Amsterdam, 4 November 2026 – The recovery of the Dutch real estate market slowed in the third quarter of 2026. Investment volumes reached €2.9 billion, down 9% compared with the same period last year. However, over the first three quarters, investment volumes totalled €9.7 billion, 8.1% higher than during the same period in 2025. In the occupier market, total take-up increased by 16.5% year-on-year to 1.55 million sq m. Higher interest rates are increasingly feeding through into pricing, while differences between sectors are becoming more pronounced. These are the findings of the latest Market in Minutes report by Savills Netherlands.

The yield on ten-year Dutch government bonds rose to 3.7% in the third quarter, 68 basis points higher than at the end of Q2. Prime yields remained stable in the second quarter but increased for residential and logistics assets in Q3.

The investment market showed considerable differences between sectors in Q3. Residential remained the largest investment category by volume, at €1.2 billion. Retail recorded the strongest growth, increasing by 42% year-on-year to €277.2 million. By contrast, office and logistic investment volumes declined by 49% and 32.1%, respectively.

Koen Michon, Market Intelligence Analyst at Savills Netherlands: “Rising capital market interest rates are not bringing the real estate market to a standstill, but they are changing investors’ considerations. As the risk premium on real estate relative to government bonds narrows, stable rental income, rental growth and the quality of the underlying assets are becoming increasingly important in generating returns. As a result, we are seeing capital being deployed more selectively.”

There are also significant differences between sectors in the occupier market. Total take-up reached 1.55 million sq m in the third quarter, 16.5% higher than a year earlier, but 20.1% lower than in the previous quarter. In addition to the usual seasonal effect, macroeconomic uncertainty and higher financing costs are contributing to the postponement of relocation and expansion decisions.

The logistics sector is a clear exception. Take-up increased by 108.4% year-on-year to 767,847 sq m. Changing supply chains, cost optimisation and renewed activity among third-party logistics (3PL) providers are supporting demand. Technology companies were also responsible for several large transactions.

Niek Poppelaars, Head of Logistics & Industrial at Savills Netherlands: “The strong increase in logistics take-up shows that companies are once again willing to make decisions about their real estate requirements, although the market has clearly changed. Occupiers are taking a more critical look at location, accessibility and the quality and future-proofing of buildings. Demand for high-quality space remains particularly strong in established and sought-after locations.”

Savills expects interest rate developments to determine the pace of the market’s further recovery. Depending on interest rate movements, prime yields could increase by a further 10 to 25 basis points by the end of 2026, including in sectors where yields remained stable in Q3. For 2026 as a whole, Savills expects Dutch investment volumes to reach between €15.9 billion and €16.9 billion.

As a result, the focus is shifting further away from capital appreciation towards the quality and development of underlying income streams. Real estate with strong tenants, good locations and potential for rental growth is better positioned than assets without these characteristics.

The full report, Market in Minutes – The State of the Dutch Real Estate Market | Q3 2026, is available via [link to report].