STATE OF AFFAIRS OFFICE MARKET 2017

REGIONS AMSTERDAM, , , SCHIPHOL AND UTRECHT NVM BUSINESS RANDSTAD OFFICE MARKET 2017

THE AMSTERDAM REGION TRENDS IN OFFICE TAKE-UP PER DISTRICT 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 H1 m2 Amsterdam Centre 39,500 26,000 32,500 46,500 53,500 57,000 44,000 42,000 92,000 25,000 Amsterdam Sloterdijk-Teleport 33,500 13,500 7,500 11,500 2,500 15,500 16,000 39,500 15,000 24,000 Amsterdam West 24,000 22,500 17,000 19,500 13,000 10,000 14,000 9,000 23,000 2,000 Amsterdam South Axis 35,500 46,000 75,500 26,500 37,000 57,500 34,000 35,500 69,500 15,000 Amsterdam Southeast 65,500 37,500 39,000 66,000 75,000 13,500 53,000 77,500 52,000 19,000 Amsterdam North 16,500 - 2,500 1,500 5,500 2,000 - - 9,000 1,500 4,000 14,500 8,500 8,000 12,500 13,500 11,000 5,500 7,000 10,500 Diemen 6,000 - 500 5,000 - 5,500 8,000 - 1,000 -

As the Dutch economy continued to thrive, office sales in a positive direction. Based on information available, and lease transactions have been exceptionally good there have been no lease transactions in Diemen in the TRENDS IN OFFICE SUPPLY PER DISTRICT in the Amsterdam region during the first six months of first six months of this year. 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 H1 2017. More than 142,000 m² had been taken up m2 in total, the city of Amsterdam representing about Due to strong demand for office space, supply levels Amsterdam Centre 109,000 136,000 150,500 135,500 168,500 152,500 142,000 98,000 87,500 76,000 120,000 m². Demand for high-quality office space have dropped significantly in the city of Amsterdam, Amsterdam Sloterdijk-Teleport 160,000 178,000 204,000 182,500 229,000 230,000 218,000 174,000 144,000 105,000 Amsterdam West 186,000 208,000 164,000 184,000 187,500 149,000 155,500 148,000 96,000 82,000 was strong particularly within Amsterdam’s ring road especially in Amsterdam Sloterdijk-Teleport and Amsterdam South Axis 147,500 131,000 91,500 81,500 72,000 70,500 131,000 149,000 100,000 89,000 area, and especially from the IT and media sectors. Amsterdam Southeast. In the latter, one of the reasons Amsterdam Southeast 282,500 292,000 334,000 331,000 279,000 350,000 326,000 223,000 174,500 116,000 As a result, lease contracts have been signed with e.g. is that recently many offices have been taken off the Amsterdam North 4,000 15,000 13,500 18,500 21,500 25,500 31,000 26,000 25,500 23,500 Uber, Netflix and Trivago. One remarkable transac- market to turn them into hotels or apartments instead. Amstelveen 109,500 126,000 144,500 159,500 171,000 200,000 202,000 185,000 100,000 79,500 tion in this regard has been the lease of a 5,000 m² Also availability seriously diminished in Amsterdam’s Diemen 69,000 73,500 72,500 65,000 38,500 28,500 18,000 21,000 17,000 18,500 office space by Bestseller on the top floor of V&D city centre and on the IJ banks, even though a serious department store’s former premises on Rokin, for it lack of high-quality office space hampered the market. AVAILABILITY RATES PER DISTRICT MID 2017 Source: NVM PRIME RENTAL LEVELS PER DISTRICT MID 2017 Source: NVM requires retail space in Amsterdam’s city centre to Supply also dropped in Amstelveen, remaining steady be transformed into