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Cushman & Wakefield LLP

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OVERVIEW
Growth in the Dutch economy has finally
rebounded, driven by gains in consumer
and business confidence as well as a
recovering export market. As the export
sector builds momentum, the Dutch
industrial and logistics market is slowly picking up as well.
However, the little availability of modern logistics properties has
put a strain on occupier demand, affecting market conditions at
the start of 2014. Consequently, prime rents saw little movement
over the quarter.
OCCUPIER FOCUS
Occupier demand for industrial space is evident, particularly for
prime or modern space in the logistics hot spots of the country.
However, the available supply of this property type is limited and
thus cannot satiate demand. As a result, occupiers are
increasingly turning towards build-to-suit solutions in which
properties can be custom tailored for the needs of the tenant.
Supply levels were stable in Q1, with the biggest obstacle facing
the market the high proportion of outdated supply that makes up
vacancy. Indeed, any space that does become available is quickly
taken off the market and re-let, leading to a shortage of good-
quality industrial supply and thus deterring demand. Further, it is
unlikely that a major share of the supply will be let anytime soon,
and thus industrial supply is expected to remain high.
INVESTMENT FOCUS
The first quarter of 2014 registered approximately 280 mn in
investment volumes, which is the second highest quarterly
volume in five years. However, this figure was primarily driven by
the acquisition of the Pelican portfolio by ProLogis for 170 mn,
albeit there were still a number of smaller logistics deals that
concluded over the quarter. A strong quarter saw prime yields
contract marginally in the majority of logistics submarkets.
OUTLOOK
The industrial and logistics property market is expected to keep
recovering in line with the further improvements seen in the
economy and, more specifically, the export sector. The
investment segment of the market in particular is likely to
outperform the occupier market, which is anticipated to suffer
under the weight of heavy supply levels filled with outdated stock.
With only a limited availability of modern logistics properties,
demand can hardly be met, which is expected to inhibit market
growth until the new development pipeline picks up. Despite this,
demand is expected to receive a boost from positive growth in
the economy as well as the fact that the Netherlands ranks as a
strong country for logistics operations.
MARKET OUTLOOK
Prime Rents: Prime rents are anticipated to remain stable as
demand picks up.

Prime Yields: Sustained investor demand is likely to put
prime yields under a downwards pressure.

Supply: High supply levels should remain unchanged,
with availability dominated by outdated space.

Demand: Rebounds in the economy and export sectors
are expected to provide a boost to demand.


PRIME INDUSTRIAL RENTS MARCH 2014
LOGISTICS LOCATIONS US$ GROWTH %
SQ.M/YR SQ.FT/YR 1YR 5YR CAGR
Amsterdam 57.5 7.36 0.0 -0.8
Schiphol 87.5 11.20 0.0 -0.6
Rotterdam 58.0 7.43 0.0 -0.7
Eindhoven 57.5 7.36 0.0 -0.8
Venlo 48.0 6.15 0.0 -0.8
Tilburg 48.0 6.15 0.0 -1.8
Nijmegen 50.0 6.40 0.0 0.0

PRIME INDUSTRIAL YIELDS MARCH 2014
LOGISTICS LOCATIONS
(FIGURES ARE GROSS, %)
CURRENT LAST LAST 10 YEAR
QUARTER QUARTER YEAR HIGH LOW
Amsterdam 7.70 7.80 7.80 8.50 6.25
Schiphol 7.60 7.70 7.60 8.50 6.00
Rotterdam 7.60 7.80 7.80 9.00 6.25
Eindhoven 7.80 8.00 7.75 8.75 6.50
Venlo 7.60 7.75 7.75 8.50 6.40
Tilburg 7.60 7.75 7.75 8.75 6.50
Nijmegen 7.80 8.00 7.75 9.00 6.50
With respect to the yield data provided, in light of the lack of recent comparable market evidence in many areas of
Europe and the changing nature of the market and the costs implicit in any transaction, such as financing, these are very
much a guide only to indicate the approximate trend and direction of prime initial yield levels and should not be used
as a comparable for any particular property or transaction without regard to the specifics of the property.

RECENT PERFORMANCE

Source: Cushman & Wakefield
-5.0%
-2.5%
0.0%
2.5%
5.0%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14
AVERAGE PRIME YIELDS (left) RENTAL GROWTH (right)
THE NETHERLANDS








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MARKETBEAT

A Cushman & Wakefield Research Publication

Q1 2014