after
the scheduled departure of the Belastingdienst (tax
authorities). In fact, rise in this area could have been even
more substantial had approximately 5000 m² of office space
not been withdrawn from stock with the aim of granting
it a different purpose. Due to increased availability in
Beukenhorst-West more than 40% of the existing office
stock in this area was still available for rent or sale
halfway through the year.
Schiphol
35,500
38,000
27,500
34,500
32,000
39,000
28,500
30,500
38,000
36,000
Schiphol Rijk
58,500
61,000
61,000
61,500
77,500
76,000
61,500
66,000
64,000
56,000
AVAILABILITY RATES PER DISTRICT MID 2014
PRIME RENTAL LEVELS PER DISTRICT MID 2014
%
€
Hoofddorp Beukenhorst West
Hoofddorp De Hoek
Schiphol Rijk
Hoofddorp Beukenhorst East
Hoofddorp Beukenhorst South
Schiphol
Schiphol
Hoofddorp Beukenhorst South
Hoofddorp Beukenhorst East
Hoofddorp Beukenhorst West
Schiphol Rijk
Hoofddorp De Hoek
0
10
20
30
40
50
Source: NVM
0
50
TAKE-UP AND SUPPLY IN SCHIPHOL REGION
TYPICAL RENTAL BANDS PER DISTRICT MID 2014
Hoofddorp Beukenhorst West
x 1,000m2
1200
1000
125
175
160
210
Hoofddorp De Hoek
Schiphol
600
Schiphol Rijk
NVM BUSINESS RANDSTAD OFFICE MARKET 2014
200
2005
2006
2007
2008
Supply
2009
2010
2011
2012
2
135
Hoofddorp Beukenhorst East
800
0
2
90
Hoofddorp Beukenhorst South
400
Because quite a few companies adopted a reticent attitude
in the first six months of 2014, rents in the Schiphol region
were under even more pressure, although according to the
market by now the bottom has been reached indeed.
100 150 200 250 300 350 400
Source: NVM
2013
Take-up
Source: NVM
NVM BUSINESS RANDSTAD OFFICE MARKET 2014
80
130
100
365
85
135
DEFINITIONS
Office
A spatial and independent unit used for office
activities or supporting activities in the first
place. Office space that is part of industrial
buildings, universities or hospitals is not
considered to be an office.
Take-up
Lease and sales transactions taking place in the
open market. Users who provide for their own
accommodation requirements (the ‘owner-occupier
development’) are not included in the take-up
volume. The same applies to sale-and-leaseback
agreements as well as contract extensions. NVM
registers transactions starting at 200 m².
Supply
Office space immediately available for rent
or sale. Supply does not include offices under
construction and offices which are yet to be built.
Supply includes vacant and developing offices as
well as spaces that are still being used but which
are soon to be released. Supply is measured in
buildings covering at least 500 m².
Rent
The basic rent paid per square metre of lettable
floor area, exclusive of VAT, service charges and
lessees’ specific fitting-out costs.
This publication has been produced with the
assistance of: P van den Bosch Bedrijfs­m akelaars
(Amsterdam), Fris Bedrijfsmakelaars (Amsterdam),
NAI Netherlands (Amsterdam), Van Dijk & Ten Cate
Vastgoedadviseurs (Amsterdam), COG Makelaars
(The Hague), Nadorp Makelaars (The Hague), Rob Swart
Bedrijfshuisvesting (­ Zoetermeer), Ooms Makelaars
Bedrijfshuisvesting (Rotterdam), MVGM Bedrijfshuisvesting
(Rotterdam), Ans de Wijn Bedrijfshuisvesting (Utrecht) en
BT Makelaars (Schiphol).
Colophon
Composition Drs. R. L. Bak.
Data source NVM Data & Research, Nieuwegein.
Design Proof Studio, ­Amsterdam.
Photography H. G. Esch, L. Kramer, Schiphol Real Estate,
J. Lankveld en N. van Onna.
August 2014
NVM Business
Fakkelstede 1
3431 HZ Nieuwegein
Telephone: (030) 608 51 85
NVM BUSINESS RANDSTAD OFFICE MARKET 2014
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