RANDSTAD OFFICE MARKET 2015 STATE OF AFFAIRS AMSTERDAM REGION

TRENDS IN OFFICE TAKE-UP PER DISTRICT 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 H1 m2 Amsterdam Centre 93,500 71,000 39,500 26,000 32,500 46,500 53,500 57,000 44,000 9,500 Amsterdam Sloterdijk-Teleport 21,000 35,000 33,500 13,500 7,500 11,500 2,500 15,500 16,000 32,000 Amsterdam West 50,500 55,500 24,000 22,500 17,000 19,500 13,000 10,000 14,000 1,000 Amsterdam South Axis 94,500 36,500 35,500 46,000 75,500 26,500 37,000 57,500 34,000 11,000 Amsterdam Southeast 45,500 71,500 65,500 37,500 39,000 66,000 75,000 13,500 53,000 38,000 Amsterdam North 14,500 16,500 16,500 - 2,500 1,500 5,500 2,000 - - Amstelveen 72,500 22,500 4,000 14,500 8,500 8,000 12,500 13,500 11,000 3,000 Diemen 24,500 2,500 6,000 - 500 5,000 - 5,500 8,000 -

TRENDS IN OFFICE SUPPLY PER DISTRICT 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 H1 m2 Amsterdam Centre 130,500 136,000 109,000 136,000 150,500 135,500 168,500 152,500 142,000 119,000 Amsterdam Sloterdijk-Teleport 170,500 181,000 160,000 178,000 204,000 182,500 229,000 230,000 218,000 172,000 In the first six months of 2015, the office market in the will see some serious change as from 2017. Even though Amsterdam West 195,000 207,500 186,000 208,000 164,000 184,000 187,500 149,000 155,500 152,500 Amsterdam region moved in a positive direction, one of the expansion and tunnelling of the southern ring road Amsterdam South Axis 184,500 194,000 147,500 131,000 91,500 81,500 72,000 70,500 131,000 132,000 Amsterdam Southeast 337,000 340,500 282,500 292,000 334,000 331,000 279,000 350,000 326,000 249,000 the reasons being that the economy continued to pick up. should allow the South Axis to become a full-fledged urban Amsterdam North 8,000 14,000 4,000 15,000 13,500 18,500 21,500 25,500 31,000 32,000 In the open market – excluding construction of owner- area, in the upcoming years all businesses established here Amstelveen 94,500 72,500 109,500 126,000 144,500 159,500 171,000 200,000 202,000 194,500 occupied offices – approximately 105,000 m² in total were must take impaired car accessibility into consideration. Diemen 66,000 78,500 69,000 73,500 72,500 65,000 38,500 28,500 18,000 18,500 taken up. The good letting results mainly followed from a According to real estate agents, companies are likely to change for the better in the Dutch capital as office take-up pick other office locations in the city given these expected levels in Amstelveen and Diemen did not amount to much traffic disruptions. AVAILABILITY RATES PER DISTRICT MID 2015 PRIME RENTAL LEVELS PER DISTRICT MID 2015 in the first half of this year. In Amsterdam, demand for

