June 2013

ZUIDAS AMSTERDAM
An insiders view
Copyright 2013 CBRE. All rights reserved.
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.
AN INSIDERS VIEW ZUIDAS AMSTERDAM 3
INTRODUCTION
Since the first edition of ZUIDAS AMSTERDAM,
AN INSIDERS VIEW (2011) has been received
positively by those involved with or interested in the
office market at the Zuidas area, it is now time for
an update. All the more reason for an update is the
current split development visible in the Dutch office
market, where prime office locations are showing
relatively favourable market dynamics (continuing
demand, steadily declining vacancy), while the
opposite is happening at less popular locations.
Zuidas Amsterdam is a pre-eminent example of a
well functioning market, where the prime property
market is already tightening while companies are
still interested to settle down in the area.

The Zuidas Amsterdam office district stretches along
both sides of the A10 motorway (ring road) in the
southern part of Amsterdam. The area begins at
the RAI conference complex in the east and ends at
the Tripolis office complex and the West/Zuiderhof
subarea in the west. In north-south direction, the
district stretches from Stadionkade to De Boelelaan.
Zuidas Amsterdam consists of three subareas.
The core area (also referred to as High South;
buildings 21 to 39 on the map) is the office cluster
immediately surrounding railway station Station
Zuid). This subarea is by far the largest and also
the most prominent subarea of Zuidas Amsterdam.
The area is dominated by the World Trade Center,
the ABN AMRO headquarters, the Symphony towers
and the Mahler4-complex with office towers such
as The Rock and Toyo Ito. A new building under
construction is the Deloitte/AKD office tower
(The Edge), at the imaginary border between
the core area and subarea West/Zuiderhof.
The eastern subarea Vivaldi (buildings 42 55)
offers a number of older buildings, dating from
before the planned development of Zuidas
Amsterdam, but also a newer development such as
the Ernst & Youngs Cross Towers is situated here.
Vivaldi is situated in the immediate vicinity of railway
station Amsterdam RAI, near conference centre RAI.
Subarea West/Zuiderhof is the western part of
TOTAL OFFICE STOCK
801,000 SQ M
NUMBER OF OFFICE
BUILDINGS
55
AVERAGE ANNUAL
TAKE UP 2007-2012
43,500 SQ M
VACANCY RATE
7.4%
QUICK STATISTICS 2013 Q1
Zuidas Amsterdam. It is a more diverse area
and offers a number of prominent buildings
such as the Amsterdam law court, the ING
House and the Zuiderhof complex. Virtually all
buildings are all located along the north-south
axes Amstelveenseweg and Parnassusweg/
Buitenveldertselaan.
One of the success factors of Zuidas Amsterdam
is that the area was initially an extension of the
traditional prime office districts of Amsterdam
Oud-Zuid and Centre. Large companies in these
city districts were looking for larger and modern
office space and Zuidas Amsterdam was able to
meet these demands. This also explains why initially
particularly the financial and business services
sectors came to Zuidas Amsterdam, since these
companies also dominated the inner city districts.
The increasing presence of these sectors at Zuidas
Amsterdam, however, eventually also attracted
related enterprises, head offices and national
branches of foreign companies to the office district.
The multifunctional character of the area has
contributed greatly to the success of Zuidas
Amsterdam as well. In the beginning it was difficult
to attract retailers to a completely new area, but the
more prominent companies the Zuidas attracted,
the more retailers became interested to start a
business. Today, the core area of Zuidas Amsterdam
accommodates about 64 tenants active on the
field of retail or consumer related services: 45%
of the tenants belongs to the so-called horeca
sector (hotel, restaurant, catering), 17% to the
actual retail trade and 24% to consumer related
services. Among the remaining part of tenants are
for example day cares, a dermatologic clinic and
a dentist. It should be noted that also the steady
construction of residential apartments since 2006
has attracted more retailers to the area. Today,
the Zuidas area offers about 600 residential
apartments, divided between six buildings, and
more residential projects are in the pipeline. Zuidas
Amsterdam will become a more multifunctional
area in the next two decades, thanks to many and
various projects still to be executed.
4 AN INSIDERS VIEW ZUIDAS AMSTERDAM
1 Gemini
2 Forum
3 Garden Court
4 Olympic Plaza
5 Tripolis Building 100
6 Tripolis Building 200
7 Tripolis Building 300
8 ING House
9 Zuiderhof Pavillion 1
10 Zuiderhof Pavillion 2
11 Zuiderhof Pavillion 3
12 Zuiderhof Pavillion 4
13 Zuiderhof I
14 Zuiderhof II
15 Meerparc
16 Boer & Croon
17 Parnassus Tower
18 Vitrium
19 Anrooy Building
20 Parnascomplex
21 Prinses Irene Building
22 Freshfields
23 Strawinskyhuis
24 Winterthur
25 Atrium
26 Stibbe Tower
27 AKZO Tower
28 WTC H, I
1 2
3
4
5
6
7
8
9
10
11
14
13
15
16
12
AN INSIDERS VIEW ZUIDAS AMSTERDAM 5
29 WTC A - D, F, G
30 WTC E
31 The Rock
32 Graves
33 Violy
34 UN Tower
35 FOZ
36 SOM
37 Toyo Ito
38 ABN AMRO
39 Symphony
40 Lons
41 Metropolitan
42 Cross Towers
43 Vivaldi Offices I
44 Vivaldi Offices II
45 Antonio Vivaldistraat 12
46 Nijkerk Building
47 Binck Bank
48 Eurocenter II
49 NBA
50 The Boardyard
51 Stage
52 XL Insurance Building
53 Officia I
54 Officia II
55 Officia III
See page 15 for images of the listed buildings.
17
19
20
21
25
22
26
23
27
24
28 29 30
31 32 33
34
35 36
37
38
39
40
41
42
44
43
45
49 50 51
52
53
55
54
46
47 48
18
6 AN INSIDERS VIEW ZUIDAS AMSTERDAM
0%
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Entire Zuidas Core area West/Zuiderhof Vivaldi
%




