The Norwegian Commercial
Property
p y Market
Presentation for Technopolis
November 5, 2013
Agenda
Introduction to Akershus Eiendom
The Norwegian economy
Oslo leasing market
The investment market
Akershus Eiendom AS
Akershus Eiendom AS is an independent
property advisor focusing on all types of
commercial property:
- offices
- logistics/warehouse facilities
- shops/shopping centres
- hotels
- land plots
Akershus Eiendom has advised its clients on
sales, leasing, development, research,
valuations and other areas of the
commercial property business since 1992.
1992
Akershus Eiendom has during the past five
years handled sales transactions for
properties of a total value of 30 billion NOK,
NOK
and has handled leasing of 845,000 m2 of
office space.
3
3
Akershus Eiendom: Business areas & market shares
Managing Director
Per Kumle
Marketing
Leasing
Backoffice
Capital Markets
Research & Valuation
Ole Christian Iversen
Head of Leasing
Petter Nylend
Head of Capital Markets
Ragnar Eggen
Head of Research
Leasing agent, primarily for landlords.
Sales agents, primarily for property
owners and construction companies.
Erik Andre Bratt
Head of Valuation
Mainly office and logistics in and
around Oslo
Market share
40-50%
Mainly office in Oslo, but also logistics,
retail, and hotels around Norway.
Market share
20-25%
l
ll kinds
k d off commerciall
Valuation
off all
property for funds, property companies
and others. Both regular and ad-hoc
valuation projects.
Advisory and research for the property
market in general.
general
Market share
25-30%
4
4
Akershus Eiendom: Market leader
Key figures
Akershus Eiendom AS
7,0
7,7
7,1
7,0
6
45
4,5
3,5
4
2,6
2,3
3,2
2,0
2
20112
20111
20110
20009
20008
20007
300
20006
0
20001
400
Akershus Eiendom:
Leasing volume per year, 1.000 m2
250
200
150
170
150
140 135
130
120
100 100
85
100
50
2012
2009
2008
2007
2006
2005
2004
2003
2002
0
2001
Hadrian Eie
endom
Colliers
C
CBRE
Pa
angea Property Ad
dvisors
Ca
atella Corporate Finance
Ne
ewsec
Union
n Norsk Næringsm
megling
DTZ Realk
kapital
Eiendomsm
megling
5
megling
DNB Næringsm
Akershus Eiendom
‐
150
150
2011
100
225
2010
200
1.000 m2 per year
Turnove
er in MNOK, 2007
7 ‐ 2011
500
8,5
8
20005
600
10,0
10
20004
Research/
Valuation
Transactions
20003
Leasing
Property value, billion NOK
12
Akershus Eiendom:
Value of properties sold per year, bNOK
20002
Akershus Eiendom - Market leader in all segments
5
5
International partner – Jones Lang LaSalle
o
Akershus Eiendom has had a formal
cooperation agreement with Jones Lang
LaSalle for 11 years
o The cooperation includes transactions,
services
i
for
f k
key clients,
li t and
d research
h
Jones Lang LaSalle Europe
and Middle East
o
o
o
o
o
4,200 people in 57 corporate offices
across 24 countries
600 directly reimbursable client site
staff
Market leading capital markets
business with €115 billion of
transactions since 2005
Largest 3rd party property
management agent with 25.9 million
m² under management
Supported by the Industry’s leading
research capability with over 90
research professionals in the region
6
6
Transactions carried out by Akershus Eiendom
Avantor/Industrifinansporteføljen 2.290 MNOK
Pilestredet 35 670 MNOK