rented property allowed take-up levels to slightly exceed Also thanks to good letting results, vacancy levels dropped % € 100,000 m² of office space, almost the same level compared for the first time in years. This was good news especially Amstelveen Amsterdam South Axis to the same period a year ago. The positive mood that for Amsterdam as well as Amstelveen. Amsterdam in Amsterdam Sloterdijk-Teleport Amsterdam Centre characterised the office market in Amsterdam is expected particular succeeded in seriously pushing down supply Amsterdam Southeast Amsterdam Southeast to persist throughout 2015. For instance, negotiations with levels. As a result, halfway through 2015 approximately Amsterdam West Amsterdam North Booking.com about a building located on Piet Heinkade 1 million m² of office space were available for rent or Amsterdam North Amstelveen are at an advanced stage. In addition, several parties sale; that is nearly 17% of total stock. In addition to the Amsterdam South Axis Amsterdam Sloterdijk-Teleport are in search of new accommodation. Take-up levels in rental of existing offices, some major withdrawals helped Amsterdam Centre Amsterdam West the city of Amsterdam remained steady in the first half pushed down the readily available floor area. Lower Diemen Diemen of 2015 not only because of many small and medium- supply levels in Amsterdam have given Sloterdijk-Teleport 0 10 20 30 40 50 0 50 100 150 200 250 300 350 400 sized transactions that took place, but also due to two and Southeast in particular a good reason to jump for Source: NVM Source: NVM sizeable lease transactions that came about in the same joy. Supply levels also went down in the city centre. In year. These transactions also allowed take-up figures to the South Axis, however, supply levels hardly changed TYPICAL RENTAL BANDS PER DISTRICT MID 2015 climb. For example, ChipSoft took up a 15,000 m² building and in the short term more floor area will be available TAKE-UP AND SUPPLY IN AMSTERDAM € € in Sloterdijk-Teleport, and ING Bank decided to rent as AkzoNobel, Stibbe and NautaDutilh are planning 2 Amsterdam Centre 145 300 about 24,000 m² in an office yet to be built in Amsterdam to relocate. What’s more, RBS ’ scheduled x 1,000m 1200 Amsterdam Sloterdijk-Teleport 90 150 Southeast. All things considered, take-up was most departure might also push up supply levels. Amsterdam West 80 150 1000 substantial in Southeast as well as Sloterdijk-Teleport as Amsterdam South Axis 230 335 800 both areas represented over two-thirds of office take-up. As far as rents are concerned, the first half of 2015 Amsterdam Southeast 80 195 Other locations in the city of Amsterdam had to settle for presented yet another divide. It was noticeable that higher 600 Amsterdam North 125 180 modest demand with offices along the A10 west ring road rents could be realised when it comes to better office 400 Amstelveen 80 175 suffering the most. Take-up volumes also remained poor locations. This situation presented itself in office buildings 200 Diemen 70 130 in the South Axis business district, to an extent because in Southeast, South Axis and also on southern IJ banks 0 large transactions in particular did not take place. The among other places. Here, the incentives in the form of 2006 2007 2008 2009 2010 2011 2012 2013 2014 ‘Zuidasdok’ project was questioned, for which both the rent-free periods were reduced. Supply Take-up Amsterdam South station and part of the A10 highway Source: NVM

NVM BUSINESS OFFICE MARKET 2015 NVM BUSINESS RANDSTAD OFFICE MARKET 2015 TRENDS IN OFFICE TAKE-UP PER DISTRICT 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 H1 m2 REGION The Hague Centre 52,500 16,000 26,000 19,500 35,000 12,000 28,000 23,500 32,500 12,000 The Hague Benoordenhout 3,500 8,500 500 500 3,500 - 17,000 3,500 4,000 12,000 The Hague Bezuidenhout 29,500 7,500 2,000 32,500 41,000 21,500 11,000 26,000 11,500 4,500 The Hague Binckhorst - 13,500 15,000 2,500 - 1,500 1,500 4,000 1,000 1,500 The Hague Convention Centre 6,000 3,500 2,000 9,500 1,000 7,000 1,500 4,500 2,000 2,500 The Hague Laakhaven 7,500 10,500 2,500 2,000 - 500 9,000 2,500 6,000 4,500 Rijswijk 5,500 40,000 15,500 7,500 13,000 5,500 10,000 10,000 9,500 500 Leidschendam 500 9,500 500 1,000 - 1,500 1,500 1,000 - - 5,000 3,000 - 1,500 - 5,000 4,000 3,500 500 - Delft 1,500 6,000 15,500 7,500 6,500 6,500 8,000 6,000 8,500 8,500 12,500 28,000 22,500 14,500 11,500 8,500 23,000 10,500 6,000 14,000

