ING
July 13, 2026
Recovery In Dutch Commercial Real Estate Is Less Robust Than It Appears
Market ReportReal EstateReal Estate
The Dutch commercial real estate market's strong Q1 2026 start is masking underlying fragility. Growth is expected to moderate in the second half of the year due to rising renovation costs and persistent execution bottlenecks.
Key Takeaways
- 1.Dutch commercial real estate investment volumes were strong in Q1 2026, but growth is expected to slow due to rising costs and geopolitical uncertainty.
- 2.Older properties without viable pathways for sustainability upgrades are losing appeal as investors focus on ESG and climate policy compliance.
- 3.Construction and execution bottlenecks, such as grid congestion and nitrogen restrictions, are increasing the number of stalled permitted projects.
Table of Contents
- Strong first quarter
- Growth will slow in the second half of 2026
- Transitions require investment in existing assets
- More permitted new-build projects without construction starting
- Execution constraints intensify
- Moderately positive economic outlook
- Domestically driven demand
- Trends by segment
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Authors
Mirjam Bani
Themes
Geopolitical RiskSupply Chain and Construction ConstraintsSustainability and ESG
Regions
EuropeNetherlands
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