Market Insight Q2 2025 - UK by EDC Poul Erik Bech

Build, build, build:

The Danish economy and large parts of the real estate market are rock solid

International Poul Erik Bech

Build, build, build: The Danish economy and large parts of the real estate market are rock solid

110 homes inspired by iconic Østre Gasværk are ready to rent

Industrial and logistics properties are high on the investors’ list: Supply is lagging - but we have several large properties on the shelves

A New Milestone for Coop Byen: The first neighborhood, featuring 350 homes certified with the Nordic Swan Ecolabel, is now ready for rent

Two properties in Vesterbro sold for DKK 80 million: Fund Manager wants to bring new life to Copenhagen properties

Annual Report 2024: largest in the commercial sector

The former headquarters of Kopenhagen Fur in Glostrup is offered for sale at DKK 630 million 10

The rental of 109 homes in the VorsBy cohousing community in Viby Sjælland is starting

18 Residental rental projects

Danish Crown’s 70,000 m² facility in Ringsted is to be sold through a competitive tender process

Molskroen sold in less than a month: Will remain being a culinary landmark

Hotels on the Rise

27 For sale: Iconic and rarely offered properties in the heart of Næstved

28 The sales and rental of 80 modern single-storey terraced houses in Syddjurs is beginning

31 For sale/sold

High demand in Hillerød proved true: Munkeengen with 107 rental apartments are now fully occupied

Market Update Q2, 2025

Denmark’s economy is rock solid – and the same can be said for large parts of the commercial and investment property market

Dear Reader,

The first edition of this year’s Market Insight is out. In this issue, you can explore current trends and learn more about some of our major cases. At the end of the magazine, you will find the latest edition of Market Update attached, offering a deep dive into economic developments and key figures in the real estate sector.

The commercial real estate market has regained momentum after two years in which sellers and buyers were often too far apart in their expectations. This is reflected in current market activity, with a total transaction volume of DKK 19.2 billion recorded in the first third of the year. Of this, April accounted for DKK 4.4 billion, representing a 29% increase compared to April last year.

We spoke with Chief Analyst at Realkredit Danmark, Mark Gibson, who is usually somewhat reserved and hesitant when it comes to making bold statements. But this time, the tone is quite different. Denmark’s economy is rock solid, and the same applies to much of the commercial real estate market, especially residential rental properties in the largest cities, which are in high demand. He also predicts a future housing shortage and therefore urges a significant increase in the construction of residential rental properties in the major urban areas.

In this edition, you can also read more about the industrial and logistics property market in Denmark, which continues to be one of the most preferred asset classes among investors. However, the supply is lagging behind and is struggling to keep up with the steadily rising demand. With that said, we currently have several large industrial and logistics properties available across the country.

Also read about our 2024 financial results, which reveal that EDC Poul Erik Bech generated revenue of DKK 236 million. This means that, as of 2024, we are also the commercial real estate agency in Denmark with the highest revenue — a position we have held for many years in the residential market as well.

You can also read more about the development property market, which continues to attract strong interest from both developers and individuals looking to buy or rent a home. This corresponds closely with Mark Gibson’s observations that the housing supply relative to the population is insufficient in Copenhagen and its surrounding areas, as well as in Aarhus, and remains at a low level in other major cities across the country.

Enjoy your reading!

Kind regards

Poul Erik Bech

Build, build, build: The Danish economy and large parts of the real estate market are rock solid

Mette Frederiksen says “buy, buy, buy” when it comes to the Danish defence sector. In the real estate industry, chief analyst Mark Gibson from Realkredit Danmark says “build, build, build” - especially referring to housing in the Copenhagen area, Aarhus, and select regional capitals. Despite uncertainties and a simmering trade war, Denmark’s economy remains rock solid - and so does much of the commercial real estate market, where rental apartment buildings in Copenhagen, its surrounding areas, and Aarhus are particularly sought after. This is confirmed by Joseph Alberti, Head of Research at EDC Poul Erik Bech, who adds that transaction volumes are also running strong.

It is fair to say that chief analyst Mark Gibson from Realkredit Danmark has not exactly been very optimistic over the past couple of years, but now the tone has shifted in a positive direction.

“Denmark’s economy is rock solid - and the same can be said for large parts of the commercial and investment property market. The market is actively picking up again, and there is progress across the board, according to our latest quarterly sentiment survey for Q1 2025. These signals are among the most optimistic we have seen in several years for investment and commercial real estate. The economic indicator, which reflects trends in vacancy rates and rental

levels, is (again) slightly positive in the first quarter of 2025, as it has been in most quarters over the past three years.”

“But what has changed in the current investment climate is that the financial indicator, which measures developments in both returns and property values, is - for the first time since Q3 2022 - also slightly positive. This means that all the key indicators are green this time, with rental apartment buildings standing out as particularly strong performers. Those who know me well understand that I am hard to impress, but I must admit that it has been years since both the economic and financial currents have been this positive.”

Mark Gibson, Realkredit Denmark

Strong financial buffer in the economy

Asked what could happen if the economic and financial predictions take a turn, Mark Gibson responds: “We Danes are almost world champions at saving money, and many have a financial buffer in their personal economy. Of course, there is always uncertainty. There has always been and will always be. That is nothing new. If the trade war escalates and hits the global economy harder, or if war or other uncertainties impact the economy, what then? Having said that, there are many positive indicators in a rock-solid Danish economy, and over the long term, rental apartment buildings in the right locations will be a solid investmentbecause people always need a place to live.”

Mark Gibson points out that positive indicators are lining up: “Transaction volume in the commercial real estate market is clearly increasing. Unemployment is at a very low level, and with historically high employment, many people can afford to pay rent. In 2024, we saw strong population

growth in the greater Copenhagen area and Aarhus, and this trend seems to be continuing. Even though consumers are concerned, they continue to spend, are financially stable, and have money in the bank. In fact, many Danes could actually afford to spend even more. According to EjendomDanmark, residential vacancy rates dropped to just 2.4% nationwide in Q1 2025 – the lowest level recorded since the index began 10 years ago – so there are plenty of positive signs.”

The construction balance has improved significantly

At the same time, the volume of completed construction is expected to continue declining in the coming quarters, simply because we do not build enough. Mark Gibson says: “When we look at population projections, construction is falling short – especially in the Greater Copenhagen area and Aarhus. Due to previous economic uncertainties, war, high interest rates, and construction costs, building activity has been limited. If this shortfall continues, we will face a significant challenge unless new construction projects are initiated this year and next. Otherwise, we will be confronted with a housing shortage in 2026 and 2027.”

There is now a prospect of a significant improvement in the construction balance, where the accumulated annual change in the housing stock compared to the population shows an interesting development: “greater Copenhagen is already in deficit and will continue to decline further if building does not pick up. Aarhus, on the other hand, is facing a very marked improvement in the construction balance, as several years of building boom have been followed by a standstill, while at the same time experiencing historically high population growth.”

“In both Odense and Aalborg, we will also see an improvement in the construction balance, but it will be more moderate due to the relatively modest population growth. This means that in many places there is a housing shortage, and especially Copenhagen, Greater Copenhagen, and Aarhus could absorb many more homes. So, my mantra for these areas is: Build, build, build - and build. The same advice applies to many of our other regional ‘capital’ cities as well.”

The market is back to a ’normal’ year

Joseph Alberti, Head of Research at EDC Poul Erik Bech, adds: “In Erhvervsmæglernes Branchedata, which we are part of together with other leading commercial brokers, we have just published the latest figures. For April, the transaction volume ended at DKK 4.4 billion, and so far, this year, the transaction volume for the first third of the year is DKK 19.2 billion. This is 76% higher than at the same time last year.”

“All indicators show that transaction volume will be significantly higher in 2025 compared to both 2023 and 2024. There is no doubt the market has loosened up, making it

The economic and financial overview of commercial real estate

• Transaction volume in the first third of 2025 stands at DKK 19.2 billion, which is 76% higher than in 2024.

• The unemployment remains at a low level, meaning many people are employed and able to afford paying rent.

• There was a strong population growth in 2024, which is expected to continue

• Completed construction is expected to continue declining in the coming quarters. Simply, there is not enough building activity.

• Many Danes have substantial savings, as they are among the world’s best savers. Although consumers express concerns, they continue to spend. Their financial buffers are strong, and in fact, they could afford to spend even more.

• The nationwide vacancy rate for rental housing stands at a historically low 2.4%, the lowest level recorded since data collection began 10 years ago.

