RANDSTAD OFFICE MARKET 2014 STATE OF AFFAIRS

RANDSTAD OFFICE MARKET 2014 STATE OF AFFAIRS

AMSTERDAM REGION The first six months of 2014 were reasonably positive as far as the office market of the Amsterdam conurbation is concerned. In the open market in which property developers and investors are actively involved, firms and organisations rented approximately 95,000 m² of office space. And even though the mood could be described as not too bad, indeed demand was slightly below that in the same period last year. The main reason for lower office take-up levels in this region was the lack of lease transactions in the cities of Amstelveen and Diemen. Amstelveen s market in particular was lethargic in the first half of this year. The city of Amsterdam, however, succeeded in keeping take-up levels steady in the same period, allowing the trend of previous years to continue. The market s mood was particularly determined by a number of major transactions with ING Bank, Calvin Klein, Booking.com, TravelBird, Stryker and Lexence. As a result, this time demand was strongest in Amsterdam Southeast and the city centre. Both districts were responsible for two-thirds of office take-up, although one needs to bear in mind the fact that the transaction with ING Bank in Southeast did add serious weight to the scales. Interestingly enough, demand for offices in the South Axis business district was indeed something of a letdown. Despite various transactions, total take-up volumes were below those of previous years. In fact the only transaction worth pointing out was the one that involved the Lexence law firm in the building previously used by the NN Group, better known as the ING House. As for the rest South Axis, Southeast and the city centre were exceptions more than anything. In other parts of the city the first six months of 2014 were exceptionally quiet despite price cuts. For instance, demand for premises in the Sloterdijk-Teleport office area got off to a bad start and also the area along the A10 ring road had to sail against the wind. In North there were no transactions whatsoever according to data available to NVM. Generally speaking, most market experts expect demand for offices to hold up well in the second half of this year, although the number of major companies looking for offices will be modest according to expectations. One setback for the office market followed from the increased availability of offices for rent. In the first six months of 2014, vacant office space in the Amsterdam conurbation increased by nearly 3% to approximately 1.41 million m². Indeed a large number of square metres of office space have been withdrawn from stock for conversion, yet the floor area taken off the market was insufficient to counterbalance the rising availability of existing office space. Availability increased mainly in the cities of Amsterdam and Amstelveen while Diemen made a positive exception in this region, pushing down its supply levels for the fourth time in a row. It is because the decision was made to take down a number of vacant buildings. One of the interesting developments in Amsterdam is the fact that the South Axis business district in particular saw availability levels rise alarmingly. This mainly followed from the availability of floor area in existing buildings, including ING House, Atrium, Olympic Plaza and Tripolis. Also a number of new construction projects such as The Edge and 1000 Mahler led to ample availability. And even though availability levels did climb in the city of Amsterdam, the market senses that in some places there will be a shortage of high-quality office space in the years to come. One of the office locations where this problem has presented itself already, is the ArenA area in Southeast. Notwithstanding the ample supply of offices, various locations managed to keep rents steady. At the best locations, including e.g. the ArenA area in Southeast and the core area of the South Axis business district, in fact a slight upwards pressure occurred and fewer incentives were granted. In Sloterdijk-Teleport that is less popular among office users, however, rents were seriously under downward pressure.

