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Offices, facilities and property for logistics activities

Contrary to market developments, the occupancy of Schiphol's office portfolio increased by 5.4% to 84%, in particular as a result of the high occupancy levels of the office buildings The Outlook and the WTC. Rent revenues remained stable. Price levels for new lease contracts are under pressure. There was a slight decrease in value of the existing office portfolio in 2012.

Market conditions are still not good. This is also reflected in the size of the transactions, which are smaller. The rental contract for 8,200 m2 with Cargill, the food sector multinational that set up its head office in The Outlook at Schiphol Centre at the end of 2012, is one of the larger transactions in the region in the past year.

Office areas outlook

In 2012, Schiphol Real Estate further refined its strategy to be able to respond to developments in the market. Flexibility, multi-functionality, connectivity, the unique experience and value for money are the distinctive features of Schiphol as a prime location.

More than before, offices and office areas must function as a meeting place that also offers facilities such as hotels and restaurants, shops, sports facilities and child day care centres. In 2012, we created a sports field at Schiphol Southeast that is used by a large number of employees of various companies. Furthermore, we introduced a number of new, flexible rental concepts and innovative services. This includes an agreement with supermarket chain Albert Heijn to establish a new concept at Schiphol, the Pick Up Point. The customer orders groceries online and picks them up by car in a drive-thru. This pick-up store is expected to be completed in the first half of 2013.

A major redevelopment is the renovation of the office building The Base. This complex, which will play a central role at Schiphol Centre, will be created by connecting the three Triport buildings by means of a passageway and a shared atrium. The Base will offer various facilities, including high-quality restaurants and bars, a day care centre, a fitness area and possibly also shopping facilities. The complex will be completed at the end of 2013.

Flex-areas

Schiphol aims to respond to current trends in the office market by offering flex-spaces. Several old buildings on Aerospace Exchange (Schiphol East) have been demolished. In Gebouw 144 (Building 144), we successfully introduced the Aerospace Flex Offices concept: short-term rentals of furnished space.

New Hilton Hotel

At Schiphol Centre, a new, five star Hilton Hotel will be constructed that will have 433 rooms and extensive meeting facilities including a large hall for up to 600 people. The new Hilton Hotel will be an eye-catcher at the heart of the AirportCity and will enhance the appeal of the airport as a business destination and further strengthen the international business climate at and around Schiphol. The building, which has been designed by the Dutch architecture firm Mecanoo, has international standing and is shaped like a cube with rounded corners. High-quality and durable materials will be used for the construction. Schiphol Real Estate signed the contracts with Hilton Worldwide in 2012. Preliminary work began at the end of 2012 and the construction will start at the beginning of 2013. The opening is planned for 2015. Schiphol Group will bear the operating risk of this new hotel. The existing Hilton hotel shall remain open until the new hotel is completed.

Property for logistics activities

Despite the deteriorated situation in the cargo market, the occupancy level in the logistics portfolio was high. At the end of 2012, occupancy was 97.9%. However, it is clear that the logistics service providers and handlers at Schiphol are under constant pressure in view of the difficult conditions in the air cargo market. Although the rental income remained stable and new lease contracts were closed in 2012, the deteriorating market for the logistics sector caused a slight drop in the value of the business premises.