offices. Another interesting detail in Diemen. € is the fact that the office market in the Dutch capital eee er Sou er Sou er Cere continued strongly towards more flexible workspaces. So far Amsterdam’s office market has hardly benefited er Nor er Soue Companies like Spaces, Regus, The Office Operators, from the Brexit. Save for a number of smaller finan- er e er Nor rent24 and KleinKantoor have all signed new contracts cial institutions, companies clearly prefer Frankfurt and er Soue er Soereeor to further expand their flexible office concepts. Also Dublin. Also the news came that the office construc- ee eee several similar parties were actively seeking suitable tion freeze, a fact in Amsterdam since 2011, was er Soereeor er e er Cere office space. undone in July, allowing for new construction once ee again. Locations that qualify are Houthavens, South Take-up levels climbed not only in Amsterdam’s city Axis, ArenAPoort, Amstel Station and the Marine site. centre, but also in the area known as Sloterdijk-Tele- Bearing in mind the serious lack of high-quality office TAKE-UP AND SUPPLY IN AMSTERDAM Source: NVM TYPICAL RENTAL BANDS PER DISTRICT MID 2017 port, although here the main reason has been an space, this is good news indeed. 18,000 m² expansion by energy company Alliander. € € Take-up in the South Axis business district was slightly Scarcity on Amsterdam’s office market and strong Amsterdam Centre 200 375 Amsterdam Sloterdijk-Teleport 125 195 down on the previous year and also relatively fewer demand for office space have pushed up rents, Amsterdam West 120 175 transactions have been realised in Amsterdam South- causing incentives to plummet at the same time in some Amsterdam South Axis 300 420 east. Nevertheless, the banking sector was clearly areas. Especially in the city centre, investors hardly Amsterdam Southeast 125 225 Amsterdam North 125 215 visible with e.g. KAS BANK renting approximately had to offer any whatsoever. Outside the ring road 6,000 m² and Crédit Agricole about 5,000 m² of area, incentives of 10 up to 20% were still common, Amstelveen 135 195 Diemen 100 130 office space. In Amstelveen, letting out 6,250 m² to depending on the contract duration and quality of the H an international school allowed office take-up to move office involved. Su eu TRENDS IN OFFICE TAKE-UP PER DISTRICT 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 H1 m2 NVM BUSINESS RANDSTAD OFFICE MARKET 2017 The Hague Centre 26,000 19,500 35,000 12,000 28,000 23,500 32,500 21,500 31,000 14,000 The Hague Benoordenhout 500 500 3,500 - 17,000 3,500 4,000 12,500 5,500 1,000 The Hague Bezuidenhout 2,000 32,500 41,000 21,500 11,000 26,000 11,500 10,000 13,500 3,000 The Hague Binckhorst 15,000 2,500 - 1,500 1,500 4,000 1,000 5,000 2,500 - The Hague Congresgebouw 2,000 9,500 1,000 7,000 1,500 4,500 2,000 2,500 1,500 - The Hague Laakhaven 2,500 2,000 - 500 9,000 2,500 6,000 4,500 6,500 - THE HAGUE REGION Rijswijk 15,500 7,500 13,000 5,500 10,000 10,000 9,500 6,500 8,000 7,000 500 1,000 - 1,500 1,500 1,000 - - 500 500 - 1,500 - 5,000 4,000 3,500 500 1,500 3,500 500 Delft 15,500 7,500 6,500 6,500 8,000 6,000 8,500 12,000 16,000 6,500 22,500 14,500 11,500 8,500 23,000 10,500 6,000 26,500 22,500 500