TRENDS IN OFFICE TAKE-UP PER DISTRICT Amsterdam Centre 59,000 93,500 71,000 39,500 26,000 32,500 46,500 53,500 55,500 26,000 Amsterdam Sloterdijk-Teleport 29,500 21,000 35,000 33,500 13,500 7,500 11,500 2,500 14,500 1,500 Amsterdam West 54,500 50,500 55,500 24,000 22,500 17,000 19,500 13,000 8,500 2,000 Amsterdam South Axis 13,500 94,500 36,500 35,500 46,000 75,500 26,500 37,000 57,500 9,500 Amsterdam Southeast 55,000 45,500 71,500 65,500 37,500 39,000 66,000 75,000 12,500 33,500 Amsterdam North 0 14,500 16,500 16,500 0 2,500 1,500 5,500 2,000 0 Amstelveen 35,000 72,500 22,500 4,000 14,500 8,500 6,500 12,500 13,500 2,000 Diemen 4,500 24,500 2,500 6,000 0 500 5,000 0 5,500 0 TRENDS IN OFFICE SUPPLY PER DISTRICT Amsterdam Centre 190,500 130,500 136,000 109,000 139,000 150,500 135,500 168,500 152,500 144,000 Amsterdam Sloterdijk-Teleport 159,000 170,500 181,000 160,000 178,000 204,000 182,500 229,000 233,000 200,500 Amsterdam West 146,500 195,000 207,500 186,000 208,000 167,500 187,500 187,500 157,000 167,500 Amsterdam South Axis 206,500 184,500 194,000 147,500 131,000 91,500 81,500 72,000 70,500 132,000 Amsterdam Southeast 298,000 337,000 340,500 282,500 292,000 307,500 304,500 252,500 323,500 318,000 Amsterdam North 8,000 8,000 14,000 4,000 15,000 13,500 18,500 21,500 25,500 28,500 Amstelveen 106,500 94,500 72,500 109,500 126,000 144,500 159,500 171,000 196,500 215,500 Diemen 74,500 66,000 78,500 69,000 73,500 72,500 65,000 38,500 32,500 25,500 AVAILABILITY RATES PER DISTRICT MID 2014 PRIME RENTAL LEVELS PER DISTRICT MID 2014 % Amstelveen Amsterdam Sloterdijk-Teleport Amsterdam Southeast Amsterdam West Amsterdam North Amsterdam South Axis Amsterdam Centre Diemen 0 10 20 30 40 50 Amsterdam South Axis Amsterdam Centre Amsterdam Southeast Amsterdam North Amstelveen Amsterdam Sloterdijk-Teleport Amsterdam West Diemen 0 50 100 150 200 250 300 350 400 TAKE-UP AND SUPPLY IN AMSTERDAM x 1,000 1200 1000 800 600 400 200 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 TYPICAL RENTAL BANDS PER DISTRICT MID 2014 2 2 Amsterdam Centre 145 300 Amsterdam Sloterdijk-Teleport 90 150 Amsterdam West 80 150 Amsterdam South Axis 230 335 Amsterdam Southeast 80 195 Amsterdam North 125 180 Amstelveen 80 175 Diemen 70 130 Supply Take-up

THE HAGUE REGION Better-than-expected lease results allowed the office market in The Hague and surroundings towns to have a relatively good first half year. Assuming the reliability of the available data on office rentals and sales, approximately 45,000 m² were taken up in the first six months of 2014. And provided this trend persists, late this year transaction volumes in this region will be nearly the same as in 2013. True to tradition, a leading role was claimed by the city of The Hague, which should not come as a surprise bearing in mind the amount of existing office stock. Although many small to medium-size transactions did take place in the city of The Hague, it was a number of major transactions that helped office space take-up move in a positive direction. One of the transactions that did attract quite some attention involved the office building on the Nieuwe Uitleg which was leased out to the national police forces. Also the UWV (Employee Insurance Schemes Implementing Body) and housing corporation Staedion contributed to these take-up volumes. Because most transactions involved The Hague s city centre, this area has now become the city s hotspot. Especially those locations that are in the proximity of the Central (train) Station have gained popularity beyond the ordinary. Except for the city centre, office users were also interested in the Beatrixkwartier district located in Bezuidenhout, although take-up rates remained slightly below expectations. The course of events in the area surrounding the World Forum Convention Centre and also at the industrial park known as Binckhorst, however, was rather disappointing as potential lessees were hardly interested in any of these areas. Trends in demand were also slow in The Hague s suburbs. In fact, Zoetermeer paid the highest price and only Rijswijk managed to walk away from