CBRE Utrecht CBD (Jun 2013)

8/12/2019 CBRE Utrecht CBD (Jun 2013)

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June 2013

UTRECHT

CENTRAL BUSINESS DISTRICT

An insiders view


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Copyright 2013 CBRE. All rights reserved.Information herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy,we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to

independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimatesused are for example only and do not represent the current or future performance of the market.This information is designed exclusively for use by CBRE clients, and cannot be reproduced without priorwritten permission of CBRE.


3/16UTRECHT CENTRAL BUSINESS DISTRICT 3

INTRODUCTION

We are pleased to present you this detailed repor t

about the Central Business District of Utrecht,

the fourth largest city and office market in the

Netherlands. The area has not always received

the attention it deserves, due to rather static

market conditions in the past. This is about to

change, however, as large-scale (re)development

is giving the district an upgrade and room for

new market activity.

The Central Business District of Utrecht consists

of the area surrounding the Central railway

station, the Jaarbeurs exhibition centre and Wijk

C in the northern inner city. On the east of the

Central Station, the CBD limits are formed by

Catharijnesingel and the adjacent Wijk C.

On the west side of the station the CBD limit

is marked by the Merwede canal. Its core isformed by the Central Station and Hoog

Catharijne. This unique shopping centre, which

forms the connection between the station and

the traditional high streets, contains several

office units as well. Offices in the station area

are relatively large in scale, averaging about

7,000 sq m. On the east side of the railroad

there is a mix of historical property and offices

that were built in the 70s-80s, including the

ones on top of Hoog Catharijne and monumental

offices situated at Moreelsepark, where the

headquarters of ProRail stand out (the Inktpot).Some large office properties are located in the

northern part of the CBD near Daalsesingel,

where ABN AMRO, FGH and Movares are

housed. South of Catharijnesingel, at Arthur

van Schendelstraat, an elongated office complex

can be found, where the Municipality of Utrecht,

ProRail and the Raad voor de Kinderbescherming

are holding their offices. In the western part of

the CBD most offices are located at Croeselaan,

where the vast head office of Rabobank is

located. In the vicinity of Jaarbeursplein and

Graadt van Roggenweg, the main offices

include the headquarters of SNS, the Sociale

Verzeringsbank and the Government Buildings

Agency (RGD).

TOTAL OFFICE STOCK720,437 SQ M

NUMBER OF OFFICE

BUILDINGS

62

AVERAGE ANNUAL

TAKE UP 2007-2012

9,889 SQ M

VACANCY RATE

5.8%

QUICK STATISTICS 2013 Q1

The Central Business District of Utrecht offers an

excellent accessibility by public transport. It is one

of the few European locations where the CBD,

high speed public transport, the historic city

centre and a high level of facilities share the same

location. Utrecht has an exceptional locational

advantage, being situated in the centre of the

Netherlands, with the other G4 cities (Amsterdam,

Rotterdam and The Hague) reachable within

35 minutes. During rush hour, accessibility by

car can be reduced due to congestion, though.

To improve the traf fic flow from the motorways

A2 and A12, a fly-over at the main entrance road

Weg der Verenigde Naties has been realised.

Companies in the CBD choose for this location

because of the excellent accessibility and high

quality of facilities. This especially attracts financial

services, public transport services, governmental

and non-profit organisations. The station area is

the most prominent office location of Utrecht andhas been showing a very low vacancy rate for an

extended period of time. Since the opening of

Hoog Catharijne and the enlarged train station

in the mid-seventies, the CBD of Utrecht has

witnessed a stunning growth and expansion.

Growing footfalls, transport flows and increasing

commentary on the aging architecture of both

Hoog Catharijne and the Central Station are now

the reason behind the current transformation of

Netherlands largest public transport hub.

The CBD of Utrecht represents a strong cluster ofprime office stock and a solid pool of high-grade

tenants, making it one of the most important

locations for core investment assets in the

Netherlands. Lit tle is known, however, about the

details of the market dynamics in the district.

Particularly in a situation where the office market

in general is consolidating and general vacancy

in the Netherlands is high, it is important to

emphasise the strong qualitative differences that

exist in the market. Reason for CBRE to present

an in-depth analysis of the Utrecht CBD, offering

an invaluable tool for investors, financers and

corporate tenants and supporting a strategic

vision on their presence in one of the strongest

prime office districts of the Netherlands.