Pilestredet Park 7450 MNOK
Sørkedalsveien 6 540 MNOK
Pilestredet 33 495 MNOK
Middelthunsgate 17 700 MNOK
Akerselva Atrium 587 MNOK
Essendropsgate 3
Ibsen kvartalet 1,220 MNOK
Sjølyst Arken
974 MNOK
Schweigaards gate 17-19 730 MNOK
Oslo Plaza Hotell 1 200 MNOK
Brynsalleen 4 270MNOK
Lysaker torg 45 700+ MNOK
Karl Johans gate 12
/ Kirkegata 23-25 537 MNOK
Brynsalleen 6 453 MNOK
Strømsveien 102 545 MNOK
Haakon VII’s gt 5, 500 MNOK
Strandveien 29 522 MNOK
Fondbygget 620 MNOK
Bjørvika felt B11b (Visma) 920 MNOK
Kjørbo-anlegget 550 MNOK
K2 Fornebu 9
945 MNOK
Tjuvholmen Allé 1-5 875+ MNOK
Biskop Gunnerus gt.14 (høyblokka),
580 MNOK
Steen & Strøm + Karl Johans gate 16c – 1
070 MNOK
Bjørvika felt B10a (PwC) 570 MNOK
Biskop Gunnerus gt.14 (lavblokka)
760 MNOK
Statoil Regional HQ 3 200 MNOK
KLP-bygget, Felt B10b,
Bjørvika
1200 MNOK
7
Agenda
Introduction to Akershus Eiendom
The Norwegian economy
Oslo leasing market
The investment market
Norwegian economy makes moderate headway
year--on-year volum
me change, %
8%
Annual GDP, mainland Norway and European union with forecast
6%
4%
2%
0%
-2%
European Union (27
countries)
4%
-4%
GDP Mainland
M i l dN
Norway
-6%
Status:
o
o
Growth primarily stimulated by domestic demand,
and
d llarge investments
i
t
t in
i the
th petroleum
t l
sector
t iin
particular
Traditional Norwegian exports expected to pick up
from 2015
Source: Statistics Norway
Deviation analysis GDP Norway (M)
Estimate
2012
2013
2014
Feb 12
2,7 %
2,8 %
3,4 %
Jun 12
3,2 %
2,8 %
3,4 %
Sep 12
3,6 %
3,1 %
3,2 %
Des 12
3,3 %
2,9 %
3,5 %
Feb 13
3,5 %
2,6 %
3,1 %
2015
3,4 %
3,4 %
3,4 %
3,4 %
2,8 %
2016
2,8 %
9
Siste tall offentliggjort: December 2012
Employers expectations of future employment
Business leaders expected change in employment in 1 year
60
Percen
ntage of respo
ondents
50
40
30
20
10
0
Q1 03
Q1 04
Q1 05
Q1 06
More employees
Q1 07
Q1 08
Q1 09
Q1 10
Fewer employees
Q1 11
Q1 12
Q1 13
No change
Status
• Survey includes answers from over 500 business leaders
Source: Norges Bank/TNS Gallup/Perduco
10
Employment forecasts have weakened during 2013
Change in total employment, Norway, 1990-2016E
2 800
4,1 %
2 600
3,5 %
2,9 %
2,7 %
2 200
2,2 %
2,0 %
1,9 %
1 7%
1,7
2 000
2%
1,3 %
1 800
1 600
3%
-1,0 %
0,7 %
1,3 %
0,9 %
0,6 %
0,4 % 0,5 %
0,3 %
1 400
1 200
1 000 -0,9 %
%
0,9 % 1,11,0
%
1,0 %
1%
0%
-0,4 %
-0,3 %
-0,5 %
Change, %
Emplo
oyees, thousands
2 400
4%
3,3 %
-1%
-1,2 %
-2%
800
National employment change %
Employment change %, average of SSB and DNB forecast
Total employed Norway
Norway, thousands
Total employed, average of SSB and DNB forecast
Source: Statistics Norway and DNB Markets
11
Unemployment
Unemployment 2002-2013
(Seasonally adjusted figures)
120 000
12 000
100 000
10 000
80 000
8 000
60 000
6 000
40 000
4 000
20 000
2 000
-
0
-20 000
((2 000))
-40 000
(4 000)
Source: NAV
(6 000)
jan. 13
jan. 12
jan. 11
jan. 09
jan. 08
Unemployed
jan. 07
jan. 06
jan. 05
jan. 04
jan. 03
jan. 02
Monthly chage
jan. 10
-60 000
Long interest rates at all time low
Norges Bank, Sight dep. rate
SWAP 10 years
NIBOR 3 months
10 year Gov
Gov. Bond
Status:
The key policy rate was kept unchanged on the last policy meeting
Jul 2013
Jan 2013
Jul 2012
Jan 2012
Jul 2011