• An increasing proportion of the population resides in the metropolitan area and urban areas with 50,000 inhabitants or more. The share of the population living in these urban areas has grown from 37% in 2015 to 42% in 2025

Source: Realkredit Danmark, Danmarks Statistik, Ejendom Danmark, Erhvervsmæglernes Branchedata and EDC Poul Erik Bech

easier for sellers, buyers, and us brokers to close deals. This is also the message we hear from our brokers across the country. It is a busy market, and our own data supports the view that the overall market is back in good shape. We are back to a ‘normal’ strong year, although it will likely take some time before we reach the record levels seen in 2021 and 2022, when the market was at its peak following the pandemic.”

Regional ‘capitals’ are popular Joseph Alberti from EDC Poul Erik Bech says: “We fully agree that significantly more residential rental properties should be built. It is hard to see how it would not be a good business given the very low vacancy rates, high prices, and rapid ongoing urbanization. This is primarily for Copenhagen, Aarhus, and the major university cities, but we also see clear urbanization trends across the country in what we call the regional ‘capitals,’ meaning there is activity in what we refer to as a ‘double urbanization.’”

“In some cases, the average population in a municipality may decline, but in most places, the population in the main town or towns within the municipality is actually increasing. There is often growth in the commercial towns, while the surrounding smaller towns face challenges with declining growth and population numbers. For example, a new report from Statistics Denmark shows that an increasing share of the population lives in the Copenhagen metropolitan area as well as in urban areas with 50,000 inhabitants or more. The proportion of the population living in these urban areas has grown from 37% in 2015 to 42% in 2025. This corresponds to a total increase of 376,192 people, so urbanization is very likely to continue in the future.”

More information

Joseph Alberti Head of Research

EDC Poul Erik Bech

+45 5858 8564 joal@edc.dk

110 homes inspired by iconic Østre Gasværk are ready to rent

Vision Ejendomme is developing 110 new 2-4-bedroom rental apartments in Copenhagen Denmark, with inspiration from Østerbro’s classic building style and the iconic Østre Gasværk building next door. The new 9,400 m² residential block, called Gasværkskarréen, is designed in collaboration with Cobe Arkitekter, and EDC Project Poul Erik Bech has been chosen to handle the letting of the apartments. The building is expected to be completed and ready for occupancy at the end of 2025.

At Svendborggade 37, Copenhagen Ø, developer Vision Ejendomme is building 110 DGNB Gold-certified rental apartments called Gasværkskarréen. Julie Hundborg Dresler, Vision Ejendomme, says:

”Gasværkskarréen is progressing according to plan and is expected to be completed and ready for occupancy by the end of 2025. We are really proud of the project, which differs significantly from the traditional supply you normally see in Copenhagen’s most desirable areas. It is a diverse neighbourhood with many different sizes of 2, 3 and 4-bedroom apartments ranging from 44-118 m² and the courtyard and roof terraces encourage a strong sense of community. The project was designed by Cobe Arkitekter with inspiration from Østerbro’s classic architectural style and the iconic Østre Gasværk and is built in the same historic style with round windows that create an architectural impression beyond the ordinary.”

The collaboration continues

Artelia are the consulting engineers and Züblin is the turnkey contractor, and construction is now at the stage where a real estate agent has been selected. Julie Hundborg Dresler, says: ”EDC Project Poul Erik Bech has just brilliantly helped us let 107 rental apartments in Munkeengen in Hillerød, so it was an easy decision for us to choose them to help us with the letting of Gasværkskarréen. The homes in Østerbro have an exclusive location and are integrated into a new urban area by Østerbro’s new ice rink, the B93 sports facility with a view of the iconic Østre Gasværk Theatre. It is also close to Parken and Fælledparken with large play areas, football pitches and walking, cycling and

running routes and close to restaurants and shopping. We look forward to the buildings coming to life and the future residents will be very happy to live in Gasværkskarréen.”

Exclusive apartments in the heart of Østerbro

Thomas Høeg Mogensen, Customer & Relationship Director, EDC Project Poul Erik Bech, says: “It’s a very inspiring and beautiful project, and we are naturally pleased that Vision Ejendomme has once again entrusted us with the letting assignment. We regularly organise open houses where interested parties can see both a 2- and 4-bedroom trial home, which are fully furnished. We look forward to welcoming the many people who have already signed up on the interest list and expect good activity on the 110 rental properties, as there is generally a very high demand for exclusive and well-appointed apartments in Copenhagen.”

Christoffer Kielgast, Project Manager, EDC Project Poul Erik Bech, says: “Prices start from DKK 15,600 with everything from spacious 2-room apartments to large penthouse apartments with room for the whole family and with several balconies and sea views. Østerbro has it all. Beautiful architecture and design, a rich cultural and community life, a wealth of cafés and restaurants, good shopping, nature, water and a solid transport networkeverything that makes a neighbourhood attractive to live in. It will be a great pleasure to showcase the homes, and we look forward to continuing the good collaboration with Vision Ejendomme.”

More information

EDC Project Poul Erik Bech +45 5858 8487

Thomas Høeg Mogensen, Customer & Relationship Manager thm@edc.dk

Christoffer Kielgast, Project Manager chki@edc.dk

Industrial and logistics properties are high on the investors’ list:

Supply is lagging - but we have several large properties on the shelves

In recent years, the industrial and logistics property market has proved its resilience to the market instability and cyclical fluctuations that have otherwise characterised the property market. Low vacancy levels, stable yield requirements and rising rents make these properties attractive to investors at a time when other parts of the property market are experiencing greater volatility. Supply is struggling to keep up with high demand, but EDC Poul Erik Bech currently has several large industrial and logistics properties on the shelves around the country.

Over the past decade, industrial and logistics properties have undergone significant development and are now a desired commodity and a key component of many portfolios. This is because the property type has proven its resilience in the face of the uncertainties that currently characterise the world.

Joseph Alberti, Head of Research at EDC Poul Erik Bech, says: ”Looking at transaction volumes for the past year from April 2024 to March 2025, industrial and logistics properties have been the second largest property segment - only surpassed by residential rental properties. In 2024, industrial and logistics properties accounted for 25% of the transaction volume. This was not the case 10 years ago, when the demand for industrial and logistics properties was nowhere near the level it is today, with the segment taking up much more of the market.”

Growing demand and limited supply

There are major regional differences in supply and demand for industrial and logistics properties, but in the kingdom’s largest and most popular industrial areas in Greater Copenhagen and the Triangle Region, there is a clear trend. Thor Heltborg, Director of Corporate Clients, EDC Poul Erik Bech Copenhagen, who has Kopenhagen Fur’s former headquarters in Glostrup for sale at DKK 630 million, says: ”Overall, there is a positive atmosphere around industrial and logistics properties in Greater Copenhagen, and investors are particularly looking for modern and certified prop-

erties in prime locations close to infrastructure. However, the supply is not very large, partly because several well-located industrial areas are being converted to residential use. Investors are already aware of the low supply and are therefore willing to trade at a lower yield.”

Also in the Triangle Region, they are experiencing increased demand, both from local investors, but also foreign investors continue to have their eye on the area, says René DallJensen, Commercial Broker at EDC Poul Erik Bech:

”In the Triangle Region, we are experiencing good demand for industrial and logistics properties from both users and investors. Over the past few years, billions of kroner have been spent on new industrial and logistics projects in the Triangle Region, so we are working hard to increase the supply. This is also important in order to meet the interest from foreign investors in particular, who are still willing to spend money on industrial and logistics properties in the Triangle Region.”

Uncertainty pushes up rent levels

The geopolitical uncertainty of recent years has created a new reality for businesses where stability and predictability can no longer be taken for granted. As a result, many companies have prioritised their supply chains to deliver their goods without additional risk. According to Henrik Troelsen, Director of EDC Poul Erik Bech Triangle Region, this has meant that rent levels have increased.

A selection of our industrial and logistics properties for sale in Denmark

Langagervej 60, 2600 Glostrup, Kopenhagen Fur DKK 630 million

Danish Crowns 70.000 m² buildings in Ringsted

www.edc.dk/114058158

Contact: Helle Nielsen Ziersen +45 5858 8563

CO-RO’s Vej 1, 3600 Frederikssund, CO RO DKK 125 million www.edc.dk/342345631

Property portfolio - Tøndervej 7, 6500 Vojens and moreDKK 105 million www.edc.dk/620510444

SME Property portfolio, 4683 Rønnede

Elholm 8, 6400 Sønderborg

Bilbyen 1, 4300 Holbæk

Niels Bohrs Vej 34, 8660 Skanderborg

Malervej 8, 6920 Videbæk

Gladsaxe Møllevej 15, 2860 Søborg

DKK 105 million

DKK 100 million

DKK 82 million

DKK 74 million

DKK 65 million

DKK 45 million

Porten 1, 6400 Sønderborg DKK 45 million

Bundgårdsvej 3, 7000 Fredericia

Ferrarivej 14, 7100 Vejle

”The industrial and logistics property market is benefiting from Danish companies insourcing their activities. This has actually made these particular property types more resistant to the external factors that have otherwise affected the property market over the past few years, where sellers and buyers have often been too far apart. The high demand has resulted in low vacancy levels, stable yield requirements and rising rental prices, which we are also seeing in the Triangle Region in Denmark.”

