Savills Netherlands
Autumn 2025
Dutch Real Estate in a Stabilising Market
Policy & Economy
Introduction
Outlook
Investment Market
Occupier Market
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This Report
Contents
Claude Debussylaan 48, 1082 MD, Amsterdam +31 (0) 20 301 2000
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Savills Beds Special 2024
Dutch Life Sciences
The Office Market of the Future
Logistics Confidence Index 2024
Market in Minutes Q1 2024
Other Reports
Key Findings
Invisible Women in Real Estate
Market in Minutes Q3 2024
POLITICAL CHANGE AND STEADY FUNDAMENTALS
FINDING BALANCE
Q3 2025 recorded €3.0 billion in transactional activity, up 17.3% YoY, as improved financing conditions lifted large-scale deals above €50 million to 53.8% of total volume. The residential (€1.1 billion, –26.1% YoY), office (€761.9 million, +161% YoY), and logistics (€631.6 million, +107.8% YoY) sectors led activity, supported by a resurgence of foreign capital, which accounted for 35.0% of total investment.
Investment activity rebounds as investor confidence returns
Prime Net Initial Yields (NIYs) have stabilised across most sectors, with early signs of compression in logistics and residential real estate. The gap between prime and non-prime assets has widened to roughly 350 basis points, as investors favour assets with credible sustainability credentials and resilient occupier fundamentals.
Yield stability signals renewed pricing alignment
Occupier activity rebounds across core sectors
Total market take-up reached approximately 1.3 million sq m in Q3 2025, up 42.7% QoQ. Office activity increased 7.8% YoY, driven by large transactions in the G5 cities, while logistics take-up declined 45.4% YoY amid selective expansion and a focus on core regions. Retail activity rose 67.1% QoQ, supported by resilient consumer spending and the growing importance of experience-led formats.
Dutch inflation continues to hover around 3.0%, while the ECB’s policy pause provides monetary stability. This has given investors greater confidence to underwrite transactions and price assets with improved certainty.
Inflation proves sticky, but rates stabilise
A stable interest rate environment and sustained occupier demand underpin moderate optimism for 2025. However, political uncertainty and tightening sustainability regulation continue to drive selectivity, with total investment volumes expected to reach between €11.5 and €12.5 billion by year-end.
An optimistic market outlook, as stability improves
5
4
3
2
1
MARKET MOMENTUM AT A GLANCE – Q3 2025
Take-up +43% QoQ; offices and retail up, logistics easing amid selective growth.
Occupier demand rebounds.
+17.3% YoY
Investment Volume
35.0% of Market
Foreign Investor Activity
+7.8% YoY
Office Occupier Activity
+6.5% YoY
Industrial Occupier Activity
Stable across all sectors, early compression in logistics and residential
Prime Yields
IRS at 2.35% ECB at 2.00%
Interest Rates
Stable and gradually recovering
Consumer Confidence & Household Spending
Weak liquidity and ESG risk cause pricing to go down
Secondary Asset Pricing
-45.4% YoY
Logistics Occupier Activity
4.9% Availability
Core Logistics Availability
UP
stable
down
Source: Savills Data, Intelligence & Strategy (2025)
amid selective expansion and core region focus
in Core Logistics Regions
BAck to the top
Source: Peilwijzer (aggregated from Ipsos, I&O Research, and Verian/EenVandaag) (2025); Savills Data, Intelligence & Strategy (2025)
Investment activity remains largely unscathed by political fragmentation
Political Gridlock Continues Until a new administration is formed, day-to-day government will continue under a “business-as-usual” mandate. For the Dutch real estate sector, that means several more months of political gridlock, with fiscal, housing and environmental policy decisions likely to be delayed. Historically, national elections have had limited direct impact on real estate activity in the Netherlands compared with economic growth and interest rate movements.
