The world economy is improving
After the enormous decline in world trade in 2009, a recovery was observed last year. This is expected to continue in 2011, and exports will especially benefit.
As a result of exports, the Netherlands was able to achieve economic growth of about 1.7% in 2010. Manufacturers are meanwhile considerably more positive about the economic climate.
Limited market demand and rising stocks
Increasing world trade and improved exports will not, for the time being, result in a greater take up of new industrial real estate. Demand remained low in 2010 partly because of overcapacity for many players. In total, 2.5 million m²
of industrial real estate was taken up, which was clearly less than the multi-year average. Stocks further increased last year to 9.1 million m².
Rent levels fell further
Rents fell for the third consecutive year. The average rent in 2010 was € 45/m². The scant market dynamics and increasing stocks are forcing down rents.
Logistics sector
The take up of distribution space was below the level of 2009. Stocks also increased. As world trade volumes will continue to increase, the prospects for the logistics sector are not unfavourable. In 2010, this scenario could be detected in the transhipment figures of the Port of Rotterdam and Schiphol Airport.
Appropriate recovery of SMEs
Small and medium-sized enterprises (SMEs) are very important for the national economy. A considerable proportion of SMEs is based on business parks. In 2009, SMEs were thoroughly weakened. Light recovery occurred in 2010, and this will continue for many sectors in 2011.
More market forces in the industrial real estate market
The market for industrial real estate comprises 90% owner/users. In the coming years, a slight shift is expected towards the open market. Apart from logistics, market forces are increasingly impacting other segments with varying degrees of success, such as ‘breeding grounds’, business centres and self-storage. Modernisation and professionalisation moreover result in an improved climate for sustainable new building and renovation.