Certified properties and 12 metre ceilings

The increasing demand for industrial and logistics properties has meant that users in particular have begun to place greater demands on the properties. This is the experience of Mads Bjerrum Christensen, Industry Manager at EDC Poul Erik Bech Aarhus, which covers East Jutland and assists colleagues in the Triangle Region:

”There is far more focus on optimising the use of square metres than just a few years ago. The new properties being built are much more up to date with certifications and 12 metre ceilings rather than the six metres or below, which many older properties suffer from. The extra cost of getting certification and building higher is quickly recovered as business demand is high.”

”Investors should consider optimising both existing properties and potential properties. There is great potential in optimising existing properties rather than building from scratch, so our hope is that more existing properties will be revitalised with more space and optimised energy con-

DKK 41.7 million

DKK 41.4 million

www.edc.dk/403600334

www.edc.dk/641011230

www.edc.dk/40302169

www.edc.dk/813003111

www.edc.dk/709007191

www.edc.dk/278820828

www.edc.dk/64100267

www.edc.dk/603531309

www.edc.dk/710910246

sumption. This applies both in East Jutland and the Triangle Region, where there has been massive investment in new construction, but also in the rest of the country it should be part of the solution to the lack of supply of industrial and logistics properties,” says Mads Bjerrum Christensen, who has an attractive logistics property in Skanderborg close to the E45 motorway for sale for DKK 74 million.

More information

Joseph Alberti, Head of Research

EDC Poul Erik Bech +45 5858 8564 • joal@edc.dk

Thor Heltborg, Director of Corporate Clients

EDC Poul Erik Bech Copenhagen +45 5858 8378 • the@edc.dk

René Dall-Jensen, Commercial Broker

EDC Poul Erik Bech Triangle Region +45 5858 8399 • rdj@edc.dk

Henrik Troelsen, Director

EDC Poul Erik Bech Triangle Region +45 5858 8423 • htr@edc.dk

Mads Bjerrum Christensen, Head of Industry

EDC Poul Erik Bech Aarhus +45 5858 8670 • madchr@edc.dk

EDC Poul Erik Bech is now also largest in the commercial sector

EDC Poul Erik Bech, which is a part of Denmark’s largest real estate agency EDC Poul Erik Bech Group, realised a turnover of DKK 236 million in 2024 compared to DKK 212.7 million the year before. This is the second-highest revenue, only surpassed by 2021, when the market was at its peak after Corona. This means that in 2024, EDC Poul Erik Bech will be the business brokerage company with the highest revenue. At the same time, profit increased from DKK 9.2 million in 2023 to DKK 21.9 million in 2024.

Denmark’s largest real estate agency EDC Poul Erik Bech with 20 business centres, 75 residential stores and more than 600 employees has just published the annual report for the commercial part of the company. Poul Erik Bech says:

”Like 2023, 2024 continued to be a challenging year characterised by war and general uncertainty with high interest rates, inflation, increased construction costs, etc. In the commercial sector, there was still a large distance between buyer and seller, and they were often too far apart to do business. This was the case throughout most of 2024, but there were signs of improvement towards the end of the year.”

”Despite a hesitant market, we have had a reasonable year where we have benefited from the fact that we have many legs to stand on. In 2023 and 2024, our focus has thus been directed even more towards rental cases, where we have made good progress. It is satisfying that we have achieved the second-highest revenue ever in the commercial sector, and that in 2024 we reached a milestone by being the commercial agency with the highest revenue in the Danish market.”

EDC Poul Erik Bech achieved a turnover of DKK 236 million in 2024 compared to DKK 212.7 million in 2023, which is an increase of 11%. At the same time, the profit increased from DKK 9.2 million to DKK 21.9 million after tax, which is an increase of 138%.

Expectations for 2025

On the outlook for 2025, Poul Erik Bech says: ”After a couple of years with far less transactions, the commercial property market has thawed out and more and more sellers and buyers are closing deals. There is still a lot of money in the market, so we expect the trend to continue for the rest of the year - but without the market reaching the high record as seen in the years 2021 and 2022.”

EDC Poul Erik Bech is independent of banks and mortgage institutions and is largely owned by the non-profit foundation EDC Poul Erik Bech Fonden, which through the profits from the real estate agency supports voluntary organisations that make a difference, primarily for vulnerable children, but also art and building heritage.

603.4

million in total group revenue (2024)

Ambitious growth strategy

Established in 1978, 75

Nationwide never more than 30 minutes from an EDC Poul Erik Bech office

Group profit of DKK

80.3 million after tax

600+ employees

Partner-driven model with 140+ partners

The former headquarters of Kopenhagen Fur in Glostrup is offered for sale at DKK 630 million

A piece of Danish history came to an end after 78 years when Kopenhagen Fur held its final fur auction this summer. On behalf of the state-owned company Finansiel Stabilitet, EDC Poul Erik Bech has now been appointed to sell the former headquarters and warehouse/logistics property in Glostrup in the greater Copenhagen area in Denmark. The property comprises a total business area of 93,919 m² and is offered for sale at a listing price of DKK 630 million.

In March 2024, EDC Poul Erik Bech won a major public tender for real estate brokerage services related to the management of assets taken over from mink-related business on behalf of Finansiel Stabilitet. The commercial real estate agency will be responsible for facilitating the sale of properties acquired by the Danish state from businesses affected by the mink industry shutdown - an assignment expected to take place over the next 2-3 years. Jesper Bruun Eriksen, Head of Task Force at Finansiel Stabilitet, states:

“At Finansiel Stabilitet, our role is to ensure a transparent and open sales process for the former Kopenhagen Fur headquarters in Glostrup. We are committed to winding down all activities in an economically responsible manner, with a focus on appropriate timing and cost-efficiency throughout the process. The first - and by far the largestproperty has now been put up for sale, with more to follow. We expect a busy 2025.”

Massive property with prime location

Peter Westphall, Head of Sales at Finansiel Stabilitet, sta-

tes: “In the real estate industry, it’s often all about location, location, location. And this property certainly lives up to that principle - with a large-scale warehouse, production, and industrial facility located in Greater Copenhagen. The buildings are of a high standard and quality.”

“Both Finansiel Stabilitet and EDC Poul Erik Bech have already received several inquiries from interested buyers regarding the property. So, despite the scale of the project - with a total area of 93,919 m² and a listing price of DKK 630 million - we remain confident in finding a buyer who recognizes the strong investment potential.”

In addition to selling Kopenhagen Fur’s properties with the assistance of EDC Poul Erik Bech, Finansiel Stabilitet will also be responsible for selling Kopenhagen Fur’s operating assets over the course of next year. These include designer furniture, artwork, and a significant number of fully finished mink furs, among other items.

From left: Jesper Bruun Eriksen and Peter Westphall, Finansiel Stabilitet and Thor Heltborg and Kenneth Jakobsen, EDC Poul Erik Bech

More information

Thor Heltborg

Director, Corporate Solutions

EDC Poul Erik Bech København +45 5858 8378 • the@edc.dk

Kenneth Jakobsen Corporate Solutions

EDC Poul Erik Bech +45 5858 8378 • keja@edc.dk

Find out more about: Kopenhagen Fur’s warehouse-, production, and office facilities. www.edc.dk/114058133

Modern warehouse-, production-, and office buildings Langagervej 60-72 & Essedal 6A-D in Glostrup comprises a range of modern warehouse, production, and office buildings in Glostrup. Thor Heltborg, Director of Corporate Solutions at EDC Poul Erik Bech, states:

“We have known for some time that we would be handling the sale of Kopenhagen Fur’s impressive headquarters, and we have been looking forward to starting this exciting project of selling such an attractive investment property. The buildings are highly appealing, particularly due to their excellent location close to Copenhagen, spacious warehouse facilities, and flexible office areas, all of which are of high quality. There are numerous exciting possibilities, and the property is conveniently located near the motorway, making it highly suitable for last-mile logistics.”

