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Commercial real estate investment volumes continue to grow despite higher interest rates

€3.4 billion invested in Q3, up 8% year-on-year

October 14, 2026

By Noortje Franssen

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A total of €3.4 billion was invested in Dutch commercial real estate during the third quarter of 2026, according to the latest data from CBRE. This represents an increase of more than 8% compared to the same period last year. As a result, total investment volume for the first nine months of the year has reached €10.5 billion, up 27% compared to the first three quarters of 2025. Despite higher interest rates, investor activity remains strong and buyers and sellers continue to find common ground. CBRE expects total investment volume for 2026 to reach approximately €15 billion.

Higher interest rates put pressure on property values

Commercial real estate financing rates increased by approximately 70 basis points over the summer, putting pressure on property valuations. While the market experienced gradual value growth over the past year, driven primarily by rising rents, the recent increase in financing costs is expected to weigh on asset values and may lead to renewed downward pressure on pricing. However, the availability of finance is, and remains, a key driver of the investment market. The number of alternative lenders is growing, whilst banks are competing fiercely on price. As a result, investors have a wide range of financing options available to them on attractive terms.

Sell-off trend impacts institutional rental housing stock

Of the total investment volume, more than €4.5 billion was allocated to the residential sector. Of this amount, €2.1 billion was invested in new-build residential developments, supporting the delivery of approximately 6,500 homes through institutional capital over the coming years. An additional €2.4 billion was invested in existing residential assets. Notably, 87% of these acquisitions were made with the intention of selling the homes individually on the owner-occupier market. As a result, CBRE estimates that around 8,400 homes will gradually exit the institutional rental housing stock in the years ahead.

At the same time, rising interest rates are creating significant challenges for the development of owner-occupied housing schemes. As a result, CBRE expects developers to increasingly explore converting for-sale residential projects into rental or healthcare-oriented housing developments.

Retail becomes the third-largest investment sector

After just three quarters, investment volume in the retail sector has already matched the total recorded for the whole of 2025, highlighting growing investor confidence in the asset class. Several factors are supporting renewed interest in retail real estate, including the stabilisation of e-commerce sales in non-food retail categories, a relatively stable retail stock, continued household growth, and recovering rental levels. As investor demand increases, the availability of investable retail assets is becoming increasingly limited.

Office and logistics markets expected to gain momentum

Investment activity in the office and logistics sectors continues to lag behind other property sectors for now. However, CBRE expects transaction volumes to accelerate in the final quarter of the year. This anticipated growth is partly driven by increased market supply. German open-ended real estate funds, facing liquidity pressures, are bringing more assets to market, creating a broader range of investment opportunities for prospective buyers.

Based on the current pipeline of available assets, CBRE sees potential for total investment volumes to reach approximately €16 billion in 2026. “Higher interest rates are putting pressure on real estate valuations, but the investment market remains active. Buyers and sellers continue to find opportunities to transact. However, due to longer transaction timelines resulting from higher financing costs, combined with the anticipated reduction in transfer tax for residential investors, we expect total investment volume for 2026 to settle at around €15 billion”, said Lodewijk Buijs, Head of Capital Markets at CBRE.

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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