Dutch Life Sciences
Clustering
The Strong Foundations Of The Dutch Life Sciences Sector
The scarcity of suitable laboratories and scientific office space has underpinned rental growth. Similarly, the development of cutting-edge, innovative industries attracting leading scientific and managerial talent is attracting strategic capital to the best global locations, often close to leading universities.
Against this backdrop, the Dutch life sciences market has grown markedly in the last decade. As has domestic and international investor interest. Savills European Life Sciences Ranking (ELSR) confirmed the Randstad’s emergence as one of Europe’s premier life sciences locations . The relocation of the European Medicines Authority in 2019 is similarly a further confirmation of the attractiveness of the Dutch life sciences market. As the life sciences sector continues to evolve, understanding the relative attractiveness of countries and regions is paramount for both occupiers and investors in shaping their real estate strategy. In this report, Savills explores the factors underlying the strong emergence of the Dutch life sciences sector. It examines the current state of the occupier market and investment market, and some of the emerging issues which will shape the sector’s future development.
Introduction
The life sciences sector is increasingly sought after by, with real-estate investors especially appreciating the strong socio-economic drivers underlying occupier demand. Demand from the health, biomedical sciences, agricultural technologies, and pharmaceutical sectors is expected to grow globally.
Dutch real estate transforms with global shifts. Demographics, digital disruption, and decarbonisation shape industry. Living, working, and markets evolve.
Real Estate Activity
ELSR
Outlook
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Savills European Life Science Ranking. The Randstad: One of Europe’s Leading Life Sciences Location
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Policy Direction
Summer Special
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A Premier Location for Innovation, Talent, and Capital
Winter 2024
Key findings
Savills Beds Special 2024
The Savills European Life Science Ranking is a detailed benchmarking of key life science hotspots across Europe for their attractiveness to life science occupiers. Savills methodology goes beyond traditional real estate factors, encompassing around 60 metrics across talent, innovation, industrial output, investment, occupier activity and social infrastructure. Dynamic weighting was applied to reflect the importance of individual metrics to market attractiveness. Savills segmented the metrics to evaluate attractiveness from two crucial perspectives: talent and capital. The talent metrics focus on whether a location is attractive to a company and to their employees, such as quality of life, cost of living and scientist salaries, whilst the capital metrics focus on the investment volumes into the life science sector, and life science occupier dynamics within the market.
METHODOLOGY
The Dutch life sciences sector has shown remarkable growth over the years, largely due to collaboration between government, businesses and knowledge institutions.
Due to its high talent and capital attractiveness, the Netherlands and most notably, The Randstad, lands at the fourth spot in Savills European Life Science Ranking (ELSR). There are, however, potential challenges ahead, notably in retaining highly skilled talent, at a time when there are complex policy discussions about the sustainability of economic development which heavily relies upon immigration.
The Life Sciences Sector as Integral Part of the Dutch Economy
LIFE SCIENCES SECTOR GROWTH
The Dutch life sciences sector has grown over the years, due to its attractive ecosystem. The number of life sciences companies has grown by 29.2%, with both its Gross Value Added and real estate footprint (LFA) increasing 13.9% and 27.2% respectively since 2015.
The growth of real estate suitable for life sciences has not kept up with demand, resulting in a 60.8% increase of average rents in the period 2015 – 2023. Data for 2018 – 2023 suggests that the rent for properties suitable for life sciences are on average 3.2% higher for buildings located on a Science Park compared to similar buildings located outside of a Science Park, in the same municipality.
TIGHT SUPPLY AND DEMAND RATIOS
The growth in the life sciences sector has been matched by the growth of life sciences real estate investment. Investment into sciences & life sciences real estate increased from €49.2 million in 2015 to €212.2 million in 2022 (338.8%). However, in 2023, sciences & life sciences transaction volumes fell 77.2% YoY to €48.6 million. The decline corresponds with the drop in overall Dutch real estate investment volumes in 2023. Volumes fell 57.3% YoY across all sectors, constrained by the weakening economy, and higher interest rates.
