2026年荷兰物流市场报告

Investment & occupier market Stabilisation and shifting investor appetite After a period of market correction,the Dutch logistics investment marketstabilised in 2025. Total I&L investmentvolume amounted to approximately€3.1 billion, broadly in line with phase had largely been absorbed bythe market. The relatively limitedyield spread between Tier 1 and Tier 2locations continued to reflect investor In contrast, modern and well-located assets continued to benefitfrom occupier demand and limited New logistics developmentremained constrained by planningregulations, grid capacity limitationsand increasingly stringent sustainability Vacancy levels increased toapproximately 4.50%, consistentwith a broadly balanced market.Vacancy was primarily concentrated SHARE OF CORETRANSACTIONS INCREASES Investment activity in 2025 continuedto be dominated by core+ and valueadd strategies. However, the share ofcore transactions increased comparedto 2024, reflecting a gradual shift ininvestor risk appetite. Core+ and valueadd accounted for approximately74% of transactions above €5 millionin 2024, declining to around 66% in In addition to the landmarktransaction in Moerdijk highlightedin the ‘In the Spotlight’ section of thisreport, the second-largest transactionof the year involved a portfolio of six A BALANCED MARKETPrime NIY for Tier 1 logistics assets stood at around 4.60% in 2025,with Tier 2 locations trading atan approximate 50 bps premium.Following modest yield compressionbetween 2023 and 2024, yield levels Rental marketRental growth stabilises This was reflected in several largeroccupier transactions during theyear, including Royal A-Ware, asublease of c. 77,000 sqm in Deventer,Dirk van den Broek in Bleiswijk(c. 57,000 sqm) GXO Logistics in The Dutch logistics real estate rentalmarket in 2025 continues to show aclear distinction between establishedprime hubs and emerging regions.Core locations such as Amsterdam/Schiphol, Rotterdam, Tilburg,Eindhoven and Venlo remain at thetop of the rental spectrum, supportedby their strategic role in international Overall, the rental market continuesto reward assets that combinestrong location fundamentals withhigh technical specifications andsustainability credentials. This trend At the same time, regions such asArnhem/Nijmegen and Bleiswijk/Waddinxveen are further strengtheningtheir position within the rental market.These locations offer more competitiverental levels while continuing to Year-on-year rental growth in 2025remains positive across most markets,although at a more moderate pacecompared to previous years. Rentalperformance is increasingly polarised, SIGNIFICANT OCCUPIERTRANSACTION From a users market perspective,occupier fundamentals remainedbroadly supportive. Logistics take-upin 2025 was underpinned by third-party logistics providers (3PLs), The Netherlands in aEuropean perspective A softening but still resilient market The Netherlands logistics marketcontinues to mirror wider Europeantrends, with softer occupier demand,slower rental growth and risingvacancy. Greater choice in the market efficiency and consolidation withinestablished corridors rather thanshifting into secondary locations.This has left less established markets TRADE REFORMS AND IMPLICATIONSThe sector remains sensitive to geopolitical and macroeconomic shifts.The EU–US trade agreement signed inJuly 2025 has improved clarity, while This widening gap betweenconstrained core markets and moreelastic secondary regions is especiallymarked in the Netherlands, wherestrict regulation and a dense network of A major shift for trade dynamicswill be the removal of the EuropeanUnion’s €150 de minimis dutythreshold. Originally planned for2029, the reform will now begin in Despite this slowdown, underlyingdemand remains robust, withrequirements for modern logisticsspace continuing to be driven bystructural forces – including supplychain modernisation, ecommerce A STRATEGIC EUROPEAN GATEWAYThe Netherlands plays a central Operators are expected to shifttoward consolidated bulk freightimports and European-based fulfilmentnetworks, a transition that is set toincrease demand for large, modern role in Europe’s logistics networkthanks to its strategic location andstrong infrastructure. The Port ofRotterdam, Europe’s largest container Rental growth expectationsunderline this resilience. Amsterdamis forecast to record one of thestrongest growth rates in Europe at4.4% CAGR over the next five years, RENEWED FOCUS ON CORE ASSETSAND MARKETS As in other European markets, theNetherlands is experiencing a renewedfocus on core logistics locations. Theprime Dutch logistics hotspots remainheavily supply-constrained due to In contrast, regions with fewerplanning or environmental constraintshave seen higher development In the spotlight Moerdijk – DSV’s sale-and-leaseback of the Benelux’s largest logistics hub “The transaction valued in theregion of €330 million marksthe US REITs first major of high-quality w