The credit crisis had little or no discernible affect on the end-users market in the Netherlands for commercial real estate, according to by property advisor DTZ. On the contrary, office and business space in the Netherlands was in significant demand last year thanks to consistent economic growth throughout the period. This resulted, DTZ said, in unparalleled levels of uptake and a decline in supply.
The credit crisis had little or no discernible affect on the end-users market in the Netherlands for commercial real estate, according to by property advisor DTZ. On the contrary, office and business space in the Netherlands was in significant demand last year thanks to consistent economic growth throughout the period. This resulted, DTZ said, in unparalleled levels of uptake and a decline in supply.
DTZ based its findings on an examination of the half yearly national and regional factsheets produced by real estate agents and DTZ's Dutch organisation, DTZ Zadelhoff.
A total of 2.4 million m2 of office space was taken up last year. 'Not only was this an increase of no less than 28% compared to 2006, it was the highest transaction volume ever. The government sector and the financial services sector were particularly active, while there was a drop in transaction volume in the banking sector,' said Bart Vink, head of research at DTZ Zadelhoff.
Vink said he expected the effects of the credit crisis will be felt this year and in 2009. 'A weakening of economic growth will slowly translate into less dynamism. In our view the take-up of office and business space in 2008 will equal the 2007 level'.
