Monitor Industrial Property Market Drechtsteden 2015 Developments 2012-2015 Index Key findings and conclusions 1. Stock 2. Availability 3. Vacancy 4. Take-up 5. Planning capacity 6. Planning capacity versus demand How has the worldwide economic crisis effected the vacancy rate of industrial buildings? How has it effected the development in building stock and planning capacity? And, maybe even more interesting, how do these effects relate to the anticipated demand for industrial space and future governmental policy? Research Center Drechtsteden (OCD) has taken these questions as the foundation for her study and presents the findings and conclusions in this Monitor Industrial Property Market Drechtsteden 2015, a unique co-production with Municipal Taxes & Base Registrations Drechtsteden (GBD), Ooms Makelaars Commercial Real Esate and Waltmann & Co. Commercial Properties. The Monitor Industrial Property Market Drechtsteden 2015 has been drafted specifically for regional government and local authorities in order to provide more insight into several characteristics of the existing stock in industrial space, the vacancy rate and the developments thereof. This insight is not only important for regional and local policymakers, but is also very useful for local account managers and company contact officers who are confronted with business owners and their industrial housing needs and ambitions on a daily basis. This OCD product is a co-production with Municipal Taxes & Base Registrations Drechtsteden (GBD), Ooms Makelaars Commercial Real Estate and Waltmann & Co Commercial Properties. In compiling this monitor it has been our aim to make use of a widely supported (also by market players) set of definitions. We have used data supplied by the Municipal Taxes & Base Registrations Drechtsteden (GBD) and sought consultation with two big regional real estate brokers. For a complete review of the definitions and resources, see the box 'definitions and resources' at the end of this fact sheet. In this factsheet the OCD presents the current state of affairs in the industrial property market within the Drechtsteden per 01-01-2015 and the developments over the period 2012-2015. We will look at stock, availability, vacancy, take-up, planning capacity and last but not least the expected future demand for industrial space. The figures for the Drechtsteden area as well as for the separate municipalities involved, can be found at the end of this factsheet.
National trends and developments on the industrial property market The economic developments in recent years have led to a decline in demand for commercial properties and, on average, less square meters commercial space per individual business. This has resulted in an increase in availability and vacancy and a lower take-up level. There is an ongoing unbalanced growth in the availability and demand ratio. On a short term notice it is unrealistic to expect a strong improvement in this ratio. Transformation possibilities are limited because industrial properties are generally poorly suitable for other purposes. On a side note however, in many cases modernization and upgrading of such properties is feasible. The share of logistics industry in the overall demand for industrial property will continue to grow in the future. The demand for high quality urban distribution is increasing as a result of e-commerce and the demand for custom home deliveries. The so called 'last-mile' distribution will become more extensive. Because of this, central distribution points, pick-up points and vault units will spring up at the outskirts of urban areas. New consumer demand is transforming the demand for location. The type of use as well as the consumer's requirements are changing. An industrial area or business parc is becoming more and more a platform for knowledge and production connection. In order to facilitate mutual cooperation, there is a greater need for durable industrial locations that are embedded in local structures. Because of structural oversupply and the loss of demand, the value perspective of existing industrial properties in outdated and mono-functional industrial areas Source: FGH Real Estate Report 2015 "The power of a different perspective' (FGH Bank, 2015) Key findings Stock At the beginning of 2015 the stock of industrial real estate properties within the Drechtsteden consisted of a volume of over 4.2 million m 2 (including small industrial premises). Since the beginning of 2012 the stock has increased with more than 70.000 m 2. The increase in stock is due to the addition of new premises (for example on Dordtse Kil III Allied Motion Dordrecht, Heymans and Groeneveld) and the expansion of existing properties. 1 In some cases it is due to a change in functional use (for example Energiehuis in Dordrecht which now has a social function instead of its former industrial function) which means industrial property will be withdrawn from stock. More and more industrial properties are located in industrial areas or business parcs. The increase in stock industrial properties takes place in industrial areas, since 2012 a growth of 114.000 m 2. Outside of these industrial areas the stock has decreased with 43.000 m 2. The industrial properties within the Drechtsteden have an average size of 1.000 m 2. On average the industrial properties in new industrial areas or business parcs are much smaller in size than the ones in older industrial areas. The stock of industrial properties is ageing. Almost three quarters (74%) of the stock is over 15 years old. Three years ago this was 69%. The share of younger stock (younger than 5 years) is decreasing. Availability At the beginning of 2015 about 276.000 m 2 of industrial properties within the Drechtsteden area was being offered by market participants. This is significantly more than during the beginning of 2012 when availability was 167.000 m 2. 1 In addition to adding new properties and the expansion of existing properties, the volume of stock can change as a result of changes in surface data of existing objects, whereupon objects may or may not meet the criteria of a business property, or as a result of a change in functional use. Besides that, the stock volume sometimes changes as a result of withdrawal from stock (demolition). 2
