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Amsterdam Office Market

Profile Q4 2014
EMEA Office Research

* % Change for Prime Rent and Capital Values calculated using local currency

Office Market Overview


Office leasing volumes in Q4 reached a high level with 95,087 sq. m
in transactions. This was similar to levels recorded at the end of 2013
and more than double the amount reached in Q314. Total take-up for
2014 reached over 228,000 sq. m the largest annual figure since
2010. The most notable deal was by CMS Derks Star Busmann
acquiring 7,000 sq. m of grade A office space in the Zuidas district.
Another notable deal totalling over 5,000 sq. m was by ICL who
acquired 5,490 sq m of grade B office space in Western Amsterdam
at a cost of 170 / sq m pa. A large amount of office space was
withdrawn from the market in Q4 through the conversion to other
uses. Despite this the vacancy rate remained stable at 15.8%. The
core markets are performing well and with vacancy decreasing,
landlords are beginning to consider increasing asking rents for the
best space. So far no transactions have been completed beyond
345 per sq. m pa and looking at the market overall it remains
broadly tenant favourable. Over 7,000 sq. m of new office space was
delivered to the market in Q4. One notable completion in Q4 was by
Nabesa (Scientology Kerk) which refurbished 4,709 sq. m of office
space in Eastern Amsterdam. A further 2,500 sq. m of office space
was delivered in Q4, also in Eastern Amsterdam. Prime rents
remained stable over the quarter at 345 / sq. m pa and could
increase slightly over the next 12 months. 2015 will see the delivery
of 88,021 sq m of office space, mainly within the Zuidas district.
56,855 sq m of new completions will be delivered in Q4 with the
majority already pre-let. 2016 and 2017 will see the delivery of over
100,000 sq m of new office space, again mainly based in the Zuidas
district. Total office investment volumes reached around 1.2 billion
in 2014, as the investment market continued to strengthen. Prime
yields moved in from 5.45% to 5.20% and further compression is
expected in the next 12 months as investors continue to target core
assets.

Take Up

2014

10yr Average

Figure 2: Supply and Vacancy Rates


Vacancy Rate %

000s sqm
1,400
1,200
1,000
800
600
400
200
0

20
15
10

Vacancy Total

Vacancy Rate

Figure 3: Prime Rents and Rental Growth


Prime Rent (psm pa)

Annual Rental Growth*

400
380
360
340
320
300

Rental Growth

2014

-30 bps

2013

-25 bps

2014

5.20

2013

2012

8.9 %

2013

4.8 %

2012

6635

2012

Prime Yield %

12 Month
Outlook

2011

Capital Value (psm)

Q4 14

Change*
Q-o-Q
Y-o-Y

2011

2011

3%

2010

0%

2010

345

2010

Prime Rent (psm)

2009

2009

90 bps

2009

0 bps

2008

15.8

2008

Vacancy Rate (% )

000s sqm
600
500
400
300
200
100
0

2008

2007

-2.4 %

2007

117 %

2007

95

2006

Take-up (000s sqm)

2006

Outlook

2006

Y-o-Y

2005

Q-o-Q

2005

Q4 14

Figure 1: Take-up

2005

Summary Statistics

12 Month

Prime Rent

Figure 4: Prime Yields


Prime Yield (%)
6.50
6.00
5.50
5.00
4.50

Q4 98
Q4 99
Q4 00
Q4 01
Q4 02
Q4 03
Q4 04
Q4 05
Q4 06
Q4 07
Q4 08
Q4 09
Q4 10
Q4 11
Q4 12
Q4 13
Q4 14

Change*

Prime Yield

Source all Charts:

JLL

10 Yr Ave

20 Yr Ave

3.5
3
2.5
2
1.5
1
0.5
0

Office Market Map

www.jll.eu

JLL Contacts
Martijn Smits
Head of Office Agency
Amsterdam
+31 20 540 7898
martijn.smits@eu.jll.com
Dr van Leeuwen
Head of Capital Markets
Amsterdam
+31 20 540 7912
dre.van-leeuwen@eu.jll.com

Sven Bertens
Head of Research
Amsterdam
+31 20 540 7926
sven.bertens@eu.jll.com

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