Value of the office hero large Value of the office Hero small

Office Take-Up Rises For Third Quarter In A Row

Jos Hesselink • 01/10/2021
Increase in the occupancy of office space for Q3 2021: The total occupancy of office space by tenants and owners since 1 January of this year is 615,000 m².

The continued increase is an indication of a renewed focus by office users on their housing issues. The resumption of housing trajectories by office users parallels the slowly ebbing pandemic, the resulting restrictive measures and the favorable economic outlook. The recovery of the office market started in the first two quarters of this year and is clearly continuing in the third quarter. The positive sentiment was led by smaller office users and companies in the tech sector in the summer months and is now being followed by larger corporate organisations.

The return of business service providers and the office segments of industry, trade and transport companies is shown by the increased share of these sectors in the office take-up of 29% and 25% respectively. This increase is caused by very large transactions, such as those of legal service providers De Brauw (18,000 m²) and DLA Piper (7,000 m²) on the Zuidas, and several medium-sized transactions that have been registered throughout the country - including those of Hekkelman Advocaten & Notaries in Nijmegen (3,200 m²) - and those of the financial specialists of BDO (3,200 m²) in Rotterdam. The share of financial services in office take-up decreased further, while the government and other non-profit institutions also took a step back compared to last year.

Jan Verhaegh, Head of Office Consultancy: “Office users are now mainly focusing on recalibrating their accommodation strategy in line with the organizational objectives in the medium term. The period of working from home and the extent to which this will be a permanent aspect, in combination with a new function of the office, are currently being mapped out, but has not yet been crystallized everywhere. We mainly see a trend towards different use of the office instead of a trend towards less office. The office remains the primary hub for collaborating with colleagues and clients. That translates into an increasing demand this year.”

Commissioning of offices G5

About 51% of the total occupancy of office space in 2021 took place in the five major cities (G5). The share of the G5 in the total Dutch commissioning is therefore at a remarkably higher level than in 2020 (44%) and is again in line with the long-term average. Amsterdam has this year, at 25%, a significant share of Dutch office take-up as a result of new construction that has become available. The increase in supply has largely made possible the new, higher relocation dynamics, especially in Amsterdam.

The relatively ample market situation in Rotterdam allows for a comparable take-up development to that of Amsterdam. The office market in the port city saw take-up fall only slightly last year (-3% compared to 2019) because there was a relatively large amount of office space available compared to the other major cities. The current share of Rotterdam (13%) in the total national office take-up has not been this high since 2007. 

Take-up offices 2021

The total commissioning of offices throughout the Netherlands in 2021 is still heading for a level of around 1 million m². This expectation is based on the identified demand from office users who still want to conclude a new lease in 2021. Due to expiring lease contracts, this group has restarted their housing process. Based on the total search query currently covering 400,000 m² throughout the Netherlands, Cushman & Wakefield expects a take-up until the end of the year within the range of the five-year average (1.1 million m2). Full recovery of office take-up to pre-COVID level is expected by the advisor in 2023, subject to a healthy supply situation in the office market. The initial euphoria about working from home has been pushed into the background by successive lockdowns. From SME to multinational, the optimal deployment of the office in the post-COVID era is being considered.

Jos Hesselink, Research Lead Netherlands: “The Dutch economy has recovered very quickly in the course of 2021. Concerns about rising unemployment have given way to concerns about acute shortages of personnel in virtually all sectors of the economy. Commercial organizations are currently doing everything they can to entice talent to come and work for them. An important secondary employment condition is being able to offer an inspiring working environment at high-quality locations. This means that employers are careful not to give back (perhaps too much) office space to the market right now. Also in view of the relatively sharply rising rents at these locations as a result of the current supply shortage in recent years.”

Read more - Value of the Office

Amsterdam shops closed due to coronavirus
Insights • Economy

Netherlands Real Estate Market View

A regular update on the commercial real estate market in The Netherlands.
Jos Hesselink • 11/08/2021
Value of the workplace card
Insights • Office

Not a pandemic, but demographics will decide the future and value of the office

The global pandemic has massively accelerated our understanding of the opportunities for remote working. Those who only need a computer and telephone for their work have been putting home working to the test en masse since mid-March and, thanks to technology, have confirmed that this throws up few obstacles.
Jan Verhaegh • 06/10/2020
Utrecht stationsgebied
Insights • Office

Infographic: Utrecht second business center in the Netherlands after Zuidas

The demand for offices in the Netherlands is increasingly focused on high-quality office space in very easily accessible locations in large cities.
Jos Hesselink • 01/07/2020
Rotterdam view, Netherlands
Research • Economy

Sweet Spot Randstad

Digitisation and sustainability will have enormous impact on society in The Netherlands. These trends will change the spatial layout of our country. How can we organise The Netherlands to maximise the benefits from this change?
Jos Hesselink • 26/06/2019
Climate risk card
Insights • Sustainability

Climate risk

Climate risk is now a reality which will impact current and future value of property. When we talk about climate risk, we invariably mean one of two things – the transitional risk of moving towards a low carbon economy or the physical risks associated with climate change.
Elsbeth Quispel • 29/09/2021
Outlook 2021 overview card

Outlook 2021 update

In this Outlook Update, we briefly look back on the first half of 2021 and share our expectations for the rest of the year.
Jos Hesselink • 03/09/2021
Amsterdam shops closed due to coronavirus
Insights • Economy

Netherlands Real Estate Market View

A regular update on the commercial real estate market in The Netherlands.
Jos Hesselink • 11/08/2021
Amsterdam in snow, Netherlands

Netherlands MarketBeat

Cushman & Wakefield MarketBeat reports analyse quarterly Netherlands commercial property activity across office, retail and industrial real estate sectors including supply, demand and pricing trends at the market and submarket levels.
Jos Hesselink • 02/08/2021
Urban Bike Share Rack

The City That Moves Stays Healthy

We move too little. Both the city and its inhabitants. While the population density in the cities is growing. 
Elsbeth Quispel • 27/07/2021
Debt and Structured Finance

Restructuring & Insolvency

These are uncertain times for everyone, but for entrepreneurs in particular.
Jan Verhaegh • 08/07/2021
Uncertainty Stymies Office Space Demand as Regional Net Absorption
Insights • Office

Office occupancy increases for second quarter in a row

Office vacancy rates remain unchanged at 8.2%.
Jan Verhaegh • 01/07/2021
Kalverstraat card image

Kalverstraat in 2030

The Kalverstraat as the aorta of the new business district that is developing in the center of Amsterdam. Where old business comes back in new form, because the businessman and woman is back in town!
Elsbeth Quispel • 17/06/2021


Get in touch with one of our professionals.