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6/166 UTRECHT CENTRAL BUSINESS DISTRICT

0%

1%

2%

3%

4%

5%

6%

7%

Q32010

Vacancyrate

Utrecht CBD

Q42010

Q12011

Q22011

Q32011

Q42011

Q12012

Q22012

Q32012

Q42012

Q12013

0

100

200

300

400

500

600

700

800

1,0

00sqm

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

0

10

20

30

40

50

60

70

80

x1,0

00sqm

2012

2011

2010

2009

2008

2007

2006

2005

-10

0

10

20

30

40

50

1,0

00sqm

2012

2011

2010

2009

2008

UTRECHT CBD OFFICE MARKETDYNAMICS

Take-up & vacancyCompared to its counterparts in the other G4 cities,

Utrechts CBD consists of a rather old office stock.Most of the buildings were constructed before

the 21st century. In terms of square meters, about

120,500 sq m of office space was constructed af ter

the year 2000. This means that 83% of the total

stock dates form before the turn of the century.

The average annual take-up in the CBD, measured

from 2005 to 2012, is roughly 21,000 sq m per

year. The years 2005 and 2006 were the best years

in terms of volume, which was mostly due to a few

single large letting transactions, concluded by

the national government (RGD). After these years

the annual take-up volume has showed a relatively

stable level, moving around 10,000 sq m.

As the total stock increased in the years 2007 and

2011 due to the construction of the Rabobank tower

and the municipal office (stadskantoor), vacancy

increased from about 18,600 sq m in the third

quarter of 2010 to 29,400 sq m at the end of 2012.

In the first quarter of 2013 vacancy has shown

a marked increase and currently moves around

41,500 sq m, which implies a vacancy rate of roughly

5.8%. Despite the recent increase, the CBD is

currently the most tight market of Utrecht and still has

one of the lowest vacancy rates in the Netherlands.

As the table on the next page shows, there is hardly

any office space available in the CBD of 5,000

sq m or more. The largest property that is being

offered entirely concerns Smakkelaarsburcht of

approximately 12,000 sq m, which will be available

after departure of the current tenant Movares.

Beside this, it is expected that by the end of the

current year (2013) the proper ty at Mineurslaan

20-30 and a par t of the municipal office (Stads-

Vacancy rate

Office stock

Take-up

Take-up net absorption



Top 8 available offices 2013 Q1

Most recent investment deals

Top 10 largest occupiers

RANK PROPERTY NAME SQ M OCCUPIER

1 Stadskantoor 65,000 Municipality of Utrecht

2 Rabotoren 56,000 Rabobank

3 Rabobank 43,000 Rabobank

4 Hojel City Centre 31,000 SNS Reaal

5 HGB4 30,000 Nederlandse Spoorwegen

6 Graadt van Roggenweg 500 27,300 Multi Tenant

7 De Inktpot 24,000 ProRail

8 Gildenkwartier 199/ Catharijnesingel 20 24,000 Rabobank

9 Hojel City Center I 22,000 Multi Tenant

10 Knoopkazerne 20,000 RGD: Defensie

RANK PROPERTY NAME SQ M AVAILABLE

1 Smakkelaarsburcht 12,000

2 Hoog Catharijne 12,000

3 Daelse Kwint 5,300

4 Daalsesingel 1-9 4,900

5 HGB1 2,200

6 Kantorencentrum Utrecht 1,200

7 Sypesteyn 1,100

8 Sint Jacobsstraat 12-14 800

YEAR PROPERTY NAME SQ M BUYER PURCHASE PRICE

(X 1 MILLION)

2010 Smakkelaarsburcht 12,367 Syntrus Achmea 23.25

2008 Schendelstraat 500,550 11,390 BPF Bouwinvest 28.65

2007 Molenburg 5,285 White Estate Investments (PingProperties) 15.1

2007 Sagitta 7,725 White Estate Investments (PingProperties) 19

2007 Catharijnesingel 47 4,500 White Estate Investments (PingProperties) 13.42007 Catharijnesingel 38-46 3,700 White Estate Investments (PingProperties) 10



31%

11%

11%

44%

3%

Owner-occupier

Institutional/REIM

REIT/Listed

Open/Closed Fund

Private & Other

88%

3%

8%

1%

Netherlands

USA

Germany

UK

%

mrt10

jun10

sep10

dec10

mrt11

jun11

sep11

dec11

mrt12

jun12

sep12

dec12

mrt13

5.65%

4.50

4.70

4.90

5.10

5.30

5.50

5.70

5.90

6.10

6.30

OWNERS

A striking aspect of the ownership structure

in the CBD of Utrecht is the share of owner-

occupiers. In terms of surface, about 45% of the

total stock is owned by its user. This, however,concerns only a handful of large-scale properties.