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VOLG ONS
Savills European Life Science Ranking (ELSR), published in Savills Life Science Trends & Outlook, reveals The Randstad region in the Netherlands as one of the most attractive life sciences markets.
40%
A staggering 40-45% drop predicted by London's Capital Economics, the impact on commercial property values is profound.
Clustering in the Dutch Life Sciences Real Estate Market
The Randstad: One of Europe’s Leading Life Sciences Location
It is one of Europe’s premier regions in terms of talent and capital attractiveness, thanks to its exceptional quality of life and funding activity. The Randstad is an interconnected cluster of activity, stretching from Utrecht in the middle of the Netherlands to approximately Dordrecht in the southwest and includes the life sciences hotspots of Amsterdam, Rotterdam, The Hague and Leiden. The innovative life sciences fabric of this area is underpinned by the Netherlands’ strong collaborative culture. The value of partnerships and alliances are paramount in the life sciences sector for achieving ground-breaking discoveries and economic viability. The perception of Research & Development (R&D) collaboration between universities, businesses, and governments is high in the Netherlands. It is ranked in the top 4 countries, scoring 87.94 out of 100 in Savills ELSR. Between 2018 – 2022, the nation also ranked 8th in Europe for the total value created through Biopharmaceutical Alliance Agreements. Furthermore, the Netherlands has an established base of occupiers, especially in The Randstad. This occupier base supports a high level of employment within professional, scientific, and technical activities which, in turn, generates a high level of Gross Value Added and further spill-over effects throughout the whole Dutch economy.
The Randstad is one of the largest and most established European life sciences regions. It is also part of the wider Dutch life sciences ecosystem which encompasses the whole of the country. The Randstad’s life sciences sector is interconnected with the rest of the country’s life sciences system. This report, therefore, has a primary focus on The Randstad, but in the context of the performance of the country’s wider life sciences ecosystem. The Dutch life sciences occupier base ranges from innovative spin-offs to established multinational companies. There is a high concentration of top global pharmaceutical companies, including Janssen Biologics (Leiden), Novartis (Amsterdam), and Merck (Amsterdam) based in The Randstad. Occupiers are especially drawn to The Randstad by its strong pool of talent, with high concentrations of researchers and science professionals. It is no surprise that the region ranks extremely high on the ELSR in respect of social infrastructure, ranking in the top 3 for quality of life, purchasing power, and property price to income ratio.
Consequently, the life sciences sector has grown substantially in the last decade. The number of life sciences companies has increased by 29.2% between 2015 – 2023. Similarly, the estimated Gross Value Added by the life sciences sector grew by 13.9% to €14.6 billion in the period 2015 – 2022, representing approximately 1.7% of the total Dutch Gross Domestic Product (GDP). The Dutch Government has actively stimulated the development of the innovation economy and the life sciences sector, resulting in the Netherlands ranking 7th on the Global Innovation Index (GII) of 2023. The GII cites that the Netherlands’ strengths can be found in innovative company growth, strong finance availability for start-ups and scale-ups, supportive entrepreneurship policies and culture, and a high proportion of knowledge-intensive employment. However, cracks might be appearing after the country dropped from 5th place on the GII in 2020 to 7th in 2023.
SAVILLS ELSR
Savills European Life Science Ranking
14.6 billion
euros, 1.7% of Dutch GDP, signifiying a significant growth of 13.9% since 2015 of the life sciences sector.
Graph
The Savills European Life Science Ranking shows that The Randstad belongs to the Top 4 best Life Science locations in Europe.
Source
Savills Data, Intelligence & Strategy, 2024
Strong Rental Growth and Increasing Investment Activity
savills beds special
PBSA
The life sciences sector in the Netherlands is primarily clustered within Science Parks, which contain either a (high-tech) university or serve as a hub for a corporate anchor tenant.
Tenants in these Science Parks may not be exclusively focused on the life sciences sector, but the shared research-oriented characteristics of their real estate make it conducive for use by life sciences occupiers. Currently, there are 44 Science Parks in the Netherlands, with a combined area of 2,544 hectares (ha). The combined Lettable Floor Area (LFA) of real estate suitable for life sciences use has increased from 2.4 million sq m in 2015 to 3.0 million sq m in January 2024 (+27.2%). Vacancy rates decreased from 5.1% in 2015 to 4.0% in January 2024, with a record-low of 2.9% in 2023. The simultaneous increase in stock and decrease in vacancy signals increased occupier interest in real estate suitable for life sciences.
