STATE OF AFFAIRS RANDSTAD OFFICE MARKET 2017 REGIONS AMSTERDAM, THE HAGUE, ROTTERDAM, SCHIPHOL AND UTRECHT

STATE OF AFFAIRS RANDSTAD OFFICE MARKET 2017 REGIONS AMSTERDAM, THE HAGUE, ROTTERDAM, SCHIPHOL AND UTRECHT

NVM BUSINESS RANDSTAD OFFICE MARKET 2017 THE AMSTERDAM REGION As the Dutch economy continued to thrive, office sales and lease transactions have been exceptionally good in the Amsterdam region during the first six months of 2017. More than 142,000 m² had been taken up in total, the city of Amsterdam representing about 120,000 m². Demand for high-quality office space was strong particularly within Amsterdam s ring road area, and especially from the IT and media sectors. As a result, lease contracts have been signed with e.g. Uber, Netflix and Trivago. One remarkable transaction in this regard has been the lease of a 5,000 m² office space by Bestseller on the top floor of V&D department store s former premises on Rokin, for it requires retail space in Amsterdam s city centre to be transformed into offices. Another interesting detail is the fact that the office market in the Dutch capital continued strongly towards more flexible workspaces. Companies like Spaces, Regus, The Office Operators, rent24 and KleinKantoor have all signed new contracts to further expand their flexible office concepts. Also several similar parties were actively seeking suitable office space. Take-up levels climbed not only in Amsterdam s city centre, but also in the area known as Sloterdijk-Teleport, although here the main reason has been an 18,000 m² expansion by energy company Alliander. Take-up in the South Axis business district was slightly down on the previous year and also relatively fewer transactions have been realised in Amsterdam Southeast. Nevertheless, the banking sector was clearly visible with e.g. KAS BANK renting approximately 6,000 m² and Crédit Agricole about 5,000 m² of office space. In Amstelveen, letting out 6,250 m² to an international school allowed office take-up to move in a positive direction. Based on information available, there have been no lease transactions in Diemen in the first six months of this year. Due to strong demand for office space, supply levels have dropped significantly in the city of Amsterdam, especially in Amsterdam Sloterdijk-Teleport and Amsterdam Southeast. In the latter, one of the reasons is that recently many offices have been taken off the market to turn them into hotels or apartments instead. Also availability seriously diminished in Amsterdam s city centre and on the IJ banks, even though a serious lack of high-quality office space hampered the market. Supply also dropped in Amstelveen, remaining steady in Diemen. So far Amsterdam s office market has hardly benefited from the Brexit. Save for a number of smaller financial institutions, companies clearly prefer Frankfurt and Dublin. Also the news came that the office construction freeze, a fact in Amsterdam since 2011, was undone in July, allowing for new construction once again. Locations that qualify are Houthavens, South Axis, ArenAPoort, Amstel Station and the Marine site. Bearing in mind the serious lack of high-quality office space, this is good news indeed. Scarcity on Amsterdam s office market and strong demand for office space have pushed up rents, causing incentives to plummet at the same time in some areas. Especially in the city centre, investors hardly had to offer any whatsoever. Outside the ring road area, incentives of 10 up to 20% were still common, depending on the contract duration and quality of the office involved.