TRENDS IN OFFICE SUPPLY PER DISTRICT 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 H1 m2 The Hague Centre 41,000 63,000 78,000 111,500 135,500 139,000 138,500 164,500 152,000 154,500 The Hague Benoordenhout 21,500 26,000 37,000 42,000 56,500 46,000 49,000 68,000 63,000 50,000 The Hague Bezuidenhout 20,500 26,500 53,000 62,000 50,000 52,000 66,500 112,500 120,500 116,500 The Hague Binckhorst 55,000 56,500 45,500 70,000 84,500 84,000 85,000 78,000 81,000 80,500 The Hague Convention Centre 37,500 38,000 17,000 31,000 34,500 27,500 33,000 30,500 29,500 28,500 The Hague Laakhaven 36,000 24,000 17,000 37,000 40,500 53,000 70,000 58,500 38,000 39,000 Rijswijk 114,000 133,000 135,500 189,500 193,000 221,500 244,500 243,500 242,000 244,500 Leidschendam 20,000 24,000 40,500 46,000 46,000 44,000 45,500 27,500 27,500 13,000 Voorburg 20,500 19,000 23,000 28,500 30,500 29,000 31,500 29,000 12,500 15,500 Delft 28,500 18,500 4,000 32,000 35,000 39,500 36,500 44,500 56,500 61,500 The first six months of the year 2015 presented a positive shift operations to a building that is home to insurance Zoetermeer 119,500 103,500 83,000 102,000 132,000 130,000 135,500 138,000 136,500 130,000 change as far as the office market in The Hague region is company Klaverblad Verzekeringen on Afrikaweg. Both in concerned, judging by the number of lease transactions Zoetermeer and in The Hague, lessees were clearly mainly and take-up volumes. Approximately 62,000 m² in interested in better offices as well as renovated buildings. AVAILABILITY RATES PER DISTRICT MID 2015 PRIME RENTAL LEVELS PER DISTRICT MID 2015 total have welcomed new office users. Take-up levels % in this region were able to move in a positive direction The course of events on the office market was also € Rijswijk The Hague Centre mainly because of a healthier demand in The Hague. characterised by the fact that increased letting activity in The Hague Binckhorst The Hague Bezuidenhout Also substantial floor area was taken up in the city the region was accompanied by a drop of readily available Voorburg The Hague Benoordenhout of Zoetermeer. The Hague’s market to a great extent supply. Reduced supply levels were caused not only by lease The Hague Laakhaven The Hague Convention Centre was determined by small to medium-sized office users transactions in existing buildings, but also because of the Zoetermeer The Hague Laakhaven requiring 300 up to 2000 m², as this category claimed decision to withdraw a number of unmarketable offices from The Hague Bezuidenhout Rijswijk nearly 60% of the actual take-up. Significant demand for stock through demolition or redesignation. Leidschendam Delft Voorburg small offices presented an interesting contrast to much in particular benefited from this decision, as the number of Leidschendam Delft poorer demand for larger premises. One of the factors square metres yet to be let out fell by approximately 50%. The Hague Benoordenhout The Hague Binckhorst involved has been the authorities’ cautious stance. The Nevertheless, Leidschendam was not the only place to see The Hague Convention Centre Zoetermeer only significant transaction that did take place in the supply levels go down as the same situation presented itself The Hague Centre Leidschendam city of The Hague involved Shell that took up a building in The Hague, however to a limited extent. But despite 0 10 20 30 40 50 0 50 100 150 200 250 in the Benoordenhout district. In line with previous all this, halfway through the year 13,3% of stock was still Source: NVM Source: NVM years, demand in the first six months was strongest in available in the city of The Hague, versus 13.8% in late TYPICAL RENTAL BANDS PER DISTRICT MID 2015 the city centre. What’s interesting though is that above- 2014. Supply levels dropped mainly in Benoordenhout and TAKE-UP AND SUPPLY IN THE HAGUE € € average attention was paid to Benoordenhout, with the Bezuidenhout as the amount of floor area still unoccupied The Hague Centre 125 200 Shell transaction being of paramount importance. In remained almost the same in other parts of this city. While x 1,000m2 The Hague Benoordenhout 120 160 800 the first six months of 2015, the Beatrixkwartier and supply levels went down throughout this region, in Delft The Hague Bezuidenhout 130 195 Bezuidenhout districts reported almost the same take-up they climbed once again. 600 The Hague Binckhorst 60 125 levels, as the number of lease transactions remained The Hague Convention Centre 125 160 unchanged compared to the same period last year. While Despite healthy demand for offices and even though supply 400 The Hague Laakhaven 75 130 in The Hague take-up involved small to medium-sized levels did go down, office rents in this region remained Rijswijk 70 130 offices in particular, demand in the city of Zoetermeer under pressure during the first half of 2015. In order to 200 Leidschendam 70 120 was higher as far as large floor areas are involved. For encourage future lessees, serious incentives were offered Voorburg 75 130 0 instance, SRK Rechtsbijstand took up more than 6,000 m² at some of the locations. Nonetheless, rents are expected 2006 2007 2008 2009 2010 2011 2012 2013 2014 Delft 90 130 Zoetermeer 60 125 in an area known as Rokkeveen, and almost the same floor to have reached rock-bottom after impressive price cuts in Supply Take-up areas has been claimed by Technip. The latter decided to previous years. Source: NVM

