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Commercial real estate investment volume grows by 15% in 2025

Investment volume of €13 billion in commercial real estate mainly driven by domestic capital

January 22, 2026

By Noortje Franssen

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The total investment volume in Dutch commercial real estate reached €13 billion in 2025, according to the Real Estate Market Outlook Report 2026 by CBRE Netherlands. CBRE Netherlands is part of the publicly listed CBRE Group, the world’s largest real estate advisory firm. This represents a 15% year‑on‑year increase and was largely driven by allocations to residential, office and logistics assets, while cross‑border investors remained largely absent.

 

Foreign capital remains absent

Notably, the recovery was almost entirely driven by domestic capital. Foreign institutional investors largely remained on the sidelines in 2025. This caution is linked to unfavourable regulations and tax measures, such as higher transfer taxes, the abolishment of the FII regime, and ongoing uncertainty around policy, particularly in the housing market.

Residential, office, and logistics sectors are the main drivers in 2025

The growth in investment volume in 2025 is mainly supported by three sectors: residential, office, and logistics.

  • In the residential market was the selling-off rental homes the main driver of the growth in investment volume: the price difference between acquisitions and individual sales averaged 56%. Residential complexes were purchased at an average of €3,165 per m² in 2024 and 2025, and sold individually at around €4,925 per m².
  • In the logistics sector investment volume reached €2.9 billion, roughly 11% lower than in 2024. At the same time, the market clearly stabilised: in the second half of 2025 transaction activity visibly increased, indicating a cautious recovery. Investors focused primarily on modern distribution centres in strategic locations suitable for automation and operational efficiency.
  • The office market showed with an investment volume of €2.1 billion an increase of more than 19%, compared to the previous year. The recovery is mainly driven by the occupier market. Demand for well-connected and sustainable offices remains high, while supply is limited and new construction and renovation lag behind. As a result, rental prices are rising under pressure.

Erik Langens, Managing Director CBRE Nederland: “We are seeing that the sale of rental homes, particularly in student cities, puts pressure on supply, while affordable housing in these areas is essential for talent and knowledge development, and therefore for the Netherlands’ competitive strength. This directly affects the foundation of the Dutch knowledge economy. At the same time, we see pension funds showing increasing interest in student housing, which the European Union has designated as social infrastructure. This segment offers an opportunity to connect social impact and long-term returns in a sustainable way.”

Outlook for 2026: growth continues, focus shifts

For 2026, CBRE expects a further increase in investment volume of around 10.5%. Capital is expected to shift towards more operational real estate with stable user demand and clear rental growth potential, such as student housing and senior living.
 
Langens on the developments: “The investment market is showing the same dynamics as before COVID. Liquidity is returning, and transactions are picking up pace, despite geopolitical uncertainties. The main challenge for the Dutch real estate market is the continued absence of international capital. For a structurally healthy investment climate, it is essential that the Netherlands remains attractive to global investors, capital that is vital for driving sustainability and renewal across the built environment.”

About CBRE Group, Inc
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm and a premier provider of critical infrastructure services (based on 2025 revenue). The company has more than 155,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves clients through four business segments: Advisory (leasing, sales, debt origination, mortgage servicing, valuations); Building Operations & Experience (facilities management, property management, flex space & experience, data center solutions); Project Management (program management, project management, cost consulting); Real Estate Investments (investment management, development). Please visit our website at www.cbre.com.

 

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