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ZUIDAS AMSTERDAM OFFICE
MARKET DYNAMICS
Take-up & vacancy
At a long-term (10 year) the average annual take-up
at Zuidas Amsterdam is roughly 44,000 sq m per
year. In this respect, however, it should be noted that
most office buildings in the district were built only
recently: in terms of square metres approximately
50% of total stock has been constructed after the
year 2000. As a result, most of the rented office
space has been taken up in a relatively short
period of time. Moreover, also in the period
between 2008 (when the economic crisis also
reached the Netherlands) and 2012, the annual
average take-up volume was virtually on the same
level as the long-term average.
Total stock increased between 2008 and 2012 by
a solid 100,000 sq m. Initially vacancy increased
as well, but it declined since 2010. As a result,
vacancy declined from about 89,000 sq m in 2008
Q4 to almost 62,000 sq m in 2012 Q4.
In the course of 2013 Q1, vacancy has shown a
little decline again and currently moves around
59,000 sq m, which implies a vacancy rate of
roughly 7.4%. In this respect, it should be noted
of course, that vacancy will increase again once
Stibbe and Akzo Nobel have physically moved to
their new office towers in the Beethoven subarea,
leaving their current office towers (The Twin Towers)
behind. On the other hand, this will possibly
also bring about some movement on the Zuidas
market, where the market is gradually tightening,
while international companies are still interested in
suitable office space at the Zuidas Amsterdam office
district which is, however, currently hardly available.
As the table on the next page will show, there is also
hardly office space available at Zuidas Amsterdam
of 5,000 sq m or larger ((i.e. as a single lettable
unit). Besides, most companies currently looking at
the Zuidas for office space seem to focus on offices
with a floor area between 300 and 600 sq m.
Vacancy rate
Office stock
Take-up
Take-up net absorption
AN INSIDERS VIEW ZUIDAS AMSTERDAM 7
Top 10 available offices 2013 Q1
Most recent investment deals
Top 10 largest occupiers
RANK PROPERTY NAME SQ M OCCUPIER
1 ABN AMRO 67,000 ABN AMRO
2 Parnascomplex 46,300 Law Court Amsterdam
3 Cross Towers 25,900 Ernst & Young
4 The Rock 24,300 De Brauw Blackstone Westbroek
5 Forum 17,300 Loyens & Loeff
6 ING House 17,500 ING Group
7 World Trade Center, Tower I 15,100 NautaDutilh
8 Symphony 12,400 APG Algemene Pensioen Groep
9 ZuiderHof I 12,500 Van Doorne
10 Toyo Ito 12,300 Houthoff Buruma
RANK PROPERTY NAME SQ M AVAILABLE
1 UN tower 7,300
2 Atrium 7,031
3 Winterthur 6,790
4 Symphony 5,088
5 FOZ 4,858
6 Eurocenter II 4,504
7 World Trade Center, A-D 3,750
8 Garden Court 2,842
9 Tripolis Building 100 2,500
10 Meerparc 2,462
YEAR PROPERTY NAME SQ M BUYER PURCHASE PRICE