TRENDS IN OFFICE TAKE-UP PER DISTRICT Amsterdam Centre 39,500 26,000 32,500 46,500 53,500 57,000 44,000 42,000 92,000 25,000 Amsterdam Sloterdijk-Teleport 33,500 13,500 7,500 11,500 2,500 15,500 16,000 39,500 15,000 24,000 Amsterdam West 24,000 22,500 17,000 19,500 13,000 10,000 14,000 9,000 23,000 2,000 Amsterdam South Axis 35,500 46,000 75,500 26,500 37,000 57,500 34,000 35,500 69,500 15,000 Amsterdam Southeast 65,500 37,500 39,000 66,000 75,000 13,500 53,000 77,500 52,000 19,000 Amsterdam North 16,500-2,500 1,500 5,500 2,000 - - 9,000 1,500 Amstelveen 4,000 14,500 8,500 8,000 12,500 13,500 11,000 5,500 7,000 10,500 Diemen 6,000-500 5,000-5,500 8,000-1,000 - TRENDS IN OFFICE SUPPLY PER DISTRICT Amsterdam Centre 109,000 136,000 150,500 135,500 168,500 152,500 142,000 98,000 87,500 76,000 Amsterdam Sloterdijk-Teleport 160,000 178,000 204,000 182,500 229,000 230,000 218,000 174,000 144,000 105,000 Amsterdam West 186,000 208,000 164,000 184,000 187,500 149,000 155,500 148,000 96,000 82,000 Amsterdam South Axis 147,500 131,000 91,500 81,500 72,000 70,500 131,000 149,000 100,000 89,000 Amsterdam Southeast 282,500 292,000 334,000 331,000 279,000 350,000 326,000 223,000 174,500 116,000 Amsterdam North 4,000 15,000 13,500 18,500 21,500 25,500 31,000 26,000 25,500 23,500 Amstelveen 109,500 126,000 144,500 159,500 171,000 200,000 202,000 185,000 100,000 79,500 Diemen 69,000 73,500 72,500 65,000 38,500 28,500 18,000 21,000 17,000 18,500 AVAILABILITY RATES PER DISTRICT MID 2017 Source: NVM PRIME RENTAL LEVELS PER DISTRICT MID 2017 Source: NVM % Amstelveen Amsterdam South Axis Amsterdam North Amsterdam West Amsterdam Southeast Diemen Amsterdam Sloterdijk-Teleport Amsterdam Centre 0 5 10 15 Amsterdam South Axis Amsterdam Centre Amsterdam Southeast Amsterdam North Amsterdam Sloterdijk-Teleport Amstelveen Amsterdam West Diemen 0 50 100 150 200 250 300 350 400 450 TAKE-UP AND SUPPLY IN AMSTERDAM Source: NVM TYPICAL RENTAL BANDS PER DISTRICT MID 2017 1,200 1,000 x 1,000 Amsterdam Centre 200 375 Amsterdam Sloterdijk-Teleport 125 195 800 600 400 200 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 H1 Amsterdam West 120 175 Amsterdam South Axis 300 420 Amsterdam Southeast 125 225 Amsterdam North 125 215 Amstelveen 135 195 Diemen 100 130 Supply Take-up

NVM BUSINESS RANDSTAD OFFICE MARKET 2017 THE HAGUE REGION Even though take-up numbers did not quite tell, demand for offices in the Hague region has intensified during the first six months of 2017. It has undeniably grown in The Hague itself, and many more lease transactions have been signed involving high-quality office properties in the first place. Companies have been much more positive about the future, wanting to benefit from affordability while it lasts. Nevertheless, focus has been on the 200 1,000 m² size category most of the time. What s also interesting is that the office market in the city of The Hague, also due to a multitude of transformations, has clearly shifted from a tenants market to a landlords market and also that there were hardly any proper large or medium-sized office properties available. Unlike The Hague, demand in the adjacent municipalities of Leidschendam-Voorburg and Zoetermeer has been slightly disappointing. Especially the city of Zoetermeer stood out in a negative sense. Here, the market has hardly budged during the first six months of this year, even though Zoetermeer s office market is normally speaking a lively one. Take-up levels remained steady on the office markets of Delft and Rijswijk. Based on NVM Business data, total transaction volumes in The Hague region amounted to approximately 40,000 m². Sizeable transactions involved e.g. the purchase of a 9,000 m² office building called Forum by the municipality of The Hague in The Hague s city centre, the leasing of approximately 5,000 m² of office space by TOPdesk in Delft and also the transaction of more than 4,000 m² with CSC Computer Sciences in Rijswijk. During the first six months of 2017, the supply of office space has modestly diminished in The Hague region. This could mainly be attributed to Zoetermeer and The Hague, because during this period the amount of space available slightly climbed in Delft and Rijswijk. The smaller amount of space available for immediate rent or sale was most striking in Zoetermeer, the main reason being the withdrawal of a large-scale office building from stock, to turn it into a residential space. When it comes to The Hague, office availability diminished especially in the city centre. The sales of the aforementioned office building called Forum has been one of the reasons, however taking ABN AMRO s former offices (approx. 9.400 m²) on Kneuterdijk off the market and selling them to investor DHG has changed things as well. The municipality said the building qualifies for redevelopment into a hotel, however this new function cannot be taken for granted. Rents have mainly climbed in The Hague, the more so at the upper end of the market. For instance, on Lange Voorhout the rents realised exceeded EUR 200 per m² per annum. Rents were generally steady in the neighbouring municipalities. Depending on the location, the building and contract duration, lease contracts in The Hague region now came with serious incentives reaching as much as 20% of the agreed rent. Incentives, however, are expected to drop significantly in the near future.

