Transactions

Market sentiment in the Norwegian transaction market was mixed during the second half of 2025. Persistent macroeconomic uncertainty, combined with continued elevated financing costs, contributed to reduced liquidity and a more selective transaction environment.

Transaction Market

Throughout 2025, the market has been characterised by a clear bifurcation. Prime assets with strong cash flows and attractive locations have continued to attract solid investor interest, with unlevered buyers representing the dominant purchaser group for such properties. In contrast, lower-quality assets have experienced weaker demand, reduced liquidity, and higher yields.

Total transaction volume in 2025 amounted to NOK 91 billion, supported by several large individual transactions. Office was the most actively traded segment, followed by residential. Adjusted for the merger between Reitan Eiendom and Aspelin Eiendom, residential emerged as the largest segment by transaction volume. The logistics segment has also seen solid demand, illustrated in part by KLP’s entry into the segment.

Akershus Eiendom served as exclusive sales advisor to Arctic Securities in the divestment of Kronprinsens gate 9 to Linstow. Photo: Knut Neerland – Magent Fotografer

Transaction volume per segment

Prime Yield

Yield developments during 2025 largely reflect the pronounced bifurcation within the market. While the interest rate environment in isolation would suggest upward pressure on yields, strong demand and high pricing power for prime assets have limited yield expansion. Equity-rich investors remain the most competitive buyers and, in practice, continue to set the pricing benchmark for completed transactions. Although leveraged structures are showing increased interest, their purchasing capacity remains constrained relative to equity-based investors. In certain segments, particularly logistics, completed benchmark transactions have instead contributed to downward pressure on prime yields.

Akershus Eiendom served as exclusive sales advisor to Blackstone in the divestment of Fjellbovegen 6-10 og 9 to Urban Partners. Photo: Knut Neerland – Magent Fotografer

Development in prime yield and interest rates
Last updated 01/16/2026

Outlook

Entering 2026, the market is expected to remain selective, with clear differentiation between prime and secondary assets. Investor focus is concentrated on properties offering high quality, strong tenant covenants, and long-term value potential.