Contours of a New Office Landscape Emerging Across the Netherlands
The latest figures from international real estate consultant Cushman & Wakefield show that in 2024, around 930,000 m² of office space was taken up in the form of new lettings and purchases for own use by office-holding organisations. Transaction dynamics were nearly a fifth higher than last year (+19%) and, moreover, the take-up trend is now back in line with the levels recorded in 2021 and 2022. Larger office users in particular are becoming increasingly aware of the limited availability of sustainable offices in prime locations, prompting them to take decisive action.
The total Dutch office supply decreased by 4.7% in 2024 to 4.2 million m² of available office space as of 1 January 2025. Correspondingly, the office vacancy rate fell to its lowest level in 25 years, reaching 7.9% of the total office stock.
Five major cities remain leaders in office space uptake
Approximately 60% of the office space let in 2024 was concentrated in the five largest cities, with Amsterdam traditionally accounting for the largest share. With a take-up of 212,000 m², transaction dynamics in the capital remain at the same high level as in 2023. However, due to the broader recovery across the Netherlands, Amsterdam’s share of the total Dutch take-up declined slightly to 24%.
The recovery in office take-up in 2024 was more widespread, as evidenced by increased activity outside the Randstad region. The largest transaction of the year took place in Utrecht, where PGGM signed a lease for 32,000 m² of office space near the Intercity station. Sustainability, compatibility with hybrid working, and the need to attract talent were the driving forces behind PGGM’s decision to relocate from Zeist to Utrecht. The Gildenkwartier office complex, part of Hoog Catharijne, will be redeveloped into De Nieuwe Tuin to accommodate this move. Similarly, Volksbank decided to relocate to the fully renovated and BREEAM Excellent-certified Hojel City Center II, leasing 20,000 m² from 2026, citing the same motivations.
In Amsterdam, Van Lanschot Kempen announced its intention to consolidate multiple branches by moving to the Breitnertoren near Amstel Station, where 20,000 m² are currently undergoing renovations.
In The Hague, Rijksvastgoedbedrijf committed to advancing its sustainability ambitions with the acquisition of approximately 75,000 m² of office space across the city. Notable examples include the purchases of Prinses Beatrixlaan 23 and Lange Houtstraat 8, together accounting for 53,000 m².
The popularity of sustainable, centrally located offices extended beyond the Randstad. In ’s-Hertogenbosch, Volksbank is trading its current location at the Pettelaarpark motorway site for 4,000 m² in the “Belvedere I” building, situated in the Paleiskwartier next to the Intercity station. Similarly, in Doetinchem, technical services provider Nedcon purchased the former Rabobank building, relocating from the Verheulsweide business park to a modern and centrally located office near the station.
Companies are explicitly responding to the desire to position themselves as attractive employers, recognising that offering a high-quality and easily accessible working environment plays a key role. This shift in office user preferences is universal and evident even outside the major office hubs of the Randstad.
Scarcity and selective demand drive rental prices up
The current demand for office space has resulted in a long-term stable supply and vacancy trend, accompanied by rising rent levels. This reflects polarisation in the office market, driven by the scarcity of desirable, high-quality offices. Office users tend to have similar demands when seeking new accommodations, creating selective upward pressure in the top segment of the market. When demand remains unmet, organisations rarely settle for second-best options. Instead, they typically extend existing leases briefly until a property that fully meets their requirements becomes available.
This selective demand is logically driving up rents for premium office properties. These rent increases come on top of the rising costs of housing and wages that office users have faced over the past year. As a result, organisations are balancing between managing new economic risks, such as the potential for prolonged low economic growth, and the need to respond to ongoing tight labour market conditions. In 2024, large organisations in the Netherlands have clearly prioritised the latter.
New construction and redevelopment impact vacancy rates
Vacancy rates in some major cities have risen, largely due to the completion of new, high-quality office buildings. In Amsterdam, the vacancy rate increased from 6.9% in 2023 to 9.3% in 2024, above the national average of 7.9%. However, this rise does not reflect reduced office usage but rather a market shift. For example, The Pulse, an office building completed in late 2024, added 36,000 m² of premium office space to the Amsterdam market. This expansion of supply triggers relocation chains to new, high-quality offices, resulting in temporary vacancies in older properties. These spaces are typically re-let or sustainably redeveloped before returning to the market.
A similar trend was observed in Eindhoven, where the vacancy rate rose to 9.6%, primarily due to new construction. Despite the temporary vacancies created by these developments, the introduction of modern office space is expected to yield long-term positive effects for the city.
In 2024, the contours of a new office landscape began to take shape. Hybrid working is less about reducing office space and more about reimagining its use, focusing on alternative locations that enable employees to thrive both professionally and personally. This trend is set to continue into 2025, driving increasing qualitative scarcity and further upward price pressure in the top segment of the market.
