The Netherlands – Winter 2019

REPORT Savills Research City Special: Eindhoven City Special Eindhoven City Special Eindhoven

FROM G4 TO G5 Map Eindhoven is an important part of an economic region The region as the ultimate growth solution Eindhoven is now the third largest economic region in Key City of Eindhoven Greater Eindhoven Brainport Eindhoven In recent years, urban centres (hubs) have acted as a powerful magnet for students, residents, the Netherlands, after tourists and businesses. Good mobility between the Dutch hubs and their comprehensive facilities Amsterdam and Utrecht. are driving further urbanisation in and around city centres. The Eindhoven region is no exception.

The report G4 to G5 (Savills, 2017) showed Map Population within 60 minutes’ drive that metropolitan Eindhoven now measures EINDHOVEN up against the traditional “top four” Dutch 60 minutes’ drive cities (the G4). The region has continued to Amsterdam: 7,668,062 8,887 231,642 develop in recent years, driven in large part Eindhoven: 8,056,250 by strong growth of its technology sector. Area (ha) Population This was confirmed in a recent analysis by the newspaper Het Financieele Dagblad (FD), which found that Eindhoven is now the third largest economic region in the Netherlands, after Amsterdam and Utrecht. This despite it having a lower population and a far smaller urban core than other G5 cities. However, the AMSTERDAM FD article also noted some of the challenges facing Eindhoven – primarily with regard to 21,949 862,965 accessibility. Area (ha) Population

Office market in the G5 cities In the other G5 cities (Amsterdam, Rotterdam, Utrecht and The Hague), the office market is taking full advantage of the growing economy. In an increasing number 7,668,062 Amsterdam of them, indeed, and particularly in specific districts within them, there is now actually ROTTERDAM a substantial shortage of office space. As a result, companies are moving to smaller 32,416 644,618 neighbouring municipalities in what is known Area (ha) Population as the “ripple effect”. In these neighbouring municipalities, such as Nieuwegein near Utrecht and Hoofddorp near Amsterdam, demand is therefore rising, vacancy rates are falling and rents are on the increase.

Eindhoven has traditionally had a different 8,056,250 Source Savills Research UTRECHT profile in terms of its office market: it is Eindhoven viewed more as a commercial centre than an Twenty-one municipalities in south-east Brabant 9,921 352,866 office city. But does this mean that the strong have joined forces in an economic partnership overall economic growth of recent years is Area (ha) Population Eindhoven is which profiles itself as “Brainport Eindhoven”. having a much more limited positive impact Greater Eindhoven, also known officially as the on the Eindhoven office market than in the Eindhoven Metropolitan Region (Stedelijk Gebied other G5 cities? Or are there now shortages an important Eindhoven), is centrally located within this there, too, complete with a “ripple effect” into cluster and consists of nine municipalities: Best, the surrounding area? And what challenges in part of an Eindhoven, Geldrop-Mierlo, Helmond, Nuenen, general do Eindhoven and its region face? Gerwen en Nederwetten, Oirschot, Son en Breugel, THE HAGUE Veldhoven and Waalre. economic The City of Eindhoven proper is at the heart 9,813 537,833 of both regional alliances. All 21 participating municipalities are taking full advantage of the Source Savills Research Area (ha) Population Eindhoven profiles itself strongly as a region, but region region’s growth, although the positive effects are greatest for the eight closest to Eindhoven itself. is the office market in neighbouring municipalities This is simply because most Brainport companies also benefiting from this regional approach and are located in them or in the core city. the strong growth of the technology sector?

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Brainport Eindhoven has been recognised since 2016 as a Dutch “mainport”, alongside Amsterdam (Schiphol Airport) and Rotterdam (seaport)

Graph Gross Domestic Product Growth Rate POPULATION Key Brainport Eindhoven The Netherlands Economic growth attracts people The Eindhoven 15% region will experience The region’s above-average economic growth is a huge above-average demographic magnet, resulting in a fast-growing population. population growth until 2040.