(X 1 MILLION)
2013 Akzo Nobel Tower 14,735 Union Investment (UniImmo) 82.1
2012 Violy 26,160 Deka Immobilien 139
2012 The Rock 29,665 WestInvest InterSelect 131.8
2011 Zuiderhof I 12,500 AEW Europe 61
2009 Zuiderhof II 17,500 LB Immo Invest / GLL Real Estate 54.5
2009 Eurocenter I 9,615 Binck Bank 24
8 AN INSIDERS VIEW ZUIDAS AMSTERDAM
GRAF 5
GRAF 6
GRAF 8
15
14
13
8
5
12
26
12
3
2
40%
42%
8%
10%
< 1000 sq m
1000-4999 sq m
5000-9999 sq m
>10000 sqm
REIM
Open/Closes
Private
Institutional
OOC
Germany
Netherlands
USA
France
Other
GRAF 5
GRAF 6
GRAF 8
15
14
13
8
5
12
26
12
3
2
40%
42%
8%
10%
< 1000 sq m
1000-4999 sq m
5000-9999 sq m
>10000 sqm
REIM
Open/Closes
Private
Institutional
OOC
Germany
Netherlands
USA
France
Other
0%
5%
10%
15%
20%
25%
30%
35%

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GRAF 4
GRAF 7
5.65%
4.5
4.7
4.9
5.1
5.3
5.5
5.7
5.9
6.1
6.3
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Entire Zuidas Core area West/Zuiderhof Vivaldi
%
GRAF 5
GRAF 6
GRAF 8
15
14
13
8
5
12
26
12
3
2
40%
42%
8%
10%
< 1000 sq m
1000-4999 sq m
5000-9999 sq m
>10000 sqm
REIM
Open/Closes
Private
Institutional
OOC
Germany
Netherlands
USA
France
Other
GRAF 5
GRAF 6
GRAF 8
15
14
13
8
5
12
26
12
3
2
40%
42%
8%
10%
< 1000 sq m
1000-4999 sq m
5000-9999 sq m
>10000 sqm
REIM
Open/Closes
Private
Institutional
OOC
Germany
Netherlands
USA
France
Other
OWNERS
The available data about tenants and office
buildings at Zuidas Amsterdam show that the
area generally houses prominent, solvable tenants
in often high-grade core assets. Regarding
office properties, the data also indicate that
these buildings are often multi-tenant facilities,
particularly the larger properties.
Type of owner
Nationality of owner
Prime yield Zuidas Amsterdam
Although such properties are generally more
complex to manage, the vacancy risk for this type
of property is also reduced, thanks to a variety of
tenants and the spread of expiration dates of the
individual leases. This fact is also being subscribed
by the low volume of completely vacant buildings
at Zuidas Amsterdam.
Regarding ownership at Zuidas Amsterdam, it
appears that only five out of the fifty-five office
buildings are owner-occupied. A notable fact
is that the lions share of owner-occupied office
metres is on the account of ABN AMRO and ING.
The remaining part of owner-occupied buildings
are small in scale and older, often built before the
planned development of the Zuidas district.
A large share of the owners of offices at Zuidas
Amsterdam concerns institutional-type investors.
Eight office buildings are directly owned by
institutional parties - such as pension funds and
insurance companies - and fifteen of the fifty-five
buildings of Zuidas Amsterdam are owned by
investment managers operating with institutional
money. As for private investors active at Zuidas
Amsterdam; they are often large-scale enterprises
with a similar investment scope as funds or
institutional investors.
Zooming in on the origin of investors, most
investors are Dutch, followed by German investors
and USA based investors, which are currently
equally represented at the Zuidas office investment
