Following a period of relative calm, 2025 is shaping up to be a more active year for the Dutch real estate sector. The take-up volume for commercial property increased by 2.4% year on year, with the office market a key driver, according to the latest Market in Minutes report by Savills.

Office sector excels in take-up figures
Take-up levels rose in 2024, marking the first increase since 2020. This shift is primarily driven by the office sector, which recorded an impressive 20.9% year on year growth. This is a remarkable performance, given that corporate priorities have largely centred on sustainability and talent acquisition rather than business expansion. Nevertheless, take-up increased, and vacancy levels dropped by 90 basis points to 5.5%.

"The growth in office take-up is striking," says Pascale Schellekens, Market Intelligence Analyst at Savills Netherlands. "This is even more pronounced in the G5 cities, where we saw a 25% increase compared to a 17% rise in non-G5 municipalities. This disparity highlights a growing preference among companies for prime office locations in major cities. The combination of an attractive work environment, excellent accessibility, and high-quality amenities is becoming increasingly important in strategic real estate decisions."

Industrial property take-up lags behind
In terms of take up, the office sector was followed by retail (+4.8%), logistics (+2.9%), and industrial real estate (-4.6%). Increasing consumer spending helped retailers perform relatively well over the past year. Although logistics take-up saw only a slight increase, vacancy rates rose significantly, climbing to 7.9% in non-prime locations but remained stable in logistics hotspots at 4.3%, according to Savills.  

However, the industrial real estate sector performed less favourably. The decline in take-up levels was largely driven by economic and political headwinds, which had a strong impact on the light industry sector.

Increased investment appetite in 2025
Although overall transaction volumes grew in 2024, they still scored well below the 10-year average: 27% down globally and 41% down in the Netherlands. However, Savills notes that the recovery has started and confidence in real estate as an asset class is increasing again.

James Burke, Director of Global Cross Border Investment at Savills, says: “Last year, we saw the strongest increase in demand for real estate in Southern Europe, the Benelux, and Poland. The Netherlands has now climbed to fourth place among the most preferred markets for investors in Europe.”

Strong interest in residential, logistics and healthcare
With rental growth expectations on the rise, Savills anticipates strong investor interest this year in ‘beds, sheds, and meds’ — residential, logistics, and healthcare and sciences. Additionally, prime office locations in the Netherlands are expected to attract further attention, given the significant rise in office take-up and the corresponding decline in vacancy rates.