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Bastiaan van der Wal Consultant Investments +31 (0) 6 5260 8017 bastiaan.vanderwal@savills.nl
Reinier Wegman Head of Office Investments +31 (0) 6 5131 1518 r.wegman@savills.nl
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Clive Pritchard Head of Country Netherlands +31 (0) 6 6104 2339 c.pritchard@savills.nl
RESEARCH
Offices – The Netherlands – Q3 2026
The State of Play
G5 Office Special
The report is structured around four chapters.
read more
Chapter 4 provides an outlook and implications for occupiers, investors, landlords and developers.
Outlook
Chapter 3 analyses investment activity, yields and capital flows, including the changing composition of buyers and sellers.
Investment Market
Chapter 2 examines the five cities across key occupier metrics, focusing on take-up, rental growth and the nature of demand.
Occupier Market
Chapter 1 establishes the economic context for the G5, examining growth, labour market conditions and the sectors shaping future office-based employment.
The G5 at a Glance
Reader's Guide
Rotterdam and Amsterdam recorded the strongest average annual growth, at 7.2% and 7.1% respectively, followed by Eindhoven at 6.1%. Growth was more moderate in Utrecht at 2.8% and The Hague at 1.9% on average annually, highlighting the different stages and dynamics of the five office markets.
Prime rental growth between 2018 and 2026 varied across the G5.
03
Between 2020 and 2025, take-up softened by 28% across the G5, compared with a 40% decline nationally. Median rents in the G5 increased by 34.1% between 2020 and H1 2026, compared with 19.6% across the Netherlands. This is consistent with occupiers’ growing preference for higher-quality, well-located office space.
The G5 occupier markets have proved more resilient than the wider Dutch office market.
02
Eindhoven’s projected average annual GDP growth rate of 2.2% is slightly above Amsterdam’s 2.1%, although Amsterdam remains substantially larger in terms of economic output and office market scale.
Eindhoven and Amsterdam are expected to lead G5 economic growth through 2030.
01
key findings
Irene van Esseveld Head of Office Leasing +31 (0) 6 1169 1022 irene.vanesseveld@savills.nl
Max Mansholt Associate Office Leasing +31 (0) 6 2936 9550 max.mansholt@savills.nl
Beneath that resilience, the market is becoming increasingly polarised. High-quality, sustainable office space in well-connected locations is becoming scarcer and commanding higher rents, while secondary stock in less competitive locations faces a growing risk of structural vacancy. This widening divide, rather than changes in the market's overall size alone, is increasingly shaping where opportunities and risks are emerging across the country.
INTRODUCTION
The Dutch office market is proving remarkably resilient, even as it is transforming.
In this report, the G5 refers to the Netherlands' five largest and most active office markets in terms of stock, take-up and investment activity: Amsterdam, Rotterdam, The Hague, Utrecht and Eindhoven. Dutch urban market analysis has traditionally focused on the G4, comprising the four largest cities. Eindhoven is included here because its rapid economic growth and expanding high-tech and advanced manufacturing cluster have increased its importance within the national context. Together, these five markets consistently represent a substantial share of Dutch office volumes, making them the natural lens through which to view the direction of the Dutch office sector as a whole.
What is the G5?
Explainer
Investment volumes across the five markets doubled year-on-year to €649 million in H1 2026, supported by the return of larger ticket sizes. At the same time, the buyer base became more diverse, with private investors accounting for a growing share of activity as the previous dominance of institutional-related capital declined. Together, the G5 accounted for 68% of Dutch office investment volume in H1 2026.
The G5 is leading the emerging recovery in office investment activity.
04
Nowhere is this dynamic more visible than in the Netherlands' five largest office markets: Amsterdam, Rotterdam, The Hague, Utrecht and Eindhoven. Together, these five markets account for a substantial share of Dutch office take-up and investment activity. However, differences in economic structure, occupier demand, supply and investor composition give each market a distinct profile.
The G5 Office Special examines the similarities and differences between the five markets, recognising that each is shaped by its own economic structure and office market fundamentals. By comparing them within a shared national context, it provides investors, occupiers and developers with a clear view of current market conditions, the factors driving performance and how opportunities and risk may evolve over the coming years.
