The Dutch logistics real estate market is currently undergoing a phase of reorientation. Driven by geopolitical challenges, rising construction costs, and regulatory constraints, vacancy rates have increased from approximately 3% in 2022 to 5.7% at the beginning of Q3 2025. Nevertheless, take-up remains close to the long-term average, and valuation data indicates that the sector remains resilient, according to Savills latest whitepaper: Reorientation in Logistics Real Estate: Shocks and Stability in the Dutch Market.

Key insights from the Whitepaper

• Stable take-up: Between 2019 and 2024, the annual take-up of logistics real estate averaged approximately 3.1 million sq m, with levels in 2023 and 2024 remaining close to this figure despite prevailing macroeconomic headwinds.
• Rising vacancy in new builds: As of Q3 2025, 31.4% of available stock comprises buildings that are less than five years old, of which 70% are outside established logistics hotspots.
• Declining preference for traditional hotspots: In the first half of 2025, only 35% of take-up occurred within traditional logistics hotspots, compared to 55% in 2024.
• Visible value growth: Industrial real estate, including logistics, saw a value increase of approximately 10% between Q2 2022 and Q1 2025.

Strategic opportunities for investors 

According to Savills, opportunities lie in sustainable buildings located in prime areas. Speculative developments outside established hotspots carry greater risks in the current market. Savills further advises investors to take into account the operational pressures experienced by logistics service providers, recommending restraint in rental increases and, where appropriate, a degree of flexibility.

Outlook

Despite ongoing market pressures, Savills anticipates a return of structural demand for Dutch logistics real estate, driven by population growth, supply chain recalibration, and European ambitions to strengthen its industrial base, including the defence sector. This renewed demand is expected to concentrate initially within the core logistics regions, where strategic locations foster value creation across occupiers’ supply chains. The expansion is anticipated to be driven predominantly by logistics service providers, particularly within the e-commerce and retail sectors. Nevertheless, the pace and scale of this growth remain highly contingent upon economic conditions and (geo)political developments. A stable and forward-looking spatial-economic policy is considered essential for a resilient logistics sector.

Wouter van ’t Grunewold, Market Intelligence Analyst at Savills in the Netherlands, says: “Our analysis indicates that, although the Dutch logistics market is under pressure, it continues to demonstrate notable resilience. Despite rising vacancy rates, take-up remains close to the long-term average, and we are observing value growth in industrial real estate. This underscores the importance of maintaining a long-term investment perspective and recognising the structural growth drivers that continue to support the sector.”

Niek Poppelaars, Head of Logistics & Industrial at Savills in the Netherlands, adds: “The Dutch logistics market is clearly in a phase of reorientation. As occupiers become increasingly selective in their location and accommodation choices, we are seeing a preference for sustainable buildings in strategic prime locations. These represent the most promising opportunities for investors. At the same time, caution is warranted with speculative developments outside established hotspots, where vacancy rates are rising significantly.”

Download the full whitepaper here.