While the wider Dutch market continues to adjust to structural changes, the G5 is strengthening its position as the Netherlands’ economic, occupier and investment engine.
The recovery of the Dutch office market is led by Amsterdam, Rotterdam, The Hague, Utrecht and Eindhoven. Savills Netherlands’ latest G5 Office Special – The State of Play shows that these five cities combine stronger economic growth with more resilient occupier demand, faster rental growth and the majority of investment activity. Together, the G5 accounted for 68% of Dutch office investment volumes in the first half of 2026, underlining its central role in the sector’s revival. This gradual recovery is increasingly driven by larger-ticket transactions, with private investors accounting for the biggest share of acquisitions (50.4%), followed by fund and asset managers (30.5%) and government bodies (18.1%).
G5 economic growth continues to outpace the Netherlands
Together, the five regions account for 46% of Dutch GDP, up from 41% in 2012. This share is forecast to reach 47% by the end of the decade. Average annual GDP growth across the G5 is projected at 1.7% between 2026 and 2030, compared with 1.5% nationally.
Eindhoven and Amsterdam are expected to record the strongest economic growth within the G5, with an annual average of 2.2% and 2.1% respectively. Eindhoven’s growth is supported by its high-tech and advanced manufacturing cluster, while Amsterdam benefits from its concentration of technology companies, professional and financial services, and international businesses.
Occupier demand proves more resilient
While occupier demand has softened across the Netherlands, the contraction has been less pronounced in the G5. Office take-up across the five cities declined by 28% between 2020 and 2025, compared with a 40% decline nationally. At the same time, median rents increased by 34.1% across the G5 between 2020 and H1 2026, compared with 19.6% across the Netherlands.
Occupiers increasingly favour accessible, sustainable and amenity-rich buildings. This is placing greater competitive pressure on secondary stock and less well-connected locations. However, a building’s age alone does not determine performance as well-renovated older properties can also attract demand.
Tien Nguyen, Market Intelligence Analyst at Savills Netherlands and author of the report, says: “The resilience of the G5 is supported by its economic structure and concentration of office-based employment. Employment growth will not translate directly into a proportional increase in occupied space, particularly as hybrid working continues to influence workplace strategies, although the adoption of hybrid working has matured and is unlikely to increase significantly further. However, it does provide underlying support for demand, which is increasingly focused on higher-quality buildings in well-connected locations.”
The report projects modest but positive employment growth across the main office-related sectors through 2030. Information, communication and business services are expected to record the strongest growth, at approximately 1.2% annually.
Five cities, distinct market dynamics
Although the G5 outperforms the wider Dutch office market as a group, Savills has identified clear differences between the individual cities. Rotterdam and Amsterdam recorded the strongest average annual prime rental growth between 2018 and 2026, at 7.2% and 7.1% respectively. Eindhoven followed at 6.1%, while rental growth was more moderate in Utrecht at 2.8% and The Hague at 1.9%.
Each city’s performance reflects a different economic and occupier profile. Amsterdam has a broad base of international companies, financial institutions, professional services firms and technology businesses. Rotterdam is diversifying beyond its port-related base, while government demand plays a particularly important role in The Hague. Utrecht benefits from its central location and constrained supply, and Eindhoven’s demand profile is closely linked to the Brainport ecosystem and its concentration of high-tech and advanced manufacturing companies.
According to Savills, these differences underline the importance of understanding local market dynamics rather than viewing the Dutch office sector as a single, uniform market.
G5 leads the investment recovery
The recovery in Dutch office investment activity is also being led by the G5, says the international real estate advisor. Investment volumes across the five cities doubled year-on-year to €649 million in the first half of 2026. This represented 68% of total Dutch office investment volumes during the same period.
Investment activity is becoming more widely distributed across the five cities. Amsterdam remains the largest and most liquid investment market, but The Hague attracted a growing share of activity in 2025 and H1 2026. Eindhoven has also slightly increased its share since 2021, while Rotterdam remains one of the larger investment markets within the G5.
Reinier Wegman, Head of Office Investments at Savills Netherlands, says: “The recovery is being led by the largest and most liquid markets, where investors can draw on robust occupier fundamentals and greater market depth. At the same time, the buyer base is becoming more diverse. Private investors, family offices and owner-occupiers are playing a larger role, broadening the sources of demand and supporting transaction activity.”
Outlook
Looking ahead, Savills expects quality and location to remain the main drivers of the Dutch office market performance in the next cycle. Continued growth in office-based employment, the war for talent, an increasing focus on housing and workplace strategies and ongoing investor interest in prime office assets are anticipated to support the long-term outlook for the G5. While the wider market continues to adapt to structural changes, Amsterdam, Rotterdam, The Hague, Utrecht and Eindhoven are expected to remain at the centre of occupier and investment activity.