TRENDS IN OFFICE SUPPLY PER DISTRICT 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 H1 m2 The Hague Centre 78,000 111,500 135,500 139,000 138,500 164,500 152,000 161,000 157,000 145,000 The Hague Benoordenhout 37,000 42,000 56,500 46,000 49,000 68,000 63,000 61,500 33,500 32,500 The Hague Bezuidenhout 53,000 62,000 50,000 52,000 66,500 112,500 120,500 132,000 52,500 63,500 The Hague Binckhorst 45,500 70,000 84,500 84,000 85,000 78,000 81,000 86,000 67,500 70,000 The Hague Congresgebouw 17,000 31,000 34,500 27,500 33,000 30,500 29,500 25,000 11,500 11,000 The Hague Laakhaven 17,000 37,000 40,500 53,000 70,000 58,500 38,000 41,500 38,000 35,500 Rijswijk 135,500 189,500 193,000 221,500 244,500 243,500 242,000 254,500 186,000 193,000 Even though take-up numbers did not quite tell, During the first six months of 2017, the supply of office Leidschendam 40,500 46,000 46,000 44,000 45,500 27,500 27,500 11,500 10,500 10,500 demand for offices in the Hague region has intensi- space has modestly diminished in The Hague region. Voorburg 23,000 28,500 30,500 29,000 31,500 29,000 12,500 12,000 16,500 13,000 fied during the first six months of 2017. It has undeni- This could mainly be attributed to Zoetermeer and Delft 4,000 32,000 35,000 39,500 36,500 44,500 56,500 68,000 56,500 60,500 Zoetermeer 83,000 102,000 132,000 130,000 135,500 138,000 136,500 124,500 137,500 119,500 ably grown in The Hague itself, and many more lease The Hague, because during this period the amount of transactions have been signed involving high-quality space available slightly climbed in Delft and Rijswijk. office properties in the first place. Companies have The smaller amount of space available for immediate AVAILABILITY RATES PER DISTRICT MID 2017 Source: NVM PRIME RENTAL LEVELS PER DISTRICT MID 2017 Source: NVM been much more positive about the future, wanting rent or sale was most striking in Zoetermeer, the main to benefit from affordability while it lasts. Neverthe- reason being the withdrawal of a large-scale office € e Hue cor e Hue Cere less, focus has been on the 200 – 1,000 m² size building from stock, to turn it into a residential space. e Hue eueou category most of the time. What’s also interesting is When it comes to The Hague, office availability dimin- oeereer e Hue eooreou that the office market in the city of The Hague, also ished especially in the city centre. The sales of the e Hue Le e Hue Coeo Cere due to a multitude of transformations, has clearly aforementioned office building called Forum has been Voorur e Hue cor shifted from a tenants’ market to a landlords’ market one of the reasons, however taking ABN AMRO’s e Hue Cere e Hue Le e and also that there were hardly any proper large or former offices (approx. 9.400 m²) on Kneuterdijk off the e Hue eueou Voorur medium-sized office properties available. Unlike The market and selling them to investor DHG has changed Lece e Hague, demand in the adjacent municipalities of Leid- things as well. The municipality said the building qual- e Hue eooreou oeereer schendam-Voorburg and Zoetermeer has been slightly ifies for redevelopment into a hotel, however this new e Hue Coeo Cere Lece disappointing. Especially the city of Zoetermeer stood function cannot be taken for granted. out in a negative sense. Here, the market has hardly budged during the first six months of this year, even Rents have mainly climbed in The Hague, the more so TAKE-UP AND SUPPLY IN THE HAGUE Source: NVM TYPICAL RENTAL BANDS PER DISTRICT MID 2017 though Zoetermeer’s office market is normally speaking at the upper end of the market. For instance, on Lange € € a lively one. Take-up levels remained steady on the Voorhout the rents realised exceeded EUR 200 per m² The Hague Centre 125 225 office markets of Delft and Rijswijk. Based on NVM per annum. Rents were generally steady in the neigh- The Hague Benoordenhout 120 165 Business data, total transaction volumes in The Hague bouring municipalities. Depending on the location, The Hague Bezuidenhout 130 200 The Hague Binckhorst 60 135 region amounted to approximately 40,000 m². Size- the building and contract duration, lease contracts in The Hague Congresgebouw 125 160 able transactions involved e.g. the purchase of a The Hague region now came with serious incentives The Hague Laakhaven 75 130 9,000 m² office building called Forum by the munic- reaching as much as 20% of the agreed rent. Incen- Rijswijk 70 130 ipality of The Hague in The Hague’s city centre, the tives, however, are expected to drop significantly in Leidschendam 70 120 Voorburg 75 130 leasing of approximately 5,000 m² of office space by the near future. H Delft 90 130 TOPdesk in Delft and also the transaction of more than Su eu Zoetermeer 60 125 4,000 m² with CSC Computer Sciences in Rijswijk. NVM BUSINESS RANDSTAD OFFICE MARKET 2017 THE ROTTERDAM REGION

