Welcome to Cushman & Wakefield Norway
Tomorrow’s demand for commercial real estate will reflect how we live, work and shop. Through insight-based and future-focused advisory services we achieve the best results for our clients.
Cushman & Wakefield Realkapital has more than 30 years of experience from the Norwegian CRE market, during which time we have built up an expert and innovative commercial real estate and financial environment.
Norway and Oslo
Norway has some 5.4 million (2021) inhabitants, of whom 1.4 million live in the Greater Oslo area. Population growth has been strong in recent years, particularly in Greater Oslo which has grown by 1-2 percent annually since 2002.
Norway has the second largest GDP per capita in Europe at EUR 70,900 (2021). The Norwegian economy is modern, with services constituting more than 75 percent of GDP. In step with declining exploration activity, the Norwegian economy has become less and less dependent on oil and gas. However, a significant part of the income from the oil and gas sector has been saved in the Government Pension Fund Global, also known as the Oil Fund, which today has a value in excess of EUR 1,150 billion. The Fund ensures Norway considerable freedom of action in economic policy.
Norway has its own currency (NOK), which in August 2022 had exchange rates of EUR/NOK 9.75 and USD/NOK 9.80. Norway is a member of the European Economic Area (EEA).
Commercial Real Estate in Oslo and Norway
The total Norwegian workforce numbers about 2.8 million (2022), with some 0.5 million jobs being located in Oslo and close to half of these being within office-intensive sectors.
Total CRE transaction volume was equivalent to EUR 16.5 billion in 2021, split between 32% offices, 20% industry/logistics, 15% retail, 8% social infrastructure and 11% residential/housing development. The annual transaction volume has been rising over the last decade, and Norwegian commercial real estate has become an increasingly mature and liquid market. The sale and purchase process for CRE is efficient in Norway with little bureaucracy and effective digital systems.
The take up in the office rental market in Oslo was 761,000 sq m in 2021 and this figure normally varies between 600 and 800,000 sq m annually. Prime rent in the Central Business District is equivalent to approximately EUR 490/sq m/year and the rent for modern and attractive offices varies between EUR 225-450/sq m depending on location in the city. Construction activity is for the time being high in Oslo.
The other main real estate markets in Norway are Bergen, Stavanger and Trondheim. Bergen on the west coast is the second largest city with 287,000 inhabitants. Trondheim follows with 210,000 and Stavanger has 144,000 inhabitants. The 3 cities account for about 20% of the total CRE transaction volume in Norway. There are over 420,000 jobs in these cities, which make up about 15% of the total number om jobs in Norway.
What we offer
Cushman & Wakefield Realkapital has a team of 30 advisors in our Oslo office. We cover the full range of advisory services from capital markets transactions, leasing/subletting and valuation to occupier services and development. We are a leading real estate firm in Norway within the office, retail, logistics and development sectors. The team works closely with our clients, deploying specialists to meet the precise needs of a particular transaction. A solid research group provides complete oversight of the markets in Oslo and the largest cities in Norway in support of our services, which also benefit from an inhouse graphic design unit that secures the best design for clients’ project and marketing material.
Our clients include several of Norway’s largest listed companies, public sector agencies and both Norwegian and international occupiers and investors.
In all our work we endeavor to give clients the best possible service, based on commitment, execution strengths, integrity, value-creating insight and expertise.
Cushman & Wakefield Realkapital recognizes the importance of social and environmental responsibility and seeks to contribute actively to the sustainable development of the commercial real estate industry. Therefore, we are proud to have contributed to the foundation of the Norwegian Green Building Council and the establishment of the BREEAM NOR environmental certification in Norway.