Regions

Bergen

The commercial property market in the Bergen region has had a solid start to 2025, supported by positive employment growth, particularly within the private sector. While geopolitical uncertainty and high interest rates continue to weigh on investor sentiment, the June rate cut has improved overall market confidence. As of August 2025, Akershus Eiendom has recorded a transaction volume of approximately NOK 4.6 billion, significantly up from NOK 1 billion in the same period last year. Based on our observations, we have revised our prime yield estimate down by 25 basis points, from 5.50 percent to 5.25 percent in Q1 2025. Correspondingly, the yield in fringe areas has been adjusted from 7.00 percent to 6.75 per cent.

Driven by stronger employment growth and a constrained supply side, the leasing market in Bergen has maintained steady activity and stable rental levels. Our estimate for prime office rent in Bergen currently stands at NOK 3,800 per square metre. Data from KYTE Næringsmegling indicates that office vacancy in Bergen has remained stable for a period but is now down to 8.0 per cent.

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Trondheim

Following several years of high interest rates and lower transaction activity, there are now signs of a turnaround in the Trondheim region. As of August, we have recorded a transaction volume of approximately NOK 2.6 billion. Our estimate for prime yield in Trondheim has been revised down from 5.75 percent to 5.50 percent in Q1 2025, with fringe yields also adjusted from 7.00 percent to 6.75 per cent.

The rental market has seen lower signing volumes, though overall activity remained stable in the first half of 2025. According to EiendomsMegler1 Midt-Norge, larger public sector relocations and the delivery of new projects have contributed to a gradual increase in office vacancy, now at 6.3 per cent. Trondheim has experienced robust rental growth in recent years, with prime office rent stabilising at NOK 3,600 per square metre, while certain prime assets have achieved levels above NOK 4,000 per square metre.

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Stavanger

Despite geopolitical uncertainty and market noise, the Stavanger region’s commercial property market remains stable. Transaction activity has been strong in the sub-NOK 100 million segment, although limited in larger-scale transactions. So far this year, we have recorded a transaction volume of approximately NOK 1.6 billion. Based on our observations, we have revised our estimate for prime yield in Stavanger from 5.75 percent to 5.50 per cent.

Rental growth has been steady across the region, with prime office rents in the city centre rising to NOK 4,000 per square metre. Data from EiendomsMegler1 shows that office vacancy in Stavanger is stable, currently at 7.4 per cent.

Photo: Adobe Stock

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