Caroline van Duren Associate Offices +31 (0) 6 1176 9974 caroline.vanduren@savills.nl
Tien Nguyen Market Intelligence Analyst +31 (0) 6 3194 0107 tien.nguyen@savills.nl
Introduction
2030
2026
Average annual GDP growth is projected at 1.7% between 2026 and 2030, continuing to outpace the forecasted national average of 1.5%. The stronger performance of these metropolitan regions reflects several structural factors:
Their combined share increased from 41% in 2012 to 46% in 2026 and is forecast to reach 47% by the end of the decade.
The G5 regions are a large economic motor for the Netherlands, together accounting for nearly half of national GDP.
Amsterdam continues to benefit from its strong concentration of information and technology companies, professional and financial services, and its position as the country's leading international business location.
Amsterdam
2.1%
Overall, the G5 shows selective but continuous and positive employment growth in the years ahead. Demand persists and is concentrated among knowledge- intensive occupiers, who look for the best-located, highest-quality buildings.
This should not be read as a direct translation into office space demand, however.
At national level, GDP growth is expected to slow from 1.9% in 2025 to approximately 1.2% in 2026, partly reflecting elevated global uncertainty and slightly weaker investment and trade. Growth is projected to accelerate from 2027, resulting in average annual growth of 1.5% through 2030. Office occupier demand will be driven by this relatively resilient and stable economic growth.
Amsterdam and Eindhoven are expected to record the strongest economic growth within the G5 over the coming years at an annual average of 2.1% and 2.2% respectively, albeit for different reasons.
2012
41%
47%
of national GDP in 2026
46%
Shift towards a knowledge-intensive economy
Strong population growth
Concentration of high-productivity sectors
Eindhoven and Amsterdam set to lead G5 growth
Labour market tightness in the Netherlands is easing after several years of exceptionally low unemployment. Across the G5, unemployment is expected to rise to roughly 4.5% in 2026 as labour force growth outpaces available jobs during a period of more moderate economic growth. Despite this recent development, the average unemployment rate of 4.5% is still considered healthy and relatively tight. In comparison, Eurozone unemployment edges above 6.0%.. On the Dutch labour market, we are seeing a normalisation in unemployment, rather than a structural increase. Labour market conditions in the Netherlands are forecasted to tighten again from 2027.
Talent retention and attraction remain one of the top priorities for many companies in the Netherlands as the war-for-talent remains persistent. For office occupiers, this means housing and location strategies, as well as workplace experience are an ongoing, but ever-growing trend to reach top talent.
Talent competition to remain fierce
Each of the regions contributes to overall economic output through its own unique mix of sectors. As a result, they also play a major role in connecting the Netherlands and global economy, and therefore generally attract more foreign investment and export-oriented services.
Average annual GDP growth
For these reasons, the competitiveness of the G5 regions is higher than elsewhere in the Netherlands.
Average annual growth ranges from +0.2% in real estate activities to +1.2% in information and communication. For the G5 as a whole, two sectors stand out. IT & tech and business services will both grow the fastest at over 1.2% a year between 2026 and 2030. The latter includes activities such as consultancy, accountancy, legal services and research and development. These sectors are also the most office-intensive parts of the economy and strongly represented across the G5. Their lead, visible even after averaging across five cities, points to a structural shift discussed earlier: knowledge-intensive employment is concentrating faster in these five regions than in the Netherlands as a whole. The broader office aggregate also grows harder than the national average. In practical terms, the G5 cities continue to strengthen their position as the Netherlands’ leading office-based locations.
In the G5, employment growth across the main office-related sectors for 2026–2030 shows broad-based and modest growth.
Hybrid working has reduced the average amount of space required per employee, while occupiers increasingly prioritise quality over quantity. Headcount growth of 1% a year therefore does not necessarily result in proportional growth in square metres. It does, however, provide underlying support for demand and is consistent with continued consolidation into fewer, higher-quality buildings in well-connected locations, and should be read as a signal about the direction of demand, not its exact volume. Two sector-specific differences require further context. First, the average annual employment growth of 0.7% in manufacturing is largely driven by Eindhoven's high-tech and semiconductor cluster. The average therefore masks a one-city story. Second, employment growth in financial and insurance activities is projected to remain fairly limited at 0.3% annually. This modest outlook is consistent with the continuing consolidation of employment and office space within the financial services sector, particularly among banks.