The city of Eindhoven is expected to have more than over 500,000 people now to almost 550,000 by 2040. It is 250,000 residents in 2040 (+9.06 per cent). A large part actually remarkable that the surrounding municipalities 10% of this increase will be absorbed by inner-city housing have been growing so strongly, as smaller towns in the developments near the central station (Knoop XL, Netherlands predominantly have lower-than-average Stadhuisplein) and at Strijp-S. But the city alone cannot growth rates at present. It is expected that six of the nine house all these newcomers. Due in part to “overflow” from municipalities in the Eindhoven region will experience Eindhoven, the regional population will rise from just above-average population growth until 2040.

Graph Expected population growth, Eindhoven Metropolitan Region, 2019-2040 9.06% 5% City of Eindhoven

Key Positive population growth Negative population growth 16% 231,469 252,447 14.09% 2019 2040 0% 14% 12.73% 12.07% 12% 10.89%

10% 9.06% -5% 8.67%

8% 6.12% Greater 6% Eindhoven

Expected growth Expected 4.40% -10% 4% 3.10% 2011 2017 2012 2013 2015 513,762 545,200 2018 2016 2014 2010 2008 2009 2% 2019 2040 Source Savills Research -1.20% Boost from Technology 0% -2% Technology sector continues to boost economic growth

Best Son Nuenen Waalre Despite the general brake on economic investments. For years now, in fact, this ensures that the region is responsible for Helmond Oirschot Eindhoven Veldhoven growth in the Eurozone, it remains above sector has been growing at “double-digit” generating 5.1% of Gross Domestic Product 5.98% Geldrop-Mierlo average in the Netherlands as a whole (+1.9 rates (> 10 per cent per annum). (GDP). It is also why Brainport Eindhoven The per cent YoY in 2019 Q2). And in Brainport Moreover, Brainport Eindhoven accounts has been recognised since 2016 as a Dutch Netherlands Eindhoven it has exceeded the national for more than a fifth of total private R&D “mainport”, alongside Amsterdam (Schiphol rate every year since 2013. Growth there expenditure in the Netherlands. This factor Airport) and Rotterdam (seaport). amounted to 3.3 per cent in 2018, compared Source Savills Research 17,282,753 18,315,974 with 2.6 per cent for the overall Dutch 2019 2040 economy. One major reason for this is the region’s The economic growth of Brainport Eindhoven strong focus on the technology sector, which is growing faster than other parts of 3.3% has exceeded the national average since 2013 Due in part to “overflow” from Eindhoven, the regional population will the economy and is attracting substantial rise from just over 500,000 people now to almost 550,000 by 2040 Source Savills Research

savills.nl/research 4 5 City Special Eindhoven City Special Eindhoven Trends Graph Skyline Einhoven. Eindhoven grows upwards MOBILITY TO Key Extant Planned Projected EINDHOVEN Campus development as AND FROM 180 OFFICE MARKET EINDHOVEN 160 BENEFITS AT LAST FROM an engine of growth 140 ECONOMIC Business campuses, at which more or less compatible companies 120 SUCCESS congregate on a single site, are being created at more and more 100

locations in the Netherlands. 80 Unlike in the other G5 60 cities, in Eindhoven office vacancy rates 40 barely declined prior Eindhoven Airport Map Campus developments in the Eindhoven Metropolitan Region to 2018. Whereas The second largest 20 in the country Amsterdam and Utrecht 0 saw rates fall steadily from 2013 onwards and Best the same trend has been Nico Onyx observed in The Hague Regent Porthos and Rotterdam since Admirant Eurostate Meerzicht Oude V&D Oude District E -1 Haasje over District E -2 District E -3 2016, in the Eindhoven

Brainport Industries Havenhoofd Automotive Campus Bunkertoren Victoriatoren Vestedatoren

Campus (BIC) Kennedytoren region levels of non- Stadhuisplein -1 Stadhuisplein Stadhuisplein -2 Stadhuisplein Stadhuisplein -3 Stadhuisplein occupation remained Helmond Hotel Student The relatively stable and Trudo Vertical Forest De nieuwe Eindhoven