TRENDS IN OFFICE TAKE-UP PER DISTRICT 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 H1 m2 Rotterdam Centre 62,500 33,000 72,500 71,500 27,000 29,500 33,000 44,000 44,500 18,500 Rotterdam Prins Alexander 42,500 7,000 2,500 2,000 4,500 1,000 3,000 26,000 12,500 500 Rotterdam Kralingen 21,500 8,000 17,000 12,000 11,000 2,500 7,000 10,000 6,500 7,000 Rotterdam Waalhaven 5,500 500 4,000 9,500 6,500 1,500 2,500 7,500 5,000 1,000 Rotterdam South 16,500 2,000 18,500 1,500 6,500 3,500 2,500 7,000 17,000 2,000 Capelle a/d IJssel 25,000 21,500 13,000 11,000 10,000 9,500 6,000 8,500 12,000 6,000 Schiedam 17,500 4,000 5,000 18,500 2,000 2,500 4,000 7,000 4,000 550

TRENDS IN OFFICE SUPPLY PER DISTRICT 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 H1 m2 The office market in the Rotterdam region performed promising in Schiedam; according to NVM Business Rotterdam Centre 142,500 271,500 280,000 307,500 323,500 389,000 401,000 361,500 337,000 309,000 reasonably well during the first six months of 2017. Data only 500 m² had been let out during the first six Rotterdam Prins Alexander 16,500 17,000 28,500 60,000 81,000 83,500 89,000 56,500 51,000 62,000 About 36,000 m² in total had been taken up on months of 2017. Rotterdam Kralingen 41,500 54,500 52,000 53,000 54,500 56,000 58,000 69,000 64,500 60,000 Rotterdam Waalhaven 11,000 16,500 28,000 27,000 22,000 23,500 19,000 13,000 30,000 25,500 the open market, disregarding offices constructed for Rotterdam South 30,000 32,000 32,000 53,000 67,000 61,000 65,000 64,000 53,000 52,000 private use. This is slightly less than last year (approx. Rotterdam’s office space availability slightly diminished Capelle a/d IJssel 64,000 96,000 108,000 132,000 136,000 140,000 152,000 154,500 141,000 142,000 46,000 m²). The number of transactions realised was in the first six months of this year. The amount of space Schiedam 22,500 34,500 29,500 24,500 23,500 36,000 51,500 46,500 47,500 45,000 almost the same compared to last year. available for immediate use dropped in the Waal- haven area and also in the city centre. But to a great AVAILABILITY RATES PER DISTRICT MID 2017 Source: NVM PRIME RENTAL LEVELS PER DISTRICT MID 2017 Source: NVM Take-up levels were lower mainly because of devel- extent this was however compensated by Rotterdam opments in Rotterdam itself, with hardly any major Prins Alexander, reporting increased availability. All € office space being let out. And yet take-up in the things considered, supply levels remained high in the Cee e oer Sou oer e oer Cere 1,000 – 2,500 m² size category developed well, city of Rotterdam. By mid-2017, about 20% of Rotter- oer Pr eer oer re keeping numbers reasonably steady. Office space in dam’s office stock was still available for rent or sale. oer re oer Pr eer this segment has been taken up by the Rotterdam The When it comes to Capelle aan den IJssel, indeed avail- Sce oer e Hague Metropolitan Region (MRDH), Stichting BOOR, ability diminished by nearly 10% within a year, and oer Cere Sce DVDW Advocaten, Deen Staffing BV and DHB Bank yet its market is very ‘generous’ with a vacancy rate of oer Sou Cee e among others. As far as the city of Rotterdam is approximately 30%. The Rivium area in particular is involved, lessees were once again mainly interested in home to many old offices. Investments and a creative downtown office buildings, focussing on Kralingen and approach are required to change things for the better. TAKE-UP AND SUPPLY IN ROTTERDAM Source: NVM TYPICAL RENTAL BANDS PER DISTRICT MID 2017 Brainpark office park in the first place. In Rotterdam In Schiedam, approximately 20% of stock was avail- € € South, reporting a major share of total take-up on Kop able for rent or sale halfway through the year. Rotterdam Centre 80 225 van Zuid last year, take-up was clearly less substan- Rotterdam Prins Alexander 90 160 Rotterdam Kralingen 75 165 tial compared to the first six months of 2016. It was Rents hardly changed in the Rotterdam region, climbing Rotterdam Waalhaven 80 145 even limited in Prins Alexander, although it is worth slightly only at the upper end of the market in the city Rotterdam South 75 225 mentioning that a number of major transactions are centre and also in Kop van Zuid. Incentives too were Capelle a/d IJssel 60 110 Schiedam 80 135 expected in this area. Take-up levels were steady in hardly any different: depending on the contract dura- the adjacent municipality of Capelle aan den IJssel, tion, 20 up to 25% was common, with exceptions also thanks to Axoft IT & Telecom who decided to reaching as much as 30%. H rent 4,300 m² in Braingate Building. Things were less Su eu NVM BUSINESS RANDSTAD OFFICE MARKET 2017 THE SCHIPHOL REGION