”Warehouse, logistics, and industrial properties are the most obvious uses for the site, but it could also become the headquarters for one or more large companies. However, we expect that the industrial aspect will be the most significant. There is a severe shortage of warehouse, logistics, and industrial properties in Greater Copenhagen, meaning that an investor can achieve very favorable rental rates. Market rents for industrial and logistics properties have experienced significant growth in the Copenhagen metropolitan

area over the past decade. At the same time, the trend suggests there is continued unmet demand. This is due to the fact that the development and supply of logistics and industrial properties in recent years has decreased substantially in Greater Copenhagen - primarily because residential properties are being built instead.”

Many potential uses

Kenneth Jakobsen, EDC Poul Erik Bech Copenhagen, adds: “These are well-maintained properties offering significant flexibility and considerable development potential for future investors and users. The varying ceiling heights in the warehouse and production buildings, combined with modern and adaptable office areas, create optimal conditions for further value growth and a wide range of potential uses.”

“In addition, there is a prominent auction hall and exhibition areas with space for large gatherings. There is also a creative design studio that was established to develop innovative fur fashion and design. The large warehouse and production areas are equipped with advanced technological solutions and logistics systems to support enhanced quality control, for which Kopenhagen Fur’s mink pelts were renowned as the world’s largest fur auction house, putting Denmark on the map as a leading fur producer. So, these are modern properties of high quality.”

A New Milestone for

Coop

Byen: The first neighborhood, featuring 350 homes certified with the Nordic Swan Ecolabel, is now ready for rent.

Construction of the first urban district in Coop Byen, located in Albertslund in Denmark, is progressing steadily. The district will feature approximately 350 Swan Ecolabelled and DGNB Gold-certified homes. As a result, rental of the first 140 homes is now on the way. EDC Project Poul Erik Bech has been selected to handle the leasing assignment, covering a total of 32,000 m² of residential space designed to accommodate around 1,000 residents in all stages of life.

Virkelund is the name of the first urban district in Coop Byen, situated on a 45,000 m² site directly adjacent to Coop’s headquarters. Thomas Kjær Petersen, Senior Project Development Manager at PensionDanmark Properties, explains:

“It is an important milestone that we can now begin the rental process in collaboration with EDC Poul Erik Bech, who has been involved since the project’s very first sketches. This is something we have eagerly anticipated, and together with EDC Poul Erik Bech, we are excited to welcome many new residents to the large and diverse urban district, Virkelund in Albertslund in Denmark.”

Available for occupancy in 2025

The rental process kicks off with the first open house in spring 2025, and the first new residents will be able to move in as early as late summer 2025. Thomas Kjær Petersen from PensionDanmark Properties says:

“Virkelund offers homes for all stages of life – from larger family apartments to smaller units for young people and seniors. Our goal has been to create an inspiring and diverse neighborhood with three courtyard buildings, each designed by a different team of architects. This results in great variety and an architectural expression that feels approachable. Increasingly, young people, families with children, and seniors are seeking more sustainable and community-oriented housing solutions in the Copenhagen area, and with the new homes in Coop Byen, we are now meeting that demand.”

The homes have been developed in collaboration with HHM as the main contractor, known for delivering high-quality residential buildings. Virkelund will consist of approximately 350 homes, which will be completed in different phases, until the end of 2026, with the first building, “Gæstfriheden,” ready by late summer.

Urban park and parking facility

Virkelund is a residential area designed for 1,000 residents, with a focus on community, sustainability, and wellbeing. In addition to the homes, the neighborhood features an urban park, recreational areas, and a large parking area. Kenneth Nielsen, Senior Advisor at EDC Project Poul Erik Bech, says:

“We have been involved from the very beginning of Coop Byen’s development and have carried out extensive advisory and analytic tasks, including determining apartment sizes, housing composition, and market rental levels. We are proud that PensionDanmark has chosen us to manage the leasing of approximately 350 homes in Virkelund. We are very excited to get started with the rental process, which we have naturally been looking forward to. It is a large and inspiring project offering homes for all age groups.”

Homes ranging from 50 to 120 m²

“It will be a city within the city - a place where people truly want to live. The buildings will range from 2 to 6 stories and include both townhouses and apartments sized between 50 and 120 m² with 2 to 5 rooms. There is something for every taste, with prices starting at DKK 10,000 per month, making it considerably more affordable than similarly sized homes in Copenhagen. The apartments feature private balconies or terraces, allowing residents to enjoy fresh air, sunshine, and the vibrant atmosphere of the neighborhood. The townhouses span from 2 to 3 floors, with terraces or gardens and access to landscaped communal areas, creating the perfect setting for a good and active family life,” says Kenneth Nielsen.

Short distance to schools and public transport

Tobias Schneller Kjær, Project Manager at EDC Project Poul Erik Bech, adds: “There will be recreational areas just outside the door, and inside, functional and stylish Stykka kitchens will be installed, becoming the heart of the home. The construction uses light materials, offers high comfort, and ensures low energy consumption. Overall, it will be a fantastic place to live for residents across many different age groups.”

“We have been looking forward to starting the rental process and hosting the first open house, scheduled for spring 2025. It is a diverse project where we are confident that residents will feel right at home. The location is close to Albertslund’s town center, schools, and trainstations. Here you get easy access to Copenhagen by train in just 20 minutes. Just around the corner, there are several good bus connections, and Copenhagen is only 13 km away. Furthermore, the motorway is conveniently nearby - whether you are heading out for leisure or work.”

The new urban district Virkelund, part of Coop Byen, consists of three buildings with approximately 350 apartments and townhouses. These have been designed by the architectural firms Arkitema Architects and two teams from Aart, aiming to create a diverse, inspiring, and vibrant neighborhood.

Two properties in Vesterbro sold for DKK 80 million:

Fund Manager wants to bring new life to Copenhagen properties

Real estate fund management company HL Management is expanding its portfolio with two properties at Vesterbrogade 89 and Gammmel Kongevej 33B in Vesterbro in Copenhagen. The plan is to bring the two Copenhagen properties, which total almost 4,000 m², back to their glory days and create contemporary housing. EDC Poul Erik Bech has brokered the sale of the two properties for a total price of DKK 80 million.

On behalf of HLM Fund III, HL Management acquires two investments properties in Vesterbro in Copenhagen. These are two classic Copenhagen properties at Vesterbrogade 89 and Gammel Kongevej 33B, which were built in 1899 and 1876 respectively and together they contain 31 residential and 4 commercial leases.

Henrik Lid, CEO and partner at HL Management, says: “These two properties are exactly what we are looking for in our third fund. They are two old, quality properties that perhaps have lacked the necessary love over the past few years. The fundamentals are good and there is a great opportunity to further develop the properties so that they can last for many years to come. There is an untapped potential in the properties that we will try to unlock.”

” We want to bring the properties back to their glory days and bring new life to the properties. For example, there are no bathrooms in the apartments in the Gammel Kongevej property, so to give the property a boost and make it contemporary, we will create quality bathrooms for all the apartments in the property and refurbish the apartments. The apartments on Vesterbrogade will also be modernized and given a boost.

Must look good in the streetscape

It is no coincidence that HL Management has just invested in the two Vesterbro properties.

” Our primary areas are the bro-districts and Frederiksberg, so the properties on Vesterbrogade and Gammel Kongevej are right on target. We want to contribute to development of the bro-districts and improve the quality of properties in

these areas,” says Henrik Lid and continues: ” It is important to us that our properties look good on the street, and we want people to notice that the exteriors of our properties have been given a loving hand. The under facades are either painted over with graffiti or upholstered with wood, so they need to be spruced up too. We want to restore the facades to bring out the old, original look and contribute to a more beautiful city to live in.”

Happy about the collaboration EDC Poul Erik Bech Copenhagen brokered the sale of the two properties, and Henrik Lid is pleased with the collaboration with the business broker: “This is neither the first nor the last time we work with EDC Poul Erik Bech. They have good experience and therefore a good understanding of the market, so it is a pleasure to work with them. Many thanks to Poul Randrup and his colleagues for their cooperation.”

Poul Randrup, real estate agent EDC Poul Erik Bech Copenhagen, says: “We are pleased to have brokered the sale of the two properties in Vesterbro. There was a lot of interest in the properties, but in the end, we are happy that HL Management ended up as the buyer. They have a clear plan for the development of the properties, ensuring that the classic Copenhagen properties can continue for many years to come. The deals are also a sign that the investment market is really starting to pick up again in Copenhagen. Congratulations to all parties on the deals.”

