March 2014

ROTTERDAM
CENTRAL BUSINESS DISTRICT
An insiders view
ROTTERDAM CENTRAL BUSINESS DISTRICT 3
Copyright 2014 CBRE
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 estimates
used 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 prior written
permission of CBRE.
INTRODUCTION
We are pleased to present you the second edition
of ROTTERDAM CENTRAL BUSINESS DISTRICT,
AN INSIDERS VIEW, as the report has been
received very positively by those involved with
or interested in the office market in the prime
district of Rotterdam. As Gateway to Europe,
Rotterdam plays a prominent and special role in
the Dutch economy. It is Europes largest seaport,
but also the countrys third largest office location.
With a stronger focus on trade and distribution,
Rotterdam has a less prominent office profile than
the other major cities in the Netherlands, but the
city is nonetheless one of the countrys largest
agglomerations and accommodates a large-scale
and dynamic office market. The business services
sector is best represented. Other important
clusters - which are more directly port-related - are
transport and energy companies, who seek office
space in the city of Rotterdam.
Within the city centre, the Z-shaped Central
Business District is the most important office
location. It comprises of 40 offices in the heart
of the city, mostly situated at Weena, Coolsingel
and Blaak. The high-rise Kop van Zuid area (south
bank of the Nieuwe Maas river) aims for the same
high-end position, but has its own distinct profile
that sets it apart from the CBD.
The Rotterdam Central Business District (RCBD)
offers excellent accessibility by public transport.
It is one of the few European locations where the
prime business district, high speed public transport
and the functional heart of the city with its retail
high streets and leisure facilities are in one and
the same place. The Z-shaped district is draped
over the shopping heart of Rotterdam and most of
its office buildings are neighboured by numerous
residential complexes. Within the RCBD, a
distinction can be made between 3 subareas:
The Weena area (also referred to as
Rotterdam Central District) which consists
of office property at Delftseplein, Hofplein,
Stationsplein and Weena.
TOTAL OFFICE STOCK
767,800 SQ M
NUMBER OF OFFICE
BUILDINGS
40
AVERAGE ANNUAL
TAKE UP 2009-2013
27,250 SQ M
VACANCY RATE
25.7%
QUICK STATS 2013 Q4
These buildings are shown on the map on the
next pages under number 1 till 16.
The Coolsingel area which consists of
office property at Beursplein, Stadhuisplein,
Coolsingel and Aert van Nesstraat. These
buildings are shown on the map on the next
pages under number 17 till 30.
The Blaak area consists of ten office properties
all located at the Blaak. These buildings are
shown on the map on the next pages under
number 31 till 40.
The majority of the office property in the CBD
was constructed after the devastations of WWII,
Groothandelsgebouw being among the first and
(still) the largest. The RCBD currently offers a
mixture between low profile post-war buildings with
large footprints and modern high-rise buildings
from (mainly) the eighties and nineties. Only five
office buildings were constructed in the beginning
of the twenty-first century.
Offices in the RCBD are relatively large in scale,
averaging about 19,000 sq m. The number
and height of the buildings here are unmatched
anywhere else in the country and form The
Netherlands most impressive skyline.
Large-scale (re)developments in the RCBD are
giving the district an upgrade and will improve
the attractiveness of the area. Not only for
corporate occupiers but also for its visitors and
inhabitants. The main foundation on which this (re)
development is based concerns the redevelopment
and enlargement of the Central Station to a
public transport terminal that can cope with the
strong growth of (international) passengers and
especially to its function as an entrance to the
city. Little is known however about the impact of
these developments and the details of the market
dynamics in the district. Particularly in a situation
where the office market of the RCBD is coping
with a significant volume of vacant office space,
it is important to emphasize the strong qualitative
differences that exist in the current market.