Jan 2011
Jul 2010
Jan 2010
Jul 200
09
Jan 200
09
Jul 200
08
Jan 200
08
Jul 200
07
Jan 200
07
Jul 200
06
Jan 200
06
Jul 200
05
Jan 200
05
Jul 200
04
Jan 200
04
Jul 200
03
Jan 200
03
8,0 %
7,5 %
7,0 %
65%
6,5
6,0 %
5,5 %
5,0 %
45%
4,5
4,0 %
3,5 %
3,0 %
25%
2,5
2,0 %
1,5 %
1,0 %
Source: DnBNOR / Central Bank of Norway
Construction order backlogs
Order backlog, new buildings nationwide, 2001-2013; Quarterly index, 2005=100 def lated by the total production cost index
275
250
Value index
x for backlog
225
200
175
150
125
100
75
National index, all new and existing
b ildi
buildings
iincll rehab
h b projects
j t
New residential buildings
50
Other new buildings (mainly commercial)
25
2004K1 2005K1 2006K1 2007K1 2008K1 2009K1 2010K1 2011K1 2012K1 2013K1
o
o
From Q1 2010 the order backlog for new buildings have been growing
A decline
d li is
i expected
t d ffrom 2H 2013 d
due tto a d
decline
li iin new h
home sales
l
Source: Statistics Norway
Construction costs for commercial property
Estimated construction cost 2005-2014E
Average turnkey cost for standard new Oslo office space
space, ex VAT
22 000
20 000
18 000
Forecast: 10%
decline until
June 2014
16 000
14 000
Observed construction cost
12 000
Estimated future construction cost
10 000
jul. 14
jan.14
jul. 13
jan.13
jul. 12
jan.12
jul. 11
jan.11
jul. 10
jan.10
jul.0
09
jan.0
09
jul.0
08
jan.0
08
jul.0
07
jan.0
07
jul.0
06
jan.0
06
jul.0
05
8 000
jan.0
05
Costs perr m²
C
24 000
Source: Akershus Eiendom
The Central Bank of Norway’s lending survey
B k ' lending
Banks
l di practices
ti
(t
(total)
t l)
Banks' lending to commercial real estate
30,0
20,0
10,0
0,0
-10,0
-20,0
-30,0
-40 0
-40,0
-50,0
-60,0
-70,0
20,0
0,0
-20,0
-40,0
60 0
-60,0
Actual
2007:4
2008:1
2008:2
2008:3
2008:4
2009:1
2009:2
2009:3
2009:4
2010:1
2010:2
2010:3
2010:4
2011:1
2011:2
2011:3
2011:4
2012:1
2012:2
2012:3
2012:4
2013:1
2013:1
2012:4
2012:3
2012:2
2012:1
2011:4
2011:3
2011:2
2011:1
2010:4
2010:3
2010:2
2010:1
2009:4
2009:3
2009:2
2009:1
2008:4
2008:3
2008:2
2008:1
2007:4
-80,0
-100,0
Expected
Actual
Lending margins
Actual
Expected
Equity requirements
Commisions/ Fees
80,0
60,0
80,0
60,0
50,0
60,0
40,0
40,0
40,0
20,0
30,0
20,0
0,0
20,0
-20,0
10,0
-10,0
Q3 11 update:
Actual
00
0,0
-20,0
-40,0
2007:4
2008:1
2008:2
2008:3
2008:4
2009:1
2009:2
2009:3
2009:4
2010:1
2010:2
2010:3
2010:4
2011:1
2011:2
2011:3
2011:4
2012:1
2012:2
2012:3
2012:4
2013:1
0,0
-60,0
2007:4
2008:1
2008:2
2008:3
2008:4
2009:1
2009:2
2009:3
2009:4
2010:1
2010:2
2010:3
2010:4
2011:1
2011:2
2011:3
2011:4
2012:1
2012:2
2012:3
2012:4
2013:1
-40,0
Expected
Expected
Actual
2007:4
2008:1
2008:2
2008:3
2008:4
2009:1
2009:2
2009:3
2009:4
2010:1
2010:2
2010:3
2010:4
2011:1
2011:2
2011:3
2011:4
2012:1
2012:2
2012:3
2012:4
2013:1
60,0
40,0
20,0
0,0
-20,0
-40,0
,
-60,0
-80,0
-100,0
2007:4
2008:1
2008:2
2008:3
2008:4
2009:1
2009:2
2009:3
2009:4
2010:1
2010:2
2010:3
2010:4
2011:1
2011:2
2011:3
2011:4
2012:1
2012:2
2012:3
2012:4
2013:1
2013:2
Non-financial corporate demand for lending
Actual
Expected
Expected
◦ Demand for credit is still increasing among corporations
◦ Banks’ credit standards are more tightened
◦ Lending to the commercial property sector is more tightened
