6
Research 2021 knightfrank.com/research Dutch Office Market Report Occupier market trends in the Randstad. Amsterdam ◆ The Hague ◆ Rotterdam ◆ Utrecht
Research 2021
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htfra
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Dutch Office Market Report
Occupier market trends in the Randstad.
Amsterdam ◆ The Hague ◆ Rotterdam ◆ Utrecht
D U TC H O F F I C E M A R K E T R E P O R T 2 0 2 1
2
Demand remained robust, despite pressures from the pandemic
A M S T E R D A M
Demand for offices in the Amsterdam
region held up well in 2020, with a total
take-up of 277,000 sq m on the open
market, just above the 276,000 sq m
recorded in 2019. Take-up in the region
was driven by Diemen, which saw take-up
increase as a result of numerous large
letting deals with ABN Amro Creditcard
Servies and Tele2, among others. The
Amsterdam region also benefited from
robust demand in Hoofddorp.
In the city of Amsterdam itself, the hesitant
mood resulted in a fall in demand for office
Source: Knight Frank, Bak Property Research
Availability rates by district, year-end 2020
0
200400600
800
1,0001,200
1,4001,6001,800
2,000
2018
2009
2010
2011
2012
2013
2014
2015
2016
2017
0%
5%
10%
15%
20%
Amst
erda
m C
entre
Die
men
Amst
erda
m S
lote
rdijk
Amst
elve
en
Amst
erda
m S
outh
east
Amst
erda
m O
ther
Amst
erda
m W
est
Hoo
fddo
rp/S
chip
hol
Amst
erda
m S
outh
Axi
s
Source: Knight Frank, Bak Property Research
Availability versus take-up 000's sq m
Availability Take-up
0.0M
0.5M
1.0M
1.5M
2.0M
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
premises. Total take-up decreased by 10%
to approximately 210,000 sq m. In the city,
most of the property leased was primarily
by office occupiers requiring lot sizes
between 200 and 1,000 sq m. Interest in
large-scale complexes was generally weak,
although a number of deals were concluded
in this segment, including Uber, Adyen,
Central Government Real Estate Agency,
IKEA, The Next Web and Konami. In
particular, Uber leased circa 31,000
sq m of office space. Tenant and purchaser
interest in the city of Amsterdam focused
primarily on office buildings in the South
Axis district and the city centre. A modest
role was also reserved last year for the
Sloterdijk area. Schiphol Airport and the
neighbouring town of Amstelveen also had
to contend with reduced demand in 2020.
A disappointing development in the office
property market in the region was the
unexpected large increase in availability
last year. Across the Amsterdam region,
availability increased 8% over 2020 to
965,590 sq m or 11.5% of total stock. In the
city of Amsterdam itself, supply increased
as construction started on approximately
60,000 sq m of speculative office space.
Despite a positive demand for space, the
South Axis District had the highest vacancy
rate in the region in 2020, with circa 16.3%
of office stock vacant, compared to a
vacancy rate of approximately 15% in 2019.
As in the South Axis district, availability
also rose in Southeast, the city centre and
the Amstel Business Park area. There was
virtually no change in the supply situation
in other parts of the region in 2020.
DISTRICT RENTAL RANGE
Amsterdam Centre 250 – 500
Amsterdam Sloterdijk 145 – 250
Amsterdam West 145 – 250
Amsterdam South Axis 275 – 500
Amsterdam Southeast 135 – 240
Amsterdam Other 100 – 170
Amstelveen 125 – 225
Diemen 125 – 195
Hoofddorp/Schiphol 145 – 385
O F F I C E R E N T S 2 0 2 1 ( € P E R S Q M PA )
Amsterdam main office districts
2
A9
A9
A4
A9
A1
A10
A10
A10
A10
A2
South
Sloterdijk-Teleport
Riekerpolder
West
Amstelveen
Hoofddorp
East
Southeast
Diemen
North
Centre
South Axis
Buiten-veldert
Schiphol
Schiphol-Rijk
D U TC H O F F I C E M A R K E T R E P O R T 2 0 2 1
3
While take-up declined over 2020, availability remained unchanged
T H E H A G U E
Activity in The Hague and surrounding
towns moderated in 2020, in line with
most office markets during the pandemic.
Contrary to expectations at the beginning
of the year, demand declined over 2020 as
a result of the coronavirus. With take-up
at approximately 80,000 sq m, demand
was far below the level of 2019, when
approximately 135,000 sq m of office
space was sold or let to occupiers.
The decline in take-up in the city of
The Hague was predominantly driven
by moderating demand for larger floor
space. Nevertheless, a number of sizeable
deals were concluded in 2020, including
with ANWB, Central Government
Real Estate Agency and Autoriteit
Persoonsgegevens. As the large letting
deals that occurred were predominantly
in Beatrixkwartier, this area accounted
for a significant proportion of take-up.
The city centre also received a substantial
share of take-up achieved.