The Dutch Mountains -1 above average until last Strijp Creative The Dutch Mountains -2 Domestic rail year. Campus TU/e Campus Eindhoven-Utrecht- Amsterdam services This is despite the fact at ten-minute Eindhoven that, starting in 2012, a intervals considerable number To facilitate population growth, of office buildings were ASML Campus withdrawn from the High Tech Campus (HTC) Eindhoven opts for inspansion stock for conversion into Veldhoven dwellings and hotels. It is not only on the region’s business campuses that functions From this we can only are combined intensively. conclude that intrinsic demand for office. As well as mixing functions, enlarging the overall housing possible, in October 2019 the local planning regulations Source Savills Research stock is essential to cope with population growth. were relaxed to allow towers higher than 105 metres at Domestic rail At government level, it has been decided that 27,000 more locations in the city centre. Literally meaning “open space” or “field”, in Industries Campus (BIC). This features the same Eindhoven-Tilburg- additional homes are to be created in the Eindhoven region With several projects already on the drawing board, this modern sense a campus is a cluster of form of clustering, but with a focus on high-tech Breda-Rotterdam- between now and 2024 – 15,000 of them in the city itself. such as the District E development and the Bunkertoren organisations of various types and with different manufacturing. It is often thought that the majority The Hague services This growth will be facilitated largely through the tower, the Eindhoven skyline is set to change forever over functions, but with some common factors. One of campus-based firms are primarily industrial at ten-minute construction of more high-rise buildings. To make that the next few years. major advantage of such arrangements is that or research-oriented. However, this is really not intervals from 2022 they facilitate collaboration and the exchange of always the case. In fact, offices usually make up knowledge, which in turn expedite growth. A good a substantial proportion of their premises. At example of a successful business campus, and the HTC, for example, almost two-thirds of the Knoop XL Eindhoven indeed one of the best-known in the Netherlands, available floor area is devoted to office functions. is the High Tech Campus (HTC) in Eindhoven itself. The remainder is divided between research But it is by no means the only one in the region. (laboratories), production and other uses. This means that business campuses need be taken In fact, the six campuses in and around Eindhoven properly into account when analysing a city’s represent the greatest concentration of such office market. clusters in the country. And they are having demonstrably positive spin-off effects, both It is clear that the Eindhoven region has International rail 55ha Direct Eindhoven- within their compounds and beyond. On the HTC, experienced above-average economic growth in Düsseldorf intercity for example, numerous high-tech companies recent years, and the forecasts remain positive. As services from 2025 actively engaged in R&D are being established. a result, we should also expect the office market As well as growing in its own right, the HTC also to be developing favourably. But is that indeed the Large-scale development Close to the Creation of Number of residents to inspired the creation of the nearby Brainport case, and what are the expectations? on a 55-hectare site in central railway 5,000-8,000 increase from about 200 to Source Savills Research central Eindhoven station additional homes approximately 15,000

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The relatively stagnant regional office market Graph Office stock development in the Eindhoven region now positive finally saw an upturn from 2016 onwards, a Eindhoven’s office stock trend which accelerated in 2018. The vacancy Key Stock New Developments Withdrawals Vacancy rate has now fallen substantially, to around Selective shortage of high-quality offices beginning to emerge. But not 9 per cent, whereas only a few years ago it 2,250,000 18% all office buildings in the region are suddenly in demand again. was more than 15 per cent. And in the city of 16% Eindhoven it has almost halved, from over 15 2,200,000 per cent to 8.4 per cent now. 14% By far the greatest interest is in modern premises Graph Office stock by energy label: Eindhoven This means that, for the first time in more 2,150,000 in the central area. And there lies the rub, because 12% has considerable ground to make up than 10 years, the vacancy rate has fallen – compared with the other G5 cities – in economic below the national average. It is striking, too, 2,100,000 10% terms Eindhoven’s office stock is relatively old. that in the past two years this trend has been 8% 60% fuelled not by conversions eliminating stock 2,050,000 An analysis of stock’s energy labels Key Eindhoven Other G5 Cities but by a sharp rise in intrinsic demand. 6% This is apparent from an analysis of that stock’s As in the other G5 cities, this effect is 2,000,000 energy labels, a good indicator of its economic and 4% greatest in areas with good accessibility by technical condition. From this it is evident that, 1,950,000 public and private transport, such as central 2% on average, offices in Eindhoven are economically Eindhoven. The vacancy rate there has fallen and technically “older” than their counterparts from 16.4 per cent in 2016 to 5.6 per cent 1,900,000 0% in the other G5 cities. Only about 40 per cent 50% 2011 2012 2013 2014 2015 2016 2017 2018 2019 currently. of the city’s stock qualifies for energy label A, a share almost 15 per cent behind that in the rest of Source Savills Research the G5. Certainly now that demand for energy- efficient premises is sure to increase further in the coming years due to the sustainability issue, this is a major challenge for Eindhoven. 40%

