Key figures

Q4 2021

Market players from across the country are active in the Stavanger region. read more

There has been relatively high activity in the transaction market in the Stavanger region, and in the first three quarters of the year, trading in commercial property amounted to around NOK 4.6 billion.  In the real estate market, the highest activity is usually in the fourth quarter, which means that we might see the highest volume of transactions for several years. It’s still out-of-town players who account for the bulk of the purchases, but some of the biggest national players are hesitant to buy in Stavanger.

We’ve set prime yield at 4.75 per cent.  The best properties in Stavanger city centre with more than the 7 years of remaining rental time that we use as a basis for our definition will probably achieve sharper 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.

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 around 13 per cent as of the beginning of the fourth quarter of 2021. In other words, the vacancy rate is high, as has been the case over a long period of time. Forus still accounts for the bulk of the vacancies and contributes to a sustained supply surplus for the rental market as a whole. In the centre of Stavanger, the vacancy rate has risen to a high level in percentage terms over the past year. 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 2021

Overall, there are high vacancy rates in the office rental market in Stavanger, and the Forus area still accounts for most of the available premises. The vacancy rate in the city centre has also risen over the past year, but as this is quite a small office area, just a few office premises make a big impact on the vacancy rate here. Office rental prices in the region have remained relatively stable over the past year. Despite strong competition for tenants, especially at Forus, the best office spaces in the city centre have in recent years achieved rental prices of more than NOK 3 000 per square metre per year. read more

Over the past half year, the office vacancy rate in the Stavanger region has shown a rather flat development, and the same can be said of rental prices. The office market in the region has, in other words, shown a sideways development since the coronavirus-related restrictions hit Norway, a trend we have also seen in Oslo, Bergen and Trondheim.

The city centre vacancy rate has risen over the past year, reaching a high level in percentage terms, but the vacant area amounts to no more than about 50 000 square metres.  A few individual premises make a big difference to the vacancy rate, since the city centre has little office space, and this constitutes a significantly smaller proportion of the office market than is the case in the other Norwegian cities. The rental prices in central Stavanger have held up in a period of increasing vacancy rates, with the very best offices in Stavanger city centre achieving rental prices well over NOK 3 000 per square metre per year.

The vacancy rate at Forus has flattened out in recent years, but remains at a high level. It’s possible to rent good office premises in the cluster for less than NOK 1 000 per square meter, but the best premises achieve somewhat higher rental prices. There is – and will continue to be – an office surplus at Forus, which also contributes to a continuing office surplus in the region as a whole. High oil prices are unlikely to solve the problem, and growth in other segments is needed in order to create a balanced office market. One example of innovative thinking is the coworking concept FOMO, which is working to fill 30 000 square metres of office space at Forus with creative tenants, across companies.

Outside the city centre, the vacancy rate in Jåttavågen is moderate, measured both in terms of per cent and office space. 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 where individual tenants fill a large part of the area.

In our view, the office market in the Stavanger region will continue to be characterised by an excess supply of premises in the next few years, but we’ve seen that there is a willingness to pay for the most attractive premises. The highest rental prices in Stavanger are on a par with those in Bergen and are only beaten by the best Oslo locations.

Click headings to sort table
Click the rows for more information about the area
AreasSorter High standardSorter Office vacancySorter
Risavika 1000 - 1300 3 %
Sola 1000 - 1300 11 %
Randaberg 1000 - 1300 0 %
Sandnes Randsone 1000 - 1300 2 %
Sandnes Sentrum 1200 - 1600 8 %
Dusavik 1000 - 1300 43 %
Stavanger Sentrum 2000 - 3200 12 %
Forus/Lura 800 - 1300 14 %
Jåttåvågen 1600 - 2000 5 %
Stavanger Randsone 1100 - 1500 9 %

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

Transaction market

Q4 2021

As we enter the fourth quarter, 2021 looks set to be the most active transaction year in the Stavanger region for several years. As usual, buyers are essentially out-of-town market players, but local investors have also bought more premises than in the last couple of years. read more

At the end of October, we had recorded a total transaction volume in the Stavanger region of approximately NOK 4.6 billion so far in 2021. By comparison, the average over the past five years has been just over NOK 6 billion annually. The fourth quarter usually provides the highest turnover, which means that 2021 may provide the highest transaction volume in the region in recent years. Among other things, the Union Group is in the process of selling the property called Ankerkvartalet. The biggest transaction of the year so far in the region is the insurance company Storebrand’s purchase of the property named Skattens Hus.

Out-of-town players have accounted for the bulk of the purchase volume as usual, but local players have invested more than in previous years, both together with national players and on their own.  Local investors are often looking for development properties, while national players often want to buy already developed, cash-flow properties.  In recent years, we’ve recorded transactions in the Stavanger region in a wide variety of segments and distributed across the entire risk scale, but some national players steer clear of office investments due to high vacancy rates.

We estimate prime yield for office property in Stavanger to be 4.75 per cent. We have observed sharper yields in the city centre, but then with somewhat longer leases than the 7-year leases that we use in our definition. There is still strong demand for commercial property, and in particular for safe cash flows. In the Stavanger region, there is generally only a limited number of properties in Stavanger city centre that will be able to achieve prime yield or better.



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