The availability has increased mainly in industrial areas and business parcs (+ 113.000 m 2 ); outside those areas availability is decreasing (-5.00 m 2 ). Proportionally there is a large availability of industrial property in the category from 1.000 m 2 tot 5.000 m 2. Vacancy Over the period 1.1.2012 to 1.1.2015 the vacancy of industrial premises within the Drechtsteden has increased substantially, from 280.000 m 2 in 2012 to 428.000 m 2 in 2015. 10.2% of the stock is currently vacant, in 2012 this was 6.8%. Despite this vacancy growth over the period 2012-2015, we can see a positive development in the last year. In 2014 the vacancy growth was significantly lower (81.000 m 2 ) than in 2011 (135.000 m 2 ). During the last three years the vacancy rate has increased mainly due to the departure of several companies. They left behind large industrial premises such as Adria Benelux, TNT Post Parcel Service Benelux BV and Platform Sales Europe BV in Dordrecht, Arbez and Bruynzeel in Hendrik-Ido-Ambacht and Turboned in Zwijndrecht. The number of vacant industrial properties is much higher than the number of industrial properties offered by market players. An explanation for this difference can be found in the text bar on page 10. The vacancy rate of industrial properties is highly fragmented across the region. At the beginning of 2015 the vacancy rate of industrial properties within the six Drechtsteden municipalities varied from 3.9% in Papendrecht to 11.8% in Dordrecht. The vacancy rate has increased at both the old and the new industrial areas and business parcs. Currently, the vacancy rate at the new industrial areas within the Drechtsteden is even above the regional average. More than half of the vacant industrial premises are small properties of less than 250 m 2. Added together this is just 12% of the overall vacancy rate in square meters. On the other hand less than 2% of the number of vacant industrial properties consists of properties bigger than 5.000 m 2. Expressed in square meters this makes up a quarter of the total vacancy. Long term vacancy has increased. Currently 88.000 m 2 of industrial properties has been vacant for more than five years (in 2012 this was 19.000 m 2 ). We already concluded that short term (less than a year) vacancy growth has decreased in 2014. Take-up During the past five years (2010-2014) the take-up of industrial properties consisted of a total of 232.000 m 2 including small industrial properties, an average of 46.000 m 2 per year. Within this period the annual take-up fluctuated considerably, between 38.000 and 62.000 m 2 (in the previous year). Logically, most of the industrial property take-up took place in industrial areas or business parcs (218.000 m 2 during the past five years, half of which in Dordrecht). Planning capacity versus demand The planning capacity of industrial property in the Drechtsteden currently has a range of 192 hectares of land, or more than 1.3 million m 2 of industrial space surface area. This includes the yet to be developed Dordtse Kil IV (65 hectares). More than half (100 hectares) of the available land is readily available. Up to 2013 the total demand for available space (autonomous and interregional) for the Drechtsteden was 110 hectares and for the period 2030-2040 another 60 hectares. The current planning capacity is therefore more than sufficient in order to meet the total demand for available space for industrial properties up to 5.000 m 2 as well as for large scale business complexes (from 5.000 m 2 ). Conclusions As a result of the economic crisis, the industrial property market in the Drechtsteden may have seen an unfavorable development during the period 2012-2015 (increase in availability and vacancy), however, we can clearly see signs of recovery during the last 3
year: increase in take-up and a decrease in vacancy growth. It is expected that this positive trend will further continue. Waltmann & Co Commercial Properties and Ooms Makelaars Commercial Real Estate (partner in Dynamis) have 4 branches in the Drechtsteden and are both active in all areas of the real estate property market. From their offices in Dordrecht both companies are active in the field of lease and rental, purchase and sale of office buildings, retail and commercial properties and exploitation related real estate. They are specialists in the region and identify trends and movements in the market. In comparison with the market for office space, the vacancy rate of industrial property within the Drechtsteden is less structural. Now that the economy is picking up again, it is expected that many vacant industrial properties will be used again, at times with some modifications, due to a more favorable price development in comparison with newly constructed buildings. Moreover, vacant industrial property can meet the growing need for flexible floor space for start-ups. Transformation to other functional uses is difficult to achieve where vacancy of industrial property is structural. Industrial property vacancy is highly fragmented throughout the various industrial areas across the region. Redevelopment of industrial areas is useful only in case of vacancy clustering. Many transactions on the industrial property market in the Drechtsteden concern parties within the municipality or region and so effective take-up stays limited. With a current planning capacity of 192 hectares the Drechtsteden are able to respond to future demand for industrial properties up to 5.000 m 2 as well as the demand for large scale industrial complexes (from 5.000 m 2 ), especially in the field of logistics (with Dordtse Kil IV). Table 1 Ratio Industrial Property Market Drechtsteden 2012 and 2015 (x 1.000 m 2 ) stock 4204 4133 supply vacancy 276 167 428 280 2015 2012 take-up 232 planning capacity 1152 0 500 1000 1500 2000 2500 3000 3500 4000 4500 5000 Note: stock, availability and vacancy per 1.1.2012 and 1.1.2015; take-up is the total take-up for the period 2010-2014; planning capacity expressed in m 2 business property (x 1.000) is per 1.1.2015, this is the average of the lower limit of 960.000 m 2 and the upper limit of 1.344.000 m 2 (based on a plot surface of minimal 50% and a maximum of 70%). Source: GBD, PropertyNL, iwoz, business brokers operating in the Drechtsteden (data editing OCD) 1 Stock In The Netherlands no official statistics are available that register industrial properties in a uniform and complete matter. Several market participants publish stock figures, but they often display major mutual differences. These differences are mainly due to the various definitions being used. For the Drechtsteden region it is of great importance to have a complete picture of the total stock in industrial properties. In order to fully and accurately map the total stock of industrial premises within the Drechtsteden, the OCD has used data from Municipal Taxes & Base Registrations Drechtsteden (GBD) for the compliance of this monitor. In the text box on the next page we have explained how we have done this. According to the records of the GBD, the Drechtsteden has a total stock of 4.2 million m 2 of industrial property (reference date January 1, 2015). The Drechtsteden has a total of almost 4.000 industrial premises. Compared to early 2012, stock has increased by more 4
