Regions

Bergen

A steadily rising interest rate level and cautious investors have contributed to a gradual decline in transaction activity in Bergen over recent years. To find similarly low levels, we must look back ten years. In 2024, Akershus Eiendom has recorded a transaction volume of approximately NOK 4 billion in the city. Based on our observations, our estimate for prime yield remains unchanged at 5.50 percent, while the fringe yield has remained stable at 7.00 percent.

The strong activity in Bergen’s rental market has continued throughout 2024, and demand for office space is expected to remain stable going forward. Akershus Eiendom's estimate for prime rent in Bergen is currently NOK 3,600 per square meter. Data from KYTE Næringsmegling indicates that office vacancy in Bergen has remained stable throughout the year at 8.5 percent.

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Trondheim

Transaction market activity has improved in 2024 compared to 2023. We have recorded a transaction volume in Trondheim of approximately NOK 12.5 billion, more than double the five-year average. This increase has been primarily driven by a few large transactions. Prime yield in Trondheim remains unchanged at 5.75 percent.

There has been strong demand for office properties in Trondheim. With a limited supply, office vacancy has remained at a record-low 4.5 percent, according to EiendomsMegler1 Midt-Norge. Trondheim has experienced strong rental price growth in recent years, with prime rent currently at NOK 3,600 per square meter.

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Stavanger

We have observed an improvement in transaction market activity in Stavanger over the past year, and the gap between buyers and sellers appears to have narrowed. In 2024, we recorded a transaction volume of approximately NOK 5.5 billion. Based on Akershus Eiendom's experience, the development of prime yield in Stavanger has remained flat at 5.75 percent.

The rental market in Stavanger has seen strong activity throughout 2024. Business activity in the region has remained stable, leading to sustained demand for office space. Rental price growth in the region has been solid in recent years, with prime office rent currently at NOK 3,700 per square meter. A persistently low supply of office space has contributed to keeping vacancy rates low. Figures from EiendomsMegler1 indicate that office vacancy in Stavanger remains at 7.6 percent.

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