LIFE SCIENCES AND CLUSTERING
Approximately 34.7% of the total Dutch LFA suitable for life sciences is in The Randstad, with its growth of 38.2% between 2015 – 2024 exceeding the rest of the Netherlands. The attractiveness of The Randstad as a life sciences hub is mirrored in leasing and investment activity. In 2023, 27.6% and 13.6% of leasing and investment activity in the life sciences sector was in The Randstad. The Randstad has a broad range of universities offering education in all realms of the life sciences. The principal institutions supporting The Randstad’s life sciences ecosystem are the Delft University of Technology, the Leiden University and its Leiden University Medical Centre (LUMC), the Erasmus University Rotterdam and its related Erasmus Medical Centre, The Utrecht University and its University Medical Centre Utrecht, and the University of Amsterdam and the Vrije University of Amsterdam with both attached to the Amsterdam University Medical Centre (AMC). In 2023, 57.8% of the total Dutch student population attended one of these six universities, and 62.5% of all healthcare students were attending one of these universities.
The life sciences sector outside of the Randstad is of equal importance to the Dutch economy. It represents 65.3% of LFA in 2024, and respectively 72.4% and 86.4% of leasing and investment activity in 2023. The life sciences sector outside of The Randstad is becoming increasingly important as start-ups and spin-offs are increasingly emerging outside of the established life sciences hotspots, due to increased availability of research facilities and lower rents. Wageningen, for example, has in recent years expanded as a hub for Biotechnology. The expansion is mirrored in a 33.4% increase in student population between 2015 and 2023 and an 33.1% increase in LFA suitable for life sciences use between 2015 and 2024. Furthermore, there are a variety of new developments planned, which presents itself as opportunities for occupiers and investors.
Map
Overview of The Randstad and key actors in its life sciences ecosystem.
Political Headwinds for the Dutch “Triple Helix” Structure?
Take-up on Science Parks has decreased by 66.1% in the period 2015 – 2023. The reason for this decline is threefold.
Firstly, an increasing number of life sciences developments are built-to-suit, contributing to low vacancy rates and low take-up. Secondly, a weaker economy has put downward pressure on leasing activity across all real estate sectors in the Netherlands, with leasing down 25.8% Year-Over-Year (YoY) in 2023. Similarly, life sciences leasing was down 23.6% YoY in 2023. Thirdly, occupiers have been unable to find adequate space due to tight supply. Therefore, occupiers have been willing to pay higher rents, with average rents on Science Parks increasing by 60.8% between 2015 and 2023. By way of comparison, average office rents, excluding Science Parks, have decreased by 4.2% in the same period. Moreover, rents for life sciences properties were an average 3.2% higher between 2018 and 2023 when they were located on a Science Park, compared to similar buildings located elsewhere in the same municipality.
The combination of regulatory uncertainty and a challenging macro-economic environment is a considerable contrast to 5 years ago, when residential investment volumes peaked. The Dutch Government’s market-led approach after 2010, was typified by its yearly publication about the Dutch residential sector the ‘state of the housing market’.