than 70.000 m 2. The growth is due to the addition of new objects to the stock, expansion of existing objects, or changes in the surface data of existing objects as a result of which objects may or may not meet the criteria for industrial space. In addition, stock volume changes as a result of withdrawal from stock (demolition or functional changes). Municipal tax records as source for stock and vacancy industrial property In order to carry out their task, Municipal Taxes and Base Registrations Drechtsteden (GBD) has a register of all non-residential properties in the Drechtsteden at their disposal. This register contains square meter data of industrial premises, such as office, business and retail properties. To determine the stock volume of industrial properties all registered objects belonging to the following groups have been selected: businesses, warehousing/distribution, fire stations, mixed companies, machinery contractors and offices. Solely offices consisting of less than 70% office floor space have been counted. Offices with more than 70% office floor area are defined as "office" (see the OCD Office Market Monitor Drechtsteden 2015). Small industrial properties have been included in the stock volume as well. Solely buildings have been included, i.e. surface areas of docks, pipelines, tanks, pavement, land and such have not been taken into consideration. Subsequently, a portion of the peripheral retail (shops located in industrial areas) that currently has a shopping destination has been added as well. However, according to regional market players this portion will be offered as industrial property if it ever becomes available. The GBD furthermore keeps a record of premises not in use, and thus being vacant, as well as the date as of which the property has been empty. The register of all industrial properties that has been obtained through this process, has been edited by the OCD. We have added whether properties are located in an industrial area, the size and age categories as well as vacancy duration. Table 2 shows how this stock of more than 4.2 million m 2 of industrial property is divided over six municipalities within the Drechtsteden and how the stock has evolved. The table shows that 40% of the stock is located in Dordrecht, over 1.7 million m 2. Zwijndrecht has the largest stock of industrial space (877.000 m 2 ) of all smaller municipalities. Hendrik- Ido-Ambacht (310.000 m 2 ) has the smallest stock. In almost all municipalities the stock has increased over the last three years, ranging from 34.000 m 2 in Dordrecht to 5.000 m 2 in Alblasserdam. Only in Hendrik Ido Ambacht the stock volume has slightly decreased. In total, the stock volume of industrial property in the Drechtsteden has increased with 71.000 m 2 over the past three years. Table 1 in the appendix shows a complete overview of square meters industrial property spread over the six municipalities in 2012 and 2015. The increase in stock is due to the addition of new industrial premises (for example on Dordtse Kil III Allied Motion Dordrecht, Heymans and Groeneveld) or the expansion of existing properties. In some cases it is due to a change in functional use (for example Energiehuis in Dordrecht which now has a social function instead of its former industrial function) which means industrial property will be withdrawn from stock. 5
Table 2 Development stock volume industrial property in the Drechtsteden, 2012-2015 (x 1.000 m 2 ) Alblasserdam 514,7 Dordrecht 1.705,9 Hendrik-Ido- Ambacht Papendrecht 309,7 363,3 2015 2012 Sliedrecht 433,8 Zwijndrecht 876,8 Drechtsteden 4.204,2 0 1000 2000 3000 4000 5000 Location The industrial properties are mostly located in industrial areas. In this monitor we distinguish three different industrial property locations within the Drechtsteden: Old industrial areas: the industrial areas from before the year 2000 (in this region most industrial areas); New industrial areas: the industrial areas as of the year 2000 (Polder Nieuwland, Amstelwijck, Dordtse Kil III, Business Parc Langeweg, Land van Matena, Nieuwland, Baanhoek-West, De Driehoek, Bakestein); Other locations: mostly locations within the residential areas. Table 3 shows the three locations within the Drechtsteden on one map. Table 3 Old and new industrial areas within the Drechtsteden 6
Table 4 shows the development of the stock volume divided over the three location categories within the Drechtsteden (see also table 2 in the appendix). The stock volume has increased in the old industrial areas (+82.000 m 2 ) and in the new industrial areas and business parcs (+32.000 m 2 ). In the other locations the stock volume industrial properties has decreased (-43.000 m 2 ). More and more industrial properties are thus situated in industrial areas. Table 4 Development stock volume industrial property in the Drechtsteden based on location, 2012-2015 (x 1.000 m 2 ) old industrial areas 3.474,1 new industrial areas 334,5 other locations 395,5 2015 2012 Drechtsteden 4.204,2 0 1000 2000 3000 4000 5000 Size 90% of the total square meters of industrial property is located in industrial areas, 10% is located outside the industrial areas. When looking at the number of premises, we will see a distribution of 70% in industrial areas and 30% outside. The average size per industrial property in the Drechtsteden is about 1.000 m 2. In industrial areas the average size of an industrial property (almost 1.400 m 2 ) is considerably larger than outside industrial areas (300 m 2 ). We can also see a clear difference in average size between industrial premises located in old (1.500 m 2 ) and in new industrial areas (800 m 2 ). Table 5 shows how the total stock volume (first in, then in square meters) of industrial property in the Drechtsteden is divided according to size. The Drechtsteden has a total number of nearly 4.000 industrial properties. Half of these objects are smaller than 250 m 2, which is 5% of the total surface area. Less than 2% of all industrial properties have an area larger than 10.000 m 2, which is 31% of the total surface area. See table 2 in the appendix for more information about the stock related to size. Table 5 Division stock volume industrial property in the Drechtsteden according to size per 1.1.2015, respectively expressed in and in m 2 objects m 2 7% 2%2% < 100 m2 4% 5% 10% 26% 100-250 m2 31% 9% 250-500 m2 13% 500-1,000 m2 13% 1,000-2,000 m2 16% 24% 2,000-5,000 m2 16% 21% 5,000-10,000 m2 10,000 m2 7