NVM BUSINESS RANDSTAD OFFICE MARKET 2015 NVM BUSINESS RANDSTAD OFFICE MARKET 2015 ROTTERDAM REGION

TRENDS IN OFFICE TAKE-UP PER DISTRICT 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 H1 m2 Rotterdam Centre 43,500 64,500 62,500 33,000 72,500 71,500 27,000 29,500 33,000 21,000 Rotterdam Prins Alexander 20,000 22,500 42,500 7,000 2,500 2,000 4,500 1,000 3,000 16,500 Rotterdam Kralingen 4,000 5,500 21,500 8,000 17,000 12,000 11,000 2,500 7,000 6,000 Rotterdam Waalhaven 21,000 1,500 5,500 500 4,000 9,500 6,500 1,500 2,500 5,000 Rotterdam South 51,500 14,000 16,500 2,000 18,500 1,500 6,500 3,500 2,500 7,000 Capelle aan den IJssel 24,500 8,500 25,000 21,500 13,000 11,000 10,000 9,500 6,000 6,000 Schiedam 1,500 3,500 17,500 4,000 5,000 18,500 2,000 2,500 4,000 5,000

TRENDS IN OFFICE SUPPLY PER DISTRICT 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 H1 m2 Rotterdam Centre 159,500 164,000 142,500 271,500 280,000 307,500 323,500 389,000 401,000 386,000 Rotterdam Prins Alexander 26,000 27,000 16,500 17,000 28,500 60,000 81,000 83,500 89,000 63,500 Rotterdam Kralingen 39,500 53,000 41,500 54,500 52,000 53,000 54,500 56,000 58,000 54,000 Rotterdam Waalhaven 7,500 13,000 11,000 16,500 28,000 27,000 22,000 23,500 19,000 17,500 The office market in the Rotterdam region recovered market. Transaction volumes in the city of Rotterdam Rotterdam South 31,000 25,500 30,000 32,000 32,000 53,000 67,000 61,000 65,000 60,000 surprisingly well in the first six months of 2015, climbed significantly compared to the year 2014 but also it Capelle aan den IJssel 73,500 88,000 64,000 96,000 108,000 132,000 136,000 140,000 152,000 154,000 reporting take-up levels touched 70,000 m² which greatly was interesting to see the differences between traditional Schiedam 24,500 26,000 22,500 34,500 29,500 24,500 23,500 36,000 51,500 51,500 exceeds the number for the same period last year, when office users and small companies - the latter being in approximately 27,000 m² were either let or sold. These search of flexible accommodation - continue to rise. positive development at the take-up level not only followed AVAILABILITY RATES PER DISTRICT MID 2015 PRIME RENTAL LEVELS PER DISTRICT MID 2015 from larger transaction volumes in the city of Rotterdam Substantial take-up of existing stock and limited