TRENDS IN OFFICE TAKE-UP PER DISTRICT The Hague Centre 26,000 19,500 35,000 12,000 28,000 23,500 32,500 21,500 31,000 14,000 The Hague Benoordenhout 500 500 3,500-17,000 3,500 4,000 12,500 5,500 1,000 The Hague Bezuidenhout 2,000 32,500 41,000 21,500 11,000 26,000 11,500 10,000 13,500 3,000 The Hague Binckhorst 15,000 2,500-1,500 1,500 4,000 1,000 5,000 2,500 - The Hague Congresgebouw 2,000 9,500 1,000 7,000 1,500 4,500 2,000 2,500 1,500 - The Hague Laakhaven 2,500 2,000-500 9,000 2,500 6,000 4,500 6,500 - Rijswijk 15,500 7,500 13,000 5,500 10,000 10,000 9,500 6,500 8,000 7,000 Leidschendam 500 1,000-1,500 1,500 1,000 - - 500 500 Voorburg - 1,500-5,000 4,000 3,500 500 1,500 3,500 500 Delft 15,500 7,500 6,500 6,500 8,000 6,000 8,500 12,000 16,000 6,500 Zoetermeer 22,500 14,500 11,500 8,500 23,000 10,500 6,000 26,500 22,500 500 TRENDS IN OFFICE SUPPLY PER DISTRICT The Hague Centre 78,000 111,500 135,500 139,000 138,500 164,500 152,000 161,000 157,000 145,000 The Hague Benoordenhout 37,000 42,000 56,500 46,000 49,000 68,000 63,000 61,500 33,500 32,500 The Hague Bezuidenhout 53,000 62,000 50,000 52,000 66,500 112,500 120,500 132,000 52,500 63,500 The Hague Binckhorst 45,500 70,000 84,500 84,000 85,000 78,000 81,000 86,000 67,500 70,000 The Hague Congresgebouw 17,000 31,000 34,500 27,500 33,000 30,500 29,500 25,000 11,500 11,000 The Hague Laakhaven 17,000 37,000 40,500 53,000 70,000 58,500 38,000 41,500 38,000 35,500 Rijswijk 135,500 189,500 193,000 221,500 244,500 243,500 242,000 254,500 186,000 193,000 Leidschendam 40,500 46,000 46,000 44,000 45,500 27,500 27,500 11,500 10,500 10,500 Voorburg 23,000 28,500 30,500 29,000 31,500 29,000 12,500 12,000 16,500 13,000 Delft 4,000 32,000 35,000 39,500 36,500 44,500 56,500 68,000 56,500 60,500 Zoetermeer 83,000 102,000 132,000 130,000 135,500 138,000 136,500 124,500 137,500 119,500 AVAILABILITY RATES PER DISTRICT MID 2017 Source: NVM PRIME RENTAL LEVELS PER DISTRICT MID 2017 Source: NVM % The Hague Binckhorst Rijswijk Zoetermeer The Hague Laakhaven Voorburg The Hague Centre Delft The Hague Bezuidenhout Leidschendam The Hague Benoordenhout The Hague Convention Centre 0 5 10 15 20 25 The Hague Centre The Hague Bezuidenhout The Hague Benoordenhout The Hague Convention Centre The Hague Binckhorst The Hague Laakhaven Rijswijk Voorburg Delft Zoetermeer Leidschendam 0 50 100 150 200 250 TAKE-UP AND SUPPLY IN THE HAGUE Source: NVM TYPICAL RENTAL BANDS PER DISTRICT MID 2017 800 x 1,000 The Hague Centre 125 225 The Hague Benoordenhout 120 165 600 The Hague Bezuidenhout 130 200 The Hague Binckhorst 60 135 400 The Hague Congresgebouw 125 160 The Hague Laakhaven 75 130 200 Rijswijk 70 130 Leidschendam 70 120 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 H1 Voorburg 75 130 Delft 90 130 Supply Take-up Zoetermeer 60 125

