Key figures

Q4 2021

Prime yields fell during the course of 2020, but not as much as interest rates. A strong development on the demand side is leading us to believe that interest rates can rise somewhat without affecting prime yields.

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Offices with a high standard, best location, 7 years weighted remaining rental period, market rent and secure tenants.

Prime Yield


We assume a seven-year weighted remaining lease period, and therefore estimate that longer leases can be traded even lower.

Offices with ordinary standard, located in one of the office clusters outside the city center, 4-5 years weighted remaining rental period, market rent and ordinary companies as tenants.

Secondary yield


Normal yield is meant to reflect an average office property. We have defined it to be an office property with 4–5 years left of the lease contract, an OK location in one of the clusters along Ring 3 with a normal, good standard and ordinary companies as tenants. As with the other yield definitions, we assume that the rent levels are at market rent level.

Number of transactions> NOK 50 million

Transactions in 2021


The number of transactions indicates the number of turnovers with a minimum value of NOK 50 million in the Oslo/Akershus area.

Annual transaction volume measured in NOK billion.

Transaction volume


The transaction volume indicates the total value of the properties of the turnovers with a minimum value of NOK 50 million. A minimum of 50% of a property must be traded sold in order for us to register the turnover, and we use base our calculations the value of the share that has been sold.

Office space offered in the market and available within 12 months.


(per cent)

The office vacancy rate in Oslo has been declining marginally in the second half of 2021, now showing a moderate vacancy rate of 6.9 per cent for Oslo, Asker and Bærum. This is down from 7.1 per cent in the first half of 2021. The vacancy rate is low in the central areas, which have also fared well previously. We define vacancy rates as office space that is on the market and available over the course of 12 months.

Office rental market

Q4 2021

Our latest count showed that the vacancy rate in the rental market has declined slightly to 6.9 per cent in Oslo, Asker and Bærum. read more

Our semi-annual vacancy count for the second half of 2021 showed a marginal decrease in office vacancies. For Oslo, Asker and Bærum, the vacancy rate is now at a moderate 6.9 per cent – an increase of 0.2 percentage points since January 2021. Vacancy rates in the city centre and in the central business district (CBD) remain low, and many companies are still looking to move to the city centre. Downtown offices are highly sought after, and since there are relatively few new construction projects in the centre of Oslo, we expect moderate to low vacancy rates in the next couple of years as well.

West of Oslo, the vacancy rate is moderate: 8 per cent at Lysaker and 7 per cent at Fornebu. Asker and Bærum have had a stable vacancy rate of 6 per cent, while Skøyen has seen an increase of 1 percentage point to 11 per cent.

In the clusters east of Oslo, we also have a relatively high vacancy rate: vacancy rates in Økern/Løren and Helsfyr/Bryn, respectively, are 17 per cent and 11 per cent. The high vacancy rate at Økern/Løren is mainly due to the Økern Portal and Parallell building complexes, which account for most of the available office space. The eastern parts of Oslo have the highest level of construction activity, and vacancy rates are likely to remain relatively high in the next few years.

We are expecting a small decline in the vacancy rate in Greater Oslo during 2022, mainly due to the low number of new-build office premises. We believe this vacancy rate will rise to around today’s level again in 2023, when a good number of new-build offices are again expected on the market.

Rental prices in Oslo continued to rise in 2021, especially in the city centre. Low vacancy rates, particularly in the city centre, will have a positive effect for property owners, whereas there is a limit to how much rental prices can be reduced in the bordering areas, where competition has been fierce for a long time.

Click headings to sort table
Click the rows for more information about the area
AreasSorter High standardSorter Good standardSorter Office vacancySorter
Lysaker 2000 - 2500 1500 - 2000 6 %
Asker og Bærum 1700 - 2200 1300 - 1700 6 %
CBD Vest 3900 - 5500 3200 - 3900 4 %
Skøyen 3000 - 3600 2400 - 3000 8 %
Fornebu 1600 - 1900 1400 - 1600 7 %
Ytre Sentrum 2200 - 3000 1800 - 2200 2 %
CBD Øst 3800 - 4500 3000 - 3800 4 %
Indre Sentrum 3400 - 4000 2800 - 3400 9 %
Helsfyr/Bryn 1850 - 2300 1400 - 1850 8 %
Økern/Løren 1800 - 2300 1400 - 1800 13 %
Storo/Nydalen 2300 - 2650 1800 - 2300 9 %

Rental prices
Top rent
High standard -
Good standard -
Office vacancy pr. %
Construction ()

Transaction market

Q4 2021

Some people may have been expecting a slightly quieter start in the transaction market, after a very active close to the transaction year last year. It hasn’t turned out that way. Never before have we recorded such a high transaction volume in the first half as we have done this year. There has been particularly high activity in the second quarter, when trading in commercial property alone amounted to well over NOK 50 billion. To put that into perspective, we’ll be approaching a total transaction volume of NOK 150 billion for the year 2021 if we have the same end to the year as we did last year. If this materialises, our annual transaction volume will be well above the previous record of NOK 129 billion from 2015. read more

Our latest investor survey indicates that the buyer interest among investors remains high, and few believe there will be any slowdown despite the fact that we’ve seen some changes in preferences since last year. While 2020 was characterised by investors seeking low risk and safe cash flows, we’re now seeing an increased appetite for the segments that have been hardest hit during the pandemic.  This we think will continue. So far this year we’ve already recorded more trade and hotel transactions combined than in the whole of 2020, and we’re seeing a clear improvement in these segments.

Moreover, we’re seeing that investors are once again looking for options outside Oslo to an increasing extent. When there is a growing uncertainty in the market, we see that investors increasingly look to invest more in Greater Oslo. This also happened in 2020, when Greater Oslo accounted for close to 60 per cent of the transaction volume (historical average about 50 per cent). Now that the optimism has returned, we see that the share of transactions made in Greater Oslo has been slightly reduced to 44 per cent, and that a growing proportion of investors are again looking for options outside the capital. For example, we see that Bergen, Trondheim and Stavanger all have much higher activity compared with the second half of 2020, and that Bergen and Trondheim are seeing almost a doubling of activity compared with the same period last year. The pursuit of higher yields and the best objects is forcing many of the investors to look for alternatives.


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