The bottom seems to have been reached, according to Colliers’ Director of Corporate Real Estate Solutions, Eric Annaert. 'Due to an improvement in the economic climate the amount of office transactions will most likely improve, but an increasing number of organizations will take up less square meters due to the automation of processes in the work environment and the increasingly efficient use of office space. Therefore the magnitude of many individual transactions will decrease. That is why I do not expect a substantial recovery in the office market in the coming years. A good example is the move of Atos to their new headquarters in Amstelveen. Atos took-up 9,000 m², but will leave a large amount of meters empty in Utrecht.'
 
A growth in take-up was however noticeable in the TMT-sector among the innovation and technology based companies. Organizations like Booking.com in Amsterdam and Bol.com in Utrecht have grown significantly in their amount of square meters over the last year.
  
HIDDEN VACANCIES
  
There was a slight continuing decline in supply last year, says Kes Brattinga, Head of Research at Colliers: 'Due to the large amount of transformations of vacant office buildings as well as limited new construction, the supply in the Netherlands decreased to 7.18 million m². Nevertheless, there is a lot of hidden supply still in place and may increase the supply in the coming year.'
 
Especially in the public- and services sectors, centralization of office locations takes place. This is often associated with a decrease of total square meters utilized. In The Hague alone there will be 450,000 m² office space from just the central Dutch government that will enter the market in 2015.

Download the Colliers International Office Market Report the Netherlands here.