NVM BUSINESS RANDSTAD OFFICE MARKET 2017 THE ROTTERDAM REGION The office market in the Rotterdam region performed reasonably well during the first six months of 2017. About 36,000 m² in total had been taken up on the open market, disregarding offices constructed for private use. This is slightly less than last year (approx. 46,000 m²). The number of transactions realised was almost the same compared to last year. Take-up levels were lower mainly because of developments in Rotterdam itself, with hardly any major office space being let out. And yet take-up in the 1,000 2,500 m² size category developed well, keeping numbers reasonably steady. Office space in this segment has been taken up by the Rotterdam The Hague Metropolitan Region (MRDH), Stichting BOOR, DVDW Advocaten, Deen Staffing BV and DHB Bank among others. As far as the city of Rotterdam is involved, lessees were once again mainly interested in downtown office buildings, focussing on Kralingen and Brainpark office park in the first place. In Rotterdam South, reporting a major share of total take-up on Kop van Zuid last year, take-up was clearly less substantial compared to the first six months of 2016. It was even limited in Prins Alexander, although it is worth mentioning that a number of major transactions are expected in this area. Take-up levels were steady in the adjacent municipality of Capelle aan den IJssel, also thanks to Axoft IT & Telecom who decided to rent 4,300 m² in Braingate Building. Things were less promising in Schiedam; according to NVM Business Data only 500 m² had been let out during the first six months of 2017. Rotterdam s office space availability slightly diminished in the first six months of this year. The amount of space available for immediate use dropped in the Waalhaven area and also in the city centre. But to a great extent this was however compensated by Rotterdam Prins Alexander, reporting increased availability. All things considered, supply levels remained high in the city of Rotterdam. By mid-2017, about 20% of Rotterdam s office stock was still available for rent or sale. When it comes to Capelle aan den IJssel, indeed availability diminished by nearly 10% within a year, and yet its market is very generous with a vacancy rate of approximately 30%. The Rivium area in particular is home to many old offices. Investments and a creative approach are required to change things for the better. In Schiedam, approximately 20% of stock was available for rent or sale halfway through the year. Rents hardly changed in the Rotterdam region, climbing slightly only at the upper end of the market in the city centre and also in Kop van Zuid. Incentives too were hardly any different: depending on the contract duration, 20 up to 25% was common, with exceptions reaching as much as 30%.