In contrast, the annual report is now called the ‘state of public housing’ and the role of ‘minister of public housing’ has been reinstated. It shows a clear intention for a greater role for government in the Dutch housing system. It effectively ends the liberal market approach, as the next Cabinet, which is currently in formation talks, is not expected to return to a market-led approach given rising housing shortages. In addition, ECB policy rates are projected to remain at their historically high level until at least the second half of 2024. Consequently, finding new private rental sector investment opportunities will remain difficult. However, current developments can also be seen in the context of Dutch housing history. Government policies had not been as liberal as in the period 2010 – 2022 and interest rates never as low as between 2012-2022, while also being accompanied by elevated housing demand. Putting this in perspective, this market excesses were bound to normalise, and perhaps previous market circumstances have been historically good instead of the current historically bad. Despite a tougher investment environment than a couple of years ago, current market circumstances still offer opportunities for long-term oriented investors, especially from an impact perspective. Politicians have expressed a wish for a larger role for housing corporations in the middle rental segment. Nonetheless, housing corporations face with their own constraints in terms of personnel as well as liquidity. For example, on 1 January 2023 the ‘verhuurdersheffing’ was abolished. This will structurally reduce the burden on housing corporations by approximately 1.7 billion € per year and creates space to invest in affordable housing. But another agreement has been made about phasing out housing corporations’ housing stock with energy labels below D in 2028. As this covers 25 percent of the current stock, much of this newly freed up capital will have to be used for improving the sustainability of these properties. Therefore, the growth of Dutch rental housing and potentially within the mid-rent segment, couldlargely still likely be dependent on investors, despite a more regulated market. This process is referred to ‘regulated marketisation’ in academic literature , where a regulated market is still driven by market parties operating within the bounds of increased regulation.
Focus on ESG as a Lifeline for Investors’ Legitimacy?
“Although we’ve witnessed a drop in investor activity across all sectors because of the unprecedented increase in the cost of capital – as euro rates are up +/-450bps since July 2022. The sharp decline in Dutch private rental sector investment signals more than a temporary market adjustment. Regulatory uncertainties, higher interest rates, and shifting investor strategies are shaping a new investment landscape. This isn't just a pricing equilibrium; it's a re-set reflecting structural changes, particularly in regulations and the government's role in the housing system. Navigating these shifts will be crucial for real estate investment strategies in the evolving Dutch market."
Robert Ciggaar
Unsurprisingly, the growth of the life sciences occupier base and the positive outlook of the sector has attracted significant investments. Capital flows into sciences & life sciences real estate have grown from €49.2 million in 2015 to €212.2 million in 2022 (338.8%), including a peak of €1.3 billion in 2021. The sale of the High-Tech Campus Eindhoven (HTCE) for just over €1.0 billion contributed to the record year in 2021. In 2023, the sciences & life sciences transaction volumes fell to €48.6 million. The 77.2% YoY decline resulted from a worsening economy and higher interest rates, and is part of an overall drop in real estate investment of 57.3% YoY.
OCCUPIER & INVESTMENT MARKETS
The life sciences sector has been designated as a priority sector for more than a decade. Starting in 2011, the former Ministry of Economic Affairs (now: Ministry of Economic Affairs & Climate) introduced a ‘Top Sector’ policy, actively supporting the development of nine innovative and knowledge-intensive sectors. The active promotion of collaboration between businesses, knowledge institutions, and the government in the Dutch Life sciences sector, the so-called “Triple Helix” model, is widely regarded as driving force behind the sector’s success. Consequently, as collaboration between businesses, universities and government became the norm in the life sciences sector, the sector expanded substantially. Crucially, the international orientation of Dutch universities and the life sciences sector has attracted foreign talent. The influx of foreign students and foreign knowledge workers has supported the Dutch life sciences sector, which is an important player in the global life sciences ecosystem.
POLICY DIRECTION
A Vibrant Sector With a Future Clouded by Policy Uncertainty
However, some politicians have been questioning the durability of economic development which relies heavily on immigration, leading to proposals to ban (or limit) foreign students and skilled migrants.
Population growth, partly caused by immigration, is placing additional stress on social services, healthcare, and the housing market, as recognised by various (independent) thinktanks. The State Commission on Demographic Development, for example, advised the Dutch Government to review immigration in the context of future economic development. It suggested future policy should only encourage labour immigration in sectors which show sustainable, long-term, development, have great public support, and are of added value to the Dutch economy. Limiting immigration indiscriminately, could result in a loss of future talent and skilled labour which, in turn, could harm the competitiveness and future development of innovation- and knowledge-intensive sectors. Moving forward, the Dutch life sciences sector is expected to remain an important part of the Dutch economy. Innovation in healthcare is becoming increasingly important as the structure of the Dutch population is ageing rapidly. Furthermore, public support for the life sciences sector is growing. The life sciences can safeguard its future development by actively engaging with citizens and explaining its important role in contributing to the future success of the Dutch economy. The sector’s successful engagement with the wider population involves incorporating ‘society’ into the “Triple Helix” model and transforming the model to a “Quadruple Helix”.
