KEY FINDINGS

Market fundamentals hold firm.

1. Savills Logistics Rent Forecast projects prime rents to increase by at least 2.3% by 2028
   With the development pipeline tapering to 1.9 million sq m in 2026, supply constraints are set to drive continued rental outperformance in prime corridors. Stronger locations could see growth of up to 3.4%. 
2. Dutch logistics stock has grown 64.7% since 2016, yet vacancy stands at just 6.3%
   Supply expanded from 31.2 million sq m to 51.4 million sq m. The current vacancy rate reflects a supply-driven normalisation, not a structural weakening in demand.
3. Fund and asset management activity hit a decade-low in 2025, but is recovering strongly in 2026 YTD
   Fund and asset manager buying fell to 38.7% of transaction volume in 2025, then rebounded to 78.8% in 2026 YTD. At the same time, private investors to real estate developers grew from 5.9% of market volume during 2020–2022 to 19.7% in 2023–2025.
4. Consolidation is redefining occupier demand
   With costs rising and margins under pressure, occupiers are replacing fragmented networks with single, purpose-built facilities. The share of transactions above 25,000 sq m rose to 48.4% of total take-up in 2024, up from 35.1% in 2020. In 2025, this share declined to 22.4%, as the broader occupier market faced significant headwinds. We expect consolidation to remain a defining factor in the market.
5. The Dutch logistics market operates within a constrained and changing environment. This comes with structural opportunities
   The sector can draw lessons from others that have navigated similar transitions. Dutch retail was written off as e-commerce grew. Rather, it reinvented itself. The office market polarised after the COVID-19 pandemic but found a new balance. Logistics will follow a similar trajectory. The assets, occupiers and landlords that adapt will be the clear winners. Those that do not will be left behind.