Office City Profile The Hague Q4 2023
Explore The Hague's latest office market dynamics with JLL's Q3 2023 Office City Profile. Gain insight into supply, demand, investments, rents, and expectations.
- Sven Bertens
This report provides an overview of the office market in The Hague. The Hague has experienced a significant decrease in take-up, partly due to economic uncertainty and a scarcity of high-quality supply. Vacancy rates have remained low, with major government and national organisations anticipated to renew their leases due to limited alternatives. The city has maintained its appeal for occupiers, thanks to The Hague's excellent connectivity and the persistent popularity of areas.
The development pipeline for The Hague suggests no addition of newly developed space to the market in the near future, with only limited renovations and developments in progress outside the central area. This shortage is contributing to a tight market and leaving occupiers with few options. The investment market has also slowed, with lower transaction volumes than the previous year, reflecting a broader trend across the Dutch market. Elevated interest rates and the resulting gap between buyer and seller price expectations have led to a cautious environment, though some value-add and liquid investors are considering transformational opportunities in anticipation of future yields post-renovation.