Graph Stock and vacancy trends in central Eindhoven: Key Stock New Developments Withdrawals Vacancy This is not the only challenge it faces, though. Another is the increasingly popularity, both accessible locations are performing well domestically and internationally, of offices in the 500,000 18% vicinity of railway stations. A trend mirrored by declining demand for locations along motorways, for example. And whereas Amsterdam has ten 30% 450,000 16% main-line stations, Rotterdam seven, Utrecht eight and The Hague seven, Eindhoven only has 400,000 two within its city boundaries. This makes it 14% hard to create residential and work hubs easily accessible by rail as well as road at multiple 350,000 12% locations in the city. One possible solution to this 20% impediment is co-operation at the regional level. 300,000 Helmond, Best and Geldrop-Mierlo have another 10% six railway stations between them, which could 250,000 also become (modest) hubs in the future. These locations have the further advantage that they are 8% all only a few minutes from Eindhoven by train. 200,000 10% 6% This is not the only form of synergy within 150,000 the region. Many companies, among them VDL, Philips and ASML, have premises both 4% in Eindhoven itself and in neighbouring 100,000 municipalities. The extent of this synergy is apparent from the stock figures, which show that 0% 50,000 2% 26 per cent of all the region’s offices are outside A B C D E F G the city proper, in surrounding municipalities, 0 0% even though these are generally viewed as hosting Source Savills Research 2011 2012 2013 2014 2015 2016 2017 2018 2019 primarily commercial premises and only quite limited office space. In fact, the synergy is so strong that office vacancy rates have fallen sharply in those areas in the past few years – so much so The relatively stagnant regional office market finally saw an that in five of the eight they are now lower than in Of Eindhoven’s stock qualifies for energy label A, a Eindhoven itself. upturn from 2016 onwards, a trend which accelerated in 2018 40% share 15 per cent behind that in the rest of the G5

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Fuelled in part by the creation of new high-quality office space, such as that in the Knoop XL development, there is an expectation that supply will actually stimulate demand to make Eindhoven city centre a true G5 hub with a good mix of functions

Graph Wide rent diversity in Eindhoven ensures varied selection of office space

More and more occupiers 200 settling in the wider region 180 User activity in the municipalities around Eindhoven has increased considerably in recent years. 160

This means that no less than 85 per cent Graph Take up by volume in municipalities around Eindhoven 140 of activity was in Eindhoven itself. But the up more than 200 per cent in past five years past five years have seen take up outside the 120 city rise by an impressive 216 per cent, due in part to ASML’s expansion of its activities 45,000 Key Total Average 100 in Veldhoven. As a result, in 2018 more than 30 per cent of regional take up was outside 40,000 Eindhoven. 80