Cover photo by:
Adriaan van Dam Fotografie
4 ROTTERDAM CENTRAL BUSINESS DISTRICT ROTTERDAM CENTRAL BUSINESS DISTRICT 5
2
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40
1. Groothandelsgebouw
2. Weenapoint
3. Millennium Tower
4. Central Plaza
5. Delftse Poort
6. Central Post
7. Unilever HQ
8. 200 Weena
9. Gebouw Weena
10. Weenatoren
11. Weena 70
12. Weenahuis
13. Weenaflat
14. Hofplein 19
15. Hofpoort
16. Hofplein 33
17. Coolsingel 6
18. Stadhuis
19. Hermes
20. Holbeinhuis
21. De Utrecht
22. Coolsingel 93
23. Aert van Nesstraat 5
24. De Splinter
25. Rotterdam Building
26. Beurs-WTC
27. Coolsingel 119
28. Erasmushuis
29. Coolse Poort
30. Robecohuis
31. Blaak Office Tower
32. Blaak 333
33. Blaak 40
34. Blaak 34
35. Blaak 28
36. Blakeburg
37. Blaak 31
38. Blaak 16
39. Blaak 8
40. Blaakhaven
Central
Station
Station
Blaak
6 ROTTERDAM CENTRAL BUSINESS DISTRICT ROTTERDAM CENTRAL BUSINESS DISTRICT 7
1. Office stock
2. Take-up
3. Vacancy rate
4. Prime net initial yield
660
680
700
720
740
760
780
2
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Entire CBD Weena area
Coolsingel area Blaak area
V
a
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r
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4.8%
5.0%
5.2%
5.4%
5.6%
5.8%
6.0%
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P
r
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n
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t
in
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ie
ld
1. Office stock
2. Take-up
3. Vacancy rate
4. Prime net initial yield
660
680
700
720
740
760
780
2
0
0
1
2
0
0
2
2
0
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3
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Q
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Entire CBD Weena area
Coolsingel area Blaak area
V
a
c
a
n
c
y

r
a
te
4.8%
5.0%
5.2%
5.4%
5.6%
5.8%
6.0%
Q
1
2
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1
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Q
2
2
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1
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3
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P
r
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e

n
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t
in
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l
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ie
ld
1. Office stock
2. Take-up
3. Vacancy rate
4. Prime net initial yield
660
680
700
720
740
760
780
2
0
0
1
2
0
0
2
2
0
0
3
2
0
0
4
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40%
45%
Q
3
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Entire CBD Weena area
Coolsingel area Blaak area
V
a
c
a
n
c
y
r
a
te
4.8%
5.0%
5.2%
5.4%
5.6%
5.8%
6.0%
Q
1
2
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2
2
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ROTTERDAM CBD OFFICE MARKET
DYNAMICS
Stock, take-up & vacancy
In terms of square meters the RCBD is comparable
to the prime districts in the other three major cities.
A striking feature, however, is the large scale of
the office buildings: a respectable 29 out of the
40 properties are larger than 10,000 sq m and
most of the office buildings can be qualified as
multi-tenant facilities. Offices in the RCBD are
relatively old: the average year of completion is
1974. By comparison: the average for the CBDs of
Amsterdam and The Hague is 1992. As a result,
the district is coping with obsolete first-generation
office property for which it is difficult to find a
tenant in the current state.
Demand for office space in the RCBD appears
to be volatile. It has shown a slightly positive
outcome in the year 2013, when compared to
2012. Measured from 2005 to 2013 the average
annual take-up is approx. 28,100 sq m. The year
2010 was the best year in terms of volume, with a
total take-up of almost 60,000 sq m.
After that year the annual take-up volume has
shown a downward trend, to an annual average
take-up of 22,100 sq m.
Vacancy within the RCBD has increased from
the lowest point in 2008 (58,000 sq m) to a
substantial level of approx. 197,000 sq m in 2013.