market. German investors are mostly open- and
closed-ended funds, but also a number of REIMs.
The remaining part of current office owners
consists of a few French investors and one Swiss
and one Irish investor (category Other in the
pie-chart).
Despite prominent tenants and often high-grade
assets, market activity at Zuidas Amsterdam is
limited: the period of 2008-2012 witnessed
only six deals. On the other hand, this may also
indicate that the office owners (apart from the
owner-occupiers) tend to hold on to their assets
at Zuidas Amsterdam. 2012 witnessed the sales
of office tower The Rock (29,700 sq m) and
Violy (>26,000 sq m). 2013 started with a
notable transaction: developer Dura Vermeer
sold the Akzo Nobel Tower (under construction)
to Union Investment in Q1. In this respect it is also
noteworthy that, as we speak, there are several
office buildings put on the market for sale.
The initial yields at the Zuidas are generally the
lowest in the country and are often used as prime
office benchmark in the country. Between 2008
and 2012 the prime net initial yields moved
between 6.0% and 5.25%. The prime net yield
moved around 5.65% in 2013 Q1.
AN INSIDERS VIEW ZUIDAS AMSTERDAM 9
GRAF 12
25%
7%
6%
17%
Financial services
Lawyers & Notary
Business services
Public sector
Real Estate
Education
Industry, Transport,
Energy & Trade
IT & Media
Other
5%
21%
1%
0%
18%
GRAF 11
22%
8%
7%
14%
Financial services
Lawyers & Notary
Business services
Public sector
Real Estate
Education
Industry, Transport, Energy & Trade
IT & Media
Other
7%
22%
2%
2%
16%
GRAF 12
25%
7%
6%
17%
Financial services
Lawyers & Notary
Business services
Public sector
Real Estate
Education
Industry, Transport,
Energy & Trade
IT & Media
Other
5%
21%
1%
0%
18%
GRAF 11
22%
8%
7%
14%
Financial services
Lawyers & Notary
Business services
Public sector
Real Estate
Education
Industry, Transport, Energy & Trade
IT & Media
Other
7%
22%
2%
2%
16%
GRAF 5
GRAF 6
GRAF 8
REIM
15
Open/Closed
14
Private
13
Institutional
8
OOC
5
Germany
12
Netherlands
26
USA
12
France
3
Other
2
40%
42%
8%
10%
< 1000 sq m
1000-4999 sq m
5000-9999 sq m
>10000 sqm
GRAF 9
GRAF 10
4%
5%
Eurocenter II
Atrium
Vinoly
UN
Symphony
Toyo ITO/SOM
WTC
Other
<100 sq m
100-199 sq m
200-299 sq m
300-399 sq m
400-499 sq m
500-599 sq m
600-699 sq m
700-799 sq m
900-999 sq m
1,000-4,999 sq m
5,000-9,999 sq m
10,000-15,000 sq m
5%
10%
11%
11%
32%
22%
94
28
56
50
10
10
11
5
7
12
4 2
GRAF 9
GRAF 10
4%
5%
Eurocenter II
Atrium
Vinoly
UN
Symphony
Toyo ITO/SOM
WTC
Other
<100 sq m
100-199 sq m
200-299 sq m
300-399 sq m
400-499 sq m
500-599 sq m
600-699 sq m
700-799 sq m
900-999 sq m
1,000-4,999 sq m
5,000-9,999 sq m
10,000-15,000 sq m
5%
10%
11%
11%
32%
22%
94
28
56
50
10
10
11
5
7
12
4 2
GRAF 9
GRAF 10
4%
5%
Eurocenter II
Atrium
Vinoly
UN
Symphony
Toyo ITO/SOM
WTC
Other
<100 sq m
100-199 sq m
200-299 sq m
300-399 sq m
400-499 sq m
500-599 sq m
600-699 sq m
700-799 sq m
900-999 sq m
1,000-4,999 sq m
5,000-9,999 sq m
10,000-15,000 sq m
5%
10%
11%
11%
32%
22%
94
28
56
50
10
10
11
5
7
12
4 2
GRAF 9
GRAF 10
4%
5%
Eurocenter II
Atrium
Vinoly
UN
Symphony
Toyo ITO/SOM
WTC
Other
<100 sq m
100-199 sq m
200-299 sq m
300-399 sq m
400-499 sq m