Poul Randrup, Real estate agent

EDC Poul Erik Bech • +45 5858 8378 • pra@edc.dk

The rental of 109 homes in the cohousing community in Viby Sjælland is starting

Viby Sjælland in Denmark will soon see an increase in the number of residents when the modern cohousing community VorsBy welcomes its first residents in December 2025. The rental of the 109 rental apartments ranging from 48-113 m² will start and EDC Project Poul Erik Bech Roskilde has been chosen to handle the rental of the new community together with the real estate shop in Roskilde.

The construction of 109 newly built rental apartments in the modern cohousing community VorsBy in Viby Sjælland, just south of Roskilde, is now ready to start renting out. The first homes are expected to be ready for occupancy on 1 December 2025. Momentum+ is behind the project, and they have chosen EDC Project Poul Erik Bech to handle the letting of the 109 apartments.

Michael Sheikh, CEO of Momentum+, says: ”VorsBy is a modern cohousing community that we have developed in collaboration with Vandkunsten Arkitekter, who specialise in creating homes at eye level and providing the best possible setting for communities. The project consists of 109 rental apartments suitable for people at different stages of their lives.”

”Day by day, the project grows bigger and starts taking shape. Our vision is for the project to be the dream of living in a cohousing community located in the scenic Viby Sjælland. The homes are close to Copenhagen, Roskilde and Køge - and yet far away. We expect great interest in the homes and look forward to welcoming the first residents to VorsBy at the end of the year,” says Michael Sheikh.

A trinity of community

”VorsBy is being built in three different neighbourhoods, each with something to offer. Vilev is designed for adults in the 50+ segment and retirees whose children have moved out. The middle neighbourhood OsBy is for families with room for happy and playful children, and the last neighbourhood VorsBo is for adults with room to explore life with other like-minded people. Here, there is either a front garden or terrace for each home,” says Michael Sheikh and continues:

”All three neighbourhoods each have a community hub that is specifically suited to the residents of the individual neighbourhoods and where it is possible to cultivate a sense of community. The community hubs can create the perfect setting for community activities such as wine tastings and cultural events in Vilev and VorsBy, and communal dinners and play dates in OsBy.”

Cohousing communities are popular Bjørn Gervø, Project Manager and Partner at EDC Project Poul Erik Bech, who will be handling the letting of the apartments, says: ”VorsBy is a magnificent and exciting housing project that speaks to the cohousing trends that are really gaining ground these years. It is not just seniors or singles who are looking for someone to share their everyday life with - but also families, and VorsBy hits the spot with housing for people of all ages.”

”Viby Sjælland is a cosy railway town with almost 5,000 inhabitants, so in addition to the community in VorsBy, the town also offers a larger community with good schools, sports centre, good associations, cultural centre, library and local shopping opportunities. At the same time, the town is beautifully integrated into nature with hiking trails, river valleys and open fields, which makes it attractive for families with children, couples and singles,” says Bjørn Gervø.

Appartments for everyone

Alexander Danielsen, Project Manager at EDC Project Poul Erik Bech, adds: ”The homes in VorsBy are quality homes, and great emphasis has been placed on the variation in the housing supply with both townhouses and apartments in different sizes, which means that the homes are suitable for everyone, no matter what stage of life you are in. It creates a good dynamic in the area, bringing people together across generations.”

”The apartments are 2-5 rooms between 48-113 m² and the rent ranges from DKK 8,800-15,700 per month, so singles, couples, families with children and seniors can find something that makes sense for them in terms of size and price. We are looking forward to getting started with the letting and especially to the first residents moving in, in December 2025,” says Alexander Danielsen.

More information

EDC Project Poul Erik Bech • +45 5858 8487

Bjørn Gervø, Project manager • bge@edc.dk

Alexander Danielsen, Project manager • ada@edc.dk

At EDC Project Poul Erik Bech, we specialize in project development, project sales, and project leasing. Whether you need advice on a development plot, a project property, or assistance with renting or selling a residential project, either unit by unit or as a complete project property, we can help you.

We have project departments in Copenhagen and Roskilde, covering Zealand and the islands, and Aarhus, covering all of Jutland and Funen.

Here you can read more about a selection of our project cases:

Leasing of 116 rental apartments in central Trøjborg is starting soon

A large residential project, Willemoeskarréen in Trøjborg, Aarhus is under construction featuring 116 beautiful rental apartments. EDC Project Poul Erik Bech has begun leasing the first 60 units, which are scheduled for occupancy in summer 2025. Interest from prospective tenants is already strong, with many registered on the waiting list for apartments in the initial phase. The architect-designed homes, created to maximize natural light, come in various sizes and cater to all types of residents, aiming to help address the significant housing shortage in Aarhus. Read more: www.willemoeskarreen.dk

49 terraced houses in Skævinge will be rented out to families, couples, singles, and seniors

A new terraced housing development with 49 homes is under construction in the railway town of Skævinge, located between Hillerød, Frederikssund, and Frederiksværk. The first 20 homes will soon be available for rent. EDC Project Poul Erik Bech, in collaboration with the local EDC Bent Nielsen office in Hillerød, will handle the leasing of the properties, which range from 85 to 100 m² and are suitable for families, couples, singles, and seniors.

PROJECT NEWS

Front row by the water: 50 exclusive high-quality homes for sale in Ebeltoft

The first foundations have been laid for the exclusive residential project Ebeltoft Havnefront. This development has a prime location right on the waterfront, overlooking Ebeltoft Vig and Ebeltoft Harbour. It will consist of five architect-designed residential buildings, offering a total of 50 bright, owner-occupied apartments. With 2 to 4 rooms, the homes are designed to accommodate a variety of needs and lifestyles. The local EDC Aros Ebeltoft office, in collaboration with EDC Project Poul Erik Bech Aarhus, will handle the sale of these exclusive properties.

Danish Crowns 70.000 m2 facility in Ringsted is to be sold through a competitive tender process

After nearly 50 years of operation, Danish Crown’s abattoir in Ringsted in Denmark closed last summer, and now the focus is on creating new history and jobs in the area. EDC Poul Erik Bech has been appointed to sell the extensive property in Ringsted, which comprises a built-up area of nearly 70,000 m² and a total plot size of almost 800,000 m² –equivalent to more than 100 soccer fields – across 19 buildings on 3 cadasters.

Since the last pig was slaughtered last summer, Danish Crown has spent approximately six months dismantling large amounts of equipment, which has either been sold or relocated to other facilities within the group. This work is now largely complete, and the sales process can therefore begin.

“There has been significant interest in our buildings and the large undeveloped land, which is why, after careful consideration, we have chosen EDC Poul Erik Bech to represent our interests. Although many are already interested, we know from experience that it takes substantial resources to finalize a deal of this scale and type. It is a task that we simply do not have the resources to handle internally,” says Ejner Søby, responsible for property sales at Danish Crown.

Many potential uses

Helle Nielsen Ziersen, EDC International Poul Erik Bech, says: “We are pleased to have been entrusted with the task of selling Danish Crown’s buildings in Ringsted. It is an enormous site in a well-located and attractive business area in the southern part of Ringsted, with relatively good infrastructure and still relatively close to Copenhagen. This is a historic industrial

and manufacturing property that has been an important workplace in the area, and we look forward to assisting Danish Crown in finding a buyer who can create new history in Ringsted.”

“It is rare for properties of this size, location, and potential to come onto the market, so it will be exciting to see the outcome. We expect strong interest from institutional investors both in Denmark and abroad, including real estate investors, property funds, pension funds, and potential end-users. There are numerous possibilities for development, both in terms of new construction on the large site and the use of the existing buildings, which have been consistently maintained and upgraded. We are also in

good discussions with Ringsted Municipality about various scenarios for the local plan and the desire to develop the area and create new jobs.”

The total site area is 798,318 m², with a production facility consisting of 19 buildings and a built-up area of 69,709 m². This is spread across 3 cadasters, of which 2 are undeveloped, comprising approximately half of the total area. The property also includes an office building with a floor area of nearly 4,000 m², as well as several large parking areas. Additionally, there is a private airfield, as a smaller part of the land is leased to a light aircraft flying club, including a hangar, runway, and an adjacent emergency helicopter facility under the National Emergency Medical Helicopter.

Attractive business areas in Ringsted

Thomas Hansen, partner at EDC Poul Erik Bech West Zealand, says: “In recent years, Ringsted has rapidly established attractive business areas, where large Danish and international companies have set up operations – including several major warehousing and logistics players such as GLS, DSV, Esbjerg Gods Sjælland, among others, as well as a cluster of machinery trading companies. The area has a strategically important location and stable growth, which continues to make investments in West and Mid Zealand attractive.”