This figure indicates that 25.7% of the total stock
is currently available on the open market, either
to let or for sale. This is a high vacancy rate for
a prime district, but it should be pointed out that
52% of the total vacancy is located in only five
buildings, of which three can be regarded as
obsolete. An example is the Blaak 16 building, for
which redevelopment plans are being worked out.
Differences also occur within the RCBD subareas,
showing somewhat lower rates at Coolsingel and
higher rates in the Blaak and Weena areas.
Top 10 available offices 2013 Q4
Most recent investment deals
Top 10 largest occupiers
RANK PROPERTY NAME SQ M OCCUPIER
1 Unilever HQ 22,000 Unilever
2 Delftse Poort 22,000 ING Insurance (Nationale Nederlanden)
3 Coolse Poort 20,000 Allianz
4 Stadhuis 19,000 Municipality of Rotterdam
5 Robecohuis 17,000 Robeco
6 Blaak 31 14,400 Loyens & Loeff
7 Blaak 8 13,500 Stedin
8 Groothandelsgebouw 13,000 LyondellBasell Industries
9 Weena 70 12,000 Shell Downstream
10 Blaak 34 10,800 Municipal Tax Office Rotterdam
RANK PROPERTY NAME SQ M AVAILABLE
1 Delftse Poort 42,200
2 Blaak Office Tower 18,400
3 Hofpoort 15,100
4 Blaak 16 14,600
5 Hofplein 19 12,100
6 Groothandelsgebouw 10,000
7 Millennium Tower 9,000
8 Central Plaza 8,800
9 Blakeburg 7,100
10 De Utrecht 6,900
YEAR PROPERTY NAME SQ M BUYER PURCHASE PRICE

(X 1 MILLION)
2014 Erasmushuis 5,300 Coolsingel 104 B.V. 3.95
2013 Weenatoren 10,700 Blackstone Approx. 14
2013 200 Weena 17,500 Blackstone Approx. 25
2013 Hofpoort 19,000 PPF Group Approx. 8
2012 Blaak 28-34 18,000 Real IS 36.2
2011 Blaak 8 13,500 Hannover Leasing 52.7
2009 Unilever HQ 24,500 Real IS 86
2008 Weenapoint 33,700 Maarsen Groep 89.3
2008 Blaak 31 23,200 Commerz Real Investmentgesellschaft 80
Vacancy rate
Office stock
Take-up
This can be mostly attributed to the (partially)
vacant office buildings Delftse Poort (42,200 sq m)
and Blaak Office Tower (18,400 sq m).
Looking at the year of completion of vacant office
property it can be noticed that buildings which
are built in the 70s and 90s are coping with
most of the vacant office space. In total they are
responsible for almost 64% of total vacancy. Often,
the lay-out and appearance of these buildings no
longer meet nowadays occupier requirements.
Renovation or redevelopment would be a solution.
A further widening of the market is expected
due to new developments as First Rotterdam
and Cool63. Although these schemes will
push vacancy higher still, they are necessary to
provide room for corporate tenants. These are
increasingly consolidating their operations and
are implementing flexible workspace strategies,
opting for high-grade and often new or renovated/
refurbished properties. These relocations are
causing vacancy in older premises and at
secondary or peripheral locations, thus polarising
the market further. Examples are Robeco and
Stedin who respectively signed lease agreements
for First Rotterdam and Blaak 8.
