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Market in Minutes – The Netherlands - Full Year 2025

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Dutch market continues recovery with 19% increase in investment volumes 

According to Savills latest Market in Minutes – The Netherlands report, in 2025, the Dutch real estate market started to recover, supported by more predictable financing conditions and improved pricing alignment between buyers and sellers. Total investment volumes increased, while occupier markets remained highly selective against a backdrop of macroeconomic and geopolitical uncertainty. The pick‑up in investment activity and the continued focus on high‑quality, well‑located assets provides a strong foundation for further recovery in 2026.

Key findings:

  1. Investment market outpaces occupier markets
    Total investment volumes rose to €14.5 billion (+19.1% year on year (YoY)) in 2025, with a particularly strong Q4 (€4.23 billion; +13.6% YoY). Liquidity was concentrated in the residential, office and logistics sectors, where buyers and sellers aligned more closely on pricing and risk.

  2. Stable financing and yields support renewed risk appetite
    Financing conditions remained broadly stable throughout 2025, resulting in stabilised investment returns. Prime Net Initial Yields (NIYs) were largely unchanged compared with 2024, while residential and PBSA saw a 5 bps yield compression. With ECB deposit rates expected to remain steady and only limited upward pressure on short‑term euro swap rates in 2026, prime yields are expected to remain broadly stable, with modest compression possible for core‑plus and value‑add assets as risk appetite improves.

  3. Deal structure: smaller median ticket alongside a heavier top end

    Although transaction activity picked up, the median deal size declined (€1.9 million in Q4 2025 vs €2.7 million in Q4 2024; €1.7 million for the full‑year 2025, –25.1% YoY). At the same time, the share of transactions above €50 million increased to 46.7% in Q4 and 49.4% for the full year (vs 38.3% in 2024). The upper end of the market was driven by institutional investors and several large transactions in the logistics, office and residential sectors and the return of larger deals is encouraging for increased activity in the year ahead.

  4. Occupier activity: selective and subdued, with sector variation

    Total take‑up in Q4 2025 reached 1.33 million sq m (–35.8% YoY); full‑year take‑up was –28.5% compared with 2024.
    - Offices: The G5’s (Amsterdam, Rotterdam, The Hague, Utrecht, and Eindhoven) share of take‑up was 46.7% (vs 51.7% in 2024); vacancy levels rose from 6.2% to 7.5% due to 663,872 sq m of added stock. Outside the G5, vacancy levels held at around 5.1% supported by 299,244 sq m of stock being withdrawn from the market.
    - Logistics: The median transaction size increased slightly to 11,010 sq m, but activity declined by 37.2%, and vacancy levels rose from 5.2% to 6.4% due to more cautious expansion from large operators and a shift towards smaller, local occupiers.

  5. Rental growth: prime stable, median rents rising (convergence)

    Despite ongoing uncertainty, prime rents remained broadly stable in 2025. Median rents, however, increased across offices (a rise of +6.6%), industrial (+5.0%), logistics (+1.6%), and retail (+3.4%).