Political Stability Prevails This resilience reflects the structure of the Dutch political system itself. The Netherlands’ fragmented multiparty landscape means policymaking depends on compromise. As a result, legislation typically emerges as a moderated version of initial proposals. While this can slow reform, it also reduces policy risk and helps protect investors from sudden regulatory shifts. As a result, Dutch real estate investment volumes show relatively little sensitivity to political fragmentation compared to interest rate movements. In recent years, sector activity has been independent of periods of heightened electoral uncertainty. 1
What does this mean?
The Dutch election was held on 29 October after the collapse of the Schoof Cabinet. As campaigning accelerated through Q3 2025, participating parties set out their visions for the Netherlands’ future, including on key real estate issues such as economic competiveness, residential market policy, and environmental policy.
The results of the election underline the extent of political fragmentation. Two ideologically opposed parties, PVV on the populist right and D66 on the progressive centre, both secured strong vote shares. Coalition talks are expected to be lengthy and complicated, with no clear path to a stable majority government.
Political Transition
and Economic Resilience
1 Political fragmentation is calculated as 1 – Herfindahl-Hirschman Index (HHI), where the HHI aggregates the squared estimated seat shares of all parties in the Peilingwijzer polling average. Higher values indicate a more fragmented political landscape and greater coalition complexity.
Economic growth remains subdued, with preliminary figures from Statistics Netherlands (CBS) showing GDP up 1.6% year on year (YoY) in Q3 2025. Meanwhile, inflation continues to prove hard to bring below the European Central Bank’s (ECB) 2.0% target. The Dutch Harmonised Index of Consumer Prices (HICP) rose 3.0% YoY in September 2025, driven mainly by higher energy, and food, alcohol and tobacco prices. With inflation proving sticky, the ECB faces a familiar trade-off between curbing price pressures and supporting growth. After the ECB’s last cut to its deposit facility rate (stabilising at 2.0%) in June 2025, the current outlook points to a period of monetary stability rather than further reductions.
Sticky Inflation
Quality Outpaces Inflation Persistent inflation, combined with recent capital value depreciation, has challenged the perception of real estate as a dependable hedge against rising prices. Across the office, retail and logistics sectors, newly signed leases show that inflation has outpaced average rental growth in recent years. Between Q3 2022 and Q3 2025, average rents increased by 3.2% in offices, 1.8% in retail and 29.3% in logistics, highlighting a clear divergence in sector performance. However, this picture is not uniform. While averages suggest rents have lagged inflation, many well-located and energy-efficient buildings continue to outperform. As occupiers become more selective amid ongoing economic uncertainty, leasing decisions increasingly centre on assets that align with ESG goals and meet specific locational needs. Properties that combine sustainability with accessibility have achieved stronger rental uplifts, highlighting the importance of site quality and specification for investors. Aligning property characteristics with occupier priorities will remain essential to sustaining rental growth through the rest of 2025.
What’s next?
Source: Eurostat (2025); Savills Data, Intelligence & Strategy (2025)
Persistent inflation tests the idea of real estate as a hedge against inflation
Rebalancing Risk Appetite
Amid Stabilising Market Conditions
Climate change is significantly impacting agricultural practices in the Netherlands. Farmers are facing challenges such as unpredictable weather patterns, increased frequency of extreme weather events, and rising sea levels. To combat these issues, Dutch farmers are adopting resilient agricultural practices, such as the use of drought-resistant crop varieties, improved water management systems, and sustainable land-use strategies. Research institutions and government bodies are working together to develop innovative solutions to mitigate the effects of climate change on agriculture.
Real estate implications: Climate-resilient agricultural practices require investment in new infrastructure and technology. Real estate investors and developers should focus on properties that support sustainable and resilient farming methods. This includes irrigation systems, flood defences, and energy-efficient buildings, which can enhance the long-term value and sustainability of agricultural properties. Climate change could also benefit some alternative agricultural sectors, like viticulture.
