Supply of office space in the five major Dutch cities has increased substantially during the second quarter. The vacancy rate in Amsterdam and Eindhoven are even 'worrying'. This is the conclusion of real estate consultancy firm Jones Lang LaSalle in its recent report on the Dutch commercial real estate market.
Supply of office space has increased mainly due to the fact that much new developments recently came on the market and exisiting office space became availible as many companies are trimming down their operations.
In all major cities office supply increased, whereby Amsterdam is the front runner: supply increased by 237% compared to the first quarter. In Utrecht supply doubled and Rotterdam saw an increase of 9%.
Vacancy rate in Amsterdam now is around a very 'worrying' 8.8%. In Eindhoven the situation is even worse, vacancy rate here is 11%. However, the majority of vacant properties are properties which do not any longer meet modern office standards.
Top rentals in Amsterdam decreased by 6% to EUR 340 p/sq.m. In other cities rental levels remained stable.
For more information please visit www.joneslanglasalle.nl.
(source: Jones Lang LaSalle)