Key figures

Q4 2022

2022 has already seen the second highest transaction volume ever in the Stavanger region, only beaten by last year. read more

Office vacancy rates in the Stavanger region have fallen markedly over the past year. A number of major players want to move to city-centre offices, which has contributed to rising rental prices for these offices. A higher level of activity in the region has also contributed to a lower vacancy rate at Forus. At the time of writing, the transaction volume in the Stavanger region is already at the second highest level ever, only beaten by last year’s record year.

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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.

Number of transactions> NOK 50 million

Transactions in 2022


The number of transactions indicates the number of transactions with a minimum value of NOK 50 million in Stavanger.

Annual transaction volume measured in NOK billion.

Transaction volume


The transaction volume indicates the total property value of the transactions made, with a minimum value of NOK 50 million.

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


(per cent)

The latest vacancy survey in the Stavanger region showed an office vacancy rate of 9.2 per cent as of the beginning of the fourth quarter of 2022. In the centre of Stavanger, the vacancy 11 per cent, but this is a relatively small office area, which means that just a few vacant offices make a big difference in percentage terms.

Office rental market

Q4 2022

Over the past year, office vacancy rates in the Stavanger region have fallen markedly from a high level. In recent years, employment growth has been better in the Stavanger region than in the other large Norwegian cities. Furthermore, there has been a moderate number of new-build projects driven by both the high office vacancy rate, the COVID-19 pandemic and, in recent months, high construction costs. read more

Vacancy rates in the city centre are at a moderate level, but the vacant space accounts for only a small part of the office vacancy rate. Stavanger city centre accounts for a much lower share of the total office market than the central areas of Oslo, Bergen and Trondheim. The best offices in Stavanger city centre are in demand and achieve rental prices well over NOK 3 000 per square metre per year.

Over the past year, the vacancy rate at Forus has fallen markedly from a high level. The best Forus premises have a moderate vacancy rate, while vacancy rates are very high in older buildings outside the best micro-location. High oil prices have contributed to an improved market for lessors, but other activities have also contributed to growth in the region in recent years.

The vacancy rate in Jåttavågen is very low. Hinna Park achieves markedly better rental prices than nearby Forus, as proximity to trains and urban qualities help make the area attractive. At the same time, Jåttavågen is a small office area, with individual tenants filling a large part of the area. Over the next few years, Aker will move from its current premises in Jåttavågen to a new building in the same area, leaving behind a significant amount of office space that will become available in the market.

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Click the rows for more information about the area
AreasSorter High standardSorter Office vacancySorter
Risavika 1000 - 1300 13 %
Sola 1000 - 1300 8 %
Randaberg 1000 - 1300 0 %
Sandnes Randsone 1000 - 1300 9 %
Sandnes Sentrum 1600 - 2000 11 %
Dusavik 1000 - 1300 38 %
Stavanger Sentrum 2000 - 3600 8 %
Forus/Lura 800 - 1300 9 %
Jåttåvågen 1600 - 2000 3 %
Stavanger Randsone 1100 - 1500 7 %

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

Transaction market

Q4 2022

2022 has already given the second highest transaction volume ever in the Stavanger region, only beaten by last year. read more

Last year saw record-high transaction volumes in both the Stavanger region and nationally. After a first half of the year with the very high levels of activity continuing, transaction volumes have been lower since the summer. A substantial increase in rental rates throughout the year and rising required rates of return have contributed to considerable distance between buyers and sellers in terms of assessing property values for a period. Nevertheless, we can state that 2022 is already the year with the second highest turnover of commercial property in the Stavanger region. As of mid-October, property sales have totalled approximately NOK 7.5 billion.

By far the largest transaction of the year is the newly established Forus Areal’s acquisition of 23 properties from Tjelta Eiendom. Oro facilitated the sale, and, like Tjelta Eiendom, will join the ownership side. In addition, we have recorded well over 30 transactions of over NOK 50 million, spread across most segments.

National players, which normally account for most of the purchase volume in the Stavanger region, are risk-oriented in today’s market where higher interest rates are contributing to a repricing. This means that the largest players are more hesitant than they have been in recent years, as reflected in both our investor survey and the number of transactions in recent months. Nevertheless, there is still capital in the market if the right objects come up for sale. It is more difficult to justify pure cash-flow properties financially since the cost of financing has risen markedly. Many property investors are thus looking for development properties or value-adding opportunities. The same goes for local players in the Stavanger region, but this was also the case when interest rates were far lower.



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