Market insight
Quarter by quarter.
Commercial premises are more than square metres, price and yesterday’s reports. Our analytics team follows the macro economy, interest rates, transactions, rents and vacancy – and shares it all openly.
2025
- Q4 2025
22 December 2025
Market update Q4 2025
Following weaker economic developments through the autumn, the property market has been more cautious in Q4. Norges Bank's rate cuts have so far had a limited effect, and several key indicators point to lower capacity utilisation and rising unemployment. Transaction volume did pick up towards the end of the year, but remains below last year's level, while Norwegian and equity-rich players dominate the market. Residential and logistics are the strongest segments, and players with low leverage are taking advantage of price corrections.
Read - Q3 2025
3 October 2025
Market update Q3 2025
Following strong economic developments in the first half of the year, the property market has been more cautious in Q3. Norges Bank's rate cuts have so far had a limited effect, and transaction volume is down on last year. Norwegian players dominate, while residential has strengthened its position. Players with low leverage are taking advantage of price corrections, and this may lay the foundation for increased activity towards the end of the year.
Read - Q2 2025
1 July 2025
Market update Q2 2025
Despite persistent geopolitical turbulence and a challenging financing market, the second quarter has shown optimism in the property market. Norges Bank's rate cut in June marks a possible shift in trend and has contributed to increased interest among investors. While many are still holding back, players with low leverage are seizing opportunities in a phase characterised by price corrections and less competition. The combination of increased optimism and lower interest rates provides the basis for a more active market in the second half of 2025.
Read - Q1 2025
14 April 2025
Market update Q1 2025
The first quarter has started more slowly than the same period last year, with considerably lower transaction volume and a market characterised by macroeconomic and geopolitical turbulence. The rate cut that failed to materialise has added to the uncertainty. Nevertheless, there is optimism among investors, driven by confidence in lower interest rates in the longer term and stabilisation in the economy. Despite uncertainty in interest rate and inflation expectations, property may still appear an attractive alternative in turbulent times.
Read - Q4 2024
19 January 2025
Market update Q4 2024
The final quarter of the year showed an increase in both transaction volume and the number of transactions compared with the third quarter. Together with the expectation that rate cuts were approaching, optimism also returned to the market. Optimism did, however, stall somewhat at the end of the year in step with the rise in market rates. Concerns about a trade war and fewer rate cuts may lead to a more turbulent market in the time ahead.
Read
2024
- Q3 2024
3 October 2024
Market update Q3 2024
Following a first half marked by large transactions that lifted volume well above last year's level, we have observed a somewhat quieter third quarter. Year-to-date transaction volume remains well above last year's level, and we are now seeing buyers' and sellers' price expectations converge. With unemployment still low, inflation falling and expectations that rate cuts are drawing closer, the risk picture is beginning to ease. Are we starting to see light on the horizon?
Read - Q2 2024
13 August 2024
Market update Q2 2024
Transaction volume fell in the second quarter compared with the first quarter. Compared with last year, however, the quarter was significantly better, and half-year volume is far above last year's level. For the first half of the year, volume was NOK 39.5 bn, spread across 77 transactions. This represents an increase of 59 per cent compared with the same point last …
Read - Q1 2024
22 April 2024
Market update Q1 2024
After a very quiet transaction market in 2023, the first quarter of this year has brought significantly higher activity than last year. Larger players such as KLP are making their mark with substantial acquisitions, while foreign investors are showing increased interest in one segment in particular. Will the momentum in the transaction market be sustained, or will renewed uncertainty about the first rate cut take us back to last year's dynamics?
Read - Q4 2023
11 January 2024
Market update Q4 2023
2023 was a turbulent and challenging year for the property market – with high macroeconomic uncertainty and falling property values. Are there glimmers of light ahead now that interest rates have probably peaked and long-term rates have fallen, or will the financial challenges become even more apparent in 2024? Read our latest market update for insight into the year that was and our thoughts on the property market in 2024.
Read
2023
- Q3 2023
3 November 2023
Market update Q3 2023
We are approaching the end of an unusual year for both the economy and the property sector. The third quarter was no exception, and new indications of the road ahead keep emerging. Will it now become easier for property players to navigate as we approach a rate peak in December? Read our latest market report on the penultimate quarter of the year and gain insight into how the market is developing.
Read - Special
8 September 2023
Warehousing and logistics – Groruddalen special
The warehousing and logistics market in both Greater Oslo and Groruddalen has seen remarkable growth in recent years. How can this development be explained, and which characteristics have actually made Groruddalen one of Norway's most sought-after warehousing and logistics areas?
Read - Q2 2023
17 August 2023
Market update Q2 2023
Petter Platou and his team in Valuation and Analysis have looked at developments since last quarter – both for the economy and for the property market in Norway. Is rental growth slowing as a result of weaker economic development, and will the drought in the transaction market continue through the autumn and winter? Read our latest market report and gain insight into how the market is developing.
Read - Q1 2023
5 May 2023
Market update Q1 2023
Petter Platou and his team in Valuation and Analysis have looked at the changes in the global economy and the premises they set for the property market in Norway. Is historically low unemployment set to end? Will we see a new interest-rate peak? How are the transaction market and the property market for the various segments affected? Read our market report and see how the threats facing the global economy may affect where we land in Norway.
Read
From the reports
Selected transactions in the Norwegian market
Q3 2024Read the report
| Property | Buyer | Seller | Value (NOK m) |
|---|---|---|---|
| Parallell | Malling Core Plus 2023 | Skanska | 632.5 |
| Trekanten kjøpesenter | Scala | Citycon | 1,325 |
| Boligutviklingsportefølje i Oslo | Gjelsten Residential Oslo | Gjelsten Bolig | 1,500 |
| Boligtomt i Asker | JM | Asker Kommune | 464 |
Source: Realnor
Q2 2024Read the report
| Property | Buyer | Seller | Value (NOK m) |
|---|---|---|---|
| SBB portefølje | Public Property Invest | SBB | 1,640 |
| Ahlsell sentrallager | Niam | Logistic Contractor | 1,450 |
| Diagonale Bjørvika (100%) | KLP | Aspelin Ramm | 3,000 |
| K8 Stavanger | Storebrand | Base | 1,050 |
| Lysaker Park | Storebrand | Artic-syndikat | 1,700 |
Source: Realnor
Q1 2024Read the report
| Property | Buyer | Seller | Value (NOK m) |
|---|---|---|---|
| Marine trading portefølje | NREP | Marine Trading | 1,300 |
| Entra Trondheim portefølje | E C Dahls Eiendom | Entra | 6,450 |
| Tjuvholmen Allé 11, Oslo | KLP | Aspelin Ramm | 844 |
| Stortorvet 7, Oslo | KLP | Schage | 2,500 |
| Equinor-bygget, Fornebu | NPRO | Artic-syndikat | 2,840 |
Source: Realnor
What is the property worth today?
Our valuations are RICS and REV certified and are highly trusted by banks and the financial market.
