The Dutch Association for developers and construction companies NVB has described the Netherlands' office market as 'very unhealthy'. According to NVB's new annual report issued on Monday, a high percentage of office space in the country is vacant at present, and the organisation expects the situation to worsen in the coming months.
The Dutch Association for developers and construction companies NVB has described the Netherlands' office market as 'very unhealthy'. According to NVB's new annual report issued on Monday, a high percentage of office space in the country is vacant at present, and the organisation expects the situation to worsen in the coming months.
The total vacancy level of Dutch office stock stands at about 6.4 million m2, 15% of the total. Meanwhile permits were granted for a further 1.4 million m2 of office developments in 2007, an increase of 33% compared to 2006. With the economy forecast to weaken this year, the NVB claims that vacancy levels will increase when the new offices are delivered later this year.
In a statement, the NVB said that it believes that municipalities, developers and investors have not taken sufficient account of a possible downturn.