This provides a stable foundation for office demand. Demand is expected to remain concentrated in higher-quality buildings in accessible locations, particularly as occupiers continue to compete for skilled employees. The outlook supports strong long-term fundamentals in the G5 compared with the rest of the Netherlands.
The economic outlook for the G5 remains comparatively favourable and resilient, supported by projected growth in knowledge-intensive and office-based sectors such as IT and business services.
What does this mean for the office market?
The outlook supports strong long-term fundamentals in the G5 compared with the rest of the Netherlands.
Top takeaway
Source: Oxford Economics (2026), adapted by Savills Data, Intelligence & Strategy.
Source: Statistics Netherlands (2026), Oxford Economics (2026), adapted by Savills Data, Intelligence & Strategy.
On average, tech and business services will outpace most business sectors in the G5
The labour market eases before tightening again
The Big Picture
close
Compared with the rest of the Netherlands, the G5 regions have a greater concentration of high-value sectors, including information and communication, research & development, financial services and professional services. They are also home to many corporate headquarters and multinational companies.
The G5 consequently attracts relatively many highly educated workers, international talent, students and young households. This translates into a larger workforce potential in the G5.
Economic growth is increasingly driven by innovation, technology advanced manufacturing and knowledge-intensive services. These activities are strongly concentrated in the G5 regions and typically generate high levels of added value.
Eindhoven’s growth is supported by its globally competitive high-tech and advanced manufacturing cluster, centred around the Brainport ecosystem and led by companies such as ASML. These companies generate significant growth in the area as demand for these sectors is steadily growing worldwide.
Eindhoven
2.2%
Rotterdam’s economy remains closely linked to international trade, logistics and port-related activity, leaving it relatively exposed to geopolitical uncertainty and disruptions to global trade. Average annual GDP growth is therefore projected at 1.4% between 2026 and 2030. However, the city’s economy has become more diversified, with service-based activity partly reducing its dependence on the port and international trade. As a result, Rotterdam has shifted from a predominantly port economy into a service economy, partly offsetting any downside effects of trade disruptions.
Rotterdam
1.4%
The Hague, by contrast, is shaped by its large public-sector presence and lower exposure to fast-growing private-sector industries. Public-sector activity generally provides stability during economic downturns, but also contributes to a more moderate long-term growth trajectory. The city’s economy is projected to grow by an average of 1.2% annually.
The Hague
1.2%
Utrecht occupies a strong middle position within the G5, with projected annual GDP growth of 1.7% between 2026 and 2030. While it does not benefit from Amsterdam's scale or Eindhoven's high-tech manufacturing specialisation, it consistently ranks among the country's better-performing regions due to its central location, highly educated workforce and concentration of knowledge-intensive service sectors. The regional economy is less exposed to fluctuations in global trade than Rotterdam and has a larger private-sector component than The Hague.
Utrecht
1.7%
Three structural factors
1 / 5
2 / 5
3 / 5
4 / 5
5 / 5
occupier market
The sharper decline outside the G5 throughout the years reflects a combination of factors, including a more fragmented and regionally dispersed occupier base and a slower pace of newer, high-quality supply that could otherwise stimulate relocation-driven demand. By contrast, the G5's larger, more liquid markets have retained a broader occupier base, supported a deeper pool of corporate occupiers and continued flight-to-quality dynamics.
Take-up across the G5 also decreased over the same period, from approximately 680,000 sq m in 2020 to around 487,000 sq m in 2025, but the decline was more limited at around 28%.
The Quality & Location Divide
Occupier demand in the G5 is comparatively more dynamic than in the wider Dutch office market, even as both markets have faced the same headwinds of hybrid working, cautious office expansion and weaker business investment since the pandemic and weaker economic years.
Office take-up in the Netherlands has declined since 2020, falling from approximately 1.77 million sq m to around 1.06 million sq m in 2025, a contraction of roughly 40%.