TRENDS IN OFFICE TAKE-UP PER DISTRICT 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 H1 m2 Hoofddorp Beukenhorst West 3,000 1,500 3,000 4,000 5,000 1,500 3,000 500 9,500 9,000 Hoofddorp Beukenhorst East 8,500 16,000 500 13,000 7,000 6,500 1,500 7,500 10,500 1,500 Hoofddorp Beukenhorst South 28,500 14,500 14,000 8,000 11,000 1,000 5,500 8,000 2,500 14,000 Hoofddorp De Hoek 1,500 4,500 1,500 4,000 - 1,000 - 1,500 1,000 - Schiphol 6,500 6,000 3,500 11,500 14,500 4,500 7,000 14,500 8,000 2,000 Schiphol Rijk 3,000 6,500 7,000 9,000 2,000 1,000 9,500 6,500 6,500 1,000

The Schiphol region reported healthy demand for actions in Hoofddorp involved office users requiring office space in the first six months of 2017, allowing smaller areas. In addition, the municipality and TRENDS IN OFFICE SUPPLY PER DISTRICT transaction volumes to climb. A total of approximately parties involved announced their plans regarding 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 H1 32,000 m² of office space had been let out or sold, Beukenhorst-West which will be transformed into a m2 which is twice as much as in the same period last more extensively mixed urban area, turning many old Hoofddorp Beukenhorst West 29,000 38,000 60,500 55,500 56,500 51,500 62,500 62,500 46,000 28,000 Hoofddorp Beukenhorst East 30,500 44,000 59,500 52,000 56,500 53,000 57,500 47,500 49,500 49,000 year. Take-up levels developed in a positive sense offices into apartments with culinary concepts on the Hoofddorp Beukenhorst South 17,000 16,000 18,500 18,000 15,000 15,000 14,500 16,000 12,500 12,000 mainly because of Hoofddorp in general and the ground floors. The news also came that some of the Hoofddorp De Hoek 13,500 27,000 27,000 24,500 31,000 34,000 33,000 34,000 18,000 23,500 Beukenhorst area in particular, as take-up levels on office buildings on De Hoek business park in the city Schiphol 34,500 32,000 39,000 28,500 30,500 38,000 33,000 26,500 27,500 29,000 Schiphol and Schiphol-Rijk did not amount to much. of Hoofddorp will be turned into a hotel. Schiphol Rijk 61,500 77,500 76,000 61,500 66,000 64,000 61,500 66,500 59,500 56,500 Even though the market did pick up in Schiphol-Rijk, take-up involved small transactions in the < 200 m² Due to good take-up numbers and the transforma- AVAILABILITY RATES PER DISTRICT MID 2017 Source: NVM PRIME RENTAL LEVELS PER DISTRICT MID 2017 Source: NVM category in most cases. When it comes to Schiphol tions referred to above, the amount of offices space itself, very few transactions have taken place in this available for immediate use has diminished as far as € Hooor e Hoe Sco period. The most significant transaction involved Chiesi Hoofddorp is involved. This fall is expected to persist Sco Hooor eueor Sou Pharmaceuticals, who decided to rent 1,250 m² in over the coming time while the municipality and prop- Hooor eueor Hooor eueor The Base office building. Quite many office users are erty developers continue to elaborate their transforma- Hooor eueor e Hooor eueor e exploring this region, which means take-up levels on tion plans. Due to limited demand on Schiphol and Sco Sco Schiphol and Schiphol-Rijk should climb in the months Schiphol-Rijk, availability has hardly changed so far. Hooor eueor Sou Hooor e Hoe to come. And because The Base office building on Schiphol will be adding yet another 6,500 m², availability might

In Hoofddorp, office users’ demand has pushed up slightly increase over the coming period. TAKE-UP AND SUPPLY IN DE REGIO SCHIPHOL Source: NVM TYPICAL RENTAL BANDS PER DISTRICT MID 2017 take-up levels beyond 24,000 m², compared to € € 6,500 a year before. Take-up levels skyrocketed In general, office rents realised at the upper end of Hoofddorp Beukenhorst West 90 135 mainly because of two sizeable transactions. Asics the market maintained the same level. At the bottom Hoofddorp Beukenhorst East 125 175 Hoofddorp Beukenhorst South 170 220 − the Japanese athletic equipment company − has end of the market, however, they have slightly climbed Hoofddorp De Hoek 80 130 decided to build a new 11,000 m² headquarters in the Schiphol area. The main reason has been the Schiphol 110 365 on Beukenhorst South. While Ingenico ePayments improvements which the owner Schiphol Real Estate Schiphol Rijk 90 135 signed a 8,500 m² lease on Beukenhorst-West. Sony has been introducing to their offices on Schiphol East.