Blaakhaven De Splinter
Central Post
Blaak 31
Blaak 8
8 ROTTERDAM CENTRAL BUSINESS DISTRICT ROTTERDAM CENTRAL BUSINESS DISTRICT 9
Type of owner
1. Office stock
2. Take-up
3. Vacancy rate
4. Prime net initial yield
660
680
700
720
740
760
780
2
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Entire CBD Weena area
Coolsingel area Blaak area
V
a
c
a
n
c
y
r
a
te
4.8%
5.0%
5.2%
5.4%
5.6%
5.8%
6.0%
Q
1
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YEAR OF COMPLETION
TYPE OF OWNER
NATIONALITY OF OWNER
1945-1960
60s
70s
80s
90s
Post 2000
8%
12%
23%
4%
41%
12%
29%
26%
10%
4%
13%
7%
5%
2%
Open/Closed/Special Funds
Public Company
Developer
REIM
Private
Owner/Occupier
Institutional
Bank
Netherlands
Germany
USA
French
Czech Republic
59%
29%
10%
2%3%
YEAR OF COMPLETION
TYPE OF OWNER
NATIONALITY OF OWNER
1945-1960
60s
70s
80s
90s
Post 2000
8%
12%
23%
4%
41%
12%
29%
26%
10%
4%
13%
7%
5%
2%
Open/Closed/Special Funds
Public Company
Developer
REIM
Private
Owner/Occupier
Institutional
Bank
Netherlands
Germany
USA
French
Czech Republic
59%
29%
10%
2%3%
YEAR OF COMPLETION
TYPE OF OWNER
NATIONALITY OF OWNER
1945-1960
60s
70s
80s
90s
Post 2000
8%
12%
23%
4%
41%
12%
29%
26%
10%
4%
13%
7%
5%
2%
Open/Closed/Special Funds
Public Company
Developer
REIM
Private
Owner/Occupier
Institutional
Bank
Netherlands
Germany
USA
French
Czech Republic
59%
29%
10%
2%3%
TRANSACTIONS BY CATEGORY SIZE
NO OF TRANSACTIONS
SECTOR OF COMPANIES & RENTED
UNITS AT THE CBD
<1,000 sq m
1,000-4,999 sq m
5,000-9,999 sq m
>10,000 sq m
37%
51%
5%
7%
Groothandelsgebouw
Central Post
Gebouw Weena
Central Plaza
Rotterdam Building
Millennium Tower
200 Weena
Other
18%
16%
7%
6%
6%
5%
5%
37%
25%
16%
11%
13%
7%
4%
3%
5%
5%
2%
9%
Business Services
Industry, Transport, Utilities & Trading
Financial Services
IT and Media
Public Sector
Architects & Construction
Healthcare
Education
Lawyers and Notary
Real Estate
Other
TRANSACTIONS BY CATEGORY SIZE
NO OF TRANSACTIONS
SECTOR OF COMPANIES & RENTED
UNITS AT THE CBD
<1,000 sq m
1,000-4,999 sq m
5,000-9,999 sq m
>10,000 sq m
37%
51%
5%
7%
Groothandelsgebouw
Central Post
Gebouw Weena
Central Plaza
Rotterdam Building
Millennium Tower
200 Weena
Other
18%
16%
7%
6%
6%
5%
5%
37%
25%
16%
11%
13%
7%
4%
3%
5%
5%
2%
9%
Business Services
Industry, Transport, Utilities & Trading
Financial Services
IT and Media
Public Sector
Architects & Construction
Healthcare
Education
Lawyers and Notary
Real Estate
Other
TRANSACTIONS BY CATEGORY SIZE
NO OF TRANSACTIONS
SECTOR OF COMPANIES & RENTED
UNITS AT THE CBD
<1,000 sq m
1,000-4,999 sq m
5,000-9,999 sq m
>10,000 sq m
37%
51%
5%
7%
Groothandelsgebouw
Central Post
Gebouw Weena
Central Plaza
Rotterdam Building
Millennium Tower
200 Weena
Other
18%
16%
7%
6%
6%
5%
5%
37%
25%
16%
11%
13%
7%
4%
3%
5%
5%
2%
9%
Business Services
Industry, Transport, Utilities & Trading
Financial Services
IT and Media
Public Sector
Architects & Construction
Healthcare
Education
Lawyers and Notary
Real Estate
Other
5. TRANSACTIONS BY NUMBER
AND SIZE
6. RENTAL LEVELS
0
10
20
30
40
50
60
70
0
2
4
6
8
10
12
14
16
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Transactions Size
N
u
m
b
e
r
o
f tr
a
n
a
c
tio
n
s
x
1
,0
0
0
s
q
m
0
50
100
150
200
250
Weena area Coolsingel area Blaak area

p
e
r
s
q
m
p
e
r
y
e
a
r
Prime Prime Prime
Average Average Average
Transactions by number and size (sq m) (2004-2013) OWNERS
The ownership structure in the Rotterdam CBD is
characterised by a large share of German open
and closed-ended funds. In terms of surface,
about 29% of the total stock is owned by these
funds. They are currently active players on the
Dutch office market, investing in prime offices that
are having a growth potential. Another noteworthy
aspect of the ownership structure is the fact that
only four office buildings are owner occupied. This
concerns the two buildings of ABN AMRO, the
Municipality of Rotterdam and the Chamber of
Commerce. From this perspective the RCBD can
be characterized as a typical letting and investment
market.