35,000 Price per square meter Partly because of this increased interest among 60 occupiers in the wider region, 2018 has been a 30,000 record year. The regional ten-year average for 40 take up by volume is approximately 90,000 m², 25,000 but since 2015 there has been visible growth and the figure has never fallen below that long- 20,000 20 term mean. And although 2019 is not yet over, it looks set to be another good year with above- 15,000 0 average performance. 10,000 The prevailing wisdom is that 2019 could Strijp De Hurk actually have brought a new record, if only 5,000 Villapark Station area Flight Forum there had been sufficient supply. As stated Eindhoven East 0 Eindhoven North Eindhoven South earlier, there is a clear trend in the Netherlands High Tech Campus that occupiers are looking for high-quality 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD Ekkersrijt/Science park office space close to public transport hubs. Source Savills Research This can also be seen in Eindhoven. The recent advance lease of 7,000 m² by AM to Vodafone- Ziggo in the planned Lichthoven building on Graph Another good year: take up by volume in the Eindhoven region to 2019 Stationsplein is a good example. The demand Rent diversity fosters in recent years for large office premises in the city centre is also clear from the take up 180,000 Key Total End of year Average by BCN (3,250 m²), Regus (2,500 m²) and entrepreneurship Here Technologies (6,500 m²) of space in the 160,000 Kennedytoren. Despite the fact that this is one of the most expensive office locations in 140,000 The Dutch office market has undergone region, and later possibly move to larger Eindhoven, its accessibility and user comfort massive flexibilisation in recent years. After premises with more facilities as they expand. have proved a winning combination. 120,000 initially being taken up mainly by start-ups Because the city still has a good supply of and freelance workers, flexible office space older office space at central locations, such Because the supply of top-quality office 100,000 is now attracting more and more corporates as the station area, a varied selection is premises in central Eindhoven remains very and SMEs through deals with operators. available in terms of both quality and price. limited, we are now seeing owners of older 80,000 Eindhoven is no exception to this trend. At Fellenoord on the north side of the city buildings, too, renovate them and find new centre, for example, premises are available tenants, sometimes after spending many 60,000 As well as this more flexible product offering, for just €80 per square metres. By contrast, years empty. One good example is Fellenoord another driver of entrepreneurship is a wide modern office space in the Kennedytoren 310-370, owned by NSI. Originally built in 40,000 variety of rental price points. Start-ups can tower near the station can cost €180 per 1986, this property has recently been fully let rent relatively cheaply in the Eindhoven square metres. after years of vacancy. In addition, Somerset 20,000 Capital Partners recently purchased Holiday Inn in order to explore new build possibilities. 0 Holiday Inn is strategically located and is in 2011 2012 2013 2014 2015 2016 2017 2018 2019 close proximity to the previous mentioned YTD The Dutch office market has undergone building. massive flexibilisation in recent years Source Savills Research Photo Max Kneefel

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Investors now appreciate Eindhoven Prior to 2017, Eindhoven attracted little interest from institutional investors and other major players.

Graph Foreign investment overtakes domestic outlay for first time in 2019

450,000,000 Key Domestic Capital Foreign Capital Average

400,000,000

350,000,000

300,000,000

250,000,000

200,000,000

150,000,000 And now the region… 100,000,000 Despite this success, a danger lurks. The big question is whether Eindhoven can continue to satisfy demand 50,000,000 for high-quality office space close to public-transport hubs over the coming years. 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 This uncertainty applies to both the occupier that creating multiple high-quality hubs YTD and the investment markets. A significant combining work, residential and leisure proportion of the vacant buildings in the city functions is more difficult without enough Source Savills Research centre have been or are due to be converted railway stations to serve them all. to other functions, primarily residential. The solution, however, is not far away. The only really large recent transaction had but more and more international funds Despite the increasing demand now for high- The wider region does have several stations, been the purchase of the High Tech Campus are finding their way there. To date, 2019 quality, centrally located offices, both the all just a few minutes from Eindhoven itself, (350,000 m²) for €425,000,000 by Marcel has been the first year ever in which their current supply and the new-build pipeline are so it can help facilitate the predicted growth. Boekhoorn’s Chalet Group. Apart from that, investments in Eindhoven have exceeded limited. The only major standalone project As in the other G5 cities, surrounding all was quiet in the Eindhoven office market. domestic ones (58.2 per cent). This trend is of this kind near a station is Lichthoven, municipalities would thus benefit from Ripple Since 2018, however, things have changed. expected to accelerate thanks to the strong with 11,200 m² of office space. But it is not their role in easing the pressure within the The sale in 2017 of the Kennedytoren and the growth of the regional technology sector and scheduled for completion until 2022. city itself (the so-called “ripple effect”). In adjacent building at Kennedyplein 101 seems its spin-off effects for the office market. particular, locations in the vicinity of stations to have triggered other investors, foreign as This is the major challenge facing the city have great potential as attractive places to well as Dutch, into action. At the beginning Increasing demand in urban areas of Eindhoven, exacerbated by the fact live and work. of this year, for instance, Aberdeen acquired It is striking that two-thirds of the capital Kennedyplein 300 for an atypically keen invested in the past two years has gone effect return by local standards of under 6 per cent. into buildings within walking distance of Eindhoven Central Station. Here once again, If the qualities of easily accessible locations within the So the Eindhoven region is now raising its the city is following the national trend of Eindhoven region can be combined with the campus concept, market profile. Dutch investors, particularly increasing demand for mixed residential and the right kind of supply should create additional demand private ones, are still the most active players, work locations in urban areas. Photo Bart van Overbeeke Photography