Age A logical result of the economic crisis is the aging of stock industrial property. Early 2015, nearly three-quarters of the stock in the Drechtsteden was older than 15 years (see table 6), in 2012 this share was less than 70%. For more information, see table 3 in the appendix. Table 6 Division m 2 stock volume industrial property in the Drechtsteden according to age per 1.1.2015 < 5 years 4% 5% 8% between 5 and 10 years between 10 and 15 years older than 15 years 9% age unknown 74% 2 Availability How much industrial real estate property is being offered on the open market by business brokers? Existing and completed properties as well as properties under construction or renovation, that will actually become available within twelve months or are not already taken out of the market, will be registered in the availability. It is possible that premises will be included in the availability without being vacant; the property may still be in use or under construction. On the other hand there is quite some vacancy that is not being offered. In the past three years the availability of industrial property has increased unmistakably (+96.000 m 2 ). In 2012 the availability amounted to 167.000 m 2, currently it is 264.000 m 2. Primarily in Dordrecht (+55.000 m 2 ), Alblasserdam (+15.000 m 2 ) and Zwijndrecht (+14.000 m 2 ) the availability increased (see table 7). Compared to the total availability Dordrecht and Zwijndrecht do have the most industrial properties in availability, Papendrecht and Sliedrecht the least. Overall, the availability increased within the Drechtsteden. The average size of available property is now 1.000 m 2. Table 7 Development availability industrial property within the Drechtsteden, 2012-2015 (x 1.000 m 2 ) Alblasserdam 25,1 Dordrecht 147,1 Hendrik-Ido- Ambacht Papendrecht 17,0 11,2 2015 2012 Sliedrecht 10,9 Zwijndrecht 52,4 Drechtsteden 263,7 0 50 100 150 200 250 300 Source: PropertyNL, iwoz, Real Estate brokers operating within the Drechtsteden (data editing OCD) 8
Location The availability has increased in both old and new industrial areas and business parcs, but the most in the old industrial areas (+79.000 m 2 ). See also table 4 in the appendix. In the new industrial areas the availability increased with 22.000 m 2 (see table 8). Table 8 Development availability industrial property within the Drechtsteden according to location, 2012-2015 (x 1.000 m 2 ) old industrial areas 220,9 new industrial areas 28,9 other locations 13,9 2015 2012 Drechtsteden 263,7 0 50 100 150 200 250 300 Source: PropertyNL, iwoz, Real Estate brokers operating within the Drechtsteden (data editing OCD) Size Table 9 shows how the availability of industrial property within the Drechtsteden is divided according to property size. A third of the available square meters industrial property involves larges objects, from 5.000 m 2. Availability of properties this size occurs in Alblasserdam, Dordrecht, Hendrik-Ido-Ambacht and Zwijndrecht (see table 5 in the appendix). Altogether there are only 10 properties of such large size. Table 9 Division m 2 availability industrial property within the Drechtsteden according to size per 1.1.2015 < 100 m2 18% 5% 7% 100 to 250 m2 250 to 500 m2 10% 500 to 1.000 m2 1.000 to 2.000 m2 15% 2.000 m2 to 5.000 m2 5.000 to 10.000 m2 21% as of 10.000 m2 23% Source: PropertyNL, iwoz, Real Estate brokers operating within the Drechtsteden (data editing OCD) 3 Vacancy The increase in availability of industrial properties is largely due to increase in vacancy (see table 10), in other words: no business activities are taking place in these industrial buildings. At the beginning of 2015 about 428.000 m 2 of the total stock industrial properties within the Drechsteden is vacant (785 objects), 148.000 m 2 more than in 2012. The vacancy of industrial property has increased in all municipalities. Especially in Dordrecht (+65.000 m 2 ), but also in Zwijndrecht (+36.000 m 2 ) and Hendrik-Ido-Ambacht (+23.000 m 2 ) the vacancy has increased significantly in absolute terms. Further commentary on the differences in numbers between vacancy and availability can be found in the text box on the following page. The development of vacancy rates is indeed the balance between establishment and departure, expansion and dwindling of businesses. But of importance in this current 9
development is the departure of several businesses of which some have left behind large industrial properties (such as for example Adria Benelux, TNT Post Pakketservice Benelux BV and Platform Sales Europe BV in Dordrecht, Arbez and Bruynzeel in Hendrik-Ido- Ambacht and Turboned in Zwijndrecht). Table 10 Development vacancy industrial property within the Drechtsteden, 2012 and 2015 (x 1.000 m 2 ) Alblasserdam 48,4 Dordrecht 201,2 Hendrik-Ido-Ambacht 35,7 Papendrecht Sliedrecht 14,1 43,7 2015 2012 Zwijndrecht 84,7 Drechtsteden 427,8 0 100 200 300 400 500 Vacancy versus availability commercial property In this factsheet we elaborate on both availability and vacancy of industrial property. The numbers and square meters of available and vacant premises do not match. At the beginning of 2015, 785 commercial properties were vacant, but only 277 were offered as available. Not all available stock is necessarily vacant. On the other hand, not all vacant properties have been registered as available. It may concern properties that that are partially being used or properties that are outdated and will no longer be offered as available on the market. Even so, small vacant commercial properties are hardly ever included in the registered availability. This is the so called hidden vacancy. Vacancy percentages An equally interesting fact is the vacancy rate in contrast to the stock rate (see table 11). 10.2% of the stock industrial property in the Drechtsteden is vacant, in 2012 this was just 6.8%. The vacancy rate, in contrast to the stock rate, has increased in all municipalities. Dordrecht and Hendrik-Ido-Ambacht are above the regional average, Alblasserdam, Sliedrecht and Zwijndrecht are just below average. In Papendrecht the vacancy rate has increased, but is still at a very low level. 10