In line with the other G4 cities most of the total
stock is in the hands of domestic landlords (59%).
Another large share is for German investors (29%),
which all concern open and closed-ended funds.
A growing share is for US-based investors, mostly
due to the entry of Blackstone who purchased two
office assets at Weena in 2013.
The office investment market in the RCBD has
seen an increase in investment activity in 2013, but
the growth was entirely due to the market entry of
private equity. Both Blackstone and the PPF Group
acquired office property in the RCBD, albeit as
part of nationwide portfolios. The activity of private
equity parties such as Blackstone in the RCBD
is reflecting an increased appetite for core-plus
and value-add assets in a prime market, aiming
at an expansion of the core market and a future
sharpening of yields. Although vacancy figures
in the RBCD are still high, the latest investment
transactions are a sign that market conditions are
expected to improve. As such, this could bring
about more activity into the market.
Yields in the CBD of Rotterdam generally reach the
same levels as the trades that have been recorded
in the other G4 cities. With a current level of
approx. 5.7% (net) for prime office buildings, yields
are among the lowest in the Netherlands. Based
on investment transactions of older office buildings
the average net initital yield lies around a level
of 7,5%. These older properties provide a clear
value-add opportunity.
LEASES
In the period 2004-2013, about 102 letting
transactions (>500 sq m) were recorded in the
CBD of Rotterdam.
A total of over 258,000 sq m was occupied by
these transactions. The best year in number of
transactions was 2008, whereas the year 2010
showed the largest take-up volume. This is partly
due to three transactions by Shell Downstream,
Stedin and Nauta Dutilh, covering 35,500 sq m
in total. On asset level the multi-tenant giants
Groothandelsgebouw and Central Post account
for more than a third of all transactions in the
RCBD. Particularly Central Post proves that
redevelopments at own risk that are able to meet
user requirements will keep attracting tenants in
current market conditions.
In line with the other G4 cities most of the
transactions are in the below-5,000 sq m range
(88%). Only a handful of transactions were larger
than 5,000 sq m, and of the transactions above
10,000 sq m four out of seven deals concerned
rental agreements for newly built offices. According
to these figures, the office transaction market in the
RCBD can be ranked as small- to medium-sized.
Another visible trend in the market is that
companies choose more often for a contract
renewal based on flexible lease terms. Recent
examples include Nationale Nederlanden, Unilever
and Houthoff Buruma.
The relatively large presence of Industry, Transport,
Utilities & Trading related companies (16%) is a
striking aspect of the RCBD when compared to
the other G4 cities. The main reason for this is
the proximity of the Port of Rotterdam, the largest
port in Europe. Of all companies in the RCBD
a quarter are from the business services sector.
Financial services and IT and Media also have
a strong presence in the RCBD. In addition, the
RCBD accommodates several corporate tenants
with a historical presence in the city, such as ABN
AMRO, Allianz, Nationale Nederlanden, Robeco
and Unilever.
RENTS & INCENTIVES
Average rents in the CBD of Rotterdam currently
move around a level of 170 per sq m per year.
