Capital Markets Quarterly Report Q1 2024

The commercial real estate market in the Netherlands is displaying varied results across different sectors. The industrial sector, specifically logistics, witnessed substantial improvement in the first quarter. There was noteworthy activity with several properties, including new developments in Oosterhout, Dordrecht, and Roerdalen, changing ownership, resulting in the third-best Q1 performance for the industrial sector since 2015.

Retail volumes, on the other hand, showed signs of recovery after reaching a low point in Q1 2023. However, they are still below the 10-year average of € 415 million. High street properties were the leading contributors to the retail volumes, accounting for 47% of the total. While the residential sector experienced a less substantial increase compared to logistics, it still recorded a notable 29% growth. This upward trend was fueled by the sale of variouos nationwide portfolios and properties within Amsterdam, including De Admiraal, Tower C, and Intermezzo.

The office market, however, has witnessed a slower rebound. Transaction volumes have experienced an 18% decline, with no significant core assets being traded in either quarter. Nevertheless, there are positive signs of activity within the office sector. Behind the scenes, more investors are displaying a readiness to pursue new deals, reflecting an increasing confidence rather than remaining on the sidelines.

Overall, market conditions in the Netherlands showcase sector-specific differences. While logistics and retail are gradually making a recovery, the office market still faces challenges. However, the growing interest and activity in the office sector imply a potential upswing in the future.