2026年荷兰物流市场报告

This report covers trends in the investment and occupier markets, andassesses current market conditions in terms of supply and demand,pricing, and future market prospects. 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 with2024. While volumes remained belowthe peaks of the previous marketcycle, transactional activity reflectedimproving market liquidity and anarrowing gap between buyer andseller pricing expectations. phase had largely been absorbed bythe market. The relatively limitedyield spread between Tier 1 and Tier 2locations continued to reflect investordemand for both established corehubs and well-connected secondarylogistics locations. In contrast, modern and well-located assets continued to benefitfrom occupier demand and limitedavailability, supporting both rentalpricing and investment values. New logistics developmentremained constrained by planningregulations, grid capacity limitationsand increasingly stringent sustainabilityrequirements. The limited developmentpipeline supported market equilibriumand contributed to pricing stabilityacross both the occupier andinvestment markets. Vacancy levels increased toapproximately 4.50%, consistentwith a broadly balanced market.Vacancy was primarily concentratedin older logistics stock that no longermet occupier requirements in termsof specification and sustainability. 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% in2025. This shift was driven by renewedinterest in core assets, supported bystabilising yields and improved pricingtransparency. Investor appetite forcore opportunities strengthenedthroughout 2025 and is expected tocontinue into 2026. 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 sixgood-quality logistics assets acquiredby P3 Logistic Parks. The portfolio(a mix of core and core+) comprisedapproximately 185,000 sqm andunderlined continued investor demandfor scalable, institutional-gradelogistics portfolios in the Netherlands. A BALANCED MARKET Prime NIY for Tier 1 logistics assetsstood at around 4.60% in 2025,with Tier 2 locations trading atan approximate 50 bps premium.Following modest yield compressionbetween 2023 and 2024, yield levelsremained broadly stable throughout2025, indicating that the repricing Rental market Rental 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 inOss (c. 51,000 sqm), PVH in Venlo(c. 43,000 sqm), and Geevers AutoParts in Eindhoven (c. 37,000 sqm). 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 internationalsupply chains, strong infrastructure,and proximity to key consumer andindustrial markets. Amsterdam/Schiphol continues to record thehighest prime rents, reflecting its roleas a key gateway for internationaltrade and air cargo logistics. Overall, the rental market continuesto reward assets that combinestrong location fundamentals withhigh technical specifications andsustainability credentials. This trendreinforces the importance of qualityand location in driving both rentallevels and transaction activity withinthe Dutch logistics occupier market. 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 toattract occupier interest, resulting inresilient demand and steady rentalgrowth. Their appeal is underpinnedby excellent accessibility, a centralposition within the Netherlands, anda growing role in both domestic andcross-border distribution networks. Year-on-year rental growth in 2025remains positive across most markets,although at a more moderate pacecompared to previous years. Rentalperformance is increasingly polarised,with modern, well-located andsustainable logistics facilities achievinghigher rental levels and shorter lettingperiods, while older and less efficientstock faces greater leasing challenges. SIGNIFICANT OCCUPIERTRANSACTION From a users market perspective,occupier fundamentals remainedbr