The office market in Rotterdam is evolving. Although it has always met users’
basic expectations, such as good accessibility, the standard of facilities has
continued to rise in recent years and the offices stock have been modernised.
However, the Rotterdam office market still has a high vacancy rate, which can
be a risk for owners. Some of the available buildings are of low quality and
do not meet the needs of modern office users. Fortunately, withdrawals due to
conversions to other use and refurbishment projects mean that the stock of office
space has improved significantly.
Now that the demand for office space is recovering, investment in modern,
refurbished office spaces seems to be paying off. Many of the office floors
that have been let are located in recently refurbished offices. As a result of this
development, the central areas of Rotterdam are now moving rapidly towards a
new equilibrium. It is expected that this trend will continue and that shortages will
eventually arise in this part of the market, enabling rent increases to take place.
In areas away from the centre, however, recovery is taking longer and in some
cases alternative uses are will need to be found for office real estate.