Nederland has rented less sizeable office space Rents at the bottom end of the market also climbed (1,550 m²) in the recently completed NOW building modestly on Beukenhorst, because of slightly lower H on Park 20|20 on Beukenhorst South. Other trans- incentives among other things. Su eu NVM BUSINESS RANDSTAD OFFICE MARKET 2017

TRENDS IN OFFICE TAKE-UP PER DISTRICT 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 H1 THE UTRECHT REGION m2 Utrecht Centre 12,000 6,000 24,500 17,500 13,000 17,500 21,500 15,500 22,500 4,000 Utrecht Rijnsweerd 14,000 36,000 5,500 2,500 10,500 20,500 13,000 3,000 6,500 4,000 Utrecht Kanaleneiland 22,500 10,500 7,500 13,500 2,000 10,500 500 10,000 20,000 5,000 Utrecht Lage Weide 4,000 2,500 12,500 3,500 5,000 9,000 3,500 3,500 4,000 - Utrecht Papendorp 29,500 11,500 23,500 16,500 9,500 14,500 23,000 17,500 17,000 20,000 Utrecht De Meern 2,000 5,500 500 1,000 1,000 500 500 14,000 20,500 3,000 Maarssen 6,000 1,000 2,500 3,500 500 - - 500 5,000 500 Nieuwegein 10,000 9,000 12,500 12,000 8,500 5,000 16,500 8,500 5,500 3,000 Houten 10,000 6,000 2,000 5,000 500 1,500 3,000 2,000 9,000 1,000

TRENDS IN OFFICE SUPPLY PER DISTRICT Demand for office space in the Utrecht region during Nieuwegein clearly more deals were signed than in 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 H1 the first six months of 2017 has been undeniably the same period last year. m2 poorer compared to the same period last year. Despite Utrecht Centre 15,000 12,500 14,500 23,500 41,500 56,000 57,500 61,500 80,000 77,000 a very positive market sentiment, fewer transactions But despite poorer demand, the amount of office Utrecht Rijnsweerd 27,000 27,500 41,000 49,500 57,000 37,000 54,500 43,500 51,000 58,500 Utrecht Kanaleneiland 56,000 74,500 86,000 81,500 86,500 90,000 103,500 93,500 101,500 75,500 have taken place with lower transaction volumes. In space available for immediate use clearly diminished Utrecht Lage Weide 34,500 47,000 38,500 41,000 47,500 53,000 45,000 51,000 51,500 47,500 this region, approximately 52,000 m² of office space in the first six months of 2017. This has been the case Utrecht Papendorp 46,500 55,500 65,500 60,000 97,500 89,000 91,000 76,500 88,000 62,500 in total have been sold or let out; about 65,000 m² in almost every important office location within the Utrecht De Meern 17,500 23,500 28,000 29,500 33,500 34,500 33,500 43,000 22,000 19,500 Maarssen 24,000 45,000 47,500 44,500 45,500 46,000 47,000 51,500 40,000 34,000 in 2016. Another important factor was that, unlike in Utrecht region, with high-quality supply diminishing Nieuwegein 90,500 127,000 159,000 176,500 173,000 160,000 152,500 138,000 86,500 77,000 the first six months of 2016, no transactions have taken more substantially. Availability increased slightly only Houten 10,500 23,000 39,000 40,500 45,500 46,000 44,500 53,500 26,000 23,000 place involving 10,000 m² or beyond. But according in Rijnsweerd, although entrepreneurs were definitely to expectations, the office market will catch up with this interested. In Utrecht itself, office availability truly dimin- backlog in the second half of this year. ished in the district known as Kanaleneiland, also due AVAILABILITY RATES PER DISTRICT MID 2017 Source: NVM PRIME RENTAL LEVELS PER DISTRICT MID 2017 Source: NVM to healthy take-up within Le Mirage office building. € The interesting thing is that the office market has hardly Supply levels also plummeted in Papendorp. In Utre- Mre rec Cere been dynamic as far as Utrecht’s city centre is involved. cht’s city centre, they hardly changed during the first rec Le ee rec ee One of the reasons is the relatively poor availa- six months of this year. rec eer rec Peor rec e Meer rec eer bility; any transaction that did take place has been rec Peor rec Le ee a modest one volume-wise. The transaction involving Just like in Amsterdam, office market flexibilization also rec ee Neuee Peace Organisation Pax, which took up approximately continued in this region, with Regus expanding its flex- Neuee Mre 2,400 m2, has carried some weight after all. Another ible office concept in Utrecht’s city centre, adding a Houe Houe remarkable feature has been the nonexistence of lease new location on St. Jacobslaan. KleinKantoor too has rec Cere rec e Meer transactions on the Lageweide industrial park. In the rented office space for the flexible office concept of city of Utrecht, lessees clearly preferred the Papendorp the same name. It is this organisation’s very first loca- office park, where both the number of transactions as tion outside Amsterdam. TAKE-UP AND SUPPLY IN UTRECHT Source: NVM TYPICAL RENTAL BANDS PER DISTRICT MID 2017 well as the transaction volumes developed in a posi- € € tive sense. One of the reasons is that internet retailer Compared to the first six months of 2017, the asking Utrecht Centre 170 225 Bol.com has expanded its lease in WTC Papendorp prices particularly of high-quality office space have Utrecht Rijnsweerd 130 160 Utrecht Kanaleneiland 90 185 by approximately 8,500 m²; behold the largest trans- clearly gone up. Transaction prices too were at a Utrecht Lage Weide 80 140 action in this region. In addition Accenture, Noordhof higher level, as incentives were being adjusted down- Utrecht Papendorp 135 175 Uitgevers and a cooperative of several sports feder- wards. Depending on the location, incentives of 10 Utrecht De Meern 80 125 Maarssen 70 135 ations have signed rental agreements for a relatively up to 25% were common in the Utrecht region. Unlike Nieuwegein 65 135 large office space in Papendorp. In the adjacent in the previous year, incentives for premium locations Houten 80 130 municipalities of Houten, Maarssen and Nieuwegein, were below 10% in some cases, based on a standard H take-up has been something of a let-down, although in five-year contract. Su eu DEFINITIONS