itself, but also from intensifying demand in Rotterdam’s expansion of existing offices allowed vacancy levels to drop % € neighbouring municipalities of Capelle aan den IJssel significantly in this region in the first half of 2015. A drop Capelle a/d IJssel Rotterdam Centre and Schiedam. Nevertheless, the office market in this that is entirely attributed to the city of Rotterdam, as Rotterdam Centre Rotterdam South region drew inspiration particularly from the course of supply levels in both Capelle aan den IJssel and Schiedam Rotterdam Prins Alexander Rotterdam Kralingen events in the city of Rotterdam, where about 59,000 m² remained almost unaltered. Due to reduced supply in the Schiedam Rotterdam Waalhaven have been taken up. The driving force behind demand Maasstad, 728,000 m² of office space were available for Rotterdam Kralingen Schiedam for office space has been the Police Services Centre (in rent or sale halfway through the year, that is 20.8% of Rotterdam Waalhaven Rotterdam Prins Alexander Dutch: Politiedienstencentrum or PDC), claiming nearly total office stock. Reduced supply in the city of Rotterdam Rotterdam South Capelle a/d IJssel 30% of demand. However, other organisations also mainly served the city centre and also the Prins Alexander 0 10 20 30 40 50 0 50 100 150 200 250 contributed to climbing take-up levels as an interesting region. As for the other office locations in this city, the Source: NVM Source: NVM role was played by the Cambridge Innovation Centre amount of space available for rent remained almost the (CIC), setting foot on Dutch soil for the first time. Also same. Although office supply levels also hardly changed in TYPICAL RENTAL BANDS PER DISTRICT MID 2015 the supplier of flexible office space known as Spaces has Capelle aan den IJssel, concerns about vacancy intensified TAKE-UP AND SUPPLY IN ROTTERDAM € € added some serious weight to the scales and so did the now that approximately 31% of total office stock is Rotterdam Centre 80 220 x 1,000m2 trading company Nidera. Although most attention was available for rent. The fact that most vacant office buildings Rotterdam Prins Alexander 90 120 800 dedicated to large-scale lease transactions, a number of are unlikely to be redesignated or renovated is considered Rotterdam Kralingen 75 165 small to medium-sized office users were active as well. to be a serious problem. 600 Rotterdam Waalhaven 90 145 In Rotterdam, lessees once again were mainly interested Rotterdam South 90 210 in office buildings located in the city centre, especially in But despite improved market conditions in Rotterdam, 400 Capelle a/d IJssel 60 110 the area surrounding the Central Station. And yet the rents were quite under pressure in the first half of 2015; Schiedam 80 135 200 Prins Alexander area was responsible for a major part of also because companies have been more critical. Not only total take-up, whereby the sizeable transaction that took in the city centre, but also in the peripherals owners of 0 place in this area with the PDC obviously had a key role. offices had to settle for lower rents although incentives did 2006 2007 2008 2009 2010 2011 2012 2013 2014 Kralingen (Brainpark) and the Kop van Zuid managed stabilise at the level of 2014. Supply Take-up to benefit from this positive state of mind on the office Source: NVM

NVM BUSINESS RANDSTAD OFFICE MARKET 2015 NVM BUSINESS RANDSTAD OFFICE MARKET 2015 TRENDS IN OFFICE TAKE-UP PER DISTRICT UTRECHT REGION 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 H1 m2 Utrecht Centre 74,000 20,000 12,000 6,000 24,500 17,500 13,000 17,500 21,500 7,000 Utrecht Rijnsweerd 10,500 16,000 14,000 36,000 5,500 2,500 10,500 20,500 13,000 1,500 Utrecht Kanaleneiland 8,500 36,500 22,500 10,500 7,500 13,500 2,000 10,500 500 8,000 Utrecht Lage Weide 12,000 16,000 4,000 2,500 12,500 3,500 5,000 9,000 3,500 3,500 Utrecht Papendorp 12,000 9,500 29,500 11,500 23,500 16,500 9,500 14,500 23,000 2,000 Utrecht De Meern 1,500 3,500 2,000 5,500 500 1,000 1,000 500 500 - Maarssen 1,000 4,500 6,000 1,000 2,500 3,500 500 - - - Nieuwegein 13,500 17,000 10,000 9,000 12,500 12,000 8,500 5,000 16,500 2,500 Houten 3,500 5,500 10,000 6,000 2,000 5,000 500 1,500 3,000 -