TRENDS IN OFFICE TAKE-UP PER DISTRICT Rotterdam Centre 62,500 33,000 72,500 71,500 27,000 29,500 33,000 44,000 44,500 18,500 Rotterdam Prins Alexander 42,500 7,000 2,500 2,000 4,500 1,000 3,000 26,000 12,500 500 Rotterdam Kralingen 21,500 8,000 17,000 12,000 11,000 2,500 7,000 10,000 6,500 7,000 Rotterdam Waalhaven 5,500 500 4,000 9,500 6,500 1,500 2,500 7,500 5,000 1,000 Rotterdam South 16,500 2,000 18,500 1,500 6,500 3,500 2,500 7,000 17,000 2,000 Capelle a/d IJssel 25,000 21,500 13,000 11,000 10,000 9,500 6,000 8,500 12,000 6,000 Schiedam 17,500 4,000 5,000 18,500 2,000 2,500 4,000 7,000 4,000 550 TRENDS IN OFFICE SUPPLY PER DISTRICT Rotterdam Centre 142,500 271,500 280,000 307,500 323,500 389,000 401,000 361,500 337,000 309,000 Rotterdam Prins Alexander 16,500 17,000 28,500 60,000 81,000 83,500 89,000 56,500 51,000 62,000 Rotterdam Kralingen 41,500 54,500 52,000 53,000 54,500 56,000 58,000 69,000 64,500 60,000 Rotterdam Waalhaven 11,000 16,500 28,000 27,000 22,000 23,500 19,000 13,000 30,000 25,500 Rotterdam South 30,000 32,000 32,000 53,000 67,000 61,000 65,000 64,000 53,000 52,000 Capelle a/d IJssel 64,000 96,000 108,000 132,000 136,000 140,000 152,000 154,500 141,000 142,000 Schieda2,500 34,500 29,500 24,500 23,500 36,000 51,500 46,500 47,500 45,000 AVAILABILITY RATES PER DISTRICT MID 2017 Source: NVM PRIME RENTAL LEVELS PER DISTRICT MID 2017 Source: NVM % Capelle a/d IJssel Rotterdam Waalhaven Rotterdam Prins Alexander Rotterdam Kralingen Schiedam Rotterdam Centre Rotterdam South 0 5 10 15 20 25 30 Rotterdam South Rotterdam Centre Rotterdam Kralingen Rotterdam Prins Alexander Rotterdam Waalhaven Schiedam Capelle a/d IJssel 0 50 100 150 200 250 TAKE-UP AND SUPPLY IN ROTTERDAM Source: NVM TYPICAL RENTAL BANDS PER DISTRICT MID 2017 800 600 400 200 x 1,000 Rotterdam Centre 80 225 Rotterdam Prins Alexander 90 160 Rotterdam Kralingen 75 165 Rotterdam Waalhaven 80 145 Rotterdam South 75 225 Capelle a/d IJssel 60 110 Schiedam 80 135 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 H1 Supply Take-up

NVM BUSINESS RANDSTAD OFFICE MARKET 2017 THE SCHIPHOL REGION The Schiphol region reported healthy demand for office space in the first six months of 2017, allowing transaction volumes to climb. A total of approximately 32,000 m² of office space had been let out or sold, which is twice as much as in the same period last year. Take-up levels developed in a positive sense mainly because of Hoofddorp in general and the Beukenhorst area in particular, as take-up levels on Schiphol and Schiphol-Rijk did not amount to much. Even though the market did pick up in Schiphol-Rijk, take-up involved small transactions in the < 200 m² category in most cases. When it comes to Schiphol itself, very few transactions have taken place in this period. The most significant transaction involved Chiesi Pharmaceuticals, who decided to rent 1,250 m² in The Base office building. Quite many office users are exploring this region, which means take-up levels on Schiphol and Schiphol-Rijk should climb in the months to come. In Hoofddorp, office users demand has pushed up take-up levels beyond 24,000 m², compared to 6,500 a year before. Take-up levels skyrocketed mainly because of two sizeable transactions. Asics the Japanese athletic equipment company has decided to build a new 11,000 m² headquarters on Beukenhorst South. While Ingenico epayments signed a 8,500 m² lease on Beukenhorst-West. Sony Nederland has rented less sizeable office space (1,550 m²) in the recently completed NOW building on Park 20 20 on Beukenhorst South. Other transactions in Hoofddorp involved office users requiring smaller areas. In addition, the municipality and parties involved announced their plans regarding Beukenhorst-West which will be transformed into a more extensively mixed urban area, turning many old offices into apartments with culinary concepts on the ground floors. The news also came that some of the office buildings on De Hoek business park in the city of Hoofddorp will be turned into a hotel. Due to good take-up numbers and the transformations referred to above, the amount of offices space available for immediate use has diminished as far as Hoofddorp is involved. This fall is expected to persist over the coming time while the municipality and property developers continue to elaborate their transformation plans. Due to limited demand on Schiphol and Schiphol-Rijk, availability has hardly changed so far. And because The Base office building on Schiphol will be adding yet another 6,500 m², availability might slightly increase over the coming period. In general, office rents realised at the upper end of the market maintained the same level. At the bottom end of the market, however, they have slightly climbed in the Schiphol area. The main reason has been the improvements which the owner Schiphol Real Estate has been introducing to their offices on Schiphol East. Rents at the bottom end of the market also climbed modestly on Beukenhorst, because of slightly lower incentives among other things.