Prominent corporate owners are Rabobanks

headquarters, measuring about 100,000 sq m,

and the Dutch Railways, covering some 40,000

sq m. In the public sector the new municipal office

(Stadskantoor) stands out with 65,000 sq m.

Other larger owner-occupiers in the CBD are

FGH Bank, SVB, and the District Court Utrecht.

Offices in the CBD of Utrecht are perceived as

a strategic asset with a long-term scope. Besides

the high owner-occupancy rate this is reflected

in the large share of institutional investors and

investment managers operating with institutional

money. Together, they possess about one third

of the total stock. The absence of German funds

(open or closed-ended) on the other hand is

striking, and sets Utrecht apart from the three

other G4 cities in the Netherlands. Only the

open-ended Deka-ImmobilienEuropa owns

a property in Utrechts CBD. The number of

REIT owned properties is high compared to the

other Dutch CBDs, but this is also caused by the

dominance of a single party: it mostly concerns

the office blocks of Corios Hoog Catharijneshopping centre, totalling nearly 70,000 sq m.

This touches another aspect of the ownership

structure: nearly all landlords are domestic.

Besides Dekas property and an asset belonging

to the portfolio of British Fordgate, the only other

foreign investor is CBRE Global Investors. In

this case too, it should be noted that the assets

originate from formerly Dutch ING REIM.

The strategic long-term value of the assets and

limited diversity in ownership structure impliesthat investment transactions are rare in the CBD.

Since the summer of 2008, in fact, only two

transactions have been recorded: the purchase

of Smakkelaarsburcht at Leidseveer by investment

manager Syntrus Achmea and the acquisition of

a part of the elongated complex at Arthur van

Schendelstraat by Investment manager Bouwinvest.

This also explains the conservative financing

structure of most CBD assets. Two are in fact

part of a CMBS structure: the aforementioned

Fordgate portfolio and the Tasman portfolio.

The majority of assets is actually full-equity owned

or financed through a corporate or non-property

specific loan structure, with the remainder of the

Type of owner

Nationality of owner

Prime yield Utrecht CBD

kantoor) will be available for tenants. The further

redevelopment of the area and an expected

consolidation of several tenants (Prorail, the public

sector tenants) will initially lead to a further rise in

vacancy. It will also, however, strengthen the appeal

of the CBD and provide room for new tenants that

is currently not available.



36%

50%

17%

4%

0

10

20

3040

50

60

70

80

0

2

4

6

8

10

12

14

2004 2005 2006 2007 2008 2009 2010 2011 2012

Transactions Size

x1,0

00sqm

Numberof

transactions

4%

4%

4%

43%

26%

9%

4%

6%

24.7%

13.5%

13.5%11.8%

9.4%

7.1%

7.1%

6.5%

2.9% 2.4%1.2%

1,0000

Cluetinckborch

Hotel City Center I

Hotel City Center II

Janssoenborch

Kantorencentrum Utrecht

Radboud

Trindeborch

Other

Public Center

Transport

Business services

Healthcare and Social Services

Financial services

Education

IT and media

Other

Lawyers and Notary

Real estate

Industry, Energy and Trade

Transactions by number and size (sq m)(2004-2012)

assets mostly financed by ING. An interesting

point is the fact that FGH, a prominent end user in

the CBD, has little outstanding loans in the district.

Yields are hard to determine in Utrechts CBD, but

the prime and modern assets in the area reach the

same levels as the trades that have been recordedin the other G4 cities. Older proper ty, on the other

hand, provides a clear value-add opportunity,

illustrated by Syntrus Achmeas purchase of the

Smakkelaarsburcht asset.

LEASES

TransactionsIn the period of 2004-2012, about 47 letting

transactions (>500 sq m) were concluded in

the CBD of Utrecht. Together these leases cover

almost 170,000 sq m. Most let ting schemes

were signed in 2005, but as can be seen in the

figure to the right, 2006 contains the largest

take-up volume. This is, however, due to a

single transaction covering 65,000 sq m by

the municipality of Utrecht, who signed for their

new office (Stadskantoor). If we zoom in to the

individual level, 86% of the transactions appear

to be in the lower than 5,000 sq m range.Only a few transactions were larger than

5,000 sq m, and only two larger than 10,000 sq m.