Table 11 Development vacancy rates industrial property within the Drechtsteden, 2012 and 2015 Alblasserdam 9,4% Dordrecht 11,8% Hendrik-Ido-Ambacht 11,5% Papendrecht Sliedrecht 3,9% 10,1% 2015 2012 Zwijndrecht 9,7% Drechtsteden 10,2% 0% 5% 10% 15% Location The vacancy rate of industrial property in the region is highly fragmented. When looking at the various distinct industrial property locations, we can see that the vacancy rate in square meters, but also in contrast to the stock, has increased both in the old and new industrial areas (see table 12 and 13 as well as table 6 in the appendix). The vacancy rate in the new industrial areas is even slightly above regional average. Part of the vacant industrial property located in old industrial areas is outdated, but can be upgraded for suitable (re)use with minor adjustments. In other locations the vacancy rate has remained the same in absolute terms, but has increased in relative terms due to a decrease in stock. Table 12 Development vacancy industrial property within the Drechtsteden according to location, 2012 and 2015 (x 1.000 m 2 ) old industrial areas 341,6 new industrial areas 38,9 other locations 47,3 2015 2012 Drechtsteden 427,8 0 100 200 300 400 500 11
Table 13 Development vacancy rates industrial property within the Drechtsteden according to location, 2012 and 2015 old industrial areas 9,8% new industrial areas 11,6% other locations 12,0% Drechtsteden 10,2% 0% 5% 10% 15% Size At the beginning of 2015, 785 industrial properties within the Drechtsteden are vacant, a total of 428.000 m 2. Table 14 presents the division according to size for both the number of objects and the number of square meters. More than 60% of the vacant industrial properties are small premises up to 250 m 2, this is 12% of the vacant square meters. Less than 2% of the number of vacant properties are properties larger than 5.000 m 2. These large premises, however, do cover a quarter of the total vacant square meters. More numbers can be found in table 7 in the appendix. Table 14 Division vacancy industrial property, according to and in m 2, within the Drechtsteden according to size per 1.1.2015 objects m 2 5% 4%1%1% < 100 m2 12% 9% 100 to 250 m2 12% 29% 250 to 500 m2 13% 10% 15% 500 to 1.000 m2 1.000 to 2.000 m2 16% 2.000 m2 to 5.000 m2 24% 33% 5.000 to 10.000 m2 13% as of 10.000 m2 Vacancy duration When looking at the vacancy duration, we can see a positive trend in the number of square meters that remains vacant for less than a year. In 2012, 135.000 m 2 (almost half of the total vacancy) remained vacant for less than a year. In 2015 this number was much lower. At the beginning of 2015, 81.000 m2 remained vacant for less than a year, this is not even 20% of the total vacancy (see table 15). This means that vacancy has significantly decreased in 2014 compared to 2011. More than 40% has been vacant for more than 3 years, 21% even more than 5 years. Long term vacancy, also known as 'structural vacancy', of industrial property is an indication for unmarketable stock. A industrial property is unmarketable when considered technically outdated and therefore no longer usable as industrial space. Finally, many of these properties will no longer be offered as available. Such 'hidden vacancy' is also present within the Drechtsteden. Especially smaller vacant industrial properties are not 12
always offered by market players. The majority of the long term vacancies concerns industrial properties older than 15 years. Long term or structural vacancy of industrial properties can be seen throughout the Drechtsteden. Most of these square meters are located in Dordrecht and Zwijndrecht (see table 8 in the appendix). Table 15 Division m 2 vacancy industrial property within the Drechtsteden according to duration per 1.1.2015 < 1 year 1 to 2 years 2 to 3 years 3 to 5 years 5 to 10 years 23% 19% 19% 23% longer than 10 years 15% 4 Take-up The regional industrial property market knows considerable dynamics. During the past 5 years (2010-2014) a total of 232.000 m 2 in industrial properties has been taken up, an average of 46.000 m 2 annually. This includes small industrial properties of less than 250 m 2. The take-up during this period varies from 38.000 m 2 in 2013 to 62.000 m 2 in 2014. It is expected that the take-up in 2015 and the coming years will further increase. The number of transactions fluctuates around 60 to 80 transactions per year (in 2011 and 2014, 82 transactions per year while in other years 58 transactions per year). The average transaction size within the region varies: during the past five years between 600 and 800 m 2. Table 16 Development take-up industrial property within the Drechtsteden 2010-2014 (x 1.000 m 2 ) 80 60 62,4 40 44,3 48,5 38,5 38,4 46,4 20 0 2010 2011 2012 2013 2014 av. 2010-2014 Source: PropertyNL (data editing OCD) The ratio between demand (take-up) and availability is an important indicator for the functioning of the industrial real estate property market. The take-up in 2014 in contrast to the availability at the beginning of 2015 results in a 'industrial property market ratio' of 23%. In 2012 the ratio was 29%. This means that the industrial real estate property market within the Drechtsteden has become slightly more voluminous than it was in 2012. Table 17 shows the total take-up square meters industrial property in the six municipalities over the period 2010-2014 and the average per year (see also table 9 in the appendix). Half of the total take-up of industrial property within the Drechtsteden is on behalf of Dordrecht, followed at quite a distance by Zwijndrecht (19%). Most take-up of industrial property within the Drechtsteden takes place in old industrial areas. 13
