Jul 8, 2020Norwegian Property, Fredensborg Bolig and Union Real Estate Fund III have acquired Veidekke Eiendom from Veidekke ASA for about NOK 8.3 billion. At 31 December 2019, this company had 1 575 homes under construction and a land bank equivalent to some 15 500 units in Norway and Sweden.
Jul 8, 2020A DNB Markets club deal has acquired Drammen Business Center (Dr Hansteins gate 9) from Bane Nor Eiendom for NOK 740 million. This 13 000 m2 office building is leased to such tenants as KPMG, the Norwegian Public Roads Administration and the county governor of Oslo and Viken, with a remaining lease duration of 10 years. Annual rental income amounts to about NOK 35 million.
Jul 8, 2020A club deal arranged by NRP Finans and Pareto Securities has acquired Toveien 35 and 39 in Vestby from DSV Panalpina A/S. This 58 000 m2 logistics building is due for completion in August 2020. The seller has signed a sale and leaseback agreement.
Jul 8, 2020Norges Bank resolved to keep its base rate unchanged at zero per cent in the interest-rate meeting on 18 June. The central bank envisages keeping the rate unchanged until 2023.
Jul 8, 2020Statistics Norway: The consumer price index (CPI) rose by 1.3 per cent from May 2019 to May 2020. Over the same period, the consumer price index adjusted for tax changes and excluding energy products (CPI-ATE) was up by three per cent. The CPI increased by 0.2 per cent from April to May 2020, with the CPI-ATE rising 0.1 per cent.
Jul 8, 2020Statistics Norway: Seasonally adjusted figures from the labour force survey showed that unemployment in May 2020 was at 5.2 per cent. The three-month average from March to May was 4.2 per cent.
Jul 8, 2020Opinion: The consumer confidence index (CCI) was negative at 0.8 points in June, up from a negative 4.4 points in May. It was thus 12.5 points higher than the low point in April 2020.
Jul 8, 2020UNION: Office vacancy in Oslo was 5.7 per cent in the second quarter, an increase of 0.2 percentage points over the past six months. The vacancy rate is now 0.3 percentage points higher than the same period of last year.
Jul 8, 2020Statistics Norway: Gross domestic product for mainland Norway in February-April was down by 4.6 per cent compared with January-March, according to seasonally adjusted figures. GDP fell by 4.7 per cent from March to April, and is now 11.3 per cent lower than in February.
Jun 5, 2020Arctic Real Estate Development has acquired Gamle Hovsetervei 3 at Røa in Oslo from the Norwegian Directorate of Public Construction and Property for NOK 305 million. The buyer envisages developing housing on the 1.3-hectare site.
Jun 5, 2020A Realkapital Investor club deal has sold Rosenkrantz gate 19 and 21 in central Oslo. This 3 500 m2 office building is leased to such tenants as Gram and Grail. The buyer, who is unknown, envisages further development of the property.
Jun 5, 2020Fremre Eiendom has acquired Carl Konows Gate 34 at Damsgård in Bergen from Lacal AS. The 7 400 m2 office building is leased to such tenants as OneCo.
Jun 5, 2020Norsk Hydros Pensjonskasse has renegotiated its lease with IF Forsikring in Drammensveien 264 at Lysaker in Oslo. The insurance company will occupy 18 000 m2 in the 63 700 m2 office building.
Jun 5, 2020Höegh Eiendom has signed a lease with Dentsu Aegis Network for 4 000 m2 at Kristian Augusts gate 23 in central Oslo. The multinational media company has signed a 10-year lease, and will move into the 8 000 m2 office building – now fully leased – at the end of 2021.
Jun 5, 2020UNION’s bank survey for the second quarter of 2020 reveals an average bank margin of 248 basis points (bps) for financing office properties in central Oslo with a 65 per cent loan to value (LTV). That is up by 45 bps from the previous quarter and 42 bps higher than a year earlier. The 5-year swap rate on the other hand, has fallen 131 basis points since the first quarter. The overall financing costs for five-year loans with full interest rate hedging throughout their term is thus 2.92 per cent.
UNION Market Report Autumn 2019UNION's head of research Robert Nystad gives a brief overview of the Norwegian commercial property market as of October 2019.
Back to the grindstoneUNION launches autumn's market report on the Norwegian commercial property market.
Market Report Spring 2019UNION's Head of research Robert Nystad gives a brief overview of the Norwegian commercial property market as of April 2019.
Preparing for a soft landingRobert Nystad, Head of research UNION Gruppen
Market Report Autumn 2018UNION's Head of research Robert Nystad gives a brief overview of the Norwegian commercial property market as of October 2018.
It’s the supply side, stupidGyms, restaurants and retailers managed it. Providers of flexible office space – or coworking – are also pretty certain to succeed in building more than enough capacity.
Market Report Spring 2018UNION's head of research Jo W Gullhaugen gives a brief overview of the Norwegian commercial property market as of March 2018.
Market Report Autumn 2017UNION's Head of Research Jo W. Gullhaugen gives a brief overview of the Norwegian commercial real estate market as of October 2017.
Market Report Fall 2016Towards full capacity in the Oslo rental market?
Prime yield of 3.9 percent – how is secondary property affected?
UNION's Head of Research Jo W. Gullhaugen gives a brief overview of the Norwegian commercial real estate market as of October 2016.
Strong return for Norwegian real estate in 2015The IPD Norway Property Index returned 11 percent in 2015, of which income return contributed 5.3 percent. The index measures unlevered total returns to directly held properties.
Market Report in 5 minutesWhat are the vacancy rates, rent levels and prime yield in the Norwegian commercial real estate market? Read about new construction, valuation estimates and market trends across four major commercial real estate sectors and Norway's four largest ci ties. UNION's Head of Research Jo W. Gullhaugen gives a brief overview of the Norwegian commercial real estate market as of March 2016.
Pension Funds’ investment in commercial propertyThere is growing interest in Norwegian commercial property among Norwegian and international pension companies. The transaction market has never been stronger. How will current and future frameworks affect pension funds’ investment in property?
Office Market in Balance?Since 2002, housing prices in Oslo have increased by 133 percent, while the value of office buildings has risen by 50 percent. The office rental market appears to be accommodating Oslo’s new residents much more effectively than the housing market.
Psychological Drivers Behind the Choice of Office PremisesWhen renting office space, the most important factors influencing the choice of premises are often price and functionality. However, there are also some psychological factors behind the assessment of office premises.
Can Bjørvika Challenge the CBD in Oslo?Bjørvika is growing slowly but surely into a new major office hub in the area around Oslo Central Station. Many attractive tenants have moved in beside established and future cultural institutions such as the Oslo Opera House, Munch Museum and Oslo Public Library. Is Bjørvika in the process of becoming a genuine challenger to the CBD as Norway’s most attractive office area?
Snapshot of Oslo’s Commercial Real Estate MarketUNION is one of Norway's most trusted sources for property and market intelligence. Watch our 3 minutes long video presentation of Oslo’s Commercial Real Estate Market.
5 Reasons to Look to NorwayDespite the falling oil prices and decrease in office rents, the commercial real estate transaction market has been booming this year. Foreign investment into Norwegian real estate has been increasing rapidly in 2015, counting 50 percent of the total market volume. What key features attract foreign investors?