Amsterdam offices market picks up

The Amsterdam offices market began to recover in the second quarter of 2021, according to the most recent market figures from real estate advisor CBRE. Several key indicators point to a recovery.

The increasing vacancy rate seen in the recent period have now more or less levelled off at 5.9% of the total office stock. At the same time, the lettings volume for the first half of 2021 was 56,000 sq. m., significantly higher than in the first quarter of 2021, when lettings amounted to 31,000 sq. m.

Recovery expected to continue

The number of companies actively in search of office space has also increased significantly. Measured in square metres, that figure increased in Amsterdam by 29% in June compared to April last year. The number of companies currently in search of office space grew by 77%, from 82 to 145. Companies actively searching on the Amsterdam office market are primarily in the Dutch and international tech sector, although commercial services have also picked up.

“It has now become clear that a significant portion of Amsterdam’s office users have seen little or no effect from the recession. For example, many companies from the tech sector are in search of more people and more space,” says Bart van Eerd, Senior Director A&T Amsterdam at CBRE. “These are players who have been thinking hard about their accommodation over recent months and are now actively in search of new office space, sometimes to replace old premises, but mostly in order to expand.”

Hybrid working

Van Eerd: “The effect on the offices market of working from home appears to have had no substantial impact on vacancy levels in the Amsterdam offices market. While we are seeing companies focusing more specifically on homeworking when considering their accommodation, this is not on balance causing any increase in vacancy rates.”