this reluctant mood where demand for offices remained afloat thanks to transactions with accounting firm BDO and claims adjuster Van Ameyde. Office market events were typified by the fact that total availability in The Hague conurbation dropped significantly for the first time in years. This improved situation to a great extent followed from a decrease in the amount of floor area available in both The Hague and Voorburg. In the city of The Hague supply levels dropped after withdrawing some major office buildings located on the Binckhorstlaan, the Stationsplein and Kortenaerkade in order to make room for e.g. residential construction. Consequently, halfway through the year 13% of The Hague s total office stock was available for rent, versus 14.5% in late 2013. Diminishing supply levels in the city of The Hague was mainly a good thing for the city centre and the Binckhorst area. The Bezuidenhout district, however, saw these levels slightly go up. In Zoetermeer they were almost the same and strangely enough, unlike developments in The Hague, hardly any offices were withdrawn although plans to convert a number of long-term vacant buildings have existed for quite some time. The odds are that due to plans of the Netherlands General Intelligence and Security Service (AIVD) to relocate to The Hague, supply levels in Zoetermeer will rise instead. Increased availability is also expected in Rijswijk as considerable floor area will be released following the large-scale new construction on behalf of the European Patent Office. Despite improved market conditions in this region, rents were clearly still under serious pressure in the first half of this year, making bandwidths even smaller. As a result, almost each office location suffered to a greater or lesser extent. Due to ample supply and the relatively limited number of prospective tenants, rents are expected to drop even further down. In addition to downward pressure on rents, real estate agents also identify more generous incentives.

TRENDS IN OFFICE TAKE-UP PER DISTRICT The Hague Centre 17,500 52,500 16,000 26,000 19,500 35,000 12,000 28,000 23,500 21,500 The Hague Benoordenhout 10,000 3,500 8,500 500 500 3,500 0 17,000 3,500 2,000 The Hague Bezuidenhout 48,000 29,500 7,500 2,000 32,500 41,000 21,500 11,000 26,000 4,000 The Hague Binckhorst 1,000 0 13,500 15,000 2,500 0 1,500 1,500 4,000 0 The Hague Convention Centre 1,000 6,000 3,500 2,000 9,500 1,000 7,000 1,500 4,500 1,500 The Hague Laakhaven 4,000 7,500 10,500 2,500 2,000 0 500 9,000 2,500 6,000 Rijswijk 23,500 5,500 40,000 15,500 7,500 13,000 5,500 10,000 10,000 7,500 Leidschendam 5,000 500 9,500 500 1,000 0 1,500 1,500 1,000 0 Voorburg 4,000 5,000 3,000 0 1,500 0 5,000 4,000 3,500 0 Delft 10,000 1,500 6,000 15,500 7,500 6,500 6,500 8,000 6,000 1,000 Zoetermeer 19,000 12,500 28,000 22,500 14,500 11,500 8,500 23,000 9,500 1,000 TRENDS IN OFFICE SUPPLY PER DISTRICT The Hague Centre 63,500 41,000 63,000 78,000 111,500 135,500 139,000 138,500 164,500 143,000 The Hague Benoordenhout 26,500 21,500 26,000 37,000 42,000 56,500 46,000 49,000 68,000 65,000 The Hague Bezuidenhout 44,500 20,500 26,500 53,000 62,000 50,000 52,000 66,500 112,500 116,000 The Hague Binckhorst 58,000 55,000 56,500 45,500 70,000 84,500 84,000 85,000 78,000 57,500 The Hague Convention Centre 32,000 37,500 38,000 17,000 31,000 34,500 27,500 33,000 30,500 32,000 The Hague Laakhaven 27,000 36,000 24,000 17,000 37,000 40,500 53,000 70,000 58,500 39,000 Rijswijk 95,000 114,000 133,000 135,500 189,500 193,000 221,500 244,500 243,500 238,500 Leidschendam 18,000 20,000 24,000 40,500 46,000 46,000 44,000 45,500 27,500 27,500 Voorburg 9,500 20,500 19,000 23,000 28,500 30,500 29,000 31,500 29,000 13,500 Delft 36,500 28,500 18,500 4,000 32,000 35,000 39,500 36,500 44,500 48,000 Zoetermeer 89,500 119,500 103,500 83,000 102,000 132,000 130,000 135,500 138,000 136,500 AVAILABILITY RATES PER DISTRICT MID 2014 PRIME RENTAL LEVELS PER DISTRICT MID 2014 % Rijswijk Leidschendam Zoetermeer The Hague Laakhaven Voorburg The Hague Binckhorst The Hague Bezuidenhout The Hague Benoordenhout Delft The