The G5 outperforms the wider Dutch office market
Source: Savills Data, Intelligence & Strategy (2026)
Relatively newer buildings, completed after 2010, record a vacancy rate of 4.9%, compared with 5.8% for older stock. Building age does not determine performance on its own, however, as well-renovated older buildings can also attract strong occupier demand.
This preference for quality is also visible in vacancy levels.
G5 median rents 2020–H1 2026
+34.1%
Vacancy, newer buildings
4.9%
G5 take-up 2020–2025
−28%
Share of each region’s office take-up by main sector (2020-2026YTD)
This ultimately reflects occupiers' continued preference for modern, high-quality offices as their location decisions become more strategic and tied to talent, branding and business operations.
Secondary or functionally obsolete buildings may face greater leasing risk, increasing the need for repositioning, refurbishment or repurposing. As the gap between prime and secondary performance widens, success will increasingly depend on exposure to future-proof office stock in locations that combine talent access, connectivity and strong occupier demand fundamentals.
For investors and landlords, capital is best directed toward assets that can credibly compete on quality, centrality and amenities to meet occupier preferences.
Demand for high-quality office space continues to concentrate in prime locations, pushing up rents and reducing the availability of top-tier options in markets such as Amsterdam, Rotterdam and Utrecht. Early planning will therefore become more important for organisations with upcoming lease events or changing workplace requirements.
For occupiers, decisions about where to locate and what type of building to occupy have real implications.
Implications for market participants
The office market is becoming increasingly divided, with quality and location playing a growing role in performance.
Overall, the matrix highlights a divide between Amsterdam and Rotterdam as the G5’s current growth leaders, and Utrecht and The Hague as more stable office markets, while Eindhoven currently positions itself as an emerging market.
The Hague is expected to follow a more stable trajectory, reflecting its government-led occupier profile and comparatively lower exposure to fast-growing private-sector industries.
The Hague occupies the most stable position, characterised by relatively modest prime rents (€250/sq m/year) and fairly limited rental growth (1.9%), partly reflecting the market's less competitive, government-oriented occupier base and relatively lower exposure to private-sector demand.
p.a. 2018–2026YTD
1.9%
Amsterdam remains the Netherlands' largest office market and has a diverse occupier base that includes international companies, professional services firms, financial institutions and technology businesses, driven by its broad talent pool, global connectivity and strong business ecosystem. This is reflected in a take-up mix led by business services (24.7%), financial and insurance services (16.3%) and IT (15.2%). Demand increasingly favours accessible, sustainable and amenity-rich offices, placing greater competitive pressure on secondary buildings and less well-connected submarkets.
A diverse corporate core with growing quality requirements
What is shaping occupier demand in each city?
The widening rental gap further highlights the appeal of the G5 markets and the extent to which occupiers increasingly prioritise quality and amenity-rich and central office locations.
Rental growth in the G5 markets has generally outpaced that of the wider Dutch office market. Since 2020, median rents in the G5 have continued to show upward momentum by +34.1% as of the end of H1 2026. In contrast, national rental growth was also present but slightly softer at +19.6%.
These dynamics are also reflected in rental performance.
Eindhoven's occupier demand is largely driven by the Brainport ecosystem and the region's concentration of innovation, research and advanced manufacturing companies, reflected in a manufacturing share of take-up (19.4%) far higher than anywhere else in the G5. The growth of major employers such as ASML and Philips, and the wider high-tech supply chain also supports demand from business services, including engineering consultancies, professional services providers and other knowledge-intensive support functions.
Brainport ecosystem shapes occupier demand
Utrecht benefits from its strategic location in the heart of the Netherlands, making it one of the most accessible office markets in the country. Occupier demand is driven by a diverse mix of corporate, public-sector and professional services organisations that value proximity to the country’s largest transport hub. At the same time, constrained development opportunities around the central station area have strongly limited the pace of new supply. This combination of robust demand and scarcity intensifies competition for office space and reinforces occupancy levels across office buildings.
