The Dutch occupier market presented a mixed picture in Q2 2025, driven predominately by ongoing macroeconomic and political headwinds. Total commercial real estate take up volumes fell to 2.7 million sq m in H1 2025 – a 31.3% decline compared to the same period in 2024. The drop was particularly pronounced in Q2, with a 51.8% year-on-year decrease. This was largely driven by logistics and industrial, where a shortage of suitable supply constrained activity. The office market showed greater stability.

Retail: Signs of recovery after years of disruption

After a challenging period marked by the rapid rise of e-commerce and prolonged economic instability, the Dutch retail real estate market is beginning to show signs of recovery. Online retail continues to expand, increasingly through omnichannel strategies that blend physical and digital experiences. This shift is also being driven by rising online operating costs – particularly returns and customer acquisition.

Tien Nguyen, Market Intelligence Analyst at Savills Netherlands, says: “Retail sales in the Netherlands are on the rise, although consumer confidence remains fragile. Wage growth and falling interest rates are expected to support household spending, which helps underpin the sector’s fundamentals. Vacancy rates have dropped to 5.8%, particularly in prime locations – a significant improvement since the pandemic. Combined with stable rents, this points to a structurally healthier retail market.”

Logistics: Scarcity remains, while demand slows

Persistent shortages of high-quality logistics space in key hotspots continue to shape the sector. Vacancy rates remain stable at around 5.5%. Although long-term demand is driven by reshoring, sustainable distribution strategies and the need for well-connected hubs, short-term uncertainty is holding the market back. Volatility around proposed US import tariffs has caused nervousness in global supply chains, leading to delayed decision-making by some occupiers in Q2 2025.

Offices: Focus shifts to retention over expansion

While the office market saw a modest quarter-on-quarter increase in take-up volumes (+7%), activity remained flat year-on-year. Many occupiers are postponing major real estate decisions, favouring lease renewals or renegotiations over relocations or expansions. The share of lease renewals rose from 7.3% in Q2 2024 to 16.2% in Q2 2025, reflecting a clear preference for operational continuity and risk mitigation amid broader economic and geopolitical uncertainties.

Irene van Esseveld, Head of Office Leasing at Savills Netherlands, says: “With occupiers prioritising stability, retaining existing tenants has often become more important than securing new ones. This requires proactive asset management and greater flexibility in lease structuring.”

Outlook for H2 2025

While a strong uptick in leasing activity isn’t on the horizon in the short term, conditions are starting to improve, says Savills. Modest recovery in occupier activity is anticipated in the second half of 2025, particularly in sectors with solid underlying fundamentals. Quality, location, ESG performance and adaptability will remain key drivers of demand.

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