Impact of climate change on Dutch agriculture
06
The Netherlands is at the forefront of implementing a circular economy in food production. Efforts to reduce food waste are evident throughout the supply chain, from production to consumption. Innovations such as food-sharing platforms, upcycling food waste into new products, and biodegradable packaging are becoming mainstream. This holistic approach not only conserves resources but also creates new economic opportunities.
Circular economy in food production
Real estate implications: The circular economy model is influencing the design and operation of food-related facilities. Industrial and commercial spaces are being repurposed for recycling centres, composting sites, and facilities for producing biodegradable packaging. Mixed-use developments incorporating these elements can attract environmentally conscious businesses and consumers, enhancing the appeal and sustainability of the properties. An example is the initiative Zero Waste Zuidas, aiming to have Amsterdam’s Central Business District waste free by 2030.
05
In addition to plant-based proteins, the Netherlands is exploring other alternative protein sources such as insect-based and lab-grown meat. Companies like Protix are leading the charge in producing insect-based proteins for human consumption and animal feed. Research and development in cultured meat is also progressing, with the aim of providing sustainable alternatives to traditional livestock farming.
Real estate implications: The alternative protein sector requires specialised laboratory and production facilities. Real estate developers can capitalise on this by creating biotech hubs and innovation parks tailored to the needs of alternative protein companies. These developments can attract significant investment and foster collaboration between research institutions, start-ups, and established firms.
Alternative proteins
04
The plant-based movement is gaining significant momentum in the Netherlands. Companies like The Vegetarian Butcher and Beyond Meat are leading the way, providing a variety of plant-based alternatives that cater to both vegetarians and flexitarians. The Dutch government supports this shift through various initiatives aimed at reducing meat consumption and promoting a plant-based diet. This trend is driven by health considerations and a growing awareness of the environmental impact of meat production.
Real estate implications: The growth of the plant-based sector is creating opportunities for specialised manufacturing facilities and distribution centres. Retail spaces, particularly in urban areas, are also adapting to the increasing demand for plant-based products by incorporating more plant-based food outlets and dedicated sections in supermarkets. Property owners can benefit from this trend by leasing spaces to plant-based food producers and retailers. Beyond Meat, a leading producer of plant-based meat, has opened a production facility in Zoeterwoude in collaboration with local player Zandbergen World’s Finest Meat. The collaboration makes it possible to meet the growing European demand for Beyond Meat products. The innovative Beyond Meat products are produced in this ultramodern production location called The New Plant.
Plant-based revolution
03
The Netherlands is a global leader in sustainable agriculture, leveraging advanced agritech solutions to boost productivity and reduce environmental impact. Innovations such as precision farming, vertical farming, and greenhouse technology are integral to Dutch agriculture. These methods not only enhance efficiency but also contribute to food security by enabling year-round production. The use of drones, sensors, and AI in farming practices helps optimise resources and minimise waste, making Dutch agriculture a model of sustainability.
Real estate implications: The demand for high-tech agricultural facilities is rising, driving the development of modern, tech-enabled farms and greenhouses. Investors are increasingly interested in agritech parks and hubs, which can attract both local and international agritech firms. Real estate developers should consider integrating advanced infrastructure to support these technologies, enhancing property values and attracting long-term tenants.
Sustainable agriculture and agritech
02
Finally, DSOs manage the low-voltage grid, the most local layer of the electricity system, which delivers power directly to end users. At this stage, electricity is converted from medium to low voltage (below 1 kV) through local transformer stations, often housed in small above-ground buildings. This final step ensures electricity is supplied at a safe and usable level, typically 230 V, for residential, commercial, and small-scale industrial consumption.