TRENDS IN OFFICE TAKE-UP PER DISTRICT Hoofddorp Beukenhorst West 3,000 1,500 3,000 4,000 5,000 1,500 3,000 500 9,500 9,000 Hoofddorp Beukenhorst East 8,500 16,000 500 13,000 7,000 6,500 1,500 7,500 10,500 1,500 Hoofddorp Beukenhorst South 28,500 14,500 14,000 8,000 11,000 1,000 5,500 8,000 2,500 14,000 Hoofddorp De Hoek 1,500 4,500 1,500 4,000-1,000-1,500 1,000 - Schiphol 6,500 6,000 3,500 11,500 14,500 4,500 7,000 14,500 8,000 2,000 Schiphol Rijk 3,000 6,500 7,000 9,000 2,000 1,000 9,500 6,500 6,500 1,000 TRENDS IN OFFICE SUPPLY PER DISTRICT Hoofddorp Beukenhorst West 29,000 38,000 60,500 55,500 56,500 51,500 62,500 62,500 46,000 28,000 Hoofddorp Beukenhorst East 30,500 44,000 59,500 52,000 56,500 53,000 57,500 47,500 49,500 49,000 Hoofddorp Beukenhorst South 17,000 16,000 18,500 18,000 15,000 15,000 14,500 16,000 12,500 12,000 Hoofddorp De Hoek 13,500 27,000 27,000 24,500 31,000 34,000 33,000 34,000 18,000 23,500 Schiphol 34,500 32,000 39,000 28,500 30,500 38,000 33,000 26,500 27,500 29,000 Schiphol Rijk 61,500 77,500 76,000 61,500 66,000 64,000 61,500 66,500 59,500 56,500 AVAILABILITY RATES PER DISTRICT MID 2017 Source: NVM PRIME RENTAL LEVELS PER DISTRICT MID 2017 Source: NVM % Hoofddorp De Hoek Schiphol Rijk Hoofddorp Beukenhorst East Hoofddorp Beukenhorst West Schiphol Hoofddorp Beukenhorst South 0 5 10 15 20 25 30 Schiphol Hoofddorp Beukenhorst South Hoofddorp Beukenhorst East Hoofddorp Beukenhorst West Schiphol Rijk Hoofddorp De Hoek 0 50 100 150 200 250 300 350 400 TAKE-UP AND SUPPLY IN DE REGIO SCHIPHOL Source: NVM TYPICAL RENTAL BANDS PER DISTRICT MID 2017 400 300 200 100 x 1,000 Hoofddorp Beukenhorst West 90 135 Hoofddorp Beukenhorst East 125 175 Hoofddorp Beukenhorst South 170 220 Hoofddorp De Hoek 80 130 Schiphol 110 365 Schiphol Rijk 90 135 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 H1 Supply Take-up

NVM BUSINESS RANDSTAD OFFICE MARKET 2017 THE UTRECHT REGION Demand for office space in the Utrecht region during the first six months of 2017 has been undeniably poorer compared to the same period last year. Despite a very positive market sentiment, fewer transactions have taken place with lower transaction volumes. In this region, approximately 52,000 m² of office space in total have been sold or let out; about 65,000 m² in 2016. Another important factor was that, unlike in the first six months of 2016, no transactions have taken place involving 10,000 m² or beyond. But according to expectations, the office market will catch up with this backlog in the second half of this year. The interesting thing is that the office market has hardly been dynamic as far as Utrecht s city centre is involved. One of the reasons is the relatively poor availability; any transaction that did take place has been a modest one volume-wise. The transaction involving Peace Organisation Pax, which took up approximately 2,400 m2, has carried some weight after all. Another remarkable feature has been the nonexistence of lease transactions on the Lageweide industrial park. In the city of Utrecht, lessees clearly preferred the Papendorp office park, where both the number of transactions as well as the transaction volumes developed in a positive sense. One of the reasons is that internet retailer Bol.com has expanded its lease in WTC Papendorp by approximately 8,500 m²; behold