According to Savills latest Netherlands property market report, retail investment in Q1 2013 reached approximately €160 million, representing an increase of 30% on the same period last year, at €122 million. Key transactions included the sale of five shopping centers for a total of €70 million and the purchase of five supermarkets for €20 million.
Clive Pritchard, director of investment at Savills Netherlands, comments: “Retail investment performed very well in the Netherlands property market so far this year and we predict that it is set to continue as investor interest remains strong. Total volumes in the sector could reach €1 billion by the end of the year, beating last year’s total of €885 million.”
Savills reports that total investment volumes for the industrial market also rose at a rate of 50% to around €60 million in the first quarter of 2013. The firm believes this uplift will continue throughout 2013 as more investors are entering the logistics market. In contrast, total office market investment volumes decreased year-on-year in Q1 2013 with €130 million transacted compared to €545 million in Q1 2012, according to Savills research. However, it is noted that the 2012 figure includes the substantial Philips High Tech Campus, which was bought for €425 million. Excluding that single transaction the overall volumes are very comparable.
The lettings market in the first quarter of the year was not as positive as the investment market, states Savills, with both retail and office take up down and industrial leasing volumes similar to last year’s demand at 530,000 m², compared with 540,000 m² in Q1 2012.
Coen de Lange, director of agency at Savills, adds: “We predict that both the retail and office market will see similar occupier demand levels to 2012. However, the industrial and logistics market should see slightly increased demand in 2013, followed by a much larger increase in 2014 as occupiers respond to the projected economic recovery.”