This implies that the office transaction market

in Utrecht can be ranked as relatively small- to

medium-sized.

Sector divisionA striking feature of the tenancy structure in the

CBD is the large share of the public sector. Nearly

a quarter of the total stock is currently being let

to the public sector. The central location and

excellent accessibility of Utrechts CBD are themain reason for this. Another striking difference,

compared to the other G4 cities, is the clustering

of transport-related companies. This is due

to the fact that Utrecht has the largest railway

station in the Netherlands. Not surprisingly, the

largest enterprises in this field are Nederlandse

Spoorwegen (NS) and Prorail, both responsible

for railway traffic in the Netherlands. Business

Services, Financial Services and Care are the

other important, and more traditional, sectors

in the CBD. The share of the education sector

is also relatively high. Utrecht is one of the

strongest centres for higher education in the

Netherlands, although it should be noted that

most facilities are located outside the CBD.

Transactions by size category (sq m) (2004-2012)

Sector (%) of companies & rented units at the CBDin Utrecht in 2012

Transactions by buildings (2004-2012)



60

50

40

30

20

10

0

16

14

12

10

8

6

4

2

0

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

Sq m number of expirat ions

x1,0

00sqm

Numberofexpirations

Average Rental Level

140

150

160

170

180

190

CBDAverage

SouthwestWijk CCentreHC

176

179

161

186

175

p

ersqmperyear

Lease expiration dates

Rental levels 2009-2012 Expiration of contractsData about the known lease contracts in the

CBD indicates that leases expire, on average,

after approximately 6.7 years. The traditional

standard in the Netherlands is 10 years (or 5

plus 5). A clear downfall in the number of

expirations and in the total volume in sq m canbe seen in the years after 2017, until 2021. This

is partly due to the projected completion date of

the currently known renovation and construction

projects in the CBD. After the financial crisis of

2008 the average lease length has been reduced

to only 5.6 years, indicating an on-going trend in

the Dutch office market. In the post-crisis office

market more and more companies are opting

for shorter lease terms.

As mentioned before, there will be a further

consolidation of public sector tenants in the

CBD. Municipal services are expected to

mainly concentrate in the new municipal office

(Stadskantoor). From 2017 onwards, several

departments of the Government Building Agency

(RGD) will be accommodated in the redeveloped

Knoopkazerne at Croeselaan. Looking at the

expiring lease contracts of the Government

Building Agency (RGD), the years 2015 and

2017 are showing a peak, according to the

available data.

Rents & Incentives

Rents in the CBD are among the highest in Utrechtwith an average market rent of approximately

175 per sq m. As indicated in the chart on the

right, the rental levels differ between the various

submarkets of Utrechts CBD. The highest average

rent levels are found in the southwestern par t of

the CBD, in for example the Hojel City Centre

complex. Here, top rents up to 200 per sq m

per year are being paid. In Wijk C, near the

St. Jacobsstraat the lowest rents are charged for

office space in the CBD, at an average 161

per sq m per year. The more centrally located

parts of the CBD, mainly situated near the innercity of Utrecht and the train station, generate

intermediate rent levels. At Catharijnesingel for

example, rents of approximately 190 per sq

per year are being paid for office space.

Although rents in other districts of the Utrecht

office market are showing a downward trend,

this is not the case for the CBD, where supply is

still limited.

This is reflected in the trend of the last couple

of years, when rents have remained largely

stable. It should be noted that the ample use

of rent incentives generally masks and prevents

a strong movement in rent levels. It is expected

that due to increasing supply incentive levels in

the CBD will rise in the near future.

Source: Gemeente Utrecht



NEW DEVELOPMENT

In the coming years the CBD will undergo

an impressive transformation. Due to the

transformation and enlargement of the busiest

train station in the Netherlands, the surroundingarea will attract new investments, projects and

transformations in office, retail and residential

units. In total approx. 270,000 sq m of office

space can be realised, already including the

new municipal office (Stadskantoor) for the

municipality of Utrecht. Next to these property

projects, major investments in infrastructure

are being made to improve the public transport

mobility. An extension of the existing light railway

line, investment in motorways and new footpaths

are all part of this upscale transformation. Next to

the office stock being enlarged and modernised,

the shopping centre Hoog Catharijne is also being

transformed into a highly modern retail hub.