the largest transaction in this region. In addition Accenture, Noordhof Uitgevers and a cooperative of several sports federations have signed rental agreements for a relatively large office space in Papendorp. In the adjacent municipalities of Houten, Maarssen and Nieuwegein, take-up has been something of a let-down, although in Nieuwegein clearly more deals were signed than in the same period last year. But despite poorer demand, the amount of office space available for immediate use clearly diminished in the first six months of 2017. This has been the case in almost every important office location within the Utrecht region, with high-quality supply diminishing more substantially. Availability increased slightly only in Rijnsweerd, although entrepreneurs were definitely interested. In Utrecht itself, office availability truly diminished in the district known as Kanaleneiland, also due to healthy take-up within Le Mirage office building. Supply levels also plummeted in Papendorp. In Utrecht s city centre, they hardly changed during the first six months of this year. Just like in Amsterdam, office market flexibilization also continued in this region, with Regus expanding its flexible office concept in Utrecht s city centre, adding a new location on St. Jacobslaan. KleinKantoor too has rented office space for the flexible office concept of the same name. It is this organisation s very first location outside Amsterdam. Compared to the first six months of 2017, the asking prices particularly of high-quality office space have clearly gone up. Transaction prices too were at a higher level, as incentives were being adjusted downwards. Depending on the location, incentives of 10 up to 25% were common in the Utrecht region. Unlike in the previous year, incentives for premium locations were below 10% in some cases, based on a standard five-year contract.

TRENDS IN OFFICE TAKE-UP PER DISTRICT Utrecht Centre 12,000 6,000 24,500 17,500 13,000 17,500 21,500 15,500 22,500 4,000 Utrecht Rijnsweerd 14,000 36,000 5,500 2,500 10,500 20,500 13,000 3,000 6,500 4,000 Utrecht Kanaleneiland 22,500 10,500 7,500 13,500 2,000 10,500 500 10,000 20,000 5,000 Utrecht Lage Weide 4,000 2,500 12,500 3,500 5,000 9,000 3,500 3,500 4,000 - Utrecht Papendorp 29,500 11,500 23,500 16,500 9,500 14,500 23,000 17,500 17,000 20,000 Utrecht De Meern 2,000 5,500 500 1,000 1,000 500 500 14,000 20,500 3,000 Maarssen 6,000 1,000 2,500 3,500 500 - - 500 5,000 500 Nieuwegein 10,000 9,000 12,500 12,000 8,500 5,000 16,500 8,500 5,500 3,000 Houten 10,000 6,000 2,000 5,000 500 1,500 3,000 2,000 9,000 1,000 TRENDS IN OFFICE SUPPLY PER DISTRICT Utrecht Centre 15,000 12,500 14,500 23,500 41,500 56,000 57,500 61,500 80,000 77,000 Utrecht Rijnsweerd 27,000 27,500 41,000 49,500 57,000 37,000 54,500 43,500 51,000 58,500 Utrecht Kanaleneiland 56,000 74,500 86,000 81,500 86,500 90,000 103,500 93,500 101,500 75,500 Utrecht Lage Weide 34,500 47,000 38,500 41,000 47,500 53,000 45,000 51,000 51,500 47,500 Utrecht Papendorp 46,500 55,500 65,500 60,000 97,500 89,000 91,000 76,500 88,000 62,500 Utrecht De Meern 17,500 23,500 28,000 29,500 33,500 34,500 33,500 43,000 22,000 19,500 Maarssen 24,000 45,000 47,500 44,500 45,500 46,000 47,000 51,500 40,000 34,000 Nieuwegein 90,500 127,000 159,000 176,500 173,000 160,000 152,500 138,000 