500-599 sq m
600-699 sq m
700-799 sq m
900-999 sq m
1,000-4,999 sq m
5,000-9,999 sq m
10,000-15,000 sq m
5%
10%
11%
11%
32%
22%
94
28
56
50
10
10
11
5
7
12
4 2
GRAF 5
GRAF 6
GRAF 8
REIM
15
Open/Closed
14
Private
13
Institutional
8
OOC
5
Germany
12
Netherlands
26
USA
12
France
3
Other
2
40%
42%
8%
10%
< 1000 sq m
1000-4999 sq m
5000-9999 sq m
>10000 sqm
Sectors (% of companies) represented
at Zuidas Amsterdam
Transactions by size category (2009-2012)
Transactions by buildings (2009-2012)
Number of companies & rented units
at the World Trade Center
LEASES
Letting deals
In the period of 2009-2012, about 73 letting
transactions (>500 sq m) were concluded at
Zuidas Amsterdam. This figure comprises both new
contracts (48 transactions) and lease renewals
(25 transactions). Together the leases cover nearly
207,000 sq m in total. Looking more closely to the
individual deals, almost 40% of the transactions
appears to involve office space smaller than
1,000 sq m. A slightly higher percentage (42%
of all transactions) involved medium-sized offices
(1,000-5,000 sq m). Between 2009 and 2012,
seven transactions occurred involving office space
larger than 10,000 sq m. The figures imply that the
tenant base at Zuidas Amsterdam is quite diverse
and that the office district does not depend on just
a few particular tenants or companies.
World Trade Center Amsterdam
Splitting the aforementioned letting transactions
out by the office buildings involved, it is no surprise
that given its size and number of lettable office
units The World Trade Center stands out with
regard to the total number of letting deals. It
should be noted, though, that the figures here
concern letting deals >500 sq m only, so in fact
the number of let office metres at the WTC is
higher. The ratio renewals - new contracts at the
WTC complex in the aforementioned period of
time was about fifty-fifty. It is noteworthy that the
Symphony tower noted 8 letting deals in total,
which were also all new contracts.
Additional data about specifically the World Trade
Center tell more about the actual composition of
the tenant base at the WTC. The complex consists
of nine office towers - covering around 113,000
sq m in total - and accommodates around 300
companies. The two largest tenants in the WTC,
however, are NautaDutilh (15,000 sq m in Tower I)
and Kempen & Co (around 11,700 sq m in Tower E).
Thus, a massive amount of tenants in the WTC
rents small offices. The tenant list tells that at least
238 tenants occupies a unit smaller than 500 sq m.
Moreover, of these 238 tenants, the majority
(94 tenants) rents a unit even smaller than 100 sq m,
almost one third of all WTC tenants.
A notable fact is that the office supply in the
WTC moves currently (at the end of 2013 Q1)
around a level of 3,750 sq m (3.3% of the total
WTC floor area). Another notable fact is that the
representation of sectors in the WTC complex is
hardly different from the representation of sectors
at the entire Zuidas Amsterdam. As the pie-charts
show, the composition of sectors accommodated
in the WTC corresponds largely with the general
picture at Zuidas Amsterdam.
10 AN INSIDERS VIEW ZUIDAS AMSTERDAM
x