Low-Voltage Grid
Once electricity is transferred from the high-voltage grid to regional substations, it enters the medium-voltage network through transformer substations. These grids operate at voltages between 1 kV and 25 kV and are managed by Distribution System Operators (DSOs). DSOs oversee regional distribution, ensuring that households, businesses, and small-scale producers remain reliably connected to the grid. In the Netherlands, DSOs are publicly owned, often through municipal or regional cooperative structures. The three largest operators are Enexis, Stedin, and Liander. Like TenneT, DSOs are prohibited from selling electricity directly to end users. Instead, they function independently of commercial suppliers and focus on providing regulated, non-discriminatory access to the grid for both producers and consumers.
Medium-Voltage Grid
Consumption Fuels Selective Growth Steady household spending is expected to support real estate investment performance over the coming six months, particularly across the retail and logistics sectors. Growth in both in-store and online consumption is set to strengthen demand for well-located retail space and logistics assets in strategic distribution hubs. Investors are prioritising properties that enable these trends: logistics facilities near major transport corridors and retail schemes anchored by resilient, experience-led tenants. The residential sector is also likely to remain a central focus for investors, underpinned by the Netherlands’ persistent housing shortage. The incoming government could play a crucial role in investor activity by providing greater regulatory clarity and alignment with investors’ risk–return expectations. At the same time, the reduction in transfer tax rates could encourage renewed activity that helps reverse the recent “uitponden” (privatisation) trend, where investors have been selling rental units into the owner-occupier market. In the office market, well-positioned buildings with strong occupier covenants continue to attract attention. Assets demonstrating a clear pathway to “Paris-proof” or near–net-zero operation are generating growing interest, particularly among domestic developers. This reflects both tightening occupier sustainability requirements and anticipation of stricter environmental regulation.
The gap between prime and non-prime risk premia is widening amid stabilising market conditions
As interest rates settle, investors are able to underwrite opportunities with greater confidence, narrowing bid–ask spreads and aligning pricing expectations between buyers and sellers. Prime Net Initial Yields (NIYs) have therefore steadied across most sectors, with early signs of renewed compression in both logistics and residential assets. At the end of Q3 2025, the risk premium, measured as the spread between Dutch prime NIYs and the five-year Eurozone IRS, stood at 207 basis points (bps) for offices, 242 bps for logistics, 122 bps for residential, and 144 bps for retail. These figures mark a clear narrowing from pre-hike levels in Q2 2022, reflecting higher risk-free rates and sustained confidence in Dutch prime real estate.
Flight to Quality Deepens
Risk perception has continued to ease as investors anticipate monetary loosening in 2026. Dutch prime real estate remains highly sought after for its secure, income-backed profiles. The same pattern is visible in non-prime segments, where the spread between the price-weighted average NIY and the five-year Eurozone IRS has tightened from 561 bps, 558 bps, 450 bps and 639 bps in 2021 to 436 bps, 505 bps, 315 bps, and 480 bps in 2025 year-to-date (YTD) for the office, logistics, residential, and retail markets, respectively. Over the same period, however, the gap between prime and non-prime risk premia has widened, from roughly 260 bps in Q3 2021 to around 350 bps in Q3 2025. This continued flight to quality highlights investors’ cautious approach toward secondary assets. Selectivity remains high, with capital concentrated in well-located assets backed by strong lease covenants and with robust ESG fundamentals.
Widening Risk Differentials
Foreign capital returns to the Dutch investment market, as investment volumes increase.
In total, €3.0 billion was invested in the Dutch real estate market during Q3 2025. The residential, office, and logistics sectors led activity, recording respective volumes of €1.1 billion, €762 million, and €632 million. A steadier interest rate environment supported more deal flow, leading to a 17.3% YoY increase in transaction volume. Especially the office (+161.0% YoY) and the logistics (+107.8% YoY) sectors showed significant growth amid returning confidence. Improved financing conditions and increased equity availability for large-scale assets drove a rise in transactions above €50 million, up from 37.3% in Q3 2023 to 53.8% in Q3 2025.