Centrality and space constraints drive competition
The Hague's office market remains heavily influenced by government institutions, international organisations and related service providers, Government occupiers account for 34.5% of take-up, by far the highest share among the G5. The public sector's substantial space requirements have contributed to limited availability in the city's most popular office locations. This dynamic can generate a crowding-out effect, with private-sector occupiers facing increased competition for quality office space and potentially needing to consider alternative locations.
Government demand intensifies competition for central offices
Rotterdam's occupier base has become increasingly diversified, reducing its dependence on the maritime, and logistics and transport sectors. However, transportation and storage (7.9%) and energy/utilities (4.9%, the highest share among the G5) still point to the city's port heritage. Demand is being driven by a broader mix of professional services, technology firms, public-sector organisations and corporate occupiers attracted by the city's relative affordable rents compared to Amsterdam. Within the market, the central business district remains the main focus of demand, supported by strong public transport connections and expanding supply of modern office space.
Diversifying beyond its port-related base
Rental growth
per sq m per year
€250
Prime rent
Utrecht arguably offers the strongest upside potential, as restricted availability and supply constraints create conditions that could support stronger rental growth.
Utrecht continues to benefit from persistent occupier demand, low vacancy and supply constraints, although its rental growth (2.8%) has lagged compared to the G5 average despite a relatively high prime rent level (€350/sq m/year).
2.8%
€350
Eindhoven’s outlook remains supported by the continued expansion of its high-tech economy and associated demand from advanced manufacturing and business services occupiers.
Eindhoven combines a comparatively affordable prime rent of €290 per sq m per year with average annual growth of 6.1%, reflecting the strength of the Brainport ecosystem. Especially the addition of new, modern office stock in central locations has accelerated rental growth within the area.
6.1%
€290
Rotterdam appears well positioned for further rental growth, benefiting from an increasingly diversified occupier base and prime rents that remain attractive relative to the Dutch capital.
Rotterdam has emerged as the strongest growth market outside Amsterdam, recording the highest rental growth among the G5 (7.2%) as quality of office stock steadily increases while maintaining a more accessible rental level of €385 per sq m per year compared to Amsterdam.
7.2%
€385
Looking ahead, Amsterdam is expected to maintain its position at the top of the market, supported by shortages of prime office space, although its already elevated rental levels may moderate the pace of growth compared with the other G5 cities. Still, for international occupiers, Amsterdam remains more competitive from a European perspective as prime rents in other office capitals such as London and Paris hover higher.
Amsterdam stands out as the leading prime market, combining the highest prime rent (€625/sq m/year) alongside rental growth (7.1%) between 2018 and 2026YTD, placing it firmly as a prime mover.
7.1%
€625
Looking ahead
Today
Between the prime G5 markets, there are clear differences in the positioning of the markets in terms of current prime rental levels and historic rental growth.
How the G5 markets differ in terms of rents
Pricing and growth dynamics across the G5
Prime rent matrix: Amsterdam and Rotterdam sit as "Prime Movers" (high rent level, above-average growth). Eindhoven is an "Emerging Player" (lower level, above-average growth). The Hague and Utrecht sit in "Stable Growth", a market position relative to the G5 average, not an absence of momentum. Note on methodology: rent growth = compound annual growth rate (CAGR), 2018–2026. Quadrant boundaries sit at the G5 average on each axis. CBD definitions: Amsterdam = South Axis; Rotterdam = Central Station Area; Utrecht = CBD West (Central Station Area); The Hague = Beatrixkwartier; Eindhoven = Central Station Area.
25% and above
15–25%
7.5–15%
2.5–7.5%
Below 2.5%
From correction to gradual recovery
We expect this broader investor base to continue to support market liquidity and resilient pricing.
Market liquidity and resilient pricing
At the same time, the buyer pool is becoming increasingly diverse. Alongside traditional institutional investors, activity from private capital, family offices, domestic investors, owner-occupiers and international capital source, including French SCPIs, are playing a larger role.
The buyer pool is becoming increasingly diverse
Activity may increase gradually as investors increasingly look at office assets again, supported by improving sentiment, available dry powder and renewed investor interest in high-quality office assets.
Activity may increase gradually
While overall office investment volumes remain below their previous-cycle highs, the G5 markets continue to dominate investor demand and are likely to remain the primary drivers of any further recovery in the Dutch office investment market.