OFFICE SUPPLY A spatial and independent unit used for Office space immediately available for office activities or support activities in the rent or sale. Supply does not include first place. Office space that is part of offices under construction and those yet industrial buildings, universities or hospi- to be built. It does include vacant and tals is not considered to be an office. developing offices as well as space that is still being used but which is soon to be released. Supply is measured in buildings TAKE-UP providing at least 500m². Lease and sales transactions signed on the open market. Users providing for their own accommodation requirements (‘owner-­ RENT occupier development’) are not included The basic rent paid per square metre in take-up volumes. The same applies to of lettable floor area, exclusive of VAT, sale-and-leaseback agreements as well service charges and lessees’ specific as contract extensions. NVM is registering furnishing expenses and incentives. transactions starting at 200m².

About NVM Business NVM is the largest association of real estate agents and property valuers in the . Based on educational programmes and research, it has been effectively supporting its members and representing their interests towards the authorities and political circles. The NVM Business expert group specialises in commercial property – offices, industrial buildings, retail stores and catering establishments – and consists of 700 real estate agents who stand out because of their extensive knowledge of the regions in which they operate. By means of continuous professionalisation and the promotion of integrity, NVM Business seeks to become an authority when it comes to commercial property in the Netherlands.

NVM Business This publication has been produced with the assistance of: Fakkelstede 1 P van den Bosch Bedrijfsmakelaars (Amsterdam), Van Dijk & Ten Cate (Amsterdam), COG 3431 HZ Makelaars (The Hague), Rob Swart Bedrijfshuisvesting (Zoetermeer), Ooms Makelaars Nieuwegein Bedrijfshuisvesting (Rotterdam), Ans de Wijn Bedrijfshuisvesting (Utrecht) and BT Makelaars Telephone: (Schiphol). +31 0 30 608 51 85

COLOPHON Composition Data source Design Photography Drs. G.A. Raven NVM Data & PROOF EyeEm Mobile GmbH/ Augustus 2017 ­Research, internal & employer Hollandse Hoogte Nieuwegein branding (the Netherlands)