Office City Profile Utrecht Q1 2024
- Sven Bertens
- Tilly Spierings
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The office market is off to a slow start in 2024. In the first quarter, take-up volume for office space in Utrecht reached approx. 6,800 sq m, reflecting a q-o-q decrease of -25% and a Y-o-Y decrease of -33%. Meanwhile, new search requests in the market during Q1 were at half the level of the average Q1 over the last five years. However, it is worth noting that in the last quarter of 2023, new search requests were +53% higher than the average, indicating some variability in market demand. This temporary dip in search requests may influence take-up volumes throughout the year, as demand typically takes two to three quarters before being realized. Notable transactions in Q1, were amongst others, Voja Travel leasing approx. 700 sq m in the Cath, and Vintura signing for approx. 600 sq m in WTC.
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