EDC Poul Erik Bech is currently selling two other large industrial properties: The former headquarters of Kopenhagen Fur in Glostrup is for sale for DKK 630 million and CO-RO, known for soft drinks and Sun Lolly ice, is selling a logistics, warehouse, and production property in Frederikssund for DKK 125 million.

Read more about industrial properties at page 8-9.

“Most recently, Business Park Ringsted has been established along the motorway, hosting several large companies. The abattoir is just 4 km from the E20 motorway, which connects to Copenhagen, Roskilde, and Funen/Jutland, and the upcoming Fehmarn Belt link, places Ringsted centrally within a north-south transport corridor. This will be attractive to many investors and companies, and we look forward to starting the work.”

SOLD

Molskroen sold in less than a month:

Will remain being a culinary landmark

It drew huge attention when one of Denmark’s most iconic inns – and a true piece of Danish history - was listed for public sale a month ago. Now, a buyer has been found for Molskroen, who intends to carry on the proud traditions of fine dining and exceptional hospitality. The sale of the iconic inn and its adjoining seaside hotel, listed at DKK 55 million, was handled by EDC Poul Erik Bech.

Molskroen is an iconic destination and a historic, gastronomic treasure that draws guests from across the country, all coming to enjoy a truly exceptional dining experience. That will remain the case, even as Molskroen now changes hands. A familiar face will continue to represent the establishment: Sarah Evar, who has led Molskroen as hotel manager for the past six years, will now step into the role of managing director.

“I have been part of this journey for the past six years, and I have no intention of ending it here. Everything that guests love and return for will remain unchanged. Molskroen should be exactly the place where you can relax and feel truly welcomed. A place where history is embedded in the walls, yet the experience is vibrant and luxurious,” says Sarah Evar, the new managing director of Molskroen.

The new owner has strong ties to Ebeltoft

The new owner is Mads Bygballe, who owns, among other things, Ruby Travel Group and a part of Travelheart Family, where he also serves as chairman of the board. He states that his intention is to carry Molskroen forward in the same spirit:

“I am truly happy to be part of continuing a piece of Danish history. To me, Molskroerne is more than just an investment - it is a place close to my heart. I have roots in Ebeltoft, where both my father and grandfather originate from. It is an area which means a lot to me, and I look forward to helping carry Molskroerne forward in the spirit the place deserves and is known for.”

Henrik Frederiksen, the former owner and Matas millionaire who has owned Molskroen since 2012 and expanded it with the seaside hotel in 2014, is pleased that the inn’s future is now secured. He says:

“First of all, a big thank you to Stephen Berthelsen from EDC Poul Erik Bech for an enjoyable process. The collaboration with him and EDC has been excellent, and I am glad that the inn’s future is now secured. It has been essential for me that Molskroen is carried forward with respect for its history and the spirit of the place, and I am completely confident that this will happen now with Sarah as managing director and Mads as owner.”

More information

Stephen Berthelsen

Partner and chairman of the Hotel Division

EDC Poul Erik Bech

+45 5858 8377 • stbe@edc.dk

The phone was ringing nonstop

EDC Poul Erik Bech facilitated the sale of Molskroen, and for Stephen Berthelsen, who is chairman of the firm’s hotel division, it was not just an ordinary day when the news broke that Molskroen was up for sale. He explains:

“Rarely have I experienced such strong interest in a case. I was also involved in the sale of the former Hornbæk Hospital on behalf of Freja Ejendomme, which is now being transformed into a luxury hotel, and even there, the number of viewings was extraordinary. But when we announced that Molskroen was listed for sale, words spread quickly, and the media coverage was massive. I was attending the MIPIM real estate fair in France, and my phone was ringing nonstop with calls from both journalists and potential buyers wanting to know more about the inn. It is always exciting to work on cases that attract that kind of attention - and from the moment the sale went public, it took less than a month before the purchase agreement was signed.”

“We are very pleased to have assisted Henrik Frederiksen, and we warmly congratulate him on the sale. At the same

time, we would also like to extend our congratulations to Mads Bygballe on the purchase. It will be truly exciting to follow the development, and we are delighted that Molskroen will remain a premium destination for both Danish and international tourists seeking high-end gastronomy in luxurious surroundings,” says Stephen Berthelsen from EDC Poul Erik Bech, and continues:

“We are seeing growing interest in hotels and inns from both national and international buyers, which led us at EDC Poul Erik Bech to establish a dedicated, independent hotel division nearly a year ago, bringing together brokers from across the country. This gives us a much more structured advisory and sales process, along with a large network and portfolio of hotels and inns. Tourism in Denmark is on the rise, and the ‘coolcation’ trend has made the country a popular travel destination. This creates strong conditions for Danish hotels and inns, and the segment is becoming an increasingly important part of our business, with many transactions taking place on an ongoing basis.”

A fine dinner was held at Molskroen, where the new buyer, Mads Bygballe Christiansen and wife Lotte Enemark, met with seller Henrik Frederiksen and wife Susanne Risom. The keys to the gastronomically renowned Hotel were handed over to the new owners, who are ready to carry on the Hotel’s proud traditions.

HOTEL & INNFokus

Hotel and conference centre in the centre of Denmark DKK 90 million

The former Comwell Grand Park Hotel in Korsør is for sale. The hotel and conference centre, located close to the West Motorway and the Great Belt Bridge has 10,000 m², 134 rooms, conference rooms, restaurant, industrial kitchen, meeting rooms and spa area. EDC Poul Erik Bech Slagelse will handle the sale.

Record number of tourist overnight stays drives the hotel transaction volume

Data from Statistics Denmark shows that there were more than 65 million tourists overnight stays in Denmark in 2024 - a record high and 1.44 million more than in 2023.

The record number of tourist overnight stays has not gone unnoticed by investors, who have begun to show increased interest in hotels. This is also reflected in the transaction volume, where hotels now represent a larger share than before. In the first third of 2025, hotels accounted for nearly 24% of the total transaction volume, a significant increase compared to the first quarter of 2024, when hotels made up only 3.3% of the volume.

Historic hotel close to the Danish-German border

Benniksgaard Hotel by Flensburg Fjord has been sold. The first months were spent renovating the hotel and the new owners have opened the doors to a new chapter of Benniksgaard. The hotel has changed its name to Sivgaarden Boutique Hotel and the first 5,000 bookings were already in the book before opening. EDC Poul Erik Bech South Jutland brokered the sale of the historic border hotel.

Joseph Alberti, Head of Research at EDC Poul Erik Bech, states:

“The transaction volume has started strong in 2025, with the volume for the first four months nearly 75% higher than at the same time last year. Residential rental properties still account for the majority of the volume, but unlike previous years, hotels now represent almost a quarter of the total. CAPMAN’s acquisition of 28 hotels across the Nordics, including three prominent ones in Copenhagen, is certainly part of the explanation. However, this is not the whole story, as several smaller hotel transactions have also been completed during the first months of the year.”

Attracting golf and sports enthusiasts

Hotel Hvide Klit in Aalbæk, 15 km south of Skagen, has been sold. Since 2018, the now former Sundhedshøjskolen Diget has been a hotel, and that’s how the future will be too. The new owner wants to attract golf enthusiasts and sports enthusiasts who can make use of the neighbouring golf course and the hotel’s other sports and relaxation facilities. EDC Poul Erik Bech Vendsyssel has brokered the sale of the hotel and four associated houses in the deal.

Stephen Berthelsen, Head of the Hotel Group at EDC Poul Erik Bech, also notices increasing interest: “We have established a dedicated hotel group at EDC Poul Erik Bech, and we can clearly see growing demand for hotels. In the first four months of the year, we have sold more hotels than before and have also secured many new and exciting hotels for sale across the country. Fortunately, we are well-prepared and ready to advise on the purchase and sale of hotels.”

350-year-old royal privileged inn in

North Zealand

With a history that can be traced back to 1663, Lynge Kro is one of Denmark’s oldest roadside inns that is still open today. In 1721, the inn was granted royal privileges, and now the historic inn has been sold.

EDC Poul Erik Bech Copenhagen has brokered the sale of the inn.

The historic seaside hotel in Lohals on Langeland, built in 1910, has been sold. In recent years, the seaside hotel has gone through a turbulent time, but now the new owners, who have experience with hotels, want to refurbish the hotel and reopen it.

EDC Poul Erik Bech Odense has brokered the sale of the iconic seaside hotel.