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OUTLOOK Eindhoven has made great strides in recent years

NOW AND THE FUTURE

As a region, a city and a brand, Eindhoven has made great strides in recent years. And its office market is taking full advantage of this. This applies to both the city and the region. Strengthened by campus developments and population growth, the result has been a sharp drop in office vacancy rates and a substantial increase in interest from occupiers and investors. Recovery is happening, but Eindhoven still faces plenty of challenges. Source Statistics Netherlands (CBS), ING, Link Magazine, Dutch Railways (NS), BAK, City of Eindhoven, Savills Research.

One of these is its relatively old office stock. Investment to improve this is Key findings slowly starting to come in, but there is an imminent danger that the city will The economic growth of Brainport especially in central Eindhoven (vacancy experience a shortage of high-quality 1Eindhoven has exceeded the national rate 5.6 per cent). office space. Moreover, Eindhoven average since 2013. In 2018 it was 3.3 Savills World Research needs to create appealing living and per cent, compared with 2.6% for the The wider region has benefited We provide bespoke services for landowners, developers, occupiers and investors across the working areas in order to cope with its Netherlands as a whole. 6substantially from the upturn of lifecycle of residential, commercial or mixed-use projects. We add value by providing our clients increasing population and to continue the past five years. Take up of office with research-backed advice and consultancy through our market-leading global research team to attract talent. This is where the pinch As well as city-centre residential space by volume in the neighbouring lies, since opportunities to do so in the 2developments, such as Knoop municipalities has increased by no less vicinity of railway stations are limited XL, more housing in neighbouring than 216 per cent. because the city proper has only two of municipalities is also needed in order to them. Here, then, the wider region has facilitate predicted population growth of Not only is overall investment Clive Pritchard Jordy Diepenveen Ed Bouterse a role to play by creating such locations 9.06 per cent between now and 2040. 7increasing, but so too is the share Head of Country Head of Acquisitions Head of Workthere Europe – perhaps in the form of specialised accounted for by foreign capital. To date, +31(0)20 301 2031 +31 (0) 20 301 2021 +31 (0) 20 301 2013 business campuses – around its own Due to the growth outlined in this 2019 has been the first year ever in which [email protected] [email protected] [email protected] existing stations, and possibly new 3report, the office market in the region overseas investments in Eindhoven have ones as well. The resulting ripple effect is performing well. Vacancy rates in the exceeded domestic ones (58.2 per cent). would stimulate the entire Eindhoven city (8.4 per cent) and the region (9.3 per region. cent) have now fallen below the national Two-thirds of the capital invested average. 8in the past two years has gone into buildings within walking distance of Erik Beekman Martijn Onderstal Jordy Kleemans The current office stock in Eindhoven Central Station. Head of Agency Co-Head of Valuation Head of Research & +31 (0) 20 301 2000 +31 (0) 20 301 2020 Consultancy Eindhoven does pose challenges, 4 [email protected] [email protected] +31 (0) 20 301 20 94 however. This is because it is relatively Within the investment market, the [email protected] old, both economically and technically, 9ripple effect is still limited. Further compared with the other G5 cities. capital injections into buildings and localities are needed to further stimulate Despite this, take up by volume has this. Government has an essential role 5increased enough in recent years to play here, in particular by investing in Savills plc: Savills plc is a global real estate services provider listed on the London Stock Exchange. We have an international network of more than 600 offices and associates throughout the Americas, the UK, continental Europe, Asia Pacific, Africa and the Middle East, offering a broad range of specialist advisory, management and transactional services to clients all over the world. This report is for general informative that a shortage is beginning to occur, mobility. purposes only. It may not be published, reproduced or quoted in part or in whole, nor may it be used as a basis for any contract, prospectus, agreement or other document without prior consent. While every effort has been made to ensure its accuracy, Savills accepts no liability whatsoever for any direct or consequential loss arising from its use. The content is strictly copyright and reproduction of the whole or part of it in any form is prohibited without written permission from Savills Research. savills.nl/research 1414 15 Claude Debussylaan 48 1082 MD Amsterdam +31 (0) 20 301 2000

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