Regions

Bergen

In the Bergen region, the office market remained resilient throughout 2025, characterised by stable vacancy, continued employment growth, and an improvement in new office supply. Transaction volumes saw a significant uplift, although part of the increase was driven by larger portfolio sales such as KLP Eiendom’s acquisition of Selvaag Bolig’s residential rental portfolio. In 2025, Akershus Eiendom registered a transaction volume of approximately NOK 7 billion, more than a 50 percent increase from last year’s roughly NOK 4.6 billion. Based on our observations, we have maintained our prime yield estimate at 5.25 percent, while the fringe yield remains stable at 6.75 percent.

The leasing market in Bergen has been stable in 2025. Continued positive employment growth and a stable office vacancy rate have contributed to a levelling off in rental growth. Our estimate for prime rent in Bergen remains stable at NOK 3,800 per square metre. Data from KYTE Næringsmegling indicates that office vacancy in Bergen has edged up slightly to 8.5 percent.

Trondheim

In Trondheim, the transaction market continues to be shaped by selective buyers, with demand still focused on the best assets. We have recorded transaction volumes of approximately NOK 3.6 billion, significantly down from last year’s record NOK 12.5 billion, but also below the region’s ten year average. Our current estimate for prime yield in Trondheim is 5.50 percent, with the fringe yield stable at 6.75 percent.

The leasing market in the region has experienced reduced activity. While the number of signed leases is slightly higher than last year, the total leased area has decreased. According to EiendomsMegler1 Midt Norge, office vacancy is rising and now stands at 7.0 percent, largely due to major public sector relocations and the completion of new office projects. Prime rent remains stable at NOK 3,600 per square metre, although levels exceeding NOK 4,000 have been recorded in select prime locations.

Stavanger

The commercial property market in the Stavanger region has remained stable through 2025, although the transaction market has experienced somewhat weaker activity compared with last year, reflected in the lower transaction volumes. In 2025, we recorded a volume of just below NOK 4 billion, down from roughly 5.5 billion NOK in 2024. Our estimate for prime yield in Stavanger remains stable at 5.50 percent, with the fringe yield stable at 6.75 percent.

Rental growth has remained stable in the region over the latter half of 2025, although prime office rents in the city centre received a strong uplift earlier in the year, reaching NOK 4,000 per square metre. Figures from EiendomsMegler1 indicate that office vacancy in Stavanger is rising due to the completion of the large project, Gnist, and tenants’ subsequent relocation from older premises. Office vacancy now stands at 8.6 percent.

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