Hague Convention Centre The Hague Centre 0 10 20 30 40 50 The Hague Centre The Hague Bezuidenhout The Hague Benoordenhout The Hague Convention Centre The Hague Laakhaven Rijswijk Voorburg Delft Zoetermeer The Hague Binckhorst Leidschendam 0 50 100 150 200 250 300 350 400 TAKE-UP AND SUPPLY IN THE HAGUE TYPICAL RENTAL BANDS PER DISTRICT MID 2014 2 2 1200 1000 800 600 x 1,000 The Hague Centre 125 200 The Hague Benoordenhout 120 160 The Hague Bezuidenhout 130 195 The Hague Binckhorst 60 125 The Hague Convention Centre 125 160 The Hague Laakhaven 75 130 400 Rijswijk 70 130 200 0 2005 2006 2007 2008 2009 Supply 2010 2011 Take-up 2012 2013 Leidschendam 70 120 Voorburg 75 130 Delft 90 130 Zoetermeer 65 130

ROTTERDAM REGION The Rotterdam region s office market experienced modest increase in demand during the first six months of 2014, although it should be pointed out that recovery was infused particularly by relatively favourable developments in the city of Rotterdam. Indeed, office take-up was absolutely disappointing in Capelle aan den IJssel and also in Schiedam in the first half of this year. As for the city of Rotterdam, demand for rented property ensured take-up worth approximately 27,000 m² of office space, which is about as much as in the same period a year ago. Expectations for the rest of the year are moderately optimistic. Real estate agents assume market will equal last year s transaction volumes, given the fact that various medium-sized office users are in search of alternative accommodation. In line with previous years, in the first six months of 2014 demand was strongest in the city centre, particularly in the area surrounding the Central (train) Station. Take-up volumes in the city centre remained steady mainly due to large-scale lease transactions with chemical concern LyondellBasell and Calder Holding, some of the enterprises that are actively involved in labour reintegration. But good take-up rates in the city centre were undone by poor demand for offices in other parts of the city. One interesting detail when it comes to demand for offices was that companies were slightly more interested in the areas known as Prins Alexander and Kralingen (Brainpark). For instance in Kralingen, a large number of square metres were leased out to insurance broker Concordia de Keizer. But despite growing interest in locations on the north side of the city, concrete transactions have not taken place so far. What also added to the slightly positive mood in the office market was how availability developed. Indeed the number of office space available in the city of Rotterdam did slightly climb in the first six months of 2014 reaching 726,000 m² in total, yet growth was much more insignificant compared to previous years. One of the factors involved was the decision to convert several large buildings including offices located on the Westzeedijk and the Schiekade. In addition, no offices were scheduled for construction in the first half of this year, so again increase could not present itself. All in all 21% of offices were available for rent nevertheless. Rotterdam s areas with relatively high availability levels are Prins Alexander, the city centre and Kralingen (Brainpark). In fact, availability only managed to stabilise in the city of Rotterdam. In Capelle aan den IJssel and also in Schiedam availability levels kept rising in the first six months of 2014 and as a result, nearly 30% of stock was available for rent in Capelle aan den IJssel. Office vacancy rates were highest in the commercial district known as Rivium but also availability is expected to further grow in the city of Rotterdam, as upon extending their leases companies will require less space than they have so far. While availability increased fractionally in the city of Rotterdam, and although take-up levels did manage to keep steady, parties were more concerned about rents. For net rents continued to fall, affecting peripheral office locations such as Kralingen and Prins Alexander in the first place. In addition, different locations in the city centre had to take lower rents for granted.