TRENDS IN OFFICE SUPPLY PER DISTRICT 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 H1 m2 Utrecht Centre 24,000 20,000 15,000 12,500 14,500 23,500 41,500 56,000 57,500 69,000 Utrecht Rijnsweerd 49,500 22,500 27,000 27,500 41,000 49,500 57,000 37,000 54,500 52,500 Utrecht Kanaleneiland 89,000 66,000 56,000 74,500 86,000 81,500 86,500 90,000 103,500 99,000 Utrecht Lage Weide 48,000 36,500 34,500 47,000 38,500 41,000 47,500 53,000 45,000 47,000 Utrecht Papendorp 37,000 51,500 46,500 55,500 65,500 60,000 97,500 89,000 91,000 90,500 Utrecht De Meern 20,500 18,000 17,500 23,500 28,000 29,500 33,500 34,500 33,500 40,000 Maarssen 35,500 33,500 24,000 45,000 47,500 44,500 45,500 46,000 47,000 50,500 Nieuwegein 95,000 80,000 90,500 127,000 159,000 176,500 173,000 160,000 152,500 149,000 Houten 23,000 22,000 10,500 23,000 39,000 40,500 45,500 46,000 44,500 57,000 Demand for offices in this region was something of a the most. However the course of events in Houten and letdown during the first half of 2015. Even though take-up Maarssen was utterly disappointing, as lessees hardly levels in the open market slightly exceeded those of the showed up. AVAILABILITY RATES PER DISTRICT MID 2015 PRIME RENTAL LEVELS PER DISTRICT MID 2015 same period a year ago, only 27,000 m² were rented by companies and organisations. Although the total One cause for disappointment in the office market has been % € transaction volumes did not meet expectations, the market the rising supply levels of vacant offices and offices yet to Utrecht De Meern Utrecht Centre situation in general is believed to be moving forward in a be built. In the first six months of 2015, the readily Maarssen Utrecht Papendorp Nieuwegein positive direction. One of the reasons is that in the city of available supply in this region reached approximately Utrecht Rijnsweerd Utrecht Papendorp Utrecht, various organisations are on the lookout for office 712,000 m², climbing both in Utrecht as well as other Utrecht Lage Weide Utrecht Kanaleneiland space, which means demand should pick up in course of the municipalities within this part of the Netherlands. Only Utrecht De Meern Utrecht Lage Weide Houten year. Whether this will suffice to make up for the ‘loss’ Nieuwegein succeeded in reducing availability, to some Houten Utrecht Kanaleneiland suffered so far, remains to be seen. It was not quite the extent because yet another large area has been withdrawn Utrecht Rijnsweerd Nieuwegein number of transactions that caused disappointment, but from stock in order to be redesignated. In Utrecht itself, Utrecht Centre Maarssen rather mainly the lack of major lessees. In the first six increasing supply levels were mainly attributable to 0 20 30 40 50 0 50 100 150 200 250 months of the year, focus was on minor transactions expanded floor areas in the city centre. This increase to a 10 instead, mainly in the 200 - 1000 m² size category. Only a high degree was caused by the recent availability of Source: NVM Source: NVM few transactions involved slightly bigger areas, like the one premises on Daalsesingel, on Arthur van Schendelstraat with ABN AMRO Lease, property company Propertize and and also on Stationsplein. The supply situation in TYPICAL RENTAL BANDS PER DISTRICT MID 2015 VolkerWessels Telecom. Also due to the transaction with Papendorp and Rijnsweerd hardly changed, and so did TAKE-UP AND SUPPLY IN UTRECHT € € ABN AMRO, take-up was strongest in the area known as supply levels in the Kanaleneiland. Halfway through the Utrecht Centrum 170 200 x 1,000m2 the Kanaleneiland. Also several offices welcomed new year, approximately 17% of total stock in Utrecht was Utrecht Rijnsweerd 130 150 800 lessees in the city centre, with Propertize being the most available for rent or sale. Utrecht Kanaleneiland 90 135 substantial lessee by far. As far as interest in different 600 Utrecht Lage Weide 80 145 locations is concerned, it was interesting to see Papendorp Due to limited demand and generous supply, transactions Utrecht Papendorp 130 155 face hesitant demand; although take-up was also limited in came with lower price levels. In Utrecht this was 400 Utrecht De Meern 80 145 Rijnsweerd. But despite unsatisfactory sales volumes in particularly the case with offices located in Rijnsweerd and Maarssen 70 125 200 Nieuwegein 50 125 Papendorp, the area remained undiminishedly popular and also in Papendorp. Nevertheless, rents remained steady in Houten 80 130 transactions continued to follow. While office take-up levels the city centre. In the first half of 2015, property owners 0 in the city of Utrecht were poor, lessees’ demand was also were once again prepared to meet lessees’ requirements, 2006 2007 2008 2009 2010 2011 2012 2013 2014 limited in Nieuwegein, despite several transactions that offering rent-free periods and other incentives as well. Supply Take-up did take place of which ‘De Poort of Nieuwegein’ benefited Source: NVM

