Economic context
The Dutch economy is experiencing moderate growth, with GDP expanding by 1.4% year-over-year. Unemployment has decreased to 3.9%, while prime yields remain steady at 5.25%. Elevated interest rates, persistent inflationary pressures, and ongoing geopolitical uncertainties continue to shape both investor and occupier sentiment, resulting in a cautious approach to market activity.
Demand Overview
Leasing activity in the Netherlands office market has softened, with take-up declining 15% year-over-year to 589,550 sqm. Occupiers are prioritizing smaller, high-quality, and sustainable spaces, particularly in well-connected B5 locations. The ongoing shift towards hybrid work models is prompting organizations to optimize their office footprints, favoring flexible turnkey solutions that minimize upfront capital expenditure. Notably, relocations—especially to cities such as Utrecht and Nijmegen—are being driven by the competition for talent. In Rotterdam, a significant portion of leasing activity is attributed to relocations, which is expected to contribute to rising vacancy in other submarkets over time. The market continues to see robust demand for sustainable buildings in proximity to major transport hubs.
Vacancy trends
The overall office vacancy rate remains stable at 6.7%, with no significant fluctuations anticipated in the near term. The market is characterized by a structural shortage of high-quality, sustainable office space, which is supporting the ongoing flight-to-quality trend. Relocations are expected to incrementally increase vacancy in certain submarkets, but the impact of sublease space on total availability remains limited. Prime office rents are holding steady at €625 per sqm per year, with no immediate changes forecasted. Occupiers are willing to pay premium rents for sustainable, high-quality assets in prime locations, while landlords continue to benefit from the scarcity of such space. There is no indication of widespread increases in landlord concessions at this time. The Netherlands office market in Q3 2026 is defined by stable fundamentals, selective demand for high-quality assets, and cautious investment strategies amid ongoing economic and geopolitical uncertainty.
Rent trends
