Investors have pumped 44% more money into Dutch commercial real estate over the past six months, according to research by the CBRE advisory group, when compared with the first half of 2023.

Total investments reached €4.5 billion, compared with €3.2 billion last year – the lowest figure over the past 10 years.

Investment in hotels soared almost six-fold as tourism takes off again following the coronavirus pandemic. “The results are stronger than ever and that makes the sector very interesting to investors,” CBRE’s Erik Langens told broadcaster NOS.

Offices are also being transformed into hotels, particularly in Rotterdam, CBRE said.

Around one-third of the €4.5 billion invested in the first six months of this year went into the logistics sector, which includes distribution centres and car parks.

The growth in the office and residential property sectors was slower. “Many investors are reluctant to invest in offices because of the possible impact of hybrid working,” Langens said.

Investment in residential property was up 71% on 2023, but most of this was due to transactions involving existing buildings, CBRE said.