Iconic seaside hotel on Langeland

SHORT NEWS

Podcast about the commercial property market 2025

Joseph Alberti, Head of Research at EDC Poul Erik Bech, has joined the BusinessReview – REAL ESTATE podcast to talk about what the future holds for the property industry in 2025. The discussion is based on EDC Poul Erik Bech’s major expectations survey, which has been conducted for the 10th year in a row.

Listen to the podcast here:

In January 2024, a number of leading commercial brokers in Denmark joined forces in a new collaboration to ensure accurate and coordinated data on the commercial property market for the benefit of everyone in the industry. A new website has now been launched where you can follow transaction volumes, see the biggest deals and sign up for the collaboration’s press releases. www.erhvervsejendomsdata.dk

Are you curious about local developments or looking for specific demographic information, for a particular building project or property investment in Denmark? CityFact gathers relevant market conditions into one analytical product with the use of data at a city specific level.

Access current market figures such as vacancy rates, rental level, rate of return, and data on demographic movements, including population development, age distribution, migration activity, and workforce trends.

Getting a thorough overview of local market conditions has never been more accessible. Learn more about the developments in your city

Two iconic and rarely offered properties in the heart of Næstved

Two attractive commercial properties on the pedestrian street in Næstved in Denmark have been put up for sale for DKK 18.5 million and DKK 65.5 million respectively. The properties, which are prominent figures in the townscape of the south Zealand town, are extremely well maintained, have a good mix of tenants and with the opportunity to expand with further residential leases. EDC Poul Erik Bech Næstved will manage the sale of the two rarely offered properties of 2,384 m² and 8,504 m².

Ringstedgade 11 and 13 are two striking properties from 1969 and 1898 placed in the heart of Næstved. The property on Ringstedgade 13 is among the most charismatic in Næstved, but Ringstedgade 11 also decorates the cityscape with large facade windows that provide good exposure.

Martin Andersen, partner at EDC Poul Erik Bech Næstved, says: ”Both properties are prominent figures in the heart of Næstved, and over the years, different and loyal tenants have had either shops or offices in the properties. The most loyal is the local daily newspaper, formerly Næstved Tidende and now Sjællandske Medier, which has been located in the property at Ringstedgade 13 since it was built in 1898 and still today has its Næstved editorial office in the property.” He continues:

”The properties have been continuously renovated and appear well maintained. The properties contain 10 good commercial leases on Ringstedgade 11 and 12 good commercial leases on Ringstedgade 13.”

Ringstedgade 11 is among other things rented out to a café, medical practices and a bicycle shop, and Ringstedgade 13 is in addition to Sjællandske Medier rented out to a restaurant, hairdresser, large fitness chain and contact centre, among others.

Possibility to expand with residential units

In recent years, Næstved has experienced a steady population growth, which is why there is a need for additional housing in the city. Demand is particularly high in the city centre,” says Martin Andersen:

”The housing market in Næstved is very stable and demand for housing is high, especially in the city centre. This can also be seen in the new housing projects that are being built, including Stenlængegården and Maglemølle. The new improved transport options reduce travelling time to Copenhagen and other cities, making the city more attractive to commuters. At the same time, investments are being made in both educational institutions and business promotion initiatives, creating a strong foundation for the city’s future development.”

”The properties currently contain 5 residential units, but there are good opportunities to convert several of the commercial leases to apartments, which requires municipal approval. Other properties close to the city centre have been approved in the past, so I have high hopes that this can happen here too. Market rents in Næstved are rising, so it could be an attractive case for an investor,” says Martin Andersen.

Potential for a new hub on Zealand

”Næstved is undergoing rapid development, including the project in Rådmandshaven with hotel and housing, which will bring even more life to the town centre in the future and also open for more tourists in our town. Næstved has many attractions, and we are in fact number 8 on the list of cities with growth in the number of foreign overnight stays nationwide,” says Martin Andersen and continues:

”The city has great potential and can become a new hub on Zealand with the upcoming Fehmarnbelt link and the motorway between Rønnede and Næstved, which will create really good connections to the city. Investors are already starting to recognise our area, and I expect a lot to happen in the next 5-10 years in this regard.” More information

Martin Andersen, Partner

EDC Poul Erik Bech Næstved mra@edc.dk • +45 5858 8380

The sales and rental of 80 modern single-storey terraced houses in Syddjurs is beginning

A new residential development east of “den hvide by” in Ugelbølle in Denmark, Syddjurs, is underway, and by spring 2026, the first of 80 brand new single-storey terraced houses are expected to be ready for occupancy. EDC Project Poul Erik Bech will handle the sale and rental of the 80 homes, which are situated on a hillside, hence the name Langkær Bakke, offering beautiful views over Kalø Vig and Mols Bjerge.

In spring 2026, the first part of stage 1 of the new residential project Langkær Bakke in Ugelbølle will be ready for occupancy. The project is developed by SLK Aarhus A/S and Vestergaard Estate, with Vestergaard Konstruktion serving as the turnkey contractor. The homes will be offered both for sale and for rent. Rental prices start at DKK 9,500 per month, and sale prices start at DKK 2,245,000. EDC Project Poul Erik Bech Aarhus will handle the sales and rentals of the new terraced houses.

Lasse Bundgaard Lauridsen, CEO of SLK Aarhus A/S, says: “When we first visited the site where the homes are now being built, we were immediately convinced that this was the ideal location for creating high-quality housing. The location offers stunning views over Aarhus Bay and Kalø Vig, and it sits right next to the existing urban area. Our goal is to create well-designed, comfortable homes that appeal to singles, couples, and families - people who can identify with our vision for the area and see themselves living here now and for many years to come.”

Scenic Ugelbølle

The new homes are located in Ugelbølle, a charming town with easy access to public transport and the motorway, making it convenient to reach nearby larger cities such as Aarhus and Ebeltoft.

Simone Sand, Project Manager at EDC Project Poul Erik Bech Aarhus, says: “Ugelbølle is surrounded by beautiful nature that invites outdoor activities. Its close proximity to

the coast offers easy access to the beach. There are several hiking and cycling routes in the area, and the short distance to Mols Bjerge National Park opens up opportunities for exciting outings in one of Denmark’s most spectacular natural landscapes.”

Different housing types for different target groups

The homes are being built based on five different floor plans, ranging in size from 88 to 114 m². According to Simone Sand from EDC Project Poul Erik Bech Aarhus, this makes the homes appealing to a variety of target groups:

”Langkær Bakke offers a variety of housing types, making the homes attractive to a broad target group. Combined with the short distance to Aarhus, the beautiful location, and the high quality of the homes, we have high expectations for the project.”

Simone Sand continues: ”As real estate agents, we focus heavily on ensuring the homes meet the specific needs and preferences of different target groups. With single-storey layouts and thoughtfully designed floor plans, we are already seeing strong interest from people eager to register for the upcoming homes. Together with EDC Rønde, we are fully prepared to assist the many prospective buyers and tenants, helping them secure exactly the home they have been dreaming of - whether they want to buy or rent.”

Interested buyers and renters can find more information and register for the project at www.langkaer-bakke.dk

information EDC Project Poul Erik Bech Aarhus • +45 5858 8487 Simone Sand, Project Manager • sisa@edc.dk

Broberg, Project Director • tobr@edc.dk

SHORT NEWS

EDC Poul Erik Bech

New partner in Roskilde

Mikkel Emil Valeur has joined EDC Poul Erik Bech Roskilde as a partner. Mikkel has been a commercial broker in Roskilde since 2021 and has distinguished himself with great results. In 2024, he ended up as the fourth highest-turnover commercial broker in EDC Poul Erik Bech across our 20 commercial centres throughout the country.

New commercial broker in Herning

EDC Poul Erik Bech Herning has been on a growth journey for a number of years, and now they are strengthening themselves further with a locally recognised business profile. Morten Stampe has more than 20 years’ experience as a business advisor in the banking world and has also previously worked as a commercial broker in Herning.

FARMER NEWS

Agriculture achieves milestone and becomes nationwide

Almost 6 years after EDC Agriculture Poul Erik Bech opened its doors on Zealand and the islands for the first time, they can now boast of covering the entire Danish kingdom. This comes with the appointment of two agricultural specialists to cover Central Jutland/Fyn and North Jutland respectively. Together with the two agricultural managers Frank Poll on Zealand and the islands and Ole Windfeld Nielsen in Southern Jutland, they form a competent agricultural team that is now nationwide.