Table 17 Take-up industrial property within the Drechtsteden 2010-2014 (x 1.000 m 2 ) Alblasserdam Dordrecht 23,7 5,8 28,8 118,4 Hendrik-Ido- Ambacht Papendrecht 1,4 7,2 2,8 14,0 average per year 2010-2014 Sliedrecht 3,9 19,5 Zwijndrecht Drechtsteden 8,9 44,3 46,4 232,1 0 50 100 150 200 250 Source: PropertyNL (data editing OCD) Table 18 Division m 2 take-up commerical property within the Drechtsteden according to location 2010-2014 old industrial areas 9% 6% new industrial areas other locations 85% Source: PropertyNL (data editing OCD) 5 Planning capacity At the beginning of 2015, 192 hectares of industrial area are available for the development of new industrial properties. Nearly 100 hectares are immediately available while 92 hectares are not readily available. This concerns the complete availability of industrial areas within the Drechtsteden: new locations, redevelopment locations, including privately offered areas and seaport areas. This availability includes the yet to be developed Dordtse Kil IV with a total area of 65 hectares. Converted into gross floor area (GFA) there is a planning capacity of nearly 1.0 up to 1.3 million m 2 of industrial property space, of which 500.000 to 700.000 m 2 is immediately available. 2 All municipalities within the Drechtsteden have space available for new industrial properties. The most in Dordrecht, the least in Papendrecht (see table 20). Two thirds of the regional planning capacity is situated in the industrial areas in Dordrecht, partly in new business parcs (Amstelwijck and Dordtse Kil III), partly in old industrial areas (1 e Merwedehaven/Oostpoort, 3 e Merwedehaven, Julianahaven and Krabbepolder) or in new to be developed industrial areas (Dordtse Kil IV). About 15% of the regional planning capacity is situated in the industrial areas in Hendrik-Ido-Ambacht (Ambachtsezoom, Antoniapolder, the old Noordoevers location, Bedrijvenpark Langeweg). A large part of this is not yet immediately available. A complete overview of the planning capacity within the Drechtsteden can be found in table 10 and 11 in the appendix. 2 We herefore use a range of actual and usual development density rate of 50% to 70% (i.e. 1 hectare of land equals 5.000 to 7.000 m 2 gfa). 14
Table 19 Planning capacity industrial areas and industrial property within the Drechtsteden 2015 (in hectare en m 2 bvo) 1400 1200 1000 800 960 1344 600 400 200 0 192 0 hectares x 1.000 m2 gfa (lower limit) x 1.000 m2 gfa (upper limit) Source: Province of Zuid-Holland (municipality reports, data editing OCD) Table 20 Planning capacity industrial areas and industrial property within the Drechtsteden 2015 Alblasserdam 14 69 97 Dordrecht 129 620 900 Hendrik-Ido-Ambacht 29 143 200 Papendrecht 1 5 6 Sliedrecht 10 49 68 Zwijndrecht 11 53 74 0 100 200 300 400 500 600 700 800 900 hectares industrial areas x 1.000 m2 industrial property (lower limit) x 1.000 m2 industrial property (upper limit) Source: Province of Zuid-Holland (municipality reports, data editing OCD) 6 Planning capacity versus demand How does the current industrial property planning capacity relate to the anticipated demand for industrial property in the future within the Drechtsteden? The total demand for floor space up to 2030 is about 110 hectares. This demand consists of an autonomous regional demand and an interregional demand for floor space. Industrial areas within the Drechtsteden first and foremost cover the demand of the regional business sector. Until 2030 there will mainly be an autonomous demand for floor space coming from the logistics sector (52 hectares). Besides this, there is an autonomous demand for floor space from the industrial sector (23 hectares). The total autonomous regional demand within the Drechtsteden is therefore 75 hectares. In addition to the autonomous demand from within the Drechtsteden, there is also a demand for floor space coming from the logistics sector in Rijnmond (30 hectares). 3 For the period 2030 to 2040 the demand is estimated at an additional 60 hectares. The current planning capacity of 192 hectares of industrial area is more than sufficient to meet the total demand up to 2030, but also up to 2040. The Drechtsteden are able to respond adequately to both the demand for industrial properties up to 5.000 m 2 as well as 3 Ecorys (2014), Demand-availability analysis Drechtsteden in context of the accelerated development Dordtse Kil IV (carried out on behalf of the Province Zuid-Holland). Based on the scenario Transatlantic Market. 15
the demand for large scale industrial complexes (as of 5.000 m 2 ) especially in logistics (with Dordtse Kil IV). Due to a lack of existing, large industrial properties within this size class, there is a relatively larger demand for new construction. 4 Definitions and resources Industrial property: Object or part of an object (more than 30%) that, according to construction and design, is designated for the purpose of commercial activities such as manufacturing, warehousing, or assemblage of components. Added are objects belonging to the peripheral retail business (stores in industrial areas) that currently have a retail objective, but according to market players will be offered as commercial space if they ever become available. Stock: Area of completed and existing space according to the administration of Municipal Taxes & Base Registrations Drechtsteden. The stock increases annually with the completion of new construction projects and buildings that change in functional use. In contrast, stock decreases due to demolition of existing buildings and buildings that change in functional use for other than commercial purposes. Source: Municipal Taxes & Base Registrations Drechtsteden Availability: Putting interdependent commercial real estate properties on the free market. Exclusively existing and completed properties as well as properties under construction or renovation, that will actually become available within twelve months and are not already taken out of the market, will be registered in the availability. It is possible that premises will be included in the availability without being vacant; the property may still be in use or under construction. Source: PropertyNL, iwoz, websites of business brokers operating in the region Vacancy: In general, commercial properties (or parts thereof) that are not being rented and/or used. No business activities are taking place in these spaces. Source: Municipal Taxes & Base Registrations Drechtsteden Take-up: A transaction on the 'free' market in which industrial property is being rented or sold; this is the market where investors, individuals and project developers are offering real estate properties to yet unknown future renters and/or buyers. Source: PropertyNL Planning capacity: Yet to be released acreage of wet and dry industrial terrain for the purpose of industrial property. A distinction is being drawn between readily and not readily available land. Source: Drechtsteden municipalities drs. A.L.C. Leijs October 2015 P.O. Box 619 3300 AP Dordrecht (078) 770 39 05 ocd@drechtsteden.nl www.onderzoekcentrumdrechtsteden.nl 4 Core Figures Industrial Property Markets 2015, Dynamis, 2015. 16