Library++The new library++ will be located at Smakke-

laarsveld, next to Utrecht Central Station. In this

building the central library (ca. 14,400 sq m) and

Artplex (film & entertainment) (ca. 4,400 sq m)

will be housed. Beside these functions, housing

(ca. 22,000 sq m) will also be a part of this

development. The light railtrack and possibly the

new tram line will literally pass under the new library.

CasinoA newly planned casino replaces the temporary

establishment of Holland Casino at Overste den

Oudenlaan behind the Jaarbeurs.

HotelAt the head of the Jaarbeurs area Amrath Hotel

aims to develop a 3/4-star hotel with ca. 250

rooms and approximately 200 residential units.

Jaarbeursplein building

The Jaarbeursplein building will be realised on thewest side of the station, at Jaarbeursplein and

Croeselaan. The maximum hight of the Jaarbeurs-

plein building is 90 metres and it will consists of

ca. 47,000 sq m of office space, 1,900 sq m of

retail and 1,400 sq m of restaurants and cafs.

KnoopkazerneIn January 2012 the Government Buildings Agency

(RGD) acquired the Knoopkazerne from the

Department of Defense. This complex will undergo

a sustainable transformation to offices with a

training and conference centre that will be used

by several government departments. The renewed

complex will have a total size of 30,000 sq m

gross floor area.

LeeuwensteijnThe existing office building Leeuwensteijn

(10,000 sq m) will be thoroughly renovated and

expanded to approximately 30,000 sq m.

Leidse Blok West/ East

There are plans for the development of 14,255 sq mof office space, 1,250 sq m of retail and 150-200

dwellings.

Mega cinemaWolff Cinema Groep is planning to build a mega

cinema at the Jaarbeurs terrain. This mega cinema

will have 18 rooms with a total of approximately

4,700 seats. The building would be about 18

meters high and 90 by 147 meters wide.

New Hoog CatharijneThe largest and busiest shopping centre in the

Netherlands will be renovated and is going to

be expanded with retail, residential and offices.

The total volume of retail space in Hoog Catharijne

will expand by 35,000 sq m. The shopping centre

will receive a fresh look, whereby the connection

with the city centre and the train station will be

improved.

Noordgebouw (North building)The municipality of Utrecht is looking for a partner

to develop the Noordgebouw located on the

east of the Central Station next to the railway.

This 20,000 sq m building provides the abilityfor a variety of functions such as retail, office

space, a hotel and/or housing.

Rijnkade buildingNext to the V&D department store a new building

of approx. 7,000 sq m can be realised, which

will mainly be intended for housing. Construction

will start no earlier than 2017.

Municipal office (Stadskantoor)Currently under construction is the 65,000 sq m

office building located on the west side of thetrain station at Mineurslaan, which will house

2,500 workplaces for the Municipality of Utrecht.

The office building will accommodate eleven

municipal services, which are currently spread

over several locations in the city.

Westflank North/ SouthAt Mineurslaan along the railway there are plans

for the development of offices and residential units.

Since there is no concrete data yet, only an indi-

cation of the total volume of new developments can

be given. Westflank North has an indicative program

of 40,000 sq m of office space and 35,000 sq m

of residential units. Westflank South has a program

of 45,000 65,000 sq m of office space.



Zuidgebouw (South building)Also located on the east side of the Central

Station there are plans to develop another

building, Zuidgebouw, with a total volume

of 10,000 15,000 sq m.

Poortgebouw (Gateway building)The Poortgebouw is planned adjacent to

the new Catharijnesingel and will be built

between the new building at Vredenburg and

the existing Radboudkwartier. It is a multi-

functional building that will house retail,

restaurants, a boat dock and a hotel.

