Rental rates in quarter of Amsterdam shopping streets reduced

DutchAmsterdam.nl — Rental rates for retail space in one quarter of Amsterdam’s shopping streets have gone down this year, Amsterdam daily Het Parool reports.

For the first time in seven years, rent in the prime retail locations of Kalverstraat, Leidsestraat, Heiligeweg and the Nieuwendijk has been reduced.

The Kalverstraat remains the Netherland’s most expensive shopping street in terms of retail rental rates.

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The crisis is fingered as the culprit, but rental rates for retail space along the building sites for the problem-plagued new Noord/Zuid metro line has also been reduced — as much as thirty percent at Rokin.

The information comes from the yearly overview of shop rentals produced by realtor DTZ Zadelhoff for the municipality of Amsterdam.

The new rates apply to new occupants only.

Rent increases as well

Shopping streets in outlying areas have been particularly affected. This includes important shopping streets in Amsterdam West, such as the Kinkerstraat, and shopping malls Boven ‘t IJ (Amsterdam North) and Amsterdamse Poort (Amsterdam South-East)

However, the shopping mall at Gelderlandplein in Buitenveldert saw rent increases, as did the high-brow PC Hooftstraat and the Van Baerlestraat — where demand is high, but space in short supply.

The 9 Streets

The highly popular shopping district known as The 9 Streets (De 9 Straatjes) also fetches high rates from newcomers and renewal contracts alike.

Located in the old canal district of Amsterdam, the name of the shopping district refers to the nine side-streets that connect the Herengracht, Keizersgracht and Prinsengracht between the Raadhuistraat and Leidsestraat.

The quarter is rich in architectural treasures, and offers a plethora of small-scale, often unique shops, restaurants and eateries.

Retailers say the nine streets district now appears to be a victim of its own success. With space in high demand and extremely short supply renters are now demanding exhorbitant rental rates.

Where retailers currently pay three hundred to six hundred Euro per square meter, new contracts sometimes list double those rates. What those amounts are too high for many of the small retailers, international brands such as Lee, Fred Perry, Le Coq Sportif, Paul Frank and Carhart have already opened flagship stores in the district.

“Very honorable that they want to be here,” says district manager Lony Scharenborg, “But it you’ve got too many of those stores little will remain of the neighborhood’s special character.” — — DutchAmsterdam.nl