The downturn in the office market has remained limited during the past year, thanks to the fact that non-profit organizations and the government were noticeably active in the market.
Large organizations such as UWV, CWI and the Government Buildings Agency realized substantial transactions. The non-profit sector and the government took up almost 715,000 mò of office space, about 50% more than in 2001. In doing so, they in fact saved the office market in 2002, as DTZ Zadelhoff´s annual survey Statistics in Perspective (Cijfers in Perspectief) 2003 shows.
The total take-up in the office market last year amounted to around 1.7 million mò, which represents a fall of 275,000 mò or 15% compared to 2001. The poor macro-economic situation, with the resulting postponement of decisions to relocate, the downsizing of businesses and business terminations were the underlying causes of this. The commercial sector in particular was severely affected by the effects of the economic malaise.
For the office market in 2003, DTZ Zadelhoff expects a take-up of some 1.5 million mò whereby, just as last year, demand will be largely from the non-profit sector and the government. The commercial property agency expects the office market to pick up in 2004.
The market for commercial space, with a take-up of more than 1.8 million mò, held up well in 2002 although demand was determined largely by relocations and hardly at all through growth. The take-up of retail space during the past year increased to 636,000 mò. Because of the greater supply, vacancies in B retail locations and peripheral retail centres are no longer a rarity. In the investment market for commercial property, although DTZ Zadelhoff observes a fall of 20% it still regards demand as
´high´.
(source: DTZ International)