1
,
0
0
0

s
q

m
GRAF 13
0
20
40
60
80
100
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4
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6
sq m

p
e
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s
q

m

p
e
r

y
e
a
r
I
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c
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t
i
v
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GRAF 14
Average West/Zuiderhof Vivaldi Core
(High South)
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
320
255
294
290
259
201
256
238
19%
21%
13%
18%
0
50
100
150
200
250
300
350
x

1
,
0
0
0

s
q

m
GRAF 13
0
20
40
60
80
100
2
0
1
3
2
0
1
4
2
0
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5
2
0
1
6
2
0
1
7
2
0
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8
2
0
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9
2
0
2
0
2
0
2
1
2
0
2
2
2
0
2
3
2
0
2
4
2
0
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2
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6
sq m

p
e
r

s
q

m

p
e
r

y
e
a
r
I
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i
v
e
GRAF 14
Average West/Zuiderhof Vivaldi Core
(High South)
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
320
255
294
290
259
201
256
238
19%
21%
13%
18%
0
50
100
150
200
250
300
350
GRAF 12
25%
7%
6%
17%
Financial services
Lawyers & Notary
Business services
Public sector
Real Estate
Education
Industry, Transport,
Energy & Trade
IT & Media
Other
5%
21%
1%
0%
18%
GRAF 11
22%
8%
7%
14%
Financial services
Lawyers & Notary
Business services
Public sector
Real Estate
Education
Industry, Transport, Energy & Trade
IT & Media
Other
7%
22%
2%
2%
16%
GRAF 12
25%
7%
6%
17%
Financial services
Lawyers & Notary
Business services
Public sector
Real Estate
Education
Industry, Transport,
Energy & Trade
IT & Media
Other
5%
21%
1%
0%
18%
GRAF 11
22%
8%
7%
14%
Financial services
Lawyers & Notary
Business services
Public sector
Real Estate
Education
Industry, Transport, Energy & Trade
IT & Media
Other
7%
22%
2%
2%
16%
Rental levels & incentives 2009-2012
Lease expiration dates
Sectors (% of companies) represented
in the World Trade Center
In the Zuidas area as a whole, the financial
services and business services sectors alone are
responsible for more than half the number of
companies situated in the district. Particularly law
firms play a prominent role at Zuidas Amsterdam;
not only in number of companies but also in size of
occupied square meters. A solid five out of the ten
biggest office users residing at Zuidas Amsterdam
are law firms. In fact, all of the national head
offices of the countrys largest law firms are located
in the district. The presence of many corporate
clients and Amsterdams law court in the district
are a strong plus. A striking fact as well is that the
public sector only represents 2% of all office users
at Zuidas Amsterdam. This implies that business
networks, rather than the presence of public
bodies, form the cement that binds the district.
Expiration of contracts
Data about all known lease contracts at Zuidas
Amsterdam indicate that the average lease length
in the office district is approximately 7.5 years,
while the standard lease length for new contracts
in the Netherlands is 10 years. An analysis of all
known lease contracts indicates also that there
is a dip ahead, in the year 2018. Almost no let
square meters will expire in 2018. The explanation
is simple but striking; calculating back the average
10 years, we end up in 2008, the year of the
financial crisis. In this year almost no 10 year lease
contracts were signed. It should be noted, though,
that the expiring office metres in 2018 can still
increase in the coming years, since companies are
currently more and more opting for shorter lease
periods. As for the years 2016 and 2017, the
opposite is true: ten years prior, in 2006 and 2007,
tenants easily signed lease contracts of 10 years.
As a result, somewhat more stir is to be expected in
the Zuidas office letting market in 2016 and 2017.
Rents & Incentives
The rent levels at Zuidas Amsterdam differ per
subarea. While the highest rent paid at subarea
Vivaldi (most recent transaction) was 250 per sq
m per year, some of the better offices in the WTC
in the core area generate a rental price of about
380 (most recent transaction). The average
rent at the Zuidas paid as of 2009 until the end
of 2012 is 290 per sq m per year. It appears
that the closer the office is situated to Station
Amsterdam Zuid, the better the quality of office
space and the higher the rental price.
Although incentives are not a typical Dutch
phenomenon, it is particularly the extent to
which they are used in the Netherlands which is
exceptional and it is difficult to determine the actual
level of the paid rent. As of 2009, the average
incentive at the entire Zuidas office district was
18%, based on the available data about letting
AN INSIDERS VIEW ZUIDAS AMSTERDAM 11
Knowledge Quarter
The construction of an additional building for
the VU university (Vrije Universiteit Amsterdam)
started in January 2013. Project O2 (working
name) covers 35,000 sq m and 13 floors. It is
part of the campus development of the VU and
VU Medical Center in the so-called Knowledge
Quarter. O2 will house laboratories, but it will
also offer educational facilities and office space.
The completion is planned for 2015.
Gershwin: De Zuidschans
The 46 units of residential project Op Zuid (subarea
Gershwin) are already under construction. Op
Zuid, to be completed in 2014, offers studios,
apartments, city garden apartments and pent-
houses and is part of the larger development
project De Zuidschans. The start of the construc-
tion of the other schemes is still unknown.
Gershwin (Cluster 11+12): Summertime
Project Summertime in subarea Gershwin consists
of two buildings with 197 middle-segment rental
apartments and 1,000 sq m of commercial space
at ground level. The start of the construction of
the project is planned for 2014 and its completion
for 2016.
Frederik Roeskestraat
Frederik Roeskestraat - situated between city
district Oud-Zuid and Zuidas Amsterdam - will
become a more mixed area. The construction
of a new office pavilion will start in June 2013.
The construction of a residential project (128
dwellings) is scheduled for 2014.
Ravel Residence
In the southeastern part of Zuidas Amsterdam,
the construction of Ravel Residence (820 student-
homes) should start in the autumn of 2013.
The completion of the complex, situated at the
junction De Boelelaan/Antonio Vivaldistraat,
is planned for 2014.
ZuidasDok (dock model).
Artist impression:
DRO Amsterdam
NEW DEVELOPMENT
Although a significant part of the plans at Zuidas
Amsterdam is already completed, there are still
several projects in the pipeline.