1 Westfank NorthDeveloper:unknown

Indication realization:unknown

2 Leidse Blok EastDeveloper:unknown


3 Leidse Blok WestDeveloper:unknown


4 Jaarbeursplein buildingDeveloper:unknown

Indication realization:2016 - 2018

5 Library ++Developer:Gemeente Utrecht


6 PoortgebouwDeveloper: unknown


1

2

3

4

7

9

10

11

OVERVIEW NEWDEVELOPMENTS



7 LeeuwensteijnDeveloper: CBRE GI


8 Municipal ofce (Stadskantoor)Developer: NS Stations

Indication realization:2014

9 Hotel Jaarbeurs terrainDeveloper:Amrath Hotel


10Mega cinemaDeveloper: Wolff Cinema Groep


11New CasinoDeveloper: Holland Casino


12Rijnkade buildingDeveloper: unknown


13New Hoog CatharijneDeveloper:Corio

Indication realization:2012- 2019

14NoordgebouwDeveloper: unknown


15ZuidgebouwDeveloper: unknown


16Westfank SouthDeveloper: unknown


17KnoopkazerneDeveloper: RGD


8

5

6

12

13

14

15

16

17

Source: Gemeente Utrecht



CONCLUSIONS AND OUTLOOK

The CBD of Utrecht has been a sleeping giant

for a number of years. Although the benefits of

the location have always been clear to everyone

involved in the Dutch office market, actual marketactivity has been rather low, both in the lease

and investment markets, as well as in terms of

(re)development. The fact that the CBD was

faced with very tight market conditions and

the lack of space for new developments were

the main reasons behind this situation.

Meanwhile, the situation has changed drastically.

The CBD is now subject to many (re)development

schemes which are initially focused on enhancing

the infrastructure in the area and upgrading

the retail structure. The plans, however, alsoprovide room for a solid number of office (re)

developments that give the opportunity to add

high-grade space to the tight of fice market in

the CBD.

1. Daelse Kwint

2. Daalsesingel 1-9

3. Daalsesingel 71

4. Smakkelaarsburcht

5. Gildenkwartier 199

6. Leidseveer 30-35, 50

7. Bergstraat 58

8. Kroonstraat 50

9. Kroonstraat 25

10. Molenburg

11. Jacobsweerd

12. St. Jacobsstraat 16

13. St. jacobsgebouw

14. La Vie

15. St. Jacobsstraat 12-14

16. St. Jacobsstraat 6-8

17. Catharijnesingel 48

18. Trindeborch


20. Radboud

21. Catherijneborch

22. Overborch

23. Cluetinckborch

24. Duvenborch

25.

Catharijnesingel 38-46

26. Stationshal 17

27. HGB 1

28. Tulpenburgh

29. De Inktpot



32.

A. van Schendelstraat 500

33.


IMAGES OF THE LISTED BUILDINGS OF PAGES 4 AND 5



45. HGB 4

46. Leeuwesteyn

47. Hojel city center

(SNS Bank)

48. Sypesteyn

49. Hojel City Center II

50. Jaarbeursplein 6

51. Municipal office

(Stadskantoor)

52. Rabobank

53. Knoopkazerne

54. Croeselaan 28

55. Mineurslaan 20-30

56. Rabotoren

57. Sagitta

58. Graadt van

Roggenweg 500

59. Graadt van

Roggenweg 400

60. Hojel City Center I

61. Singelborgh

62. Janssoenborch

34.


35.


36.


37.


38.


39.


40. Park Nieuweroord 3


42. Rechtbank Utrecht


44. Hildebrandstaete

As a number of large-scale current tenants in the

CBD are planning a consolidation of their presence,

vacancy in the area will doubtlessly rise, but this is

not a bad outlook per se. The CBD office market

has been too tight in the past, with vacancy rates

well below 5% and hardly any sizeable office units

available. A re-shuffle of the tenants in the area andthe addition of new high-grade units to the stock

will provide the necessary room for newcomers that

has been lacking for so long. This will also enable a

diversification of the pool of end-users in the CBD

and lower the share of owner-occupiers, which

in turn provides new opportunities for investors.

The further upgrading of the CBD, however, also

provides a challenge for the older stock in the

district. In order to remain competitive, a stronger

need for renovation or redevelopment will arise.

The upgrading of the infrastructure and thestrengthening of the retail function, in which

aspect Utrecht already belongs to the strongest

locations in the Netherlands, will only increase

the attractiveness of the CBD further.


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For more information please contact:

CBRE B.V.+31 (0)20 626 26 91

[email protected]

Machiel WoltersDirector

Research & Consultancy

Siebe de BooAssociate Director

Agency

Ratih BachSenior Analyst


Nick van WijkConsultant


CBRE Utrecht CBD (Jun 2013)

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Transcript of CBRE Utrecht CBD (Jun 2013)