TRENDS IN OFFICE TAKE-UP PER DISTRICT Rotterdam Centre 41,000 43,500 64,500 62,500 33,000 72,500 71,500 27,000 29,500 17,000 Rotterdam Prins Alexander 35,000 20,000 22,500 42,500 7,000 2,500 2,000 4,500 1,000 2,500 Rotterdam Kralingen 14,500 4,000 5,500 21,500 8,000 17,000 12,000 11,000 2,500 2,500 Rotterdam Waalhaven 3,000 21,000 1,500 5,500 500 4,000 12,500 6,500 4,000 1,500 Rotterdam South 38,000 51,500 14,000 16,500 2,000 18,500 1,500 5,500 3,500 500 Capelle a/d IJssel 16,000 24,500 8,500 25,000 21,500 13,000 11,000 10,000 9,500 500 Schiedam 500 1,500 3,500 17,500 4,000 5,000 18,500 2,000 2,500 0 TRENDS IN OFFICE SUPPLY PER DISTRICT Rotterdam Centre 180,500 159,500 164,000 142,500 271,500 280,000 307,500 323,500 389,000 396,000 Rotterdam Prins Alexander 47,500 26,000 27,000 16,500 17,000 28,500 60,000 81,000 83,500 81,000 Rotterdam Kralingen 31,500 39,500 53,000 41,500 54,500 52,000 53,000 54,500 56,000 61,500 Rotterdam Waalhaven 8,000 7,500 13,000 11,000 16,500 28,000 27,000 22,000 23,500 24,000 Rotterdam South 24,500 31,000 25,500 30,000 32,000 32,000 53,000 67,000 61,000 68,000 Capelle a/d IJssel 91,500 73,500 88,000 64,000 96,000 108,000 132,000 136,000 140,000 146,500 Schiedam 30,500 24,500 26,000 22,500 34,500 29,500 24,500 23,500 36,000 43,000 AVAILABILITY RATES PER DISTRICT MID 2014 PRIME RENTAL LEVELS PER DISTRICT MID 2014 % Capelle a/d IJssel Rotterdam Prins Alexander Rotterdam Centre Rotterdam Kralingen Schiedam Rotterdam Waalhaven Rotterdam South 0 10 20 30 40 50 Rotterdam South Rotterdam Centre Rotterdam Kralingen Rotterdam Prins Alexander Rotterdam Waalhaven Schiedam Capelle a/d IJssel 0 50 100 150 200 250 300 350 400 TAKE-UP AND SUPPLY IN ROTTERDAM TYPICAL RENTAL BANDS PER DISTRICT MID 2014 2 2 1200 1000 800 600 x 1,000 Rotterdam Centre 100 190 Rotterdam Prins Alexander 120 150 Rotterdam Kralingen 140 170 Rotterdam Waalhaven 90 145 Rotterdam South 90 210 Capelle a/d IJssel 90 135 400 Schiedam 80 135 200 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 Supply Take-up

UTRECHT REGION A slightly pessimistic mood seems to have taken possession of the office market in the Utrecht region. This slightly negative mindset follows from the reluctant attitude of office space occupiers, who hardly showed up in the first half of 2014. Due to insufficient enthusiasm the office market in this region also had to settle for modest transaction volumes that never managed to exceed 35,000 m². The fact that many organisations decided to wait and see has clearly affected the office market in the city of Utrecht in the first place. Not only did the number of transactions drop significantly, but also the total take-up levels tumbled heavily. Poorer demand for office space in Utrecht presented itself particularly in edge-of-town locations. For instance, take-up in the Kanaleneiland district, which usually reports reasonable letting activities, did not amount to much. And also Rijnsweerd as well as Papendorp experienced the same disappointing demand. But even though transaction volumes in the first half of 2014 were something of a letdown almost throughout the city, demand for office space remained steady in the city centre. This, however, was mainly because of two sizeable lease transactions with the Rabobank. All things considered, much needs to be made up for in the second half of this year in order to climb back to the 2013 level. One major office user that still qualifies for relocation in the city of Utrecht is the webstore Bol.com that intends to concentrate all activities