ZuidasDok
The infrastructure at the Zuidas area will be
improved. Firstly, the development of the new
metro connection Noord/Zuidlijn is in full
swing. Its completion is planned for 2017.
Secondly, the southern ring road A10 will be
widened and tunnelled (ZuidasDok, dock
model). The railway, however, will stay above
the ground. Furthermore, the platforms of
Station Zuid will be widened, instead of the
initially planned extra platforms. The construction
of a new station building for Station Zuid has
been postponed. The number of shops and
consumer services at Station Zuid should increase
substantially, concrete figures are not available
yet. According to plan, the current shops inside
Station Zuid will move to the outside of the
station.
Deloitte, Akzo Nobel & Stibbe
Already under construction are the new office
towers for Deloitte/AKD (40,000 sq m, border
core area) and Akzo Nobel (>15,000 sq m,
core area, Beethoven). The completion of
these offices is planned for 2014 and 2015
respectively. As we speak (2013 Q1), the Akzo
Nobel tower has been purchased by Union
Investment. The start of the construction of the
office tower for Stibbe (>14,000 sq m, core
area, Beethoven) is planned for 2013 and its
completion for 2016
transactions, both renewals and new contracts.
Average incentives are highest at subarea Vivaldi,
followed by the core area. In other areas the
picture is more diffuse; some larger deals without
any incentives influence the average incentive
percentage downwards.
The highest incentives granted exceed 30% of
the contracts worth. For new lease contracts in
the core area concluded as of 2009 until the
end of 2012, with a lease length of 10 years,
the average incentive was around 22%. With a
declining supply of high-grade office space and
continuing demand, rents are expected to remain
stable or even increase a little in the near future.
The incentives will remain fairly stable, possibly
they may also show a little decline.
12 AN INSIDERS VIEW ZUIDAS AMSTERDAM
The Edge: Deloitte/AKD
Developer: OVG
Size: 40,000 sq m
Completion: 2014
Architect: PLP Architecture
1
2 3 4 5
Goldstar
Developer: Maarsen Group
Size: 160,000 sq m
Completion: unknown
Architect: Meyer en Van
Schooten Architecten
Project O2
Developer: Van Eesteren,
Wolter & Dros, Croon
Size: 35,000 sq m
Completion: 2015
Architect: EGM Architecten
Mahler 1000 & 900
Developer: G&S Vastgoed
Size: Mahler 1000:
9,500 sq m offices/860 sq m
commercial space.
Mahler 900: 20 penthouses
Completion: 2015
Architect: Mahler 1000:
OeverZaaijer
Summertime
Developer: AM/Bouwinvest
Size: 197 rental apartments/
1,000 sq m commercial
space
Completion: 2016
Architect: SeARCH
9
1 2
4 5
3
OVERVIEW NEW
DEVELOPMENTS
AN INSIDERS VIEW ZUIDAS AMSTERDAM 13
Ravel Residence
Developer: Verweij Holding
Size: 820 student homes
Completion: 2014
Architect: OeverZaaijer
6 7 8 9
Zuidschans
Developer: Bouwfonds,
AM wonen, AMinvest,
Size: 70,000 sq m
Completion Op Zuid
residential: 2014.
Other projects: unknown
Architect Op Zuid:
Max Lammers, Angeline
Stouten-Stuyts
Akzo Nobel & Stibbe
Developer: Dura Vermeer
Size: Akzo Nobel: 15,000 sq m.
Stibbe: 14,000 sq m
Completion: Akzo Nobel
2015, Stibbe 2016.
Architect: Akzo Nobel:
Group A. Stibbe: Jo Coenen.
Frederik Roeskestraat
Developer: All-in Real Estate
Size:128 dwellings.
Office space: 2,170 sq m.
Completion: 2014/2015
Architect office pavilion:
Gent & Monk Architecten
6
8
7
14 AN INSIDERS VIEW ZUIDAS AMSTERDAM
RAI area
The RAI conference complex will expand with
an extra conference hall (Scheldepleingebouw:
7,000 sq m). The start of the construction is
planned for 2013. A new parking garage
(1,000 parking spaces) is included (construction
start: 2014). Railway station Station Rai will
get a new station building and extra tracks,
since the station will become part of the new
metro connection Noord/Zuidlijn.
Projects in the planning stage:
Mahler 1000 & Mahler 900
Office tower Mahler 1000 (subarea Mahler)
offers 7,600 sq m of office space and 860 sq m
of retail space. A residential tower will offer 35
apartments and about 1,000 sq m of commercial/
retail space at ground level. A parking garage
(225 parking spaces) is included as well.
Residential project Mahler 900 comprises 20
penthouses with large terraces and parking spaces.
Goldstar
Project Goldstar (subarea West/Zuiderhof)
comprises 160,000 sq m of offices, residential
and facilities. The scheme is situated along the
ring road in the vicinity of the new Deloitte/AKD
office tower.
The above is just a part of all plans. The completion
of the Zuidas area, as is envisaged in master plan
Visie Zuidas of the Municipality of Amsterdam,
is planned for 2035.
CONCLUSIONS AND OUTLOOK
The office market in the Netherlands is now and
again pictured as a vacancy-ridden market with a
high tenant mobility. This representation, however,
does not take into account the strong qualitative
differences that exist. Under the surface, the Dutch
office market is being sorted and a polarization
between prime and secondary office locations
is taking place. Tenants are looking for office
locations that offer accessibility, services, leisure
and a lively atmosphere. Tenants are also looking
for well-fitted, sustainable property which offers
them the flexibility and floor plate size to design
their work processes in an optimal way.
Office district Zuidas Amsterdam is able to meet
the occupier demands described above. The
importance of the area as office district is expected
to increase further in the coming years, since the
concentration of head offices and of the business
services sector at the strongest Dutch locations
continues. The market dynamics at Zuidas are
evidence to these trends; strong demand for office
space at Zuidas Amsterdam has resulted in a
steadily dropping vacancy rate - even in a tough
time for the real estate sector in general - which
currently moves around 7.4%. The Zuidas area
shows a tightening market with an increasing
scarcity of prime office space. As a result, new
construction of office space in the area will
become necessary again, sooner or later.
Currently, a number of infrastructural, residential,
office and other projects are under construction
or will commence rather soon. These projects will
shape the Zuidas area further and will contribute
to its multifunctional character. It should be noted,
though, that plans which are in the planning stage
(for instance Mahler 1000 & 900 ) will be realised
only when a tenant/occupier has been found. All in
all, Zuidas Amsterdam will become more and more
attractive as working and living environment in the
years to come and given the current demands from
both office users and job seekers combined with
demographic trends, its prospects are favourable.

