Q3 shows higher take-up offices, investors opt for retail
The third quarter of 2011 shows a mixed picture for offices and retail real estate.
The office take-up increased with 12% compared to 2010 and reached almost 260,000 sq m. The distribution of transactions over size categories showed no surprises; small sized transactions of less than 1,000 sq m occurred the most frequent.
In Amsterdam, the biggest transaction took place in the centre of the city. Booking.com took up almost 12,500 sq m office space in The Bank, a prominent office building at the Rembrandtplein. This was the largest transaction in the centre of Amsterdam of the past 5 years.
With € 451 million invested in retail properties, Q3 was far more lively than the first quarters of 2011. As the other segments (apart from residential) did not perform well, this subscribes the investor’s current preference for safe assets, such as high street retail units, prime shopping centres and first-class retail warehouses. For the latter also a little decline of the net initial yields was observed. Compared to 2010 Q3 the investment volume increased in Q3 by 46%. The lion’s share of the total investment volume was generated by the sale of eight shopping centres.
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