What’s next?
By contrast, Utrecht remains more institutionally oriented, with institutional-related capital accounting for the largest share of both buying and selling activity.
Its scale and liquidity support participation by a wider range of investor types and strategies.
Amsterdam has diversified fastest, with institutional buying accounting for 36% in recent years while developers (25%) and private investors (38%) both stepped in meaningfully.
This reflects the city's economy being structurally built around national government and international institutions, combined with Rijksvastgoedbedrijf's (the Dutch government real estate agency) recent acquisitions to increase control over their real estate and facilitate sustainability improvements.
The Hague is the clearest exception, with government-related buyers being a more significant buyer than anywhere else.
The shift from institutional-related capital towards a more diverse buyer base is visible across the G5, but the pace and composition of that shift may differ for some cities.
This category includes public sector bodies, municipalities, port authorities, and non-profit foundations. These parties typically transact selectively and are not primarily motivated by commercial return.
Government and non-profit
Definition
Developers function principally as intermediaries in the capital flow: they absorb unimproved or underutilised assets and return them to the market as high-grade office accommodation. Where a developer retains completed assets on a long-term basis, classification may overlap with the institutional investor category.
Real estate developers
This category covers private individuals, family offices, owner-occupiers, and unlisted private companies whose primary business is not real estate development or fund management. These are often domestic Dutch parties transacting in smaller assets, though the category also includes larger private holding companies and international private capital.
Private investors
Institutional investors who invest directly from their own balance sheet, typically with a long-term, liability-driven mandate. This category includes pension funds, insurance companies, and listed property companies whose capital is not pooled from external investors. Internally managed structures, are classified here, as are pension vehicles investing directly into assets.
Institutional investors
This category comprises open- and closed-ended real estate funds, REITs structured as externally managed vehicles, and asset managers deploying third-party capital. These parties do not invest from their own balance sheet; they act as stewards of capital raised from pension funds, insurers, sovereign wealth funds, and high-net-worth investors.
Fund and asset managers
Combines Fund and asset managers with Institutional investors to show the total share of the market that is professionally managed capital, whether deployed directly from an institution's own balance sheet or indirectly through a fund vehicle, as distinct from private, developer, or government capital.
Institutional-related capital
More than 50% in 2026 year-to-date: the highest private buyer share in the period recorded.
Developers have acted as opportunists who come and go in the period.
As sellers, government and non-profit organisations consistently represented the smallest category, accounting for no more than 7% of annual volume.
Government and non-profit buyers accounted for less than 6% of acquisition volume in most years but their share increased to 24% in 2023 and remained slightly elevated at 15–18% in 2025–2026. This reflects a number of acquisitions by public-sector organisations for owner-occupation or redevelopment purposes, such as improving the sustainability of the building.
Buyer share in 2025–2026, up from less than 6% in most years
15–18%
Developers accounted for a larger share of seller volume early on, with 15% in 2018 and 10% in 2019, as completed projects were brought to market. Their share subsequently declined and remained limited from 2022 as financing costs tightened and newbuilt became less dominant, and then picking back up to 11% in 2024.
Developers have acted as opportunists who come and go in the period. Developers were a marginal buyer most years but showed two notable spikes: 23% in 2021 and 31% in 2024, the largest buyer share of any type that year. Both spikes reflect large, concentrated redevelopment or repositioning acquisitions rather than a broad trend, and developer buying share subsequently stood at approximately 15% in 2025. In recent years, developers increasingly bought office assets near key train hubs for redevelopment into high-quality, modern office space in line with broader market trends. Examples of office-to-modern-office conversions include Cross Towers (Amsterdam South-Axis), NieuwAmsterdam (Amsterdam Southeast) and Hojel City Centre II (Utrecht CBD).
Buyer share in 2025, down from 31% in 2024
~15%
Developers
Their selling followed the same direction outside one exception: roughly 24–32% most years, but 61% in 2021, driven by a small number of large private-to-developer sales including High Tech Campus Eindhoven (€1bn) and ABN AMRO HQ (€765m). Outside that exception, selling trended higher again in recent years, mirroring their rising role as buyers. Taken together, private capital has become increasingly more central to the market on both sides as they increasingly become more active.