In the period 2011 – 2022, the international student population of the Netherlands increased by 127.8%. Both the number of EU and non-EU students grew at the same pace. Similarly, the number of EU and non-EU (skilled) migrant workers increased by 164.9%, from 25,985 in 2011 to 68,820 in 2022. As illustrated in Table 1, the universities in the life sciences hotspot of The Randstad have shown remarkable growth. The international student population in The Randstad’s universities (excl. universities of applied sciences) increased from 10,290 students in 2011 to 46,323 students in 2022 (350.4%).
Savills plc: Savills plc is a global real estate services provider listed on the London Stock Exchange. We have an international network of more than 600 offices and associates throughout the Americas, the UK, continental Europe, Asia Pacific, Africa and the Middle East, offering a broad range of specialist advisory, management and transactional services to clients all over the world. This report is for general informative purposes only. It may not be published, reproduced or quoted in part or in whole, nor may it be used as a basis for any contract, prospectus, agreement or other document without prior consent. While every effort has been made to ensure its accuracy, Savills accepts no liability whatsoever for any direct or consequential loss arising from its use. The content is strictly copyright and reproduction of the whole or part of it in any form is prohibited without written permission from Savills Research.
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Dienst Uitvoering Onderwijs (2024), Dutch Statistics (2024), Health Holland (2024), Savills Data, Intelligence & Strategy (2024), Savills Research (2024), Pitchbook (2024), World Intellectual Property Organization (2024)
Savills latest European Life Science Ranking (ELSR) confirms The Randstad as one of Europe’s leading life sciences regions. Unsurprisingly, the Dutch life sciences sector has grown over the years, due to its attractive ecosystem.
The number of life sciences companies has grown by 29.2%, with both its Gross Value Added and real estate footprint (LFA) growing by 13.9% and 27.2% respectively since 2015. The growth of the Dutch life sciences sector is mostly the result of active collaboration between government, businesses, and knowledge institutions. This “Triple Helix” structure has attracted many life sciences companies, international students, (skilled) migrant workers, and Venture Capital (VC) investments to the Netherlands, boosting the sector. VC investments into the Dutch life sciences sector have been impressive since 2019. Even though investments dropped to €458.4 million in 2023 after peaking at €774.9 million in 2021, it has still grown 159.9% between 2019 and 2023.
Conclusion & Outlook
Sources
29.2%
growth in life sciences companies has boosted Gross Value Added by 13.9% and real estate footprint (LFA) by 27.2% since 2015.
Looking ahead, Savills believes that the Dutch life sciences sector will remain an important part of the economy. Innovation in healthcare will become more important as the population ages. Savills does, however, foresee challenges that need to be addressed. Most notably, the uncertain political landscape of the Netherlands could affect the competitiveness of the life sciences sector. Proposed measures to limit the immigration of students and skilled migrant labour might endanger the growth of the country’s knowledge economy. For the Netherlands to maintain its leading role in the European life sciences sector, government will need to be sensitive to the policy needs of the world’s leading innovative, capital intensive, and talent-dependent companies. Savills believes the Dutch government should pursue economic policies that generate sustainable, long-term, added value in sectors, like the life sciences sector, that enjoy public support, and which benefit from the talents of highly educated foreign students and workers.
Sarah Thorley
Associate Director – Strategic Advisory EMEA +44 7870999302 sarah.thorley@savills.com
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Jordy Diepeveen
Director Investment +31 6 111081528 jordy.diepeveen@savills.nl
Wouter van ‘t Grunewold
Market Intelligence Analyst +31 6 15821872 wouter.grunewold@savills.nl
Charlotte Harmsen
Head of Marketing & Business Intelligence +31 6 11403965 c.harmsen@savills.nl
Demographic Disruption
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demographic Disruption
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Many of the increases are associated with holdings that have been under-rented
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chapter Disruption
Puzzle
Conclusion