in the Papendorp district. One of the buildings that could benefit from these plans is the WTC Papendorp that has been vacant for the greater part after Capgemini took off. Some places in the Utrecht region did manage to escape disappointing trends in demand. Such was the case in Nieuwegein among other places, where take-up levels climbed in the first half of 2014 following transactions with GoConnectIT and ARGO. Interestingly, slightly more activity was sensed in the municipality of Houten. Except the fact that demand for office space in this region did not meet expectations, the market also suffered from seriously climbing availability levels in the first six months of 2014. It is because much office space was added to the market particularly in the city of Utrecht. Due to this growth, which mainly presented itself in the city centre and also in Papendorp, approximately 17% of Utrecht s total stock was available for rent or sale halfway through the year, compared to a little more than 15% towards the end of 2013. In Papendorp rise could be ascribed to office spaces released by IT service provider Atos Nederland. Although availability levels went up in the city centre as well, rise was kept within bounds nevertheless. While availability went up in the city of Utrecht, the office markets in Nieuwegein and Houten did reasonably resist; in both municipalities the amount of floor area available remained almost unaltered. Indeed more floor area was released in Nieuwegein, yet a number of vacant office properties were withdrawn from stock. In Utrecht poorer demand for office space and increased availability led to a downward pressure on rents, pushing down prices inside but also outside the city centre. And like in previous years, investors continued to offer incentives on a generous scale.

TRENDS IN OFFICE TAKE-UP PER DISTRICT Utrecht Centre 45,500 74,000 20,000 12,000 6,000 24,500 17,500 13,000 17,500 14,000 Utrecht Rijnsweerd 4,500 10,500 16,000 14,000 36,000 5,500 2,500 10,500 20,500 2,000 Utrecht Kanaleneiland 30,000 8,500 36,500 22,500 10,500 7,500 13,500 2,000 10,500 0 Utrecht Lage Weide 9,000 12,000 16,000 4,000 2,500 12,500 3,500 5,000 9,000 500 Utrecht Papendorp 31,000 12,000 9,500 29,500 11,500 23,500 16,500 9,500 14,500 2,500 Utrecht De Meern 7,000 1,500 3,500 2,000 5,500 500 1,000 1,000 500 0 Maarssen 4,000 1,000 4,500 6,000 1,000 2,500 3,500 500 0 0 Nieuwegein 37,000 13,500 17,000 10,000 9,000 12,500 12,000 8,500 5,000 7,500 Houten 34,000 3,500 5,500 10,000 6,000 2,000 5,000 500 1,500 3,000 TRENDS IN OFFICE SUPPLY PER DISTRICT Utrecht Centre 26,500 24,000 20,000 15,000 12,500 14,500 23,500 41,500 56,000 68,500 Utrecht Rijnsweerd 31,000 49,500 22,500 27,000 27,500 41,000 49,500 57,000 37,000 40,000 Utrecht Kanaleneiland 57,500 89,000 66,000 56,000 74,500 86,000 81,500 86,500 90,000 94,000 Utrecht Lage Weide 30,000 48,000 36,500 34,500 47,000 38,500 41,000 47,500 52,000 54,500 Utrecht Papendorp 28,500 37,000 51,500 46,500 55,500 65,500 60,000 97,500 89,500 118,000 Utrecht De Meern 12,000 20,500 18,000 17,500 23,500 28,000 29,500 33,500 34,500 34,500 Maarssen 24,500 35,500 33,500 24,000 45,000 47,500 44,500 45,500 46,000 43,500 Nieuwegein 92,000 95,000 80,000 90,500 127,000 159,000 176,500 173,000 160,000 158,000 Houten 23,000 23,000 22,000 10,500 23,000 39,000 40,500 45,500 46,000 44,500 AVAILABILITY RATES PER DISTRICT MID 2014 PRIME RENTAL LEVELS PER DISTRICT MID 2014 % Utrecht Papendorp Utrecht De Meern Maarssen Nieuwegein Utrecht Kanaleneiland Utrecht Lage Weide Houten