Logistics - Q4 2025
Completions reached 137,550 sq m, led by regional cities, while full‑year supply stayed below 0.5 million sq m after the heavy 2022–2024 pipeline. Vacancy fell in regional cities to 9.5% and remained stable in Stockholm (11.5%), Gothenburg (6.5%) and Öresund (5.5%). Prime yields held firm at 4.85% in Stockholm/Gothenburg, 5.20% in Öresund and 5.40% in regional cities, with rents unchanged across all markets.
Residential - Q4 2025
Q4 investment totalled SEK 13.4 billion (22% of volume), while full‑year residential investment rose 26% to SEK 49 billion. Prime yields were stable at 3.85% (Stockholm), 4.45% (Gothenburg) and 4.60% (Malmö), with regulated rents unchanged. Construction starts showed early recovery signs (+10% YoY), and 2026 presumption‑rent reforms are expected to support new development.
Retail - Q4 2025
Consumer sentiment remained weak but trade confidence strengthened, supported by improving sales expectations. High street rents increased, while shopping centre and retail park rents were unchanged. Retail investment reached SEK 4.9 billion in Q4 and SEK 15.3 billion for 2025 (+40% YoY). Prime yields compressed to 3.95% (high street) and 5.80% (retail parks), with shopping centres steady at 4.45%. Retail sales rose strongly YoY, driven by durables (+8.5%).
Economic & Investment Overview - Q4 2025
Sweden entered a recovery phase in late 2025, supported by domestic demand and improving business confidence. Q4 transaction volume reached SEK 61.5 billion, keeping the full‑year total at SEK 171.2 billion (+26% YoY). Residential led Q4 activity (22%), followed by industrial (15%). Prime office yields compressed to 3.85%, while logistics (4.85%), residential (3.85%) and shopping‑centre yields (4.45%) remained stable.
Office - Q4 2025
H2 office completions totalled 25,000 sq m (‑71% YoY), bringing 2025 deliveries to 124,000 sq m. CBD vacancy fell in Stockholm to 7.5%, held at 15.0% in Gothenburg, and rose to 10.0% in Malmö, while overall vacancy increased across all metros. Prime CBD rents were stable in Stockholm and Malmö, with Gothenburg rising to SEK 4,500. CBD yields compressed to 3.85%; Gothenburg (4.50%) and Malmö (4.85%) were unchanged.
Office - Stockholm - Q4 2025
No completions were recorded in H2, leaving full‑year deliveries at 74,000 sq m. Overall vacancy rose to 18.5% driven by decentralised markets (23.0%), while CBD vacancy declined to 7.5% and City Centre remained at 14.0%. Prime rents stayed flat at SEK 9,800 (CBD), SEK 6,200 (City Centre) and SEK 4,000 (Decentralised). CBD yields edged down to 3.85%, with other submarkets stable.
