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MARKETBEAT

INDUSTRIAL SNAPSHOT
THE NETHERLANDS

Q3 2014

A Cushman & Wakefield Research Publication

OVERVIEW

Netherlands robust export sector helped


to both strengthen the countrys economic
growth as well as sustain a positive
performance in the industrial market over
the quarter. Indeed, as the Dutch economy
gradually picks-up so does demand for logistics space, with
competition heightened by the limited amount of quality available
supply in the preferred logistics hotspots in the Southern region
of the country. A steady market helped to keep prime logistics
rents firm in Q3.

OCCUPIER FOCUS

Demand for logistics space is strong-and-steady, with interest


focused on the availability of high-quality, modern logistics
premises in the best locations, of which this type of space is
considerably limited. The supply situation has forced occupiers to
even consider older buildings of a lesser quality that would
previously have remained vacant. It has also instigated the trend
of tenants occupying smaller warehouse spaces temporarily as a
quick solution, seen particularly in Rotterdam. As the flight to
quality continues, there have been an increasing amount of onrisk developments. However, with a few larger transactions in
excess of 20,000 sq.m in the pipeline for 2015, the supply/demand
mismatch is likely to be exacerbated in the short-term.

INVESTMENT FOCUS

Industrial investment volumes in Q3 deflated slightly from the


high level captured in Q2, although activity was still buoyant and
interest in the industrial market is gradually picking-up. One of
the more notable transactions over the quarter was the joint
venture between M7 Real Estate and Starwood to acquire a
portfolio of nearly 142,000 sq.m of warehouse space across the
Netherlands worth 71 mn. While prime yields yet again were
firm despite solid investment, year-on-year figures have come
down across the country.

MARKET OUTLOOK
Prime Rents:

Gradual economic growth and inflating


demand should buoy prime rents.

Prime Yields:

Prime yields are anticipated to hold firm on


the back of steady investment activity.

Supply:

The shortage of prime against a surplus of


secondary should balance supply levels.

Demand:

Demand is anticipated to strengthen in line


with gradual pick-ups in the economy

PRIME INDUSTRIAL RENTS SEPTEMBER 2014


LOGISTICS LOCATIONS

SQ.M/YR
57.5

US$
SQ.FT/YR
6.75

GROWTH %
1YR 5YR CAGR
0.0
-0.8

Schiphol

87.5

10.27

0.0

0.6

Rotterdam

58.0

6.81

0.0

-0.7

Eindhoven

57.5

6.75

0.0

-0.8

Venlo

48.0

5.63

0.0

-0.8

Tilburg

48.0

5.63

0.0

-2.0

Nijmegen

50.0

5.87

0.0

0.0

Amsterdam

PRIME INDUSTRIAL YIELDS SEPTEMBER 2014


LOGISTICS LOCATIONS
(FIGURES ARE GROSS, %)

CURRENT
QUARTER
7.70

LAST
QUARTER
7.70

LAST
YEAR
7.80

HIGH
8.50

10 YEAR
LOW
6.25

Schiphol

7.60

7.60

7.70

8.50

6.00

Rotterdam

7.60

7.60

7.80

8.50

6.25

Eindhoven

7.80

7.80

8.00

8.50

6.50

Venlo

7.60

7.60

7.75

8.50

6.40

Tilburg

7.60

7.60

7.75

8.50

6.50

Nijmegen

7.80

7.80

8.00

9.00

6.50

Amsterdam

With respect to the yield data provided, in light of the lack of recent comparable market evidence in many areas of
Europe and the changing nature of the market and the costs implicit in any transaction, such as financing, these are very
much a guide only to indicate the approximate trend and direction of prime initial yield levels and should not be used
as a comparable for any particular property or transaction without regard to the specifics of the property.

RECENT PERFORMANCE

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Yields

The slow incline of the Dutch economy in 2014 is anticipated to


accelerate with more force in 2015, fuelled by a strong export
sector. The industrial property market is likely see conditions
gain momentum in line with the economy, with robust demand
levels boosted by this positive economic performance helping
to sustain competition for logistics space in the hotspots of the
country. However, the logistics market will have to contend with
a severe lack of high-quality space befitting of investor and tenant
demand. Indeed, the shortage of this space type could hamper
increased activity levels, particularly with a few larger occupier
deals in the pipeline for 2015.

10.00%
9.00%
8.00%
7.00%
6.00%
5.00%
4.00%
3.00%

15.0%
10.0%
5.0%
0.0%
-5.0%
-10.0%
-15.0%
Sep-04

Sep-06

Yield - Prime
Rental Growth - Prime

Sep-08

Sep-10

Sep-12

Rental growth (y/y)

OUTLOOK

Sep-14

Yield - Country Average


Rental Growth - Country Average

Source: Cushman & Wakefield

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