Key Findings 

Improving sentiment is set to drive recovery in 2025

• Economy: The Dutch economy grew faster than the Eurozone average in 2024 (0.9% YoY vs. 0.8%) and is expected to continue outperforming in 2025 (1.5% YoY vs. 1.0%). Inflation remains relatively high (3.9% in December 2024) but is expected to ease.
• Leasing: Total take-up volume reached 6.7 million sqm (+2.4% YoY), led by a 20.9% increase in office take-up, mainly in the G5 municipalities. Logistics occupiers are becoming more selective, with vacancy rates diverging between prime and secondary locations.
• Investment: Dutch real estate investment volumes increased by 20.6% YoY in 2024, with robust growth in residential (+32.2%), hotel (+32.7%) and office investments (+14.6%). Investors remain cautious but are increasingly looking to allocate more capital to real estate in 2025.
• Sentiment: Despite ECB rate cuts, government bond yields remain high, creating a narrow spread between ‘risk-free’ investments and real estate. This will be a key factor influencing investor sentiment in 2025.
• Outlook: The Dutch real estate market is stabilising, and investor confidence is improving. 53% of investors plan to increase their allocation to real estate in 2025 (compared to 35% in 2024), with the Netherlands moving up to 4th place in European investor preference.