2.35%
Five-year Eurozone IRS rate, supporting yield stability
Dutch real estate investment up 17.3% YoY
€3.0bn
Cross-border capital share, in total market activity, YTD
35%
Although the geopolitical environment remains volatile, capital markets have remained broadly stable.
In Q3 2025, five-year Eurozone Interest Rate Swaps (IRS) hovered around 2.35%, while ten-year AAA Eurozone government bonds held steady at roughly 2.75%. This stability continues to provide a solid foundation for real estate yield expectations. Concerns over geopolitical unpredictability, combined with Europe’s relative monetary consistency, are prompting global investors to allocate more capital towards Eurozone real assets. Similarly, the Netherlands’ resilient economy and strong occupier base across sectors continue to draw cross-border investors. This renewed confidence has fuelled the traditional year-end investment sprint, with non-domestic investors increasing their share of total market activity from 29.5% in Q3 2024 to 35.0% in 2025YTD.
Utrecht
Take-up (index = 2015)
Average rent
Vacancy
The Hague
Rotterdam
Eindhoven
Sustainable Demand
OCCUPIER MARKET
EPBD IV to Deepen Polarisation The forthcoming sequential implementation of the Energy Performance of Buildings Directive IV (EPBD IV) in May 2026 is set to intensify market polarisation. The directive introduces stricter minimum energy–performance standards and greater transparency around actual building energy use, placing occupiers under growing pressure to secure sustainable, compliant workplaces. For many organisations, this marks a structural shift away from short-term cost control towards long–term energy efficiency, carbon reduction and resilience strategies — a change already shaping corporate real estate decisions across the Dutch office market.
Lower vacancy in core logistics areas is increasing rents
Long-term Planning and Sustainability Objectives Dictate Demand
Total take-up reached approximately 1.3 million sq m
The Dutch occupier market showed early signs of improvement in the second half of 2025. Across the key sectors, offices, industrial, logistics, and retail, occupier decisions are increasingly shaped by long-term resilience and sustainability goals rather than short-term cost control. Total take-up across the Dutch real estate market reached approximately 1.3 million sq m in Q3 2025, representing a 14.4% YoY decline but a 42.7% quarter-over-quarter increase. Year-on-year growth was recorded in the office (+7.8%) and industrial (+6.5%) sectors, while the retail (+67.1% QoQ) and logistics (+13.3% QoQ) segments showed strong quarterly momentum, driven by renewed occupier demand.
Occupier demand across the Dutch real estate market has strengthened, driven by long-term sustainability goals and renewed take-up momentum:
+42.7% QoQ
1.3 million sq m
total take-up in Q3 2025
increase in market activity
Office take-up reached approximately 246,000 sq m in Q3 2025, marking a 7.8% YoY increase. Market activity is increasingly driven by larger transactions, typically ranging between 750–1.000 sq m, concentrated within the G5 cities. These deals are led by corporate occupiers taking a long-term view, securing space in well-connected, amenity-rich locations that support talent retention and sustainable workplace strategies.
Occupier demand in the office market remains polarised as organisations refine their hybrid working strategies. Sustainable offices in accessible prime locations are attracting the strongest demand, while secondary assets are seeing reduced interest. Corporate tenants increasingly prioritise energy-efficient buildings that enhance talent attraction, productivity and brand identity.
Office
Retail activity increased by 67.1% QoQ, with total take-up reaching approximately 130,000 sq m in Q3 2025. This represents a 3.5% YoY decline, indicating a broadly stable performance for the Dutch retail sector. Since Q1 2024, quarterly take-up has consistently hovered around 140,000 sq m, with the exception of Q2 2025. As a result, rental growth has remained moderate, with prime high-street rents rising from €2,500 per sq m per year in Q1 2024 to €2,750 per sq m per year in Q3 2025.