Private investors, including family offices, high-net-worth individuals, owner-occupiers and smaller unlisted companies, are notably the fastest-growing buyer group. Their share of acquisition volume generally ranged from 6% to 16% between 2018 and 2022, before increasing to 25% in 2024, 37% in 2025 and more than 50% in 2026 year-to-date. This represents the highest private buyer share in the period recorded. This may reflect the ability of some private investors to deploy capital with less reliance on external financing and to consider assets that no longer meet institutional investment criteria.
Buyer share in 2026 YTD, up from 6–16% in 2018–2022
>50%
Institutional-related capital also accounted for a large share of seller volume throughout much of the period, at 54% to 65% in 2018 to 2022, consistent with funds recycling capital through their normal hold-and-sell cycle. Its seller share reached 86% in 2023, 62% in 2024 and 83% in 2025, suggesting that funds became notably more active once the rate cycle turned.
Institutional-related capital, comprising fund and asset managers and institutional investors combined, dominated office acquisitions between 2018 and 2020, accounting for 78% to 87% of buyer volume. Its share remained relatively high between 2021 and 2023 but dropped to 31% to 38% in recent years as higher financing costs and adjusted valuations reduced acquisitions activity. Institutional buying that continued was increasingly selective and concentrated in prime, well-located, sustainability-compliant stock.
Buyer share in recent years, down from 78–87% in 2018–2020
31–38%
As sellers
As buyers
The investor base in office real estate has undergone a shift over the period, moving from institutional dominance to a more fragmented mix.
The buyer and seller shift
Investment activity is becoming more distributed within the G5
Rotterdam, alongside Amsterdam, remains one of the larger investment markets in the G5. With a prime gross initial yield of approximately 6.5%, it offers a combination of market scale, a higher yield than Amsterdam and rental growth potential.
Market scale
Prime GIY 6.5%
On the other hand, Utrecht's office investment market is increasingly characterised by a scarcity premium, reflecting the city's combination of robust occupier fundamentals and very limited development opportunities. As a result, prime yields compressed slightly to 6.0% by the end of H1 2026, with core investors willing to accept lower yields in exchange for robust rental income prospects and lower vacancy risk.
Scarcity premium
Prime GIY 6.0%
Since 2021, Eindhoven's share of G5 investment activity has slightly increased as well. Backed by the continued expansion of the Brainport region, the city has grown in share while being favourably priced as prime GIYs in Eindhoven stand at approximately 6.8%.
Favourably priced
Prime GIY 6.8%
The Hague, in particular, has attracted growing share in 2025 and H1 2026, supported by acquisitions from government-related occupiers, French SCPI investors and domestic investors. The city's stable public-sector presence, relatively attractive pricing (with prime GIYs of 6.5%) and defensive income profile have strengthened its position as an attractive investment destination.
Defensive income profile
Amsterdam continues to be the largest and most liquid office investment market within the G5 with a share of roughly 38% in 2025, benefiting from its scale, depth of occupier demand and broad investor base. Prime gross initial yields (GIYs) in Amsterdam stood at approximately 5.0% to 5.2% at the end of H1 2026. Amsterdam currently remains one of the most attractive markets, though investment activity across the G5 has become more diversified in the last years. In 2025, Amsterdam’s investment volume rose by 18.7%, although its overall weight declined.
Largest and most liquid
Prime GIY 5.0–5.2%
6.8%
Eindhoven Prime GIY
6.5%
Rotterdam Prime GIY
The Hague Prime GIY
6.0%
Utrecht Prime GIY
5.0–5.2%
Amsterdam Prime GIY
Prime gross initial yields (GIYs)
G5 dominance persists even during market correction
Persistent geopolitical volatility, in among others the Middle East, continues to affect interest rates and office yields. However, they still remain relatively more stable than during the sharp rate hikes that followed 2022 and when office pricing followed suit. This greater stability supports pricing alignment. In the first half of 2026, investment volume in the G5 doubled year-on-year to €649 million as market participants increasingly adapt to a higher-for-longer interest rate environment and larger transactions slowly returned. The recent increase in the G5 share to around 60-68% in 2025 and H1 2026 indicates that the emerging recovery is once again being led by the country's most liquid office markets.