NVM BUSINESS RANDSTAD OFFICE MARKET 2015 NVM BUSINESS RANDSTAD OFFICE MARKET 2015 SCHIPHOL REGION

TRENDS IN OFFICE TAKE-UP PER DISTRICT 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 H1 m2 Hoofddorp Beukenhorst West 13,000 8,000 3,000 1,500 3,000 4,000 5,000 1,500 3,000 - Hoofddorp Beukenhorst East 13,000 15,000 8,500 16,000 500 13,000 7,000 6,500 1,500 2,000 Hoofddorp Beukenhorst South 3,000 20,500 28,500 14,500 14,000 8,000 11,000 1,000 5,500 7,500 Hoofddorp De Hoek 2,000 2,000 1,500 4,500 1,500 4,000 - 1,000 - - Schiphol 5,000 24,000 6,500 6,000 3,500 11,500 14,500 4,500 7,000 4,500 Schiphol Rijk 1,000 9,500 3,000 6,500 7,000 9,000 2,000 1,000 9,500 -

TRENDS IN OFFICE SUPPLY PER DISTRICT 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 H1 m2 Hoofddorp Beukenhorst West 35,000 30,500 29,000 38,000 60,500 55,500 56,500 51,500 62,500 62,500 Hoofddorp Beukenhorst East 43,500 41,500 30,500 44,000 59,500 52,000 56,500 53,000 57,500 56,500 Hoofddorp Beukenhorst South 22,500 18,500 17,000 16,000 18,500 18,000 15,000 15,000 14,500 17,500 Hoofddorp De Hoek 7,000 7,000 13,500 27,000 27,000 24,500 31,000 34,000 33,000 34,000 Schiphol 38,000 27,500 34,500 32,000 39,000 28,500 30,500 38,000 33,000 31,000 Schiphol Rijk 61,000 61,000 61,500 77,500 76,000 61,500 66,000 64,000 61,500 67,500