It should be noted, though, that rental prices differ
strongly per subarea. The highest market rents
for larger-scaled property (> 500 sq m) are to be
found at Weena, with a prime rent of 225 per
sq m per year. These top rents are related strongly
to the individual image of the premises and cannot
be considered as a general rent level for standard
office units. Based on the available data of letting
transactions an absolute top market rent of 250
is being paid for smaller-scaled office space in the
Transactions by size category (sq m) (2004-2013)
Sector (%) of companies & rented units at the CBD
in Rotterdam in 2013 (excluding Beurs-WTC)
Number (%) of transactions by building (2004-2013)
Year of completion of vacant office
buildings
Nationality of owner
Prime net initial yield
10 ROTTERDAM CENTRAL BUSINESS DISTRICT ROTTERDAM CENTRAL BUSINESS DISTRICT 11
5. TRANSACTIONS BY NUMBER
AND SIZE
6. RENTAL LEVELS
0
10
20
30
40
50
60
70
0
2
4
6
8
10
12
14
16
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Transactions Size
N
u
m
b
e
r o
f tra
n
a
c
tio
n
s
x
1
,0
0
0
s
q
m
0
50
100
150
200
250
Weena area Coolsingel area Blaak area

p
e
r s
q
m
p
e
r y
e
a
r
Prime Prime Prime
Average Average Average
Rental levels 2009-2013
World Trade Center. On the other hand, market
rents of only 100 per sq m per year are being
paid for older property in the RCBD. According to
this it seems that a young age and a high quality
of the property ensure significantly higher market
rents than the average.
Rotterdam Central Station
Source: Adriaan van Dam Fotografie
Impression First Rotterdam
Source: First Rotterdam CV
Impression Cool63
Source: MAB Development
In the Netherlands incentives form a common
instrument for landlords to attract tenants and keep
nominal rent levels up. As this is not different for
the RCBD, a general range can be given.
Currently the average level of rent incentives for
new lease contracts in the district is about 15%-
25%. It is expected that when new development
has dried up, incentive levels in the RCBD will
stabilize or even decline in the near future. Still,
there will be a clear difference between high
grade office buildings and older buildings that
are not able to meet user requirements.
NEW DEVELOPMENT
The municipality of Rotterdam has decided to
restructure and upgrade the inner citys core
area thoroughly. With the redevelopment
and expansion of the Central Station and the
Stationsplein, the entrance of its most prominent
office area is uplifted to suit the international allure
of the city.
The redevelopment of the Central Station is the first
step towards a more lively and attractive Central
Station area. On the ground floor of the high-rise
buildings additional retail and leisure units are built
to create a vivid urban environment. Included is a
large parking garage at Kruisplein (760 parking
spots) and a pedestrian boulevard on top.
Central Station & Stationsplein
Currently, the redevelopment of the Central Station
and the square is in its final phase. The entire
project is set to be completed in the first months
of 2014, with a grand opening in March. In the
redevelopment project a bicycle garage is included
with room for almost 5,200 bicycles. This may
seem hardly relevant to the international reader,
but bicycles are a main form of transport in the
Dutch inner cities and facilities to store them are
a necessity to be able to cater for office staff.
Weenapoint First Rotterdam
Another large redevelopment scheme, just
across the Central Station, is the 110,000 sq m
Weenapoint with the First Rotterdam project. This
mixed-use project consists of 54,000 sq m of office
space, 800 sq m of retail space, apartments and
200 parking spots. For the development of First
Rotterdam the old Weenapoint office will partly be
restructured and integrated into the First Rotterdam
tower. The 130 metre high-rise is projected to be
completed in 2015.
WeenaBLVD
Following the completion of the Central Station,
the WeenaBLVD project is set to start. The
objective is to create a pedestrian-friendly, direct
access to the CBD from the Central Station. Motor
vehicles will be restricted from this area. The date
of execution of this project is yet to be determined.