Following the sharp decline in investment volumes in 2023 and 2024, the proportion of capital allocated to the G5 temporarily fell to approximately 50%, suggesting that the correction was not limited to regional markets but also affected major office hubs. Although larger office deals within the G5 markets were scarcer during this particular period, they continued to capture more than half of all office investment activity in the Netherlands, demonstrating their significance.
G5 volume in H1 2026
€649m
G5 share 2018 to H1 2026
52–75%
Dutch office investment 2024
€2.0bn
Dutch office investment 2018
€6.5bn
Despite the challenging market environment, the G5 have continued to attract the majority of investment activity in the Netherlands. Between 2018 and H1 2026, their combined share ranged from approximately 52% to 75% of total investment volume.
Core buyers stepped back from new acquisitions and pricing alignment slowed sharply, reflected in both fewer transactions and smaller deal sizes. Total office investment volume in the Netherlands declined from approximately €6.5 billion in 2018 to €2.0 billion in 2024, before showing initial signs of recovery in 2025 and H1 2026.
The office investment market experienced a slowdown since the peak years pre-2022, reflecting the impact of higher interest rates, changing financing conditions and increased investor caution regarding market fundamentals.
G5 Office Investments: Capital flows
Methodology: parties are classified into five categories. Fund and asset manager, Institutional investor, Private investor, Real estate developer, Government and non-profit. Classification is based on capital structure and primary economic role. 2026 reflects a partial year (until July) only.
THE OFFICE RESET
The G5 regions account for close to half of national GDP and are expected to grow faster than the country as a whole, driven by a concentration of knowledge-intensive, office-using sectors that is not replicated elsewhere in the Netherlands. That weight has translated directly into occupier behaviour: occupier demand in the G5 has held up materially better than in the broader Dutch market, rents have grown almost twice as fast, and within the G5 itself, demand and rental growth are increasingly concentrated in modern, well-connected buildings.
The Dutch office market is not simply recovering from the disruption caused by the pandemic, but reorganising around a new set of rules.
For occupiers, investors, landlords and developers alike, decisions about building quality, sustainability and location will therefore play an increasingly important role in long-term performance.
The central message holds: the Dutch office market of the coming years will not solely be defined by its overall size, but by how effectively its participants adapt to a market that is increasingly about quality.
Occupiers who have not yet acted on this shift are likely to face a market with progressively fewer prime options, particularly in the best locations in cities like Amsterdam, Rotterdam and Utrecht, where scarcity is already well visible.
The common thread across the occupier and investment markets alike is that scale is becoming less important on its own. What increasingly determines performance as well is quality and the ability of a building or a market to meet the expectations of a more selective occupier base.
Hybrid working is also moving into a more mature phase, meaning its softening effect on space-per-employee is likely to plateau rather than deepen in the future, a stabilising factor for the sector after several years of significant change.
Those who position around this quality-and-location divide now, rather than waiting for a broad-based recovery, are best placed to capture the opportunities the next cycle presents.
Employment across the G5's main office-based sectors is projected to continue growing through 2030, providing underlying support for occupier demand. Rather than leading to a broad-based expansion in take-up, this growth is more likely to support continued consolidation into fewer, higher-quality buildings in central or well-connected locations. Labour market conditions are expected to firm up again from 2027, keeping talent attraction and retention (and by extension, workplace quality and location) a persistent priority.
Looking ahead, quality and location are expected to become even more important determinants of office market performance.
Quality and location will shape the next cycle
We expect the recovery evident in 2025 and H1 2026 to continue gradually rather than sharply, supported by improving sentiment, a normalising investment environment and a growing pool of dry powder waiting to be deployed. The G5 continues to absorb the majority of that capital, although the composition of the buyer base is changing from dominance by institutional funds toward a more diverse and fragmented mix of capital.
Investment dynamics tell the same story from the capital side as volumes are recovering from a low base, driven by larger transactions volumes.