• increasing margins
• Increasing commissions/fee’s
• shorter maximum loan maturities
Explanation of the survey:
ƒ Banks participating in the survey answer using a scale from 1 to 5, Large changes get twice the weight as small changes
ƒ Answers are weighted with respect to the participant
participant’ss share of the household and business lending market
ƒ Net numbers appear on a scale from -100 % and 100 %
Source: Norges Bank’s lending survey
jan. 05
apr. 05
jul. 05
okt. 05
jan. 06
apr. 06
jul. 06
okt. 06
jan. 07
apr. 07
jul. 07
okt. 07
jan. 08
apr. 08
jul. 08
okt. 08
jan. 09
apr. 09
jul. 09
okt. 09
jan. 10
apr. 10
jul. 10
okt. 10
jan. 11
apr. 11
jul.11
okt.11
jan.12
apr.12
jul.12
okt.12
jan.13
apr.13
jul.13
Consumpttion volume
e index
127
12%
121
10%
8%
115
6%
109
4%
103
2%
97
0%
-2%
91
-4%
85
-6%
Consumption year-on-year growth
Con
nsumption yyear-on-yea
ar growth
Consumption growth has slowed down
Index of household consumption of goods, 2005-2013
season adjusted volume index, 2005=100
Total commodity consumption
Source: Statistics Norway,
Retail spending has levelled out
Norwegian retail volume index, 2005-2012
135
14%
130
12%
125
10%
120
8%
115
6%
110
4%
105
2%
100
95
jan. 05
Kilde: SSB
0%
Retail year-on--year gro
owth
Retail vo
olume ind
dex
season adjusted volume index, 2005=100
-2%
jan. 06
jan. 07
jan. 08
jan. 09
Retail year-on-year growth
jan. 10
jan.11
jan.12
Retail volume index
Source: Statistics Norway,
18
Agenda
Introduction to Akershus Eiendom
The Norwegian economy
Oslo leasing market
The investment market
Oslo: main types of property
Ullevål
Ull ål
Oslo outer west
SinsenNydalenStoroKjelsås
KjelsåsGrefsen
Oslo outer east
Office
Økern
Majorstuen
Skøyen
Inner
city
west
Inner
city
north
y
y
Helsfyr-Bryn
CBD
Inner city east
Lysaker
Ryen
Oslo outer south
Fornebu
20
Office
and
retail
Logistics
Combination
Mostly
residential
Oslo office areas and volumes, 2013
Oslo outer west
Ullevål
Ull ål
SinsenNydalenStoroKjelsås
KjelsåsGrefsen
Oslo outer east
Alna-Ulven
Økern
Majorstuen
Skøyen
Inner
city
west
Inner
city
north
50.000 m2
y
y
Helsfyr-Bryn
CBD
Inner city east
m2
250.000
5
Lysaker
Ryen
Oslo outer south
500.000 m2
Fornebu
21
Oslo office rents, various segments
4 500
Oslo office rents,1986-2013 (Nominal NOK)
4 000
Prime
High std CBD
NOK
K/m²/year
3 500
3 000
Newer space
CBD
2 500
Good std CBD
2 000
High
i h std
d Skøyen
k
1 500
1 000
High std west
fringe
500
1
1985
H2
1986 H2
1
1987 H2
1
1988 H2
1
1989 H2
1
1990 H2
1
1991 H2
1
1992 H2
1
1993 H2
1
1994 H2
1
1995 H2
1
1996 H2
1
1997 H2
1
1998 H2
1
1999 H2
1
2000 H2
2
2001 H2
2
2002 H2
2
2003 H2
2
2004 H2
2
2005 H2
2
2006 H2
2
2007 H2
2
2008 H2
2
2009 H2
2
2010 H2
2
2011 H2
2
2012 H2
2
-
Kilde: Dagens Næringsliv/Akershus Eiendom
Siste tall tilgjengelig: November 12
High std east
fringe
Older,
p
ineffective space
22
Rent levels, real NOK 1986-2012
OFFICE RENTS1986-2013
(Real 2013 NOK)
5 000
Prime
4 500
High std CBD
4 000
NO
OK/m²/year
3 500
Newer space
CBD
3 000
2 500
Good std CBD
2 000
1 500
High std west
fringe
1 000
500
1985 H2
1986 H2
1987 H2
1988 H2
1989 H2
1990 H2
1991 H2
1992 H2
1993 H2
1994 H2
1995 H2
1996 H2
1997 H2
1998 H2
1999 H2
2000 H2
2
2001 H2
2