Meanwhile, there was limited demand for
office property in out-of-town locations,
such as the Binckhorst district and
Forepark, where no significant deals
occurred. Indeed, most areas outside
the city of the Hague recorded a decline
in take-up. For example in Zoetermeer,
demand for office space failed to gain
momentum. The region’s only positive
Source: Knight Frank, Bak Property Research
Availability rates by district, year-end 2020
0
200400600
800
1,0001,200
1,4001,6001,800
2,000
2018
2009
2010
2011
2012
2013
2014
2015
2016
2017
0%
10%
20%
30%
40%
The
Hagu
e Be
noor
denh
out
The
Hagu
e Be
zuid
enho
ut
The
Hagu
e Ce
ntre
The
Hagu
e Co
nven
tion
Cent
re
Delft
The
Hagu
e Ot
her
Leid
sche
ndam
-Voo
rbur
gZo
eter
mee
r
Rijsw
ijk
The
Hagu
e Bi
nckh
orst
0
10
20
30
40
The
Hagu
e Be
noor
denh
out
The
Hagu
e Be
zuid
enho
ut
The
Hagu
e Ce
ntre
The
Hagu
e Co
nven
tion
Cent
re
Delft
The
Hagu
e Ot
her
Leid
sche
ndam
-Voo
rbur
gZo
eter
mee
r
Rijsw
ijk
The
Hagu
e Bi
nckh
orst
0
200400600
800
1,0001,200
1,4001,6001,800
2,000
2018
2009
2010
2011
2012
2013
2014
2015
2016
2017
0%
10%
20%
30%
40%
50%
The
Hagu
e Be
noor
denh
out
The
Hagu
e Ce
ntre
The
Hagu
e Be
zuid
enho
ut
Delft
The
Hagu
e Co
nven
tion
Cent
re
Leid
sche
ndam
-Voo
rbur
g
Zoet
erm
eer
The
Hagu
e Ot
her
Rijsw
ijk
The
Hagu
e Bi
nckh
orst
Source: Knight Frank, Bak Property Research
Availability versus take-up 000's sq m
Availability Take-up
0.0M
0.2M
0.4M
0.6M
0.8M
1.0M
1.2M
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
exception was Delft, which showed a
strong increase in take-up as a result of
a large deals with Royal Haskoning DHV
and TNO RI&M.
Despite the overall decline in take-
up in 2020, the total amount of office
space available in the city of The Hague
remained virtually unchanged compared
to 2019. While a significant amount of
space became available in Beatrixkwartier,
this was counteracted by a sharp decline in
availability in the city centre and the area
surrounding the Central Railway Station.
At the year-end, a total of 316,000 sq m was
available in the city of The Hague, or 8.6%
of the city’s total stock. This compares to a
vacancy rate of 8.4% in 2019.
DISTRICT RENTAL RANGE
The Hague Centre 125 – 225
The Hague Bezuidenhout 150 – 225
The Hague Benoordenhout 120 – 180
The Hague Binckhorst 70 – 140
The Hague Convention Centre 145 – 185
The Hague Other 90 – 165
Leidschendam-Voorburg 90 – 130
Rijswijk 90 – 140
Delft 90 – 130
Zoetermeer 75 – 140
O F F I C E R E N T S 2 0 2 1 ( € P E R S Q M PA )
The Hague main office districts
Rijswijk
Leidschendam
Laakhaven
Convention Centre
Binckhorst
Benoordenhout
Centre Bezuidenhout
A4
A4
E19
A12E30
E19
A13
Zoetermeer
Delft
D U TC H O F F I C E M A R K E T R E P O R T 2 0 2 1
4
Occupiers favoured smaller lot sizes in 2020, with 40% of leasing transactions between 200 sq m and 1,000 sq m
R O T T E R D A M
Despite firm interest in office property
during 2020, the letting market in the
Rotterdam region was less buoyant than in
the previous year. In the city of Rotterdam,
demand was less robust, leading to a lower
volume of leasing transactions.
Total take-up in the city of Rotterdam
reached approximately 80,000 sq m, 20%
down on 2019. While this was partially offset
by increased take-up in the neighbouring
town of Capelle a/d IJssel, it was not
sufficient to close the gap. A common
requirement in the city of Rotterdam were
Source: Knight Frank, Bak Property Research
Availability rates by district, year-end 2020
0
200400600
800
1,0001,200
1,4001,6001,800
2,000
2018
2009
2010
2011
2012
2013
2014
2015
2016
2017
0%
5%
10%
15%
20%
25%
Schi
edam
Rotte
rdam
Sou
th
Rotte
rdam
Oth
er
Rotte
rdam
Cen
tre
Rotte
rdam
Bra
inpa
rk
Rotte
rdam
Ale
xand
er
Cape
lle a
/d IJ
ssel
Availability Take-up
Source: Knight Frank, Bak Property Research
Availability versus take-up 000's sq m
Availability Take-up
0.0M
0.2M
0.4M
0.6M
0.8M
1.0M
1.2M
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
occupiers requiring lot sizes of between
200 and 1,000 sq m. These transactions
accounted for almost 40% of total take-up.