Besides, a new hotel will be developed, which in
2017 will accommodate Intercity Hotel.
Cool63
The mixed-use project Cool63 will replace
outdated buildings with a new building including
offices (5,100 sq m), retail and restaurant/catering
services (13,700 sq m) and 15 luxury residences.
The project is set to be completed in 2015.
Post Rotterdam
The Post Rotterdam project is often debated. The
initial proposition was to restructure the former
post office at Coolsingel into a luxury segment
shopping mall. After being rejected, the current
plan is to develop a retail outlet centre of 28,500
sq m. However, it remains uncertain whether and
when the development will be realised.
Forum Rotterdam
The Forum Rotterdam project is often mentioned.
O.M.A. Architects is responsible for the 66 metre
high and 65 metre wide cubic with mixed-use
functions. The former ABN-AMRO tower will be
demolished while the monumental front will be
incorporated in the new development. In total this
project encompasses 120,000 sq m which includes
15,000 sq of office space, 35,000 sq m of retail
space, 100 apartments, 150 hotels rooms, 3,000
sq m of restaurant/catering and 2,000 sq m of
culture/leisure space. The construction of Forum
Rotterdam is expected to be realised in 2016.
Erasmushuis
The Erasmushuis, also known as the HBU-building
where the former Hollandsche Bank-Unie was
established, is a vacant office property for which
redevelopment plans are currently being made.
Markthal
A much acclaimed project in the CBD of Rotterdam
is the construction of the Markthal (market hall).
It concerns a mixed-use development of 200
apartments, 10,000 sq m of retail space, 2,000
sq m of restaurant and catering services and 1,200
parking spots. The development is completely
focused on food and beverages and will contribute
to the CBDs living environment. The construction
will be finished in the second half of 2014.
Blaak 31
At Blaak several buildings will either be
redeveloped, expanded, demolished and/or
constructed. One of the buildings, Blaak 31,
is already developed and completed in 2010,
but is worth mentioning as an important step
in the development process of the Blaak. The
construction of this 23,000-sq m building started
in the second half of 2008. Currently, Blaak 31 is
almost fully occupied.
Blaak 16
Blaak 16 is an example of transformation of
an old office building into a highly sustainable
office with 16,000 sq m of office space and
125 parking spots. However, redevelopment
is currently not in progress and although there
are several propositions, the project is still in an
exploratory phase.
Blaak 8
Another example of sustainable office development
that already has been finalised is Blaak 8. This 70
metre high tower with 22,500 sq m reserved for
office activities and 168 parking spots is now in
use by the headquarters of Stedin.
Blaakhaven
The Blaakhaven building comprises of 9,000
sq m for mixed-use functions of which 4,800 sq m
is designated for office space, 1,200 sq m for retail
and 150 rooms are reserved for hotel purposes.
The building encompasses 118 parking spots. The
construction started in 2011 and was completed
in Q4 2013.
BREEAM-NL
Rotterdam Central District (RCD, effectively
the Weena subarea of the CBD) is the first
office district participating in the BREEAM-NL
certification of the Dutch Green Building Council.
RCD started a pilot to make the district more
attractive for contemporary office demand, by
enhancing its sustainable character. In this pilot,
the focus lies on both (re-) development of real
estate and sustainable entrepreneurship.
