MARKETVIEW

Netherlands Office, H2 2014

Recovering occupier demand

underpins investor interest
+5.3% y-o-y

-2.1% y-o-y

+89.4% y-o-y

-50 bp y-o-y

-15 bp y-o-y

HEADLINES

Increased occupier demand

Office, retail, leisure and residential markets are

increasingly interrelated

Office use is shifting from a production to a

meeting/communication environment

The office investment market has recorded the

highest turnover since the financial crisis

Sharpening yields

Influx of foreign capital

I M P R OVI NG O C C U PI ER M A R K E T

H2 2014 CBRE Research

CBRE B.V.|

M A R K E T V I E W NETHERLANDS OFFICE
H I G H ES T I N V E S TMENT V O L U ME S I N C E 2 0 0 7

Chart 1 Economic indicators

GDP

Consumer prices

Unemployment (%), ILO definition

Consumption

8%
6%
4%
2%
0%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
-2%
-4%
Source: CBRE Research

H2 2014 CBRE Research

CBRE B.V.|

M A R K E T V I E W NETHERLANDS OFFICE

Table 1 Key Occupier Transactions 2014

Location

Building/project

Quarter

Status

Tenant/user

Amsterdam Southeast

Haarlerbergpark

Q2

Existing

ING Bank

24,200

Utrecht Papendorp

WTC Papendorp

Q3

Existing

Bol.com

18,000

Amsterdam IJ-oevers

Porcellis

Q2

Pre-let/BTS

PVH Europe Calvin Klein

13,000

Q4

Renovation

DNV GL

10,000

Arnhem CBD

Size (sq m)

The Hague CBD

Haagse Poort

Q4

Existing

Nationale Nederlanden

9,950

Amersfoort CBD

Between

Q1

Existing

FrieslandCampina

9,950

Q1

Existing

UWV

9,700

Breda Centre

Amsterdam
Amstelveen

Ten Thirty

Q4

Existing

ATOS

9,000

Rotterdam CBD

Central Post

Q1

Existing

LyondellBasell

8,650

Q3

Pre-let/BTS

NAM

8,000

Appingedam
Source: CBRE Research

Table 2 Key Investment Transactions 2014

Asset/portfolio

Quarter

Location

Purchaser

Chalet Group

Q4

Nationwide

Kildare

DOF EVE portfolio

Q3

Nationwide

SOM|ITO

Q2

Maastoren & KPN

Price (mio )

Size (sq m)

430

430,000

Lone Star

>350

302,000

Amsterdam, Zuidas

Union Investment

243.7

52,000

Q4

Amsterdam, Sloterdijk &

Rotterdam, Kop van Zuid

NorthStar/Cale Street Partners

195

61,000

The Edge

Q2

Amsterdam, Zuidas

Deka Immobilien

170.4

39,400

Uno Portfolio

Q4

Nationwide

Valad

138

59,150

Beurs-WTC Rotterdam

Q4

Rotterdam, CBD

Bouwinvest Dutch Institutional

Office & Retail Fund

136

54,000

PingProperties Office
fund II

Q4

Nationwide

Hummingbird

109.7

24 assets

Prins & Keizer

Q1

Amsterdam, Centre

HIH

90

35,000

Jodenbreestraat 11-25
/ Valkenburgerstraat

Q3

Amsterdam, Centre

BV (LaSalle IM)

80.3

21,250

Source: CBRE Research

H2 2014 CBRE Research

CBRE B.V.|

M A R K E T V I E W NETHERLANDS OFFICE
Chart 2 Take-up & investment

Millions

2014 Q4

2014 Q3

2014 Q2

2014 Q1

2013 Q4

2013 Q3

2013 Q2

2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
-

2013 Q1

2012 Q4

2012 Q3

2012 Q1

2011 Q4

Investment volume

2011 Q3

2011 Q2

2010 Q4

2010 Q3

2010 Q2

2010 Q1

2009 Q4

2009 Q3

2009 Q2

2009 Q1

450
400
350
300
250
200
150
100
50
0

2011 Q1

Take-up

2012 Q2

x 1,000 sq m

Source: CBRE Research

Chart 3 Take-up & investment growth

Take-up

60%

Investment volume

40%
20%
0%
-20%

2014 Q4

2014 Q3

2014 Q1

2013 Q4

2014 Q2

2013 Q4
2013 Q3

2013 Q3

2013 Q2

2013 Q1

2012 Q4

2012 Q3

2012 Q2

2012 Q1

2011 Q4

2011 Q3

2011 Q2

2011 Q1

-40%

Source: CBRE Research

Chart 4 G4 take-up

x 1,000 sq m

Amsterdam

300

Rotterdam

The Hague

Utrecht

250
200
150
100
50
2014 Q4

2014 Q3

2014 Q2

2014 Q1

2013 Q2

2013 Q1

2012 Q4

2012 Q3

2012 Q2

2012 Q1

2011 Q4

2011 Q3

2011 Q2

2011 Q1

2010 Q4

2010 Q3

2010 Q2

2010 Q1

Source: CBRE Research

H2 2014 CBRE Research and Consulting

CBRE B.V.|

M A R K E T V I E W NETHERLANDS OFFICE
Chart 5 G4 share of nationwide take-up

Take-up share G4 Cities

Lineair (Take-up share G4 Cities)

70%
60%
50%
40%
30%
20%
10%
2014 Q4

2014 Q3

2014 Q2

2014 Q1

2013 Q4

2013 Q3

2013 Q2

2013 Q1

2012 Q4

2012 Q3

2012 Q2

2012 Q1

2011 Q4

2011 Q3

2011 Q2

2011 Q1

2010 Q4

2010 Q3

2010 Q2

2010 Q1

0%

Source: CBRE Research

Chart 6 G4 & Schiphol vacancy

Vacancy rate entire agglomeration

Vacancy rate CBD

30%
25%
24%

20%

21%

20%

17%

15%

13%

15%
10%

11%

9%

5%
0%

Amsterdam

Rotterdam

7%

7%

The Hague

Utrecht

Schiphol Region

Source: CBRE Research

Chart 7 Prime office yields (net)

Prime CBD

Periphery

Provincial capital

7
6
5

2014 Q4

2014 Q3

2014 Q2

2014 Q1

2013 Q4

2013 Q3

2013 Q2

2013 Q1

2012 Q4

2012 Q3

2012 Q2

2012 Q1

2011 Q4

2011 Q3

2011 Q2

2011 Q1

2010 Q4

2010 Q3

2010 Q2

2010 Q1

Source: CBRE Research

H2 2014 CBRE Research

CBRE B.V.|

M A R K E T V I E W NETHERLANDS OFFICE
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