Office Market
Leasing activity in the office market has slowed over the past two years, as reflected in subdued signing volumes. Elevated uncertainty related to the macroeconomic outlook and the rapid development of AI has led occupiers to adopt a more cautious approach to office decision-making, contributing to a reduction in overall space requirements. The market continues to be characterised by a strong focus on cost control and prolonged decision-making processes among both occupiers and investors, while demand for centrally located office premises remains solid.
Transaction Market
Office properties represented the most actively traded real estate segment in 2025, with a total transaction volume of approximately NOK 35 billion. The merger between the property companies Aspelin Eiendom and Reitan Eiendom in Oslo accounted for around NOK 19 billion of this volume. Adjusted for this single transaction, office investments represented approximately 19 per cent of total investment volume, significantly below the ten-year average of around 40 per cent.
Despite lower transaction volumes overall, investor appetite for prime office assets in central Oslo has remained resilient. Demand has primarily been driven by pension funds and other long-term equity investors seeking high-quality assets in prime locations. As a result, prime yields have remained stable throughout the period, at approximately 4.5 per cent in the CBD and 5.5 per cent in peripheral locations.
3 Office Market
Akershus Eiendom served as exclusive sales advisor to Huseierne in the divestment of Fred Olsens gate 5 to Fokus Nordic. Photo: Knut Neerland – Magent Fotografer
Rent levels for high quality office space in Oslo, NOK per square meter
Rental Market
The leasing market remains cautious, characterised by macroeconomic uncertainty and weak employment growth, particularly in Oslo. Both tenants and landlords maintain a strong focus on costs. At the same time, we are seeing increased efficiency measures among tenants, with several companies planning to reduce office space per employee. This has contributed to a moderate increase in office vacancy, which now stands at 6.8 percent, in line with the historical average of around 7 percent.
Akershus Eiendom served as leasing advisor to Höegh Eiendom for Kirkegata 20 to RSM/Cedra Norge. Photo: Höegh Eiendom
Nevertheless, vacancy in high-quality buildings has declined somewhat, highlighting a clearer divide within the office market. This confirms that the flight-to-quality trend persists. Demand is particularly strong for centrally located office space. This is supported by several larger lease transactions completed in the second half of 2025, including RSM (acquired by Cedra Norge), which has secured a new headquarters of approximately 5,300 sq m in the newly developed Kirkegata 20 in Kvadraturen, as well as Statens Pensjonskasse, which has renegotiated its lease for approximately 8,000 sq m at Verkstedveien 1 in Skøyen.
Following several years of strong rental growth, rental levels stabilised in 2025. Prime office rents in the Vika–Aker Brygge area currently stand at around NOK 6,400 per sq m, up from NOK 6,300 at the beginning of 2024.
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Prime office rent Vika–Aker Brygge, per sqm
,400
Vacancy rate Oslo average vs. Oslo CBD
Prime yield office
Vacancy rate Oslo
Prime rent CBD
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→
NOK
6,
375
6.
1
%
→
4.
%
35
Key figures
Outlook