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Commercial real estate investment volume grows 36% in the first half of 2026

Investment market gains further traction, with offices driving the recovery

July 15, 2026

By Noortje Franssen

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In the first half of 2026, €7 billion was invested in Dutch commercial real estate. This represents an increase of 36% compared with the same period last year, according to figures from real estate adviser CBRE. Growing private capital activity and renewed investor confidence in high-quality occupier markets drove increased transaction momentum. Offices and retail posted particularly strong growth, up 66% and 30%, respectively. While residential investment volume rose 43% to €2.71 billion, this growth has only a limited impact on expanding the institutional rental housing stock. A large share of the existing homes acquired by investors is being sold individually to owner-occupiers.


The office market played a central role in the investment market's recovery during the first half of 2026. Investment volume increased by 66% year-on-year to €985 million, more than double the 2023 low (€443 million). Existing office buildings in high-quality locations, in particular, are once again attracting strong investor demand.
 
CBRE notes that private investors are increasingly taking on a prominent role in the office market. According to Lodewijk Buijs, Executive Director Capital Markets at CBRE Netherlands: "They are increasingly investing together through club deals, which makes larger office transactions possible and adds depth to the market. Liquidity in the investment market is now comparable to peak years, though capital is predominantly domestic in origin."

The retail sector also recorded a strong first half of the year, with an investment volume of €1.2 billion, almost 30% higher than the year before. "Investors remain primarily interested in supermarket-anchored retail assets and retail properties in dominant locations supported by strong occupier markets," said Buijs. The logistics market, as in the prior year, recorded a relatively subdued start, partly due to geopolitical tensions. Investment volume reached €1.05 billion, approximately 7% year-on-year. The second quarter showed a clear improvement in the occupier market, which is expected to feed through into investment activity in the second half of the year.

Residential rental sector at a critical juncture

Residential investment volume rose 43% in the first half of the year to €2.71 billion. This increase was partly driven by a shift in transaction timing into 2026 following a reduction in transfer tax. Even so, this growth has barely translated into additional institutional rental housing supply. Institutional investors committed capital to 4,391 newly built residential units and acquired a further 4,377 existing units. Of the existing units acquired, approximately 90% are expected to be sold to owner-occupiers, meaning the institutional rental stock is growing only marginally on a net basis. The actual numbers are higher, as private investors are also selling down their portfolios. According to Buijs: “The effect is visible in absolute numbers in the five largest cities, but the impact is even more severe in smaller municipalities such as Venray and Krimpen aan den IJssel. In Venray, an estimated 19% of investor-owned rental units are being sold off, and in comparable smaller cities the figure exceeds 20%." CBRE expects the sell-down trend to remain a significant market factor for at least the next five years, with particularly serious consequences for students and young renters entering the housing market.

Outlook

For the second half of 2026, CBRE expects current market momentum to continue. Due to persistently high liquidity levels, CBRE has revised its forecast for total investment volume in 2026 upward from €14.3 billion to €15 billion. The faster recovery of the office market and improving activity in the logistics sector provide an important foundation for this outlook.
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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