Retail
Logistics
Take-up in the logistics market totalled approximately 338,000 sq m in Q3 2025, a 45.4% YoY decline but a 13.3% QoQ increase. Annual activity eased as occupiers adopted more selective expansion strategies, influenced by higher operating costs, limited power capacity and persistent planning delays. Limited availability in core logistics regions continues to constrain market activity. Many occupiers remain reluctant to move beyond established corridors due to infrastructure gaps and broader economic uncertainty, reinforcing the divide between prime and secondary logistics locations. The increased demand for core regions is reflected in vacancy rates, with 4.9% vacancy in core areas compared with 6.2% beyond established corridors. Even so, demand for well-located, energy-efficient distribution centres remains strong, driving a widening gap between prime and average rents. In Q3 2022, prime and average rents stood at €95 and €58 per sq m per year; by Q3 2025, these had risen to €110 and €75 per sq m per year, respectively.
of logistics space was taken up in Q3 2025
Approximately 338,000 sq m
Occupier demand is expected to remain steady, supported by rising household spending and continued retail turnover growth. In Q2 2025, retail sales volumes increased by 1.1% YoY, led by convenience-oriented and experience-driven formats. This resilience in consumer spending is expected to sustain retail occupier demand throughout the remainder of 2025.
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+31 6 11403965 c.pritchard@savills.nl
Clive Pritchard
Head of country
Contact
+31 (0) 6 1204 7594 wouter.grunewold@savills.nl
Wouter van ‘t GrunewolD
Market Intelligence Analyst
STABILITY IMPROVES
BUT CAUTION REMAINS
+31 6 11403965 c.demos@savills.nl
Charlotte de Mos
Head of Marketing & Business Intelligence
+31 6 21 45 05 35 pascale.schellekens@savills.nl
Pascale Schellekens
Investment activity in the Dutch real estate market rose 17.3% YoY in Q3 2025, driven by large transactions and a solid year-end pipeline. Although volumes remain below pre–rate hike levels, the market is regaining stability amid geopolitical and economic uncertainty.
A steadier interest rate environment is enabling larger deals, and the Eurozone’s relative stability continues to draw foreign capital. Nonetheless, ongoing uncertainty keeps investors cautious, emphasizing fundamentals such as location, tenant quality, and alignment with sustainability and regulatory goals, factors that are widening the yield gap between prime and non-prime assets.
Further progress will depend on the new government’s policy direction; clear, long-term guidance on housing, emissions, energy, and the business climate will be key to restoring investor and occupier confidence.
Dutch Real Estate Investment Rebounds
Savills projects 2025 investment volumes between €11.5 billion and €12.5 billion, with stable financing costs encouraging selective acquisitions across logistics, office, retail, and residential sectors. The implementation of the EPBD IV is expected to prompt portfolio realignment, as investors dispose of assets falling short of sustainability or return targets and redirect capital toward redevelopment or compliant properties.
Occupier markets show signs of gradual recovery, supported by rising household spending that benefits both retail and logistics. Persistent housing shortages sustain residential demand, while office occupiers have largely adapted to hybrid work, prioritising sustainable, well-connected buildings near major transport hubs.
Offices
Investment Categories Driving Activity in 2025 and Beyond
Office buildings that meet sustainability standards or offer viable redevelopment potential toward net-zero or Paris-aligned goals, located near major multimodal transport hubs.
01
Sustainable, high-quality logistics assets supported by strong tenant covenants and long lease terms.
Prime logistics properties positioned along key transport corridors and in high-demand occupier markets.
Purpose-built student accommodation (PBSA) in major university cities with undersupplied housing markets.
Short-stay and hospitality properties in established tourism hubs and cities with a strong international professional base.
Residential & Living
Regulated multi-family assets that comply with government policy and provide stable, long-term income.
Well-located retail assets anchored by essential or experience-led tenants with proven turnover performance.
Dominant retail parks and prime city-centre locations benefitting from rising consumer spending and integration with omnichannel retail strategies.
Convenience and grocery-anchored schemes offering resilient income streams and defensive investment characteristics.