Utrecht Rijnsweerd Utrecht Centre 0 10 20 30 40 50 Utrecht Centre Utrecht Rijnsweerd Utrecht Papendorp Utrecht Kanaleneiland Utrecht Lage Weide Utrecht De Meern Maarssen Houten Nieuwegein 0 50 100 150 200 250 300 350 400 TAKE-UP AND SUPPLY IN UTRECHT TYPICAL RENTAL BANDS PER DISTRICT MID 2014 2 2 1200 1000 800 600 x 1,000 Utrecht Centre 140 210 Utrecht Rijnsweerd 145 175 Utrecht Kanaleneiland 90 160 Utrecht Lage Weide 80 145 Utrecht Papendorp 130 175 Utrecht De Meern 80 145 400 Maarssen 70 135 200 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 Nieuwegein 50 125 Houten 80 130 Supply Take-up

SCHIPHOL REGION The Schiphol region which usually comes with a lively demand for office space experienced disappointing take-up in the first six months of 2014. In the so-called open market, dismissing construction of owner-occupied offices, only 11,000 m² have found new users. This modest demand for offices in the first six months of the year was particularly persistent in Hoofddorp, resulting in a disappointing image. Not only did the number of transactions fail expectations, but also the lack of largescale lessees has pushed transaction volumes much below the standard. Lessees who were actively involved in the office market were mainly interested in small surface areas anywhere between 200 and 1000 m². And even though all locations in Hoofddorp faced disappointing demand, decline in take-up levels was strongest in Beukenhorst- East. Beukenhorst-South too, which stood out in previous years due to lots of new development, suffered from lessees reluctant behaviour in the first half of this year. In addition to Hoofddorp, the office market in Schiphol also lacked any inspiration. Limited demand for office space in Hoofddorp and Schiphol was made up for by positive trends in demand in Schiphol-Rijk, which showed up surprisingly well. Supported by a number of transactions with e.g. Juniper Networks and UPC transaction volumes exceeded the usual take-up levels by far. One of the factors that definitely played a role was the improved accessibility of the area. Although so far lease results in this region have given hardly any reason to be positive, and because the number of prospective tenants is relatively limited, real estate agents are expecting some recovery in the second half of the year. But despite negative trends in demand developments on the supply side did present a ray of hope, for the latter manages to stabilise at the year-end 2013 level. The fact that availability levels in this region did not go up and hardly changed in the first six months of this year was mainly thanks to Schiphol-Rijk. While availability levels did climb in Hoofddorp, Schiphol-Rijk ensured a decline in the number of office space available. Increased availability in Hoofddorp was bad news particularly for Beukenhorst- West, where large surface areas were released after the scheduled departure of the Belastingdienst (tax authorities). In fact, rise in this area could have been even more substantial had approximately 5000 m² of office space not been withdrawn from stock with the aim of granting it a different purpose. Due to increased availability in Beukenhorst-West more than 40% of the existing office stock in this area was still available for rent or sale halfway through the year. Because quite a few companies adopted a reticent attitude in the first six months of 2014, rents in the Schiphol region were under even more pressure, although according to the market by now the bottom has been reached indeed.

