5.75
0
Editorial staff
Offices with a high standard, best location, 7 years weighted remaining rental period, market rent and secure tenants.
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.
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
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.
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.
Employment growth has been strong in the Stavanger region in recent years and has contributed to declining office vacancy rates. An increase in new construction is expected to contribute to an increase in the vacancy rate again in the coming years.
The vacancy rate in the city centre is at a moderate level, but in reality there is little vacant office space in the best locations. Property owners in the city centre are able to rent out the best premises at good prices, and the rental price level of some new builds and renovation projects has reached new heights in the past year. More knowledge-based companies are seeking to move to the city centre, which in turn is causing their competitors to follow suit, in the battle for the best talents. DNB Næringsmegling’s tenant surveys suggest that the pressure on the city centre will continue, both in Stavanger and other cities. read more
During the past year, the vacancy rate in Forus has fallen markedly from a high level. The vacancy rate for the best premises in Forus is moderate, while vacancy rates are very high in older buildings outside the best microlocation. Increased activity in the oil and gas-related sectors has resulted in a lower vacancy rate, but rental prices remain low in Forus.
The vacancy rate in Jåttavågen is low so far. Proximity to trains and urban qualities help make the area attractive. At the same time, Jåttavågen is a small area of office premises, with individual tenants filling a large part of the area. In the next couple of years, Aker will move from its current premises to a new office development in the same area, and will thus be leaving behind a significant amount of vacant office space. Aker’s new development will also have vacant premises over and above the giant oil company’s needs. The new premises will contribute to an increased vacancy rate in Hinna Park, which will also have a negative impact on nearby Forus.
| 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 | 2200 - 4000 | 8 % |
| Forus/Lura | 1000 - 1500 | 9 % |
| Jåttåvågen | 1600 - 2000 | 3 % |
| Stavanger Randsone | 1100 - 1500 | 7 % |
2022 saw the second highest transaction volume of all time in the Stavanger region, only beaten by the record year 2021. read more
The past year has seen a substantial slowdown in transaction activity nationally. In the Stavanger region, too, activity has dropped markedly. Last year, the total volume of transactions in the region ended at NOK 9.2 billion. Only in the record year 2021 was more property sold in the region. As of June 2023, however, the volume of sales so far this year has been very low.
National players always account for most of the purchases in the Stavanger region. They are risk-oriented in the current market. Nevertheless, there are still many players with capital in the market, if the right objects come up for sale. It is more demanding to justify pure cash flow properties from a financial perspective, since the cost of financing has risen markedly, thus many investors are looking for properties they can add value to, or for which direct returns are high enough to justify higher borrowing costs than for many years. The local players in the Stavanger region are often looking for development properties, as they have done in recent years.
Our investor surveys in Stavanger, Oslo, Bergen and Trondheim show that Stavanger investors – in clear contrast to industry colleagues in other parts of the country – are as proactive as before in terms of net buying property.
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Q3 2023
2022 saw the second highest transaction volume of all time in the Stavanger region, only beaten by the record year 2021. The office vacancy rate has in recent years fallen from a high to a more moderate level in the region, although there is still a surplus of available office space in Forus. read more
The office vacancy rate in the Stavanger region has been declining in recent years. City centre office space is particularly in demand, which is something we have also observed in other large cities, and this has resulted in rising city centre rental prices. At the end of last year, the transaction market in the Stavanger region reached the second-highest total sales ever, but activity has since slowed. Sales of commercial property both in Stavanger and in the rest of country have been considerably lower so far this year than in recent years.