2002 H2
2
2003 H2
2
2004 H2
2
2005 H2
2
2006 H2
2
2007 H2
2
2008 H2
2
2009 H2
2
2010 H2
2
2011 H2
2
2012 H2
2
-
23
Source: Dagens Næringsliv/Akershus Eiendom
High
Hi
h std
td eastt
fringe
Older, ineffective
p
space
European Office Property Clock Q3 2013
Source: Jones Lang LaSalle IP/Akershus Eiendom
24
Office rents, October 2013
Ullevål
Oslo outer west
Majorstuen
Rent in NOK/m2:
SinsenStoroNydalen
Kjelsåsj
Grefsen
Inner city
north
Oslo outer east
Alna-Ulven
Økern
Normal high
standard /
Top standard /
new space
3 500 / 4 000
2 800 / 3 300
2 300 / 2 800
Skøyen
Helsfyr-Bryn
Inner
city
west
1 800 / 2 300
CBD
Inner city east
1 550 / 2 000
Lysaker
Ryen
1 300 / 1 900
Fornebu
Oslo outer south
1 000 / 1 650
Top 10 new lease contracts
De 10 største i hele 2012
De 10 største så langt i 2013
Government, Kongens gate 8/18
18.000 m2
Aker Solutions, Fornebuporten
26.000 m2
Kværner, Drammensveien 264
16.000 m2
Orkla (sublease), Nedre Skøyen vei 26
18.600 m2
KLIF G
KLIF,
Grensesvingen
i
7
12.000 m2
G
Government,
t Akersgata
Ak
t 64-68
6 68
18.000
8
m2
Statoil F&R, Schweigaards gate 16
10.500 m2
Lundin, Strandveien 4-8
13.500 m2
Aller Media, Hasle Linje
9.400 m2
Technip, Lysaker Polaris
13.200 m2
Statens Pensjonskasse, Drammensv. 134 9.200 m2
Wiersholm, Stranden 1
11.000 m2
Oslo Kommune, Storgata 51
8.500 m2
Sweco, Drammensveien 260
10.200 m2
Opera Software, Gjerdrums vei 19
7.000 m2
NAV, Økernveien 94
10.000 m2
NAV, Waldemar Thranes gate 84-98
7.000 m2
Bymiljøetaten, Hasle Linje
9.500 m2
Lindorff, Hoffsveien 70B
6.000 m2
Kværner, Fornebuporten
8.000 m2
New Oslo office projects, confirmed, 2013-2016
Siemens
New for 2013
Bymiljøetaten
Aller
Media
USA’s
embassy
OCCI
SSB
Silurveien 2
Drammensveien 134
Lysaker
Polaris PGS
BT 1
Fornebuporten
Bygg B
Bygg A
Accenture
Yara
Storgata
14-18
R.S. Platou
YS/
Tine
Fredrik
Selmers
vei 4
New for 2014
SFR
NSB
Deloitte DNB
Del 3
Østensjøvn 27
Gjensidige
Ryensvingen
5-7
y
g 5
7
Confirmed for
2015-16
Schneider
Electric
2013: 147.000 m²
2014: 61.000 m²
2015: 133.000 m²
Light colours
indicate
vacant space
p
Oslo office development, 2002-2013
Office development, greater Oslo, 2002
2002-2012
2012
including known projects 2013-2015
Asker/Bærum
Other Oslo west
CBD
300 000
250 000
Oslo East
Fornebu
200 000
150 000
100 000
50 000
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
0
2005
New con struction of officce space, m2
350 000
Oslo office vacancy: 7,0 % as of October 2013
Ullevål
SinsenNydalen StoroKjelsås
KjelsåsGrefsen
Oslo outer east
<20%
Alna-Ulven
Økern
Oslo outer west
<17,5%
<15%
Majorstuen
Skøyen
>20%
Inner
city
west
Inner city
north
<12,5%
Helsfyr-Bryn
Helsfyr Bryn
Sentrum
<10%
<7,5%
Inner city east
<5%
Lysaker
Fornebu
Ryen
Oslo outer south
<2,5%
Oslo office vacancy, 2002-2017E
1 000 000
Office Vacancy in Oslo measured in m² and %
13
%
900 000
13
%
800 000
11
%
M2 offfice
700 000
9
%
600 000
500 000
7
%
400 000
300 000
200 000
88
%
%
4,5
,5
%
4
%
8
%
7
%
6,5
%
7
%
6
%
5
5
%
%
6,5
%
6,5
%
100 000
02
03
04
05
06
07
08
09
2010 11
12
actual
13
14E 15E 16E 17E
Forecast
Vacancy level by the start of the year
Net new office space added
Change in demand (absorbed space)
Kilde: Akershus Eiendom
Oslo office vacancy 2002-2017E