86,500 77,000 Houten 10,500 23,000 39,000 40,500 45,500 46,000 44,500 53,500 26,000 23,000 AVAILABILITY RATES PER DISTRICT MID 2017 Source: NVM PRIME RENTAL LEVELS PER DISTRICT MID 2017 Source: NVM % Maarssen Utrecht Lage Weide Utrecht Rijnsweerd Utrecht De Meern Utrecht Papendorp Utrecht Kanaleneiland Nieuwegein Houten Utrecht Centre 0 5 10 15 20 25 30 Utrecht Centre Utrecht Kanaleneiland Utrecht Papendorp Utrecht Rijnsweerd Utrecht Lage Weide Nieuwegein Maarssen Houten Utrecht De Meern 0 50 100 150 200 250 TAKE-UP AND SUPPLY IN UTRECHT Source: NVM TYPICAL RENTAL BANDS PER DISTRICT MID 2017 600 x 1,000 Utrecht Centre 170 225 Utrecht Rijnsweerd 130 160 Utrecht Kanaleneiland 90 185 400 Utrecht Lage Weide 80 140 Utrecht Papendorp 135 175 200 Utrecht De Meern 80 125 Maarssen 70 135 Nieuwegein 65 135 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 H1 Houten 80 130 Supply Take-up

DEFINITIONS OFFICE A spatial and independent unit used for office activities or support activities in the first place. Office space that is part of industrial buildings, universities or hospitals is not considered to be an office. TAKE-UP Lease and sales transactions signed on the open market. Users providing for their own accommodation requirements ( owneroccupier development ) are not included in take-up volumes. The same applies to sale-and-leaseback agreements as well as contract extensions. NVM is registering transactions starting at 200m². SUPPLY Office space immediately available for rent or sale. Supply does not include offices under construction and those yet to be built. It does include vacant and developing offices as well as space that is still being used but which is soon to be released. Supply is measured in buildings providing at least 500m². RENT The basic rent paid per square metre of lettable floor area, exclusive of VAT, service charges and lessees specific furnishing expenses and incentives. Brought to you by: Member of NVM (Dutch Association of Real Estate Brokers) About NVM Business NVM is the largest association of real estate agents and property valuers in the Netherlands. Based on educational programmes and research, it has been effectively supporting its members and representing their interests towards the authorities and political circles. The NVM Business expert group specialises in commercial property offices, industrial buildings, retail stores and catering establishments and consists of 700 real estate agents who stand out because of their extensive knowledge of the regions in which they operate. By means of continuous professionalisation and the promotion of integrity, NVM Business seeks to become an authority when it comes to commercial property in the Netherlands. NVM Business Fakkelstede 1 3431 HZ Nieuwegein Telephone: +31 0 30 608 51 85 This publication has been produced with the assistance of: P van den Bosch Bedrijfsmakelaars (Amsterdam), Van Dijk & Ten Cate (Amsterdam), COG Makelaars (The Hague), Rob Swart Bedrijfshuisvesting (Zoetermeer), Ooms Makelaars Bedrijfshuisvesting (Rotterdam), Ans de Wijn Bedrijfshuisvesting (Utrecht) and BT Makelaars (Schiphol). COLOPHON Augustus 2017 Composition Drs. G.A. Raven Data source NVM Data & Research, Nieuwegein (the Netherlands) Design PROOF internal & employer branding Photography EyeEm Mobile GmbH/ Hollandse Hoogte