Key findings:

1. There is a growing dichotomy in the office occupier market: demand for sustainable office space in prime locations remains high, while obsolete offices in secondary locations are losing their appeal.
2. Construction projects will suffer even greater delays due to the recent Council of State ruling in the Porthos case.
3. From 1 January 2023 the transfer tax will be raised to 10.4%, while the Dutch rate was already relatively high compared to other European countries before the increase.
4. In the real estate investment market, a new balance is currently being sought. Revaluations seem inevitable to bring supply and demand back together.
5. Sellers in the logistics sector, on the other hand, already seem to be adapting to buyers' changing price expectations.
6. Assuming that interest rates will stabilise in the next six months, we also expect the office market to show renewed investment momentum in the second half of 2023.