1 000 000
Office Vacancy in Oslo measured in m² and %
13
%
900 000
13
%
800 000
11
%
M2 offfice
700 000
9
%
600 000
500 000
200 000
88
%
%
7
%
400 000
300 000
Forecast as of
October 2012
4,5
,5
%
4
%
8
%
7
%
7
%
6,5
6
%
%
5
5
%
%
5
%
100 000
02
03
04
05
06
07
08
09
2010 11
12
13E
actual
14E 15E 16E 17E
Forecast
Vacancy level by the start of the year
Net new office space added
Change in demand (absorbed space)
Kilde: Akershus Eiendom
Oslo office vacancy, 2002-2017E
1 000 000
Office Vacancy in Oslo measured in m² and %
13
%
900 000
13
%
800 000
11
%
M2 offfice
700 000
9
%
600 000
500 000
7
%
400 000
300 000
200 000
88
%
%
4,5
,5
%
4
%
8
%
7
%
6,5
%
7
%
6
%
5
5
%
%
6,5
%
6,5
%
100 000
02
03
04
05
06
07
08
09
2010 11
12
actual
13
14E 15E 16E 17E
Forecast
Vacancy level by the start of the year
Net new office space added
Change in demand (absorbed space)
Kilde: Akershus Eiendom
Oslo: historic growth and forecast 2011-2014E
2011
2012
Annual
nominal
rental
growth
+10-20%
+5-10%
+0-5%
Forecast 2013
33
Forecast 2014
33
Agenda
Introduction to Akershus Eiendom
The Norwegian economy
Oslo leasing market
The investment market
Transactions 2002-2013
Transaction volume of commercial properties
(deals larger than NOK 50 million)
60 000
40 000
30 000
20 000
10 000
2012
2011
2010
Commercial land plots
Hotels
Of f ice buildings
20
013YTD
Residential projects
Logistics / industrial properties
Retail properties
2009
2008
2007
2006
2005
0
2004
Mill NO
OK
50 000
Kilde: Akershus Eiendom
35
Buyers and sellers in 2012
O
Owner
occupier
4%
Closed-end
funds
16 %
g
Remaining
13 %
Private
P
i t
investors
18 %
Property
companies
35 %
Property
companies
37 %
Remaining
19 %
Buyers
Sellers
Foreign
investors
4%
Insurance /
P
Pension
i
funds
14 %
Private
investors
8%
Insurance /
P
Pension
i
funds
13 %
Foreign
F
i
investors
19 %
Prime yield transactions (office properties on long
l
leases)
)
Interest rates and prime transaction yields 2002-2012
8,00 %
7 50 %
7,50
7,00 %
6,50 %
6 00 %
6,00
5,50 %
5,00 %
4,50
, %
4,00 %
3,50 %
10Y Pr ime yield curve
3,00 %
10 SWAP
10y
2,50 %
10y Gov.B ond
2,00 %
Transactio n yield
jan. 13
3
jul. 12
2
jan. 12
2
jul. 11
jan. 11
1
jul. 10
0
jan. 10
0
jul. 09
9
jan. 09
9
jul. 08
8
jan. 08
8
jul. 07
7
jan. 07
7
jul. 06
6
jan. 06
6
jul. 05
5
jan. 05
5
jul. 04
4
jan. 04
4
jul. 03
3
jan. 03
3
jul. 02
2
jan. 02
2
1,50 %
Property value has moved sideways since 2009
Value, all Norwegian commercial property, 2005-2012
125
Index 2005=100. Real values, average of all segments nationwide
-11%
11%
120
Index 1999=
=100
23%
-1%
4%
115
110
105
100
2005
2006
2007
2008
2009
2010
2011
2012
Our own indexes show flat value development
Akershus Eiendom’s value indexes for commercial property
IIndex: Shar
re of value m
measured b
by end of 20
007
100
95
90
85
Rising rents
80
75
70
65
Higher refurb costs
Tight
i h financing
fi
i
Oslo office, 10-year lease
Oslo office, 2-4-year lease
Larger shopping centres, Norwegian cities
Greater Oslo logistics,
logistics 10-15-year
10 15 ear lease
60
2006
2007
2008
2009
2010
2011
2012
2013
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www.akershuseiendom.no
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