Demand for office space in the Schiphol region was quite sales transactions in this region, Schiphol-Rijk did not have healthy in the first six months of 2015, leading to higher a key role and no significant transactions took place in the AVAILABILITY RATES PER DISTRICT MID 2015 PRIME RENTAL LEVELS PER DISTRICT MID 2015 transaction volumes in the open market. Trusting the first half of this year. existing data are reliable, approximately 17,000 m² were % € taken up in this region in the first half of this year. Should The events in the office market in this part of the Hoofddorp De Hoek Schiphol this trend persist, at year-end transaction volumes should Netherlands was also characterised by the fact that total Hoofddorp Beukenhorst West Hoofddorp Beukenhorst South exceed those of 2014 by more than 25%. Demand picked supply in the region remained almost unaltered during Schiphol Rijk Hoofddorp Beukenhorst East up mainly because of Hoofddorp, where relatively much the first six months. For despite healthier demand for Hoofddorp Beukenhorst East Hoofddorp Beukenhorst West office space has been taken up by Plantronics and IT offices, vacancy levels could not be pushed down. Indeed, Hoofddorp Beukenhorst South Schiphol Rijk service provider Macaw. Both companies will be realising the amount of available floor space did slightly drop at Schiphol Hoofddorp De Hoek new offices at the Beukenhorst South business park. Like Schiphol, yet this was offset after energy company Nuon 0 10 20 30 40 50 0 50 100 150 200 250 300 350 400 in previous years, small office users requiring up to 1000 left Schiphol-Rijk. In Hoofddorp, the supply situation Source: NVM Source: NVM m² were equally interested in new office space. In terms of remained almost the same and so 27.5% of its office stock preference, in Hoofddorp companies were clearly interested was available for rent halfway through the year. Some of TYPICAL RENTAL BANDS PER DISTRICT MID 2015 in Beukenhorst South, which claimed two-thirds of total the buildings in the city centre and also on Beukenhorst TAKE-UP AND SUPPLY IN DE REGIO SCHIPHOL € € take-up, emphasising once again the rising popularity of West that have been vacant for a long time might be 2 Hoofddorp Beukenhorst West 90 135 this area. Also the office district known as Beukenhorst redesignated in order to provide homes. Also for the x 1,000m 800 Hoofddorp Beukenhorst East 125 175 East contributed significantly to intensifying demand. This industrial site De Hoek, an environmental permit has been Hoofddorp Beukenhorst South 160 210 positive change in Hoofddorp however did not present itself applied for to transform an office building into a hotel. This 600 Hoofddorp De Hoek 80 130 on every office location. As far as known, no transactions should help push down the vacancy numbers. Schiphol 100 365 whatsoever have taken place on Beukenhorst West. In 400 Schiphol Rijk 85 135 addition to some locations in Hoofddorp, offices located In the first half of the year 2015, the majority of the market 200 at Schiphol were popular as serious attention was paid had to content with an almost unaltered price level. In to the renewed office complex called The Base. The latter general, substantial price movements hardly presented 0 welcomed even more lessees after transactions have been themselves, although investors were less eager to offer 2006 2007 2008 2009 2010 2011 2012 2013 2014 realised with e.g. the maritime service provider called SBM incentives on a wide scale. Supply Take-up Offshore. But despite a reasonable number of lease and Source: NVM

NVM BUSINESS RANDSTAD OFFICE MARKET 2015 NVM BUSINESS RANDSTAD OFFICE MARKET 2015 DEFINITIONS

Office Supply A spatial and independent unit used for office Office space immediately available for rent activities or supporting activities in the first or sale. Supply does not include offices under place. Office space that is part of industrial construction and offices which are yet to be built. ­buildings, universities or hospitals is not Supply includes vacant and developing offices as considered to be an office. well as spaces that are still being used but which are soon to be released. Supply is measured in Take-up buildings covering at least 500 m². Lease and sales transactions taking place in the open market. Users who provide for their own Rent accommodation requirements (the ‘owner-occupier The basic rent paid per square metre of lettable development’) are not included in the take-up floor area, exclusive of VAT, service charges and volume. The same applies to sale-and-leaseback lessees’ specific fitting-out costs. agreements as well as contract extensions. NVM registers transactions starting at 200 m².

This publication has been produced with the assistance of: P van den Bosch Bedrijfs­makelaars (Amsterdam), Fris Bedrijfsmakelaars (Amsterdam), Colliers International (Amsterdam), COG Makelaars (The Hague), Nadorp Makelaars (The Hague), Rob Swart Bedrijfshuisvesting (Zoetermeer), Ooms Makelaars Bedrijfs­huisvesting (Rotterdam), Colliers International (Rotterdam), Ans de Wijn Bedrijfshuisvesting (Utrecht) en BT Makelaars (Schiphol).

Colophon

Composition Drs. R. L. Bak Data source NVM Data & Research, Nieuwegein Design PROOF, ­Amsterdam Photography MS Fotografie, Strijen

August 2015

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NVM BUSINESS RANDSTAD OFFICE MARKET 2015