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OUTLOOK
Ratih Bach
Senior Analyst
Research and Consulting
CBRE
Gustav Mahlerlaan 405
PO Box 7971
1008 AD AMSTERDAM
t: +31 20 626 26 91
e: ratih.bach@cbre.com
For more information about this MarketView, please contact:
Krijn Taconis
Executive Director
Retail
CBRE
Gustav Mahlerlaan 405
PO Box 7971
1008 AD AMSTERDAM
t: +31 20 626 26 91
e: krijn.taconis@cbre.com
Global Research and Consulting
This report was prepared by CBRE Netherlands Research and Consulting which forms part of CBRE Global Research and
Consulting a network of preeminent researchers and consultants who collaborate to provide real estate market research,
econometric forecasting and consulting solutions to real estate investors and occupiers around the globe.
Disclaimer
CBRE B.V. confirms that information contained herein, including projections, has been obtained from sources believed to
be reliable. While we do not doubt their accuracy, we have not verified them and make no guarantee, warranty or
representation about them. It is your responsibility to confirm independently their accuracy and completeness. This
information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved
and cannot be reproduced without prior written permission of CBRE.
www.cbre.nl
Albert Hoogland
Executive Director
Asset Services
CBRE
Gustav Mahlerlaan 405
PO Box 7971
1008 AD AMSTERDAM
t: +31 20 626 26 91
e: albert.hoogland@cbre.com
CONTACTS
A slightly improving purchasing power and a little lower inflation are forecasted for 2014. Still, a strong boost
of retail sales is not likely to occur, since the deleveraging of households is expected to continue. Also
unemployment may still increase. Yet, a slight increase of consumer spending was observed in November
2013, the first growth registered in 2.5 years. Consumer confidence is improving bit by bit. On the housing
market, Q4 2013 was the best quarter since 2008 which has also had a relatively positive impact on the
sales in the living branch and January 2014 was a good month as well, with a doubling of sales of homes
(y-on-y). The recovery of the Dutch economy, however, is expected to be slow.
The share of prime property within high streets is shrinking. As a result, the prime rent is being realised by a
declining number of properties. The rent will also drop faster when a retail unit meets fewer criteria of prime
property. While rents are expected to decline throughout the market, the prime rents of high streets of
particularly the G4 cities will show most resilience (relatively) against the downward pressure, thanks to strong
demand from particularly foreign retailers. In the next months retailers will focus more on brand experience
and digital tools in the physical shop. For this, retailers are indicating to need larger and more units.
Investor activity will remain subdued, due to a limited supply of good products, financing issues and the
prospect of moderate sales, increasing vacancy and declining rental income. Disposition of non-strategic
assets and value creation will continue. Investors will focus on high streets and dominant shopping centres
with good accessibility, parking facilities, a complete supply of shops and at least one large supermarket. The
recently increased investor appetite for offices, however, subscribes that the Netherlands is still considered a
relatively attractive investment market on the long term, as one of the stronger European economies. This
also explains why foreign retailers are still expanding, or are entering the Dutch market for the first time.
Erik Langens
Senior Director
Capital Markets
CBRE
Gustav Mahlerlaan 405
PO Box 7971
1008 AD AMSTERDAM
t: +31 20 626 26 91
e: erik.langens@cbre.com