Office market Almere is on track to lasting recovery

18 September 2018

After years of struggling with a negative reputation, Almere’s office market seems to be benefitting from the recovery noticeable within the entire office market. The nature of this recovery even seems to be durable. For the first time since 2008, a significant decrease in office vacancy has taken place in Almere. With a decrease of 15.8% in supply, Almere no longer belongs to the areas with the highest vacancy rate. This decline can largely be attributed to the high number of office conversions. In addition, the current conversion potential of 10% of the stock will lead to an additional decrease of the vacancy by a third in the coming years. This is illustrated in research report ‘Almere's office market on track to lasting recovery' published today by international real estate advisor Savills.

 

Jordy Kleemans, Head of Research at Savills: "Almere Centre and Gooisekant account for over 70% of all offices in Almere and these are also the areas with the highest vacancy. This can be explained by the fact that many speculative developments were planned and delivered just prior to, and during, the last financial crisis. In the coming years, some 80% of the planned conversions will take place in Almere Centre. Bearing this in mind, our expectation is that the vacancy rate in Almere, specifically in its centre, will gradually decrease to the national average."

 

In addition to the conversions, Almere is also showing significant progress in other fields. Not only is it currently the seventh largest municipality in the Netherlands in terms of population, but it also experienced the highest economic growth (4.9%, together with Eindhoven) in 2017, according to recent research of CBS. The significant growth and positive outlook, result in a growing need for amenities, including offices.

 

IJsbrand Brunger, Associate Agency at Savills: “One peculiarity of the occupier market in Almere is that office leases on average tend to be substantially smaller than for example in Amsterdam. At the same time , we also see that the office take-up mainly comes from start-ups and from companies that have been loyal to Almere for a long time, including (vehicle-) leasing companies. These companies have a relatively large back office function, and thus need affordable office space in easily accessible locations.Because of its favourable pricing and good accessibility, we expect that Almere will be increasingly considered as an alternative for Amsterdam-based companies with a large back office function."

Download the full report here.  

 
 

General Enquiries

Savills Amsterdam

 

Key Contacts

Jordy Kleemans

Jordy Kleemans

Associate Director
Research & Consultancy

Savills Amsterdam

+31 (0) 20 301 2094

 

Susan Hatzmann

Susan Hatzmann

Communication Coordinator
Marketing

Savills Amsterdam

+31 (0)20 301 2066