In the first quarter of 2026, €4.1 billion was invested in commercial real estate. This represents a 65% increase compared to last year, according to figures from real estate advisor CBRE. It marks the strongest first quarter on record. The volume was mainly driven by investments in existing residential complexes and newly built rental housing, followed by healthcare real estate and offices.
Rental Housing Outflow Still Exceeds New Supply
The residential sector remains the main driver of investment volume in the first quarter, but pressure on the rental housing stock continues to increase. Residential assets account for 45% of total volume, representing investments of more than €1.8 billion. Investors allocated €920 million to existing residential complexes (approximately 3,450 homes) and €890 million through forward funding for the construction of 3,025 new rental homes. CBRE analyses show that around 2,760 of the acquired existing homes are immediately transferred to the housing market. Combined with ongoing sell‑offs by private and institutional investors, the outflow of rental homes continues to exceed new construction supply.
Healthcare real estate and offices support the recovery
In addition to residential, healthcare real estate and offices are also making a substantial contribution to the high investment volume. Around €805 million was invested in healthcare real estate, largely driven by two major transactions: Aedifica acquired an 80% stake in Cofinimmo, and TPG Real Estate purchased twelve primary care clinics in the Netherlands as part of a broader pan‑European transaction.
On top of that, the office market is gaining strong momentum, reaching €510 million, an increase of 69% year‑on‑year. Attractive yield levels are drawing in a broader investor base, while increased supply (including redemptions and the end of investment horizons) is creating new opportunities. Buyers are particularly encouraged by low vacancy rates and expected rental growth in several cities, prompting them to invest in offices now.
Erik Langens, Managing Director at CBRE Netherlands: “The market continues to move toward our expectation of €14.3 billion in investment activity this year. Higher energy prices and interest rates have so far had little impact on transactions. If elevated pricing persists for a longer period, we do see some mild upward pressure on initial yields, but the occupier market remains strong and rental growth expectations are holding up, keeping investors active. The office market, in particular, is clearly picking up pace; investors are showing strong interest in the large number of propositions currently available or expected to come to market later this year. This demonstrates continued and growing confidence in the office market.”