The only sizeable deal transacted on
the open market was the Central
Government Real Estate Agency’s leasing
of approximately 7,000 sq m on Kop van
Zuid. In addition to this large deal,
several medium-sized lots were also
let, for instance to DRV Accountants,
Stichting Aafje Thuiszorg, Swisscom and
Rockwell Automation.
Occupier interest in the various areas
of Rotterdam varied, with demand in
Brainpark increasing substantially in
2020, while offices in Weena experienced
more hesitancy from potential occupiers.
Capelle a/d IJssel was able to defy the
declining demand in the region, with
total take-up approximately 16,000 sq m.
This was largely attributable to a number
of substantial deals with Van Dorp,
Transvision, Crawford & Company and
Pro Industry.
The office property market in the
Rotterdam region was characterized
last year by declining availability. This
benefited Capelle a/d IJssel in particular,
which alongside several letting deals, saw
multiple unmarketable buildings change
their use. Reduced availability was also
recorded in the city of Rotterdam. This
was particularly the case in the city
centre and the Prins Alexander district.
Overall, the amount of available space in
Rotterdam was 445,000 sq m in 2020 or
13.7% of total stock, down from 467,000
sq m or 14.7% of total stock in 2019.
DISTRICT RENTAL RANGE
Rotterdam Centre 130 - 225
Rotterdam Alexander 130 - 165
Rotterdam Brainpark 140 - 180
Rotterdam South 90 - 225
Rotterdam Other 85 - 150
Capelle a/d IJssel 90 - 135
Schiedam 80 - 135
O F F I C E R E N T S 2 0 2 1 ( € P E R S Q M PA )
Rotterdam main office districts
A15 A16
E19
E20
A4
A13
E19
A20
A20E25
Centre
Brainpark
Alexander
Capelle a/d IJssel – Hoofdweg
Capelle a/d IJssel – Rivium
Schiedam
RotterdamAirport
South
D U TC H O F F I C E M A R K E T R E P O R T 2 0 2 1
5
Tempered demand saw take-up decline to the city’s lowest level in recent years
U T R E C H T
A tempering of demand in the
Utrecht region resulted in less office
space taken up on the open market
compared to 2019. The fall in take-up
was particularly apparent in the city of
Utrecht itself, which recorded 47,000
sq m in take-up over 2020, the city’s
lowest level in recent years.
The low transaction volume was
primarily driven by reduced demand
for larger lot sizes. In fact, apart
from letting deals with Bol.com and
the Central Government Real Estate
Agency, few sizeable transactions were
completed in the city during the year.
Most of the demand was focused on
small areas in existing buildings. Sales
and lettings were down throughout
the city, however, were strongest in
the Papendorp office park and in the
Kanaleneiland district. The office
market in the neighbouring town of
Nieuwegein also saw take-up decrease
sharply compared to 2019.
In addition to take-up of office space
falling short of expectations, availability
in the region also increased over 2020.
Extensive construction activity around
the Central Railway Station and in the
Utrecht Science Park on the outskirts of
Source: Knight Frank, Bak Property Research
Availability rates by district, year-end 2020
0
200400600
800
1,0001,200
1,4001,6001,800
2,000
2018
2009
2010
2011
2012
2013
2014
2015
2016
2017
0%
5%
10%
15%
20%
25%
Utre
cht C
entre
Utre
cht O
ther
Utre
cht P
apen
dorp
Nie
uweg
ein
Utre
cht K
anal
enei
land
Utre
cht R
ijnsw
eerd
Utre
cht L
age
Wei
deH
oute
nU
trech
t De
Mee
rnM
aars
sen
Availability Take-up
Source: Knight Frank, Bak Property Research
Availability versus take-up 000's sq m
Availability Take-up
0.0M
0.2M
0.4M
0.6M
0.8M
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
the city brought considerable space to
the Utrecht market. However, this was
partly offset by availability decreasing
in Nieuwegein, which saw multiple
offices change use. Overall, there was a
further widening of supply in the city of
Utrecht, where approximately 245,000
sq m was available at year-end, or 9.1%
of Utrecht’s total stock. The increased
availability occurred mainly in the
city centre, Kanaleneiland and Utrecht
Science Park.
DISTRICT RENTAL RANGE
Utrecht Centre 140 - 285
Utrecht Rijnsweerd 145 - 170
Utrecht Kanaleneiland 130 - 185
Utrecht Lage Weide 80 - 135
Utrecht Papendorp 140 - 180
Utrecht Other 130 - 175
Maarssen 80 - 135
Nieuwegein 80 - 135
Houten 80 - 125
O F F I C E R E N T S 2 0 2 1 ( € P E R S Q M PA )
Utrecht main office districts
E35
E30E30
E25
A2A27
A27
A12
A12
A28Centre
Nieuwegein
Houten
Kanaleneiland
Rijnsweerd
Lage Weide
Papendorp
Maarssen
De Meern
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