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 Trondheim and Central Norway.
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.
The office vacancy rate in Trondheim had gone down when the last vacancy count was made, and is now at 5.8 per cent.
Our latest vacancy count shows an office vacancy rate in Trondheim of 5.8 per cent. read more
Our latest vacancy count shows an office vacancy rate in Trondheim of 5.8 per cent.
There are great variations in vacancy rates among the different office areas in Trondheim. Trondheim city centre, which makes up 40 per cent of the total office market, has a falling vacancy rate, with 4.2 per cent of office premises currently vacant.
The average rental price increased by 4 per cent in the first half of 2022 compared with 2021, according to the statistics agency Arealstatistikk. An adjustment for high CPI contributed to this development. The average rental price in Trondheim now stands at NOK 1 960 per square metre per year (2021: NOK 1 890), based on 72 signed contracts for the first half of 2022. For the 15 per cent most expensive rental contracts, the average rent is NOK 2 660 per square metre, which is identical to the level in 2021. The peak rent in the city centre has moved upwards in recent years, and we are now seeing several examples of more than NOK 3 000 per square metre.
The signing volume is high, and 72 lease contracts totalling around 75 029 square metres have been signed in the first half of 2022. The average term of the contracts is 5.1 years.
There are high volumes of contracts expiring this year and next. Contracts for a total of almost 100 000 square meters will expire this year, while contracts for around 95 000 square metres will expire in 2023. For both years, over 50 per cent of these expiring contracts are for premises of over 2 000 square metres.
The vacancy rate in Trondheim is set to fall by 0.3 per cent overall for the second half of 2022, compared with the first half of 2022. The city centre, which accounts for over 40 per cent of the office market in Trondheim, is seeing a positive trend and a vacancy rate of 4.2 per cent, which must be considered to be low. The low vacancy rate is confirmed by our Trondheim office, which reports a good level of interest and few vacant premises.
|AreasSorter||High standardSorter||Office vacancySorter|
|Moholt/Tunga||1300 - 1850||1.6 %|
|Trondheim Sør||1750 - 2300||4.8 %|
|Trondheim Øst||1650 - 2200||9.9 %|
|Heimdal/Fossegrenda||1100 - 1650||8.8 %|
|Sentrum||2400 - 3000||3 %|
|Office vacancy pr.||%|
There is a high level of activity in the market, and transaction volumes in Trondheim so far in 2022 show total sales (revenues) of NOK 7.1 billion divided between 14 sales. By comparison, transactions totalling NOK 6.1 billion were carried out in Trondheim for the whole of 2021. read more
In the transaction market, investors have both the willingness and the capital to buy, but report that they’re having problems finding available premises. Demand for commercial property is very high among investors, not least for value-adding properties. Central office premises are high on the list of sought-after objects, while warehousing and logistics have also become more sought-after in recent years.
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Our latest local and national surveys indicate strong buyer interest in investing in Trondheim. Investors have both the will and the capital to invest, but are hindered by the fact that there are not enough relevant objects available, and by a somewhat greater distance between buyers and sellers than before.