Office Market

The Oslo office market has experienced lower leasing activity in the first half of 2025 compared with the strong years of 2022–2023. Excluding those exceptionally strong years, leasing activity has reverted to its historical average. Looking ahead, stable employment growth is expected, which will likely support a stable development in the office market. At the same time, a number of large lease expiries are on the horizon, which could drive higher leasing activity.

Transaction Market

Office properties saw good interest in the first half of the year, although the transaction market has been characterized by uncertainty and macroeconomic volatility. The share of offices in total transaction volumes has declined this year and is well below the historical average. Nevertheless, the segment continues to attract investors, particularly for centrally located and high-quality assets. Several pension funds have been under-allocated to real estate, leaving significant capital to be deployed, which has in turn supported sharp pricing for assets with long leases in central Oslo. As a result, Akershus Eiendom adjusted its Q1 prime yield estimates down by 25 basis points – to 4.50 percent in the CBD and 5.50 percent in fringe Oslo.

Akershus Eiendom served as leasing advisor to CapMan for Sørkedalsveien 6. Photo: Lund+Slaatto Arkitekter

Rent levels for high quality office space in Oslo, NOK per square meter

Rental Market

Leasing activity has slowed, with signed volumes now marginally below the historical average. The main drivers have been low lease expiry volumes and a challenging first half marked by political uncertainty and concerns about future interest rate levels. Office vacancy in Oslo is currently at 6.5 percent and has remained stable over the past year. Following several years of strong growth, rental levels have now stabilized at historically high levels. Prime office rents in Vika–Aker Brygge currently stand at NOK 6,400 per square meter. Among the largest leasing deals in 2025 are Statkraft’s relocation from Lysaker to 24,600 square meters at Fiskebrygga in Bjørvika, and Visma’s move from Skøyen to a fully refurbished 20,000 square meter building at Majorstuen.

Akershus Eiendom served as leasing broker to Hav Eiendom for Fiskebrygga. Photo: A-Lab

Vacancy rate Oslo average vs. Oslo CBD

Key figures

Outlook

In the short term, Oslo’s office vacancy is expected to remain stable, supported by a normalization of the Norwegian economy and a continued tight supply side. Over the longer term, increased project completions may lead to a more balanced supply. Norges Bank’s first rate cut since the pandemic in June, combined with signals of further reductions, is expected to stimulate activity in both the leasing and investment markets. We anticipate stable rents, continued demand, and sustained strong investor interest for centrally located assets.

Read our latest logistics market commentary here: Market Views, August 2025: Office Market