12 ROTTERDAM CENTRAL BUSINESS DISTRICT ROTTERDAM CENTRAL BUSINESS DISTRICT 13
2
1
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
Developments
1. Central Station & Stationsplein
2. Weenapoint First Rotterdam
3. WeenaBLVD
4. Cool63
5. Post Rotterdam
6. Forum Rotterdam
7. Erasmushuis
8. Markthal
9. Blaak 31 (realised)
10. Blaak 16
11. Blaak 8 (realised)
12. Blaakhaven
New tenants in the CBD
from 2012-2013
( 500 sq m)
13. The Office Operators
14. Dockwise
15. Van der Stap Notarissen
16. Coolblue
17. Infopact Network Solutions
18. Next Generation Telecom
International (NGTI)
19. Sea Trucks Netherlands
20. Wilmar Europe Holdings
21. UPC Capelle a/d IJssel
22. Red Box Group
23. Unique Nederland
Central
Station
Station
Blaak
14 ROTTERDAM CENTRAL BUSINESS DISTRICT ROTTERDAM CENTRAL BUSINESS DISTRICT 15
CONCLUSIONS AND OUTLOOK
The CBD of Rotterdam is an office district in
transition. The first generation of office property
has lost most of its functionality and appeal to the
larger corporate tenants. This has meanwhile led to
a substantial vacancy in the district. However, the
RCBD keeps attracting tenants due to its unique
mix of accessibility and multi-functionality in the
heart of the city.
The RCBD is also growing in its role of preferred
area for international companies, particularly
when it concerns the energy- and transport related
niches. Recently, the district has been successful
in attracting tenants in the likes of Coolblue, UPC
and Sea Trucks, but has also shown to be able to
keep large-scale occupiers as Houthoff Buruma
and Unilever.
The municipality has understood this trend and is
actively upgrading the inner city by strengthening
its accessibility and its appeal as a place to work
and live. To meet nowadays tenant requirements,
there is also a need for new office space, whether it
is in new development schemes or in redeveloped
older properties. The success of the Central Post
redevelopment scheme provides a clear guideline.
The upcoming completion of First Rotterdam,
Cool63 and the refurbishment of Delftse Poort will
satisfy this need further, although it will also lead to
an even higher aggregate vacancy in the inner city.
Due to continuing demand from corporate tenants,
the longer-term outlook for the RCBD is favourable
and market conditions can move back to healthy
levels again once the transition phase is over. To
this end, however, the city and other market parties
involved will have to realise that a concerted effort
and focus is needed. Opting for a simultaneous
development and expansion of multiple office
districts in the agglomeration will only challenge
the office market further.
The CBD of Rotterdam is without doubt the
top office district of the city and is expected to
become an ever more important location in The
Netherlands. Currently the negative market trend is
bottoming out and is expected to exploit its upward
potential, for an important part boosted by the
delivery of the restructured Weena area and the
new Rotterdam CS. It has all the characteristics
necessary to become a market with a healthy
demand/supply balance. However, upfront
investment in older buildings, which are not able
to meet nowadays tenant requirements, is key for
the success of the area and its property.
IMAGES OF THE LISTED BUILDINGS OF PAGES 4 AND 5
1. Groothandelsgebouw
2. Weenapoint
3. Millennium Tower
4. Central Plaza
5. Delftse Poort
6. Central Post
7. Unilever HQ
8. 200 Weena
9. Gebouw Weena
10. Weenatoren
11. Weena 70
12. Weenahuis
13. Weenaflat
14. Hofplein 19
15. Hofpoort
16. Hofplein 33
17. Coolsingel 6
18. Stadhuis
19. Hermes
20. Holbeinhuis
21. De Utrecht
22. Coolsingel 93
23. Aert van Nesstraat 5
24. De Splinter
25. Rotterdam Building
26. Beurs-WTC
27. Coolsingel 119
28. Erasmushuis
29. Coolse Poort
30. Robecohuis
31. Blaak Office Tower
32. Blaak 333
33. Blaak 40
34. Blaak 34
35. Blaak 28
36. Blakeburg
37. Blaak 31
38. Blaak 16
39. Blaak 8
40. Blaakhaven
For more information please contact:
CBRE B.V.
Research and Consulting
Machiel Wolters
Director
+31 (0)20 626 26 91
Nick van Wijk
Consultant
+31 (0)20 626 26 91
CBRE Rotterdam
Walter Dielemans
Director
+31 (0)10 300 48 00
Fabrizio Rigutto
Consultant
+31 (0)10 300 48 00