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| Netherlands: Lease renewals rise as ‘tenant friendly’ market continues According to British upmarket property firm Savills, lease renewals accounted for 32% of the Dutch office leasing markets in Amsterdam, Rotterdam, Utrecht and The Hague in 2009, compared to 14% in 2008. The international real estate advisor states that existing tenants are postponing relocation in an effort to focus on cost saving, whilst new tenants are taking advantage of incentives offered by landlords. Within the four office markets 18 of the 30 largest transactions recorded in 2009 were lease renewals but following a slow start to the year, Q409 saw a significant rise of 50% for new lettings when compared to the first three quarters of the year with BinckBank and Simmons & Simmons taking space in Amsterdam. In 2009 the Dutch economy shrunk by an unprecedented 4% and this steep decline has also been visible in both office take-up and investments figures. In the leasing markets overall reductions in transaction volumes recorded as much as -50% in Amsterdam and Rotterdam, with -19% and -13% in Utrecht and The Hague respectively. In terms of investment, full year office transactions accounted for 53% of the total investment market and stood at € 640 million, with €180 million recorded in the past quarter alone. Amsterdam and Rotterdam took by far the largest investment share. write your comments about the article :: © 2010 Construction News :: home page |