Appendix Stock, availability, vacancy, take-up and planning capacity industrial properties Stock Table 1a Stock industrial property within the Drechtsteden according to location per 1.1.2012 (in m 2 ) in old industrial areas 345.600 1.298.200 255.700 313.900 396.200 782.500 3.392.200 82,1% in new industrial areas 121.000 144.200-6.600-30.900 302.700 7,3% other locations 43.100 229.700 55.800 32.000 30.000 47.600 438.200 10,6% total m 2 509.700 495 1.672.100 1.988 311.500 293 352.500 243 426.200 375 861.000 521 4.133.000 3.915 Table 1b Stock industrial property within the Drechtsteden according to location per 1.1.2015 (in m 2 ) in old industrial areas 350.600 1.342.800 274.000 317.800 402.500 786.300 3.474.100 82,6% in new industrial areas 121.000 159.600-12.800-41.200 334.500 8,0% other locations 43.100 203.400 35.700 32.700 31.300 49.300 395.500 9,4% total m 2 514.700 497 1.705.900 2.027 309.700 292 363.300 250 433.800 382 876.800 528 4.204.200 3.976 Table 2a Stock industrial property within the Drechtsteden according to size per 1.1.2012 (in m 2 ) < 100 m 2 5.700 29.400 3.700 1.100 2.700 1.800 44.400 1,1% 100 m 2 to 250 m 2 24.200 56.200 12.800 10.700 16.000 24.300 144.300 3,5% 250 m 2 to 500 m 2 32.100 82.500 22.300 19.200 23.000 37.300 216.500 5,2% 500 m 2 to 1.000 m 2 34.900 175.700 19.500 36.300 48.100 58.500 373.100 9,0% 1.000 m 2 to 1.999 m 2 60.100 234.300 46.000 33.200 81.000 91.200 545.800 13,2% 2.000 m 2 to 4.999 m 2 91.200 373.700 57.600 65.700 93.100 148.500 829.600 20,1% 5.000 m 2 to 9.999 m 2 60.700 280.500 106.000 20.200 76.900 110.100 654.500 15,8% as of 10.000 m 2 200.800 439.700 43.500 166.000 85.400 389.400 1.324.900 32,1% total m 2 509.700 495 1.672.100 1.988 311.500 293 352.500 243 426.200 375 861.000 521 4.133.000 3.915
Table 2b Stock industrial property within the Drechtsteden according to size per 1.1.2015 (in m 2 ) < 100 m 2 5.700 29.300 3.700 1.200 2.700 1.700 44.400 1,1% 100 m 2 to 250 m 2 24.200 61.000 13.300 10.700 17.300 25.700 152.200 3,6% 250 m 2 to 500 m 2 32.100 86.400 21.700 19.400 23.200 35.800 218.600 5,2% 500 m 2 to 1.000 m 2 34.900 180.600 20.200 40.100 47.300 59.000 382.100 9,1% 1.000 m 2 to 1.999 m 2 61.300 236.300 43.500 31.800 80.700 90.500 544.100 12,9% 2.000 m 2 to 4.999 m 2 94.900 390.600 62.800 69.000 100.000 164.200 881.600 21,0% 5.000 m 2 to 9.999 m 2 60.700 281.900 113.600 25.000 77.300 110.500 669.000 15,9% as of 10.000 m 2 200.800 439.700 31.000 166.000 85.400 389.400 1.312.300 31,2% total m 2 514.700 497 1.705.900 2.027 309.700 292 363.300 250 433.800 382 876.800 528 4.204.200 3.976 Table 3a Stock industrial property within the Drechtsteden according to age per 1.1.2012 (in m 2 ) < 5 years 122.100 173.500 3.500 22.100 22.800 53.000 397.000 9,6% between 5 and 10 years between 10 and 15 years 89.800 162.000 11.000 4.800 19.000 48.100 334.700 8,1% 57.400 155.100 48.600 14.600 108.400 21.900 405.900 9,8% older than 15 years 173.900 1.146.200 247.400 295.700 274.900 717.800 2.855.900 69,1% total m 2 509.700 495 1.672.100 1.988 311.500 293 352.500 Note: total m 2 is inclusive objects with 'year of construction unknown 243 426.200 375 861.000 521 4.133.000 3.915 Table 3b Stock industrial property within the Drechtsteden according to age per 1.1.2015 (in m 2 ) < 5 years 51.000 92.600 3.400 700 13.400 52.100 213.200 5,1% between 5 and 10 years beween 10 and 15 years 116.600 147.100 6.400 25.300 19.200 30.200 344.800 8,2% 82.700 176.100 15.600 3.400 51.100 38.500 367.400 8,7% older than 15 years 198.000 1.219.400 284.300 312.200 349.100 736.300 3.099.200 73,7% total m 2 514.700 497 1.705.900 2.027 309.700 292 363.300 250 433.800 382 876.800 528 4.204.200 3.976 Note: total m 2 is inclusive objects with 'year of construction unknown' 18
Availability Table 4a Availability industrial property within the Drechtsteden according to location per 1.1.2012 (in m 2 ) in old industrial areas 9.200 70.500 14.900 4.500 4.600 38.100 141.800 84,8% in new industrial areas 1.200 5.600 - - - - 6.800 4,1% other locations - 15.700-300 2.000 700 18.800 11,2% total 10.400 10 91.800 43 14.900 3 4.900 7 6.600 8 Source: PropertyNL, iwoz, business brokers operating in the Drechtsteden (data editing OCD) 38.800 19 167.300 90 Table 4b Availability industrial property within the Drechtsteden according to location per 1.1.2015 (in m 2 ) in old industrial areas 13.200 124.300 16.700 9.600 9.800 47.200 220.900 83,8% in new industrial areas 11.800 15.100-600 - 1.400 28.900 11,0% other locations - 7.700 300 900 1.100 3.900 13.900 5,3% total 25.100 38 147.100 124 17.000 20 11.200 21 10.900 19 Source: PropertyNL, iwoz, business brokers operating in the Drechtsteden (data editing OCD) 52.400 55 263.700 277 Table 5a Availability industrial property within the Drechtsteden according to size per 1.1.2012 (in m 2 ) < 100 m 2 - - - - 100-100 0,1% 2 obj. 100 m 2 to 250 m 2-400 - 200 - - 600 0,4% 4 obj. 250 m 2 to 500 m 2 900 900-800 300 700 3.600 2,2% 11 obj. 500 m 2 to 1.000 m 2 2.800 7.700 1.000 800 2.800 4.700 19.800 11,8% 29 obj. 1.000 m 2 to 1.999 m 2 2.300 21.700-3.100 1.300 5.300 33.700 20.1% 24 obj. 2.000 m 2 to 4.999 m 2 4.300 15.700 2.900-2.100 9.900 34.900 20,9% 13 obj. 5.000 m 2 to 9.999 m 2-7.500 - - - 6.800 14.300 8,5% 2 obj. as of 10.000 m 2-37.700 11.000 - - 11.500 60.200 36,0% 5 obj. total 10.400 10 91.800 43 14.900 3 4.900 7 6.600 8 Source: PropertyNL, iwoz, business brokers operating in the Drechtsteden zijn (data editing OCD) 38.800 19 167.300 90 19