TRENDS IN OFFICE TAKE-UP PER DISTRICT Hoofddorp Beukenhorst West 11,000 13,000 8,000 3,000 1,500 3,000 4,000 5,000 1,500 1,500 Hoofddorp Beukenhorst East 2,500 13,000 15,000 8,500 16,000 500 13,000 7,000 6,500 1,000 Hoofddorp Beukenhorst South 2,500 3,000 20,500 28,500 14,500 14,000 8,000 11,000 1,000 1,000 Hoofddorp De Hoek 0 2,000 2,000 1,500 4,500 1,500 4,000 0 1,000 0 Schiphol 24,000 5,000 24,000 6,500 6,000 3,500 11,500 14,500 4,500 1,000 Schiphol Rijk 15,000 1,000 9,500 3,000 6,500 7,000 9,000 2,000 1,000 7,000 TRENDS IN OFFICE SUPPLY PER DISTRICT Hoofddorp Beukenhorst West 39,000 35,000 30,500 29,000 38,000 60,500 55,500 56,500 51,500 62,000 Hoofddorp Beukenhorst East 43,500 43,500 41,500 30,500 44,000 59,500 52,000 56,500 53,000 53,000 Hoofddorp Beukenhorst South 22,000 22,500 18,500 17,000 16,000 18,500 18,000 15,000 15,000 15,000 Hoofddorp De Hoek 7,500 7,000 7,000 13,500 27,000 27,000 24,500 31,000 34,000 32,000 Schiphol 35,500 38,000 27,500 34,500 32,000 39,000 28,500 30,500 38,000 36,000 Schiphol Rijk 58,500 61,000 61,000 61,500 77,500 76,000 61,500 66,000 64,000 56,000 AVAILABILITY RATES PER DISTRICT MID 2014 PRIME RENTAL LEVELS PER DISTRICT MID 2014 % Hoofddorp Beukenhorst West Hoofddorp De Hoek Schiphol Rijk Hoofddorp Beukenhorst East Hoofddorp Beukenhorst South Schiphol 0 10 20 30 40 50 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 SCHIPHOL REGION x 1,000 1200 1000 800 600 400 200 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 TYPICAL RENTAL BANDS PER DISTRICT MID 2014 2 2 Hoofddorp Beukenhorst West 90 135 Hoofddorp Beukenhorst East 125 175 Hoofddorp Beukenhorst South 160 210 Hoofddorp De Hoek 80 130 Schiphol 100 365 Schiphol Rijk 85 135 Supply Take-up

DEFINITIONS Office A spatial and independent unit used for office activities or supporting 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 taking place in the open market. Users who provide for their own accommodation requirements (the owner-occupier development ) are not included in the take-up volume. The same applies to sale-and-leaseback agreements as well as contract extensions. NVM registers transactions starting at 200 m². Supply Office space immediately available for rent or sale. Supply does not include offices under construction and offices which are yet to be built. Supply includes vacant and developing offices as well as spaces that are still being used but which are soon to be released. Supply is measured in buildings covering at least 500 m². Rent The basic rent paid per square metre of lettable floor area, exclusive of VAT, service charges and lessees specific fitting-out costs. This publication has been produced with the assistance of: P van den Bosch Bedrijfs makelaars (Amsterdam), Fris Bedrijfsmakelaars (Amsterdam), NAI Netherlands (Amsterdam), Van Dijk & Ten Cate Vastgoedadviseurs (Amsterdam), COG Makelaars (The Hague), Nadorp Makelaars (The Hague), Rob Swart Bedrijfshuisvesting (Zoetermeer), Ooms Makelaars Bedrijfshuisvesting (Rotterdam), MVGM Bedrijfshuisvesting (Rotterdam), Ans de Wijn Bedrijfshuisvesting (Utrecht) en BT Makelaars (Schiphol). Colophon Composition Drs. R. L. Bak. Data source NVM Data & Research, Nieuwegein. Design Proof Studio, Amsterdam. Photography H. G. Esch, L. Kramer, Schiphol Real Estate, J. Lankveld en N. van Onna. Brought to you by: August 2014 NVM Business Fakkelstede 1 3431 HZ Nieuwegein Telephone: (030) 608 51 85 Member of NVM (Dutch Association of Real Estate Brokers)