Regions

→  Bergen prime yield

Bergen

Akershus Eiendom has recorded a transaction volume of approximately NOK 3 billion in Bergen in 2023. Based on our observations, prime yield in Bergen has increased by 100 basis points in 2023, and our current estimate is 5.50 percent. Similarly, the secondary yield in the region has also experienced an increase of 100 basis points, moving from 6.0 to 7.0 percent over the course of the year.

In the leasing market, we have observed a stable demand for office space, and rental prices have shown a slightly positive trend. Prime rent in Bergen is now at NOK 3,500 per square meter. Data obtained from KYTE Næringsmegling indicates that office vacancy rate in Bergen has increased and currently stands at 9.0 percent.

→  Trondheim prime yield

Trondheim

In Trondheim, we have recorded a transaction volume of nearly NOK 3 billion in 2023. We have adjusted our prime yield estimate upward by 100 basis points throughout the year to 5.75 percent. Our secondary yield has also seen an increase of 100 basis points in 2023 and is now at 7.0 percent.

There is still solid activity in the office rental market. This, combined with limited new office supply, has contributed to maintaining office vacancy rates at low levels. Data from Eiendomsmegler 1 indicates that the overall office vacancy rate currently stands at 4.7 percent. Prime rent in central Trondheim has experienced stable growth in recent years and is currently at NOK 3,000 per square meter. For new buildings with particularly high-quality features, EiendomsMegler1 has also observed levels of NOK 4,000 per square meter. Completion of over 50,000 square meters is expected in 2025, with approximately 37,500 still vacant.

→  Stavanger prime yield

Stavanger

The Stavanger region experienced record-high transaction volumes in 2021 and 2022, but in 2023, we have seen significantly lower activity in the transaction market. Based on our observations, prime yield in Stavanger has increased by 100 basis points throughout the year and is now at 5.75 percent.

In the leasing market, there has been a strong demand for office space, contributing to rental price growth. Prime rent in Stavanger CBD is currently at NOK 3,600 per square meter. The low volume of added office space has helped push office vacancy rates down. According to Eiendomsmegler 1, the office vacancy rate in Stavanger is now at 7.8 percent.