Table 5b Availability industrial property within the Drechtsteden according to size per 1.1.2015 (in m 2 ) < 100 m 2 700 1.300 300-100 300 2.600 1,0% 39 obj. 100 m 2 to 250 m 2 1.600 4.200 1.700 1.900 600 2.300 12.400 4,7% 75 obj. 250 m 2 to 500 m 2 1.700 7.400 1.400 1.600 2.700 4.700 19.500 7,4% 55 obj. 500 m 2 to 1.000 m 2 1.900 15.300 - - 2.900 6.200 26.200 9,9% 37 obj. 1.000 m 2 to 1.999 m 2 7.200 38.500-2.500-7.900 56.000 21,2% 39 obj. 2.000 m 2 to 4.999 m 2 4.200 27.800 2.600 5.100 4.700 16.300 60.700 23,0% 22 obj. 5.000 m 2 to 9.999 m 2 7.800 16.800 - - - 14.800 39.400 14,9% 6 obj. as of 10.000 m 2-35.800 11.000 - - - 46.900 17,8% 4 obj. total 25.100 38 147.100 124 17.000 20 11.200 21 10.900 19 Source: PropertyNL, iwoz, business brokers operating in the Drechtsteden (data editing OCD) 52.400 55 263.700 277 Vacancy Table 6a Vacancy industrial property within the Drechtsteden according to location per 1.1.2012 (in m 2 and as % of stock) in old industrial areas 20.700 6,0% in new industrial areas 10.900 9,0% other locations 6.800 15,8% 99.700 7,7% 7.900 5,5% 28.800 12,5% 12.000 4,7% 600 1,1% 7.000 2,2% - 500 7,6% 4.700 14,7% 29.800 7,5% 1.600 5,3% 41.700 5,3% - 1.500 4,9% 5.600 11,8% 210.900 6,2% 20.800 6,9% 48.000 11,0% total % stock 38.300 7,5% 136.400 8,2% 12.600 4,0% 12.200 3,5% 31.400 7,4% 48.800 5,7% 279.700 6,8% Table 6b Vacancy industrial property within the Drechtsteden according to location per 1.1.2015 (in m 2 and as % of stock) in old industrial areas 23.500 6,7% in new industrial areas 18.000 14,9% other locations 6.800 15,8% 155.700 11,6% 16.700 10,5% 28.800 14,2% 35.200 12,8% 500 1,4% 9.000 2,8% - 900 7,0% 4.200 12,8% 42.000 10,4% 1.700 5,4% 76.100 9,7% - 3.300 8,0% 5.400 11,0% 341.600 9,8% 38.900 11,6% 47.300 12,0% total % stock 48.400 9,4% 201.200 11,8% 35.700 11,5% 14.100 3,9% 43.700 10,1% 84.700 9,7% 427.800 10,2% 20
Table 7a Vacancy industrial property within the Drechtsteden according to size per 1.1.2012 (in m 2 ) < 100 m 2 1.200 8.400 1.300 200 400 200 11.600 4,1% 223 obj. 100 m 2 to 250 m 2 5.000 9.500 2.500 1.500 2.600 5.900 27.000 9,7% 181 obj. 250 m 2 to 500 m 2 3.200 13.500 1.500 4.500 2.000 6.000 30.700 11,0% 88 obj. 500 m 2 to 1.000 m 2 4.000 28.000 500 3.900 7.600 7.000 51.000 18,2% 72 obj. 1.000 m 2 to 1.999 m 2 5.100 21.500 1.300 2.100 1.200 3.500 34.700 12,4% 25 obj. 2.000 m 2 to 4.999 m 2 8.400 15.000 5.500-17.500 13.500 59.900 21,4% 19 obj. 5.000 m 2 to 9.999 m 2 11.500 9.900 - - - 12.800 34.200 12,2% 5 obj. as of 10.000 m 2-30.600 - - - - 30.600 10,9% 2 obj. total m 2 38.300 86 136.400 328 12.600 40 12.200 30 31.400 50 48.800 81 279.700 615 Table 7b Vacancy industrial property within the Drechtsteden according to size per 1.1.2015 (in m 2 ) < 100 m 2 1.300 8.100 1.300 100 600 200 11.600 2,7% 225 obj. 100 m 2 to 250 m 2 5.100 16.900 3.200 2.500 3.700 9.200 40.600 9,5% 260 obj. 250 m 2 to 500 m 2 4.500 18.900 3.100 3.600 3.100 9.400 42.600 10.0% 120 obj. 500 m 2 to 1.000 m 2 4.000 36.000 1.900 4.800 7.800 13.100 67.700 15,8% 98 obj. 1.000 m 2 to 1.999 m 2 4.900 34.400-3.100 5.300 7.900 55.600 13,0% 38 obj. 2.000 m 2 to 4.999 m 2 10.700 30.200 5.500-23.100 32.100 101.700 23,8% 32 obj. 5.000 m 2 to 9.999 m 2 17.800 16.000 9.500 - - 12.800 56.200 13,1% 8 obj. as of 10.000 m 2-40.800 11.100 - - - 52.000 12,2% 4 obj. total m 2 48.400 96 201.200 410 35.700 53 14.100 34 43.700 67 84.700 125 427.800 785 21
Table 8a Vacancy industrial property within the Drechtsteden according to duration per 1.1.2012 (in m 2 ) < 1 year 18.900 75.700 8.500 4.000 17.500 10.500 135.100 48,3% 1 to 2 years 9.200 16.700 500 2.800 2.800 19.700 51.700 18,5% 2 to 3 years 6.000 24.700 1.200 3.800 5.200 7.100 47.900 17,1% 3 to 5 years 900 12.000 1.000 1.600 1.700 8.800 26.100 9,3% 5 to 10 years 2.000 6.600 1.400-4.200 2.600 16.900 6,0% longer than 10 years 1.300 700 - - - - 2.000 0,7% total m 2 38.300 86 136.400 328 12.600 40 12.200 30 31.400 50 48.800 81 279.700 615 Table 8b Vacancy industrial property within the Drechtsteden according to duration per 1.1.2015 (in m 2 ) < 1 year 15.900 38.200 800 1.400 9.100 15.800 81.100 19,0% 1 to 2 years 3.500 37.600 25.900 2.500 3.300 23.300 96.000 22,4% 2 to 3 years 4.200 38.400 2.200 3.500 6.400 7.900 62.700 14,7% 3 to 5 years 14.600 42.900 3.900 3.500 14.200 20.500 99.700 23,3% 5 to 10 years 7.000 42.000 2.900 3.200 10.700 16.800 82.500 19,3% longer than 10 years 3.000 2.200 - - - - 5.200 1,2% total m 2 48.400 96 201.200 410 35.700 53 14.100 34 43.700 67 84.700 125 427.800 785 Take-up Table 9 Take-up industrial property within the Drechtsteden according to location in 2010-2014 (in m 2 ) in old industrial areas 23.600 101.900 7.200 11.000 14.100 40.500 198.300 85,4% in new industrial areas 5.200 8.900-1.900-3.800 19.800 8,5% other locations - 7.600-1.000 5.400-14.000 6,0% total 28.800 118.400 7.200 14.000 19.500 44.300 232.100 Source: PropertyNL (data editing OCD) 22
Planning capacity Table 10 Planning capacity industrial areas and industrial property within the Drechtsteden per 1.1.2015 (in hectare and m 2 ) readily available 13,8 69.000-97.000 59,6 298.000-417.000 not readily available - 69,0 345.000-483.000 14,8 74.000-104.000 13,7 69.000-96.000 0,9 5.000-6.000-9,7 49.000-68.000-10,5 53.000-74.000 99,6 498.000-697.000 52,0% - 92,4 462.000-647.000 48,0% total 13,8 69.000-97.000 7,2% 128,6 643.000-900.000 67,0% 28,5 143.000-200.000 14,8% 0,9 5.000-6.000 0,5% 9,7 49.000-68.000 5,1% 10,5 53.000 74.000 5,5% 192,0 960.000-1.344.000 Source: Province of Zuid-Holland (municipality reports, data editing OCD) Table 11 Overview planning capacity industrial areas and industrial property within the Drechtsteden per 1.1.2015 municipality industrial area readily not readily total availability available available ha m 2 gfa Alblasserdam Polder het Nieuwland 2,8-2,8 14.000-20.000 Alblasserdam Hoogendijk 11,0 11,0 55.000-77.000 Dordrecht 1 e Merwedehaven + 13,6-13,6 68.000-95.000 Oostpoort Dordrecht Amstelwijck (bedrijven) 3,9-3,9 20.000-27.000 Dordrecht 3 e Merwedehaven - 4,0 4,0 20.000 28.000 Dordrecht Dordtse Kil III 31,8-31,8 159.000-223.000 Dordrecht Julianahaven 2,5-2,5 13.000-18.000 Dordrecht Krabbepolder 7,8-7,8 39.000-55.000 Dordrecht Dordtse Kil IV - 65,0 65,0 325.000-455.000 Hendrik-Ido-Ambacht Ambachtsezoom - 13,2 13,2 66.000-92.000 Hendrik-Ido-Ambacht Antoniapolder 11,3-11,3 57.000-79.000 Hendrik-Ido-Ambacht Bedrijvenpark Langeweg 1,5 0,5 2,0 10.000-14.000 Hendrik-Ido-Ambacht formerly Noordoevers 2,0 2,0 10.000-14.000 Papendrecht Land van Matena 0,9-0,9 5.000-6.000 Sliedrecht Baanhoek-West - 3,0 3,0 15.000-21.000 Sliedrecht De Driehoek - 6,7 6,7 34.000-47.000 Zwijndrecht Bakestein 5,5-5,5 28.000-39.000 Zwijndrecht formerly Noordoevers 5,0 5,0 25.000-35.000 total 99,6 92,4 192,0 960.000-1.344.000 Source: Province of Zuid-Holland (municipality reports, data editing OCD) Note table 10 and 11: In order to determine the planning capacity in square meters we herefore use a range based on an actual and usual development density rate of 50% to 70% (so 1 hectare of land equals 5.000 to 7.000 m 2 gfa). 23