Transactions

Following the weakest transaction year since 2013, the market experienced a strong rebound in 2024. Total transaction volumes reached NOK 80 billion, representing a ~40 percent increase from 2023. Market activity remains closely tied to long-term interest rates, which have been highly volatile. Periods of lower market interest rates have influenced investor appetite, while the financing market has seen significantly reduced credit spreads. Improved liquidity throughout 2024 has largely carried into the first half of 2025—although global uncertainty continues to weigh on the markets.

Transaction Market

So far in 2025, volatility and geopolitical unrest have contributed to a more cautious sentiment. With Trump’s return to the presidency and ongoing international conflicts, investors have taken a more wait-and-see approach. At the same time, a clear shift in segment allocation has emerged: residential and residential development have grown into the dominant segment, accounting for about 38 percent of total volume year-to-date, driven by several large transactions. Historically, housing has made up a far smaller share. Offices, traditionally the largest segment, represent 27 percent of activity to date. Total transaction volume as of August stands at NOK 39 billion, down about 8 percent compared to the same period last year.

Akershus Eiendom acted as advisor to Aspelin Ramm and Nova Spektrum in the partner search for the office project Over Spektrum. Photo: LPO Arkitekter

Transaction volume per segment

Prime Yield

Strong pricing of top-tier assets has pushed prime yield estimates lower in 2025. The dominant buyer group in this segment has been unleveraged structures, now accounting for around 70 percent of prime transactions – double the share seen before the pandemic. In Q1 2025, Akershus Eiendom reduced its estimate for Oslo office prime yield by 25 basis points, to 4.50 percent.

Akershus Eiendom served as exclusive sales advisor to Canica Eiendom in the divestment of Nydalen Allé 35. Photo: Knut Neerland – Magent Fotografer

Development in prime yield and interest rates
Last updated 08/21/2025

Outlook

The stronger sentiment in 2024 and a more favorable yield gap fueled optimism, but the trajectory in 2025 will depend on the interest rate path and investor risk appetite. On the buyer side, equity-strong players – notably insurers and pension funds – have been the most active. These investors have been able to look beyond current rate levels and reposition, as asset values appear to have bottomed out.

Akershus Eiendom served as exclusive sales advisor to A-trend in the divestment of Strømsveien 239. Photo: Knut Neerland – Magent Fotografer