For investors Zuidas Amsterdam offers an attractive
pool of core-type investment opportunities. As
we speak, a number of core assets has been put
on the market for sale as well. Although most
properties are multi-tenant assets, which are
more complex to manage compared to single-
tenant assets, the reduce of the vacancy risk for
this type of property - due to various occupiers
and the spread of lease expiration dates - is a
favourable feature. As the Zuidas prime office
market is getting tighter, this will induce new office
development sooner or later. A rental growth is not
unlikely to occur in the office district in the near
future, given the limited development pipeline,
a steadily declining availability and continuing
demand for high-grade office space. Under these
circumstances the incentives will remain fairly
stable, possibly they may also show a decline.
AN INSIDERS VIEW ZUIDAS AMSTERDAM 15
1. Gemini
2. Forum
3. Garden Court
4. Olympic Plaza
5. Tripolis Building 100
6. Tripolis Building 200
7. Tripolis Building 300
8. ING House
9. Zuiderhof Pavillion 1
10. Zuiderhof Pavillion 2
11. Zuiderhof Pavillion 3
12. Zuiderhof Pavillion 4
13. Zuiderhof I
14. Zuiderhof II
15. Meerparc
16. Boer & Croon
17. Parnassus Tower
18. Vitrium
19. Anrooy Building
20. Parnascomplex
21. Prinses Irene Building
22. Freshfields
23. Strawinskyhuis
24. Winterthur
25. Atrium
26. Stibbe Tower
27. AKZO Tower
28. WTC H, I
29. WTC A - D, F, G
30. WTC E
31. The Rock
32. Graves
33. Violy
34. UN Tower
35. FOZ
36. SOM
37. Toyo Ito
38. ABN AMRO
39. Symphony
40. Lons
41. Metropolitan
42. Cross Towers
43. Vivaldi Offices I
44. Vivaldi Offices II
45. Antonio Vivaldistraat 12
46. Nijkerk Building
47. Binck Bank
48. Eurocenter II
49. NBA
50. The Boardyard
51. Stage
52. XL Insurance Building
53. Officia I
54. Officia II
55. Officia III
IMAGES OF THE LISTED BUILDINGS OF PAGES 4 AND 5
For more information please contact:
CBRE B.V.
Research & Consultancy
+31 (0)20 626 26 91
netherlands@cbre.com
www.cbre.nl
Machiel Wolters
Director
Ratih Bach
Senior Analyst
Nick van Wijk
Consultant