Outlook

Logistics and residential will remain safe havens for investors in the second half of 2021, and can therefore count on continuing interest.

Other sectors, most notably offices, retail and hotels, have performed less well during lockdown and shown only slight recovery in 2021Q2. This recovery will continue through the coming period on both the occupier market and the investment market. The Covid-19 restrictions imposed by the Dutch authorities will be slowly phased out, opening the door to higher consumer spending. In addition, the number of search requests from office occupiers is up, as companies start to gain a clearer picture of their future real estate needs. As risks in these gradually become identifiable and occupier markets become more dynamic, investors will soon follow. After all, the more activity there is among occupiers, the more interested investors will be. Assuming that the recovery of occupier markets continues, we can expect greater investment in these sectors in the coming six months than there was in the first half of the year.

The logistics investment market will remain the key driver for the remainder of 2021, with unabated interest from investors being amplified by development opportunities outside the traditional real estate ‘hotspots’. The residential investment market can still count on a high level of interest, but the amount of product on offer remains scarce. The recovery of the office, retail and hotel investment markets will lead these sectors to account for an increasing share of total investment volume in 2021. All the right ingredients are present for a positive end to the year in terms of investment volume.

Sources Brainbay database, Savills Research, Statistics Netherlands, Eurostat, Capital Economics, Vastgoedmarkt, Locatus, Savills Office Fit Report


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