Economic Context
The Dutch economy is experiencing moderate growth, with GDP expanding by 1.4% year-on-year. Unemployment has edged up to 3.9%, and prime yields have increased to 5.10%, reflecting higher interest rates and persistent risk premiums. Despite initial expectations of declining rates, the 5-year swap rate remains elevated at 3.2%-3.3%, limiting the potential for yield compression. Overall, economic sentiment is cautious, with investors and occupiers closely monitoring macroeconomic and regulatory developments.
Occupier Market
Occupier demand demonstrated resilience in Q3 2026, with total take-up reaching approximately 2.8 million sqm, representing a 19% year-on-year increase. Logistics occupiers accounted for the majority of activity, with 1.7 million sqm of take-up, compared with 1.1 million sqm for industrial occupiers.
Demand remains concentrated in established logistics hubs and is being driven by relocations, consolidation strategies and expansion requirements, particularly among companies operating in battery and energy supply chains, defence-related industries and data centre operators.
The market is becoming increasingly segmented, with take-up largely concentrated in core locations, while secondary markets continue to lag behind. Owner-occupier activity is also gaining momentum, as companies invest in strategic locations to secure their long-term operational continuity.
Supply is increasing
Availability continues to rise, reaching 7.71 million sq m in Q2 2026. However, high-quality, well-located space is typically absorbed swiftly, underscoring a polarization between prime and secondary assets. The increase in supply is contributing to a more selective market, with occupiers and investors focusing on quality, location, and operational efficiency.
Rent Trends
Prime rents have generally remained stable at €125 per sq m per annum, with modest increases recorded in locations where supply is constrained. In secondary locations, incentive packages are becoming more prevalent, including rent-free periods and fit-out contributions.
Overall, the occupier market is characterised by stability, with upward rental pressure largely limited to the most sought-after assets and locations.
Construction & Supply Pipeline
Development activity continues to be constrained by rising construction costs, grid congestion, nitrogen regulations and fiscal challenges. As a result, the development pipeline remains limited, with relatively few new projects entering the market.
The restricted future supply is supporting rental stability, while the continued scarcity of accommodation in core locations is expected to drive further rental growth.
The Dutch industrial and logistics market in Q3 2026 is characterized by resilient occupier demand, selective investment activity, and a constrained development pipeline, with market fundamentals remaining robust for prime assets.