New commercial broker in the Triangle Region

Henrik Troelsen joined EDC Poul Erik Bech Triangle Region at the beginning of the years as the new director of EDC Poul Erik Bech Trekantområdet, and now the commercial centre is strengthening itself with another commercial broker profile. René Dall-Jensen was born and raised in Kolding and for the past 12 years he has been a commercial broker at another company and is now joining Denmark’s largest real estate agency.

More commercial properties are being sold or leased without ever being publicly advertised on the market.

It could be discreet sales, special requests from the seller – or properties that are quickly matched through our Buyer/Tenant Catalogue.

Once you sign up to the Buyer Catalogue, we find the properties that match your needs and send them directly to you by email.

You get first priority – and maybe access to a special property you will not find anywhere else.

Well-located office property in Skovlunde

Tonsbakken 16 is a modern office property located in Ballerup’s business hub. The property has 19,425 m² spread over 4 floors with offices and light production. There are 2 good elevators, allowing for a combination of office and warehouse. The property has been upgraded with a new meeting center, digital reception, new canteen and electric charging points. There are over 200 parking spaces and green areas. The location provides easy access to the highway network and public transportation, including the upcoming light rail.

Tonsbakken 16, DK-2740 Skovlunde

Case no.: www.edc.dk/114058208

Floor area: 19,425 m² Ground area: 18,622 m²

Price: DKK 170,000,000

Contact: Thor Heltborg, Director, Corporate Solutions

EDC Poul Erik Bech • +45 5858 8378

Magledalen 10 offers 66 modern apartments built in 2022 and has a total floor area of 5,928 m² of living space spread over three modern buildings and three outbuildings. All homes have a balcony or garden area, and there is an elevator in the property. The property is located close to schools with access to trail systems, has leisure activities in immediate proximity and good transportation links. It is expected that an average rent of DKK 11,000 per apartment can be realized in the long term, which corresponds to a total potential of approximately DKK 350,000 annually.

Magledalen 10, DK-4700 Næstved Case no.: www.edc.dk/403600614

Floor area: 5,928 m² Ground area: 15,168 m²

Price: DKK 141,000,000

Contact: John Borrisholt, Director, partner, cand.merc.jur, MDE

EDC Poul Erik Bech • +45 5858 8395

On Rolundvej, a well-run and visibly located property in an attractive business area close to the highway is offered. The property has 9,427 m² divided into sales areas, warehouse and offices and is leased to several solid tenants. Large, fenced plot with good access and parking areas. With a yield of 8.26 %, this is an attractive investment opportunity. The property is currently a single parcel but will be divided into two independent parcels.

Rolundvej 11-21, DK-5260 Odense S

Case no.: www.edc.dk/512031244

Floor area: 9,427 m² Ground area: 21,367 m²

Price: DKK 70,000,000

Contact: Mikkel Ørbech, Partner, Rental Manager and Real Estate Agent

EDC Poul Erik Bech • +45 5858 8397

High demand in Hillerød proved true: Munkeengen with 107 rental apartments are now fully occupied

More information

Thomas Høeg Mogensen, Customer & Relationship Director

EDC Project Poul Erik Bech thm@edc.dk • +45 5858 8487

Christoffer Kielgast, Project Manager

EDC Project Poul Erik Bech chki@edc.dk • +45 5858 8487

Stephen Berthelsen, Partner EDC Poul Erik Bech North Zealand • stbe@edc.dk • +45 5858 8377

A good location, nice apartments in a beautiful and well-executed project in an exciting and growing city raised hopes of high demand. They were right, and a 12,560 m² residential building with 107 rental apartments, Munkeengen in Hillerød, is now fully occupied - right on schedule. The developer, Vision Ejendomme, is now so far along that all that remains is a little extra planting and finding a retail tenant for a 1,496 m² retail lease on the ground floor of the new building. EDC Poul Erik Bech has been responsible for letting the 107 apartments and has now also been chosen to broker the letting of the retail property.

The large housing development Munkeengen on Slangerupgade in Hillerød in Denmark, with beautiful views of the city and Frederiksborg Castle on the horizon from the two shared roof terraces, is now almost complete. The developer is Vision Ejendomme, the turnkey contractor is Nordstern, the architect is C.F. Møller Architects, the engineer is Niras and EDC Project Poul Erik Bech has been responsible for the letting of the 107 apartments.

Julie Hundborg Dresler, Vision Ejendomme, says: ”We are proud of the fine project and the final result. This is our first project in Hillerød, which is a beautiful and exciting city in growth, and the project has a good location. It is close to the city, beautiful nature, educational institutions and grocery shopping. And it is great that the residents have now moved in and that the letting has been completed, and the process has gone according to plan.”

” With all these positives, we expected that there would be good demand for the 107 rental apartments - and fortunately that was the case. We are very satisfied with the construction, which Nordstern has been responsible for, and with the entire rental process, where EDC Project Poul Erik Bech has done a great job and gone the extra mile to make it all come together. This is why we again have chosen them to handle the letting of our upcoming, large project Gasværkskarréen in Østerbro.”

Small apartments rented first Munkeengen is certified in DGNB Gold and is now so far advanced that all that remains is a little extra planting that has been waiting for the night frost to stop. And of course, all the plants, grass and trees must sprout, so that the green common areas in a beautifully enclosed courtyard come into their own. Julie Hundborg Dresler, Vision Ejendomme, says:

”It is a project we are really proud of. We have developed a diverse project with many different sizes of apartments, so there is something for everyone. The project has 1-5 rooms ranging

from 34-144 m² and the courtyard and roof terraces invite a strong sense of community, so overall this is a really good project for us, and of course we hope that the residents will be really happy to live in Munkeengen.”

Good intuition

Thomas Høeg Mogensen, Customer & Relationship Director, EDC Project Poul Erik Bech, says: “We had a good gut feeling about a high demand for this exciting project. Our data showed in advance that there is generally a high demand for rental housing in Hillerød, combined with the fact that there is a good variation in housing types and a really nice and wellthought-out project and outdoor areas, with the large common courtyard that the homes surround, so it is naturally satisfying that the letting has run as expected. We are very pleased with the good collaboration, and not least that Vision Ejendomme has chosen us for their next project in Copenhagen Ø.”

“At Munkeengen, the smallest apartments were rented out fastest, as many young people have a shorter reaction time to make a decision. In the larger apartments, it has primarily been the slightly older audience who have rented, and they naturally need a little more time to think, as many had to sell their existing home before they could make a decision.”

Read more about the 107 rental properties and keep an eye out for vacancies: www.munkeengen.dk

Great retail space with a large visible facade

Vision Ejendomme needs to find a tenant for a ground floor retail space with a large, visible facade. Stephen Berthelsen, Partner, EDC Poul Erik Bech North Zealand, says: ”This is a large, welllocated retail property of 1,496 m² in the new Munkeengen development. The attractive retail lease provides a unique opportunity to establish a business in a modern and centrally located property. With a large facade facing Roskildevej and high visibility from Slangerupgade, maximum exposure is ensured, making the lease ideal for companies looking to attract customers in an active shopping area.”

Executive summary – 2nd quarter

Transaction volume in Q1 2025 reached DKK 13.8 billion, representing an increase of 54% – or DKK 4.9 billion – compared to the same quarter in 2024. The significant growth is primarily driven by several large portfolio transactions, which are also linked to a significantly lower interest rate environment.

Residential rental properties were by far the largest segment in terms of transaction volume, accounting for over 40% of the total. Newer residential assets with market-level rents were particularly sought after.

Hotels ranked as the second-largest segment, representing just over a quarter of the total volume – an unusually high share for what is typically a niche segment. This is largely due to Capman’s acquisition of Midstar Fastigheter, in which the value of the Danish hotels is estimated at DKK 3.5 billion, making it the largest transaction year-to-date.

The Danish economy remains strong compared to neighboring countries – not solely due to the pharmaceutical industry. There are, however, notable areas of low growth. Consumers drew on their savings during the period of high inflation and are now hesitant to convert wage increases into higher spending, although this is expected to pick up in 2025. Exports and industrial production are rising sharply, driven by pharmaceuticals and medical equipment, along with a few other sectors. Nonetheless, there is considerable uncertainty surrounding the global economy, particularly due to frequent changes in U.S. tariff policies.

Yield requirements are currently moving mostly sideways, and forecasts suggest that levels will remain broadly unchanged over the next 12 months. However, expectations have become slightly more optimistic compared to the previous quarter, especially for prime locations.

Annual GDP growth

The Danish economy

The Danish economy is considered to be in a neutral business cycle situation following a prolonged period of high employment. However, labor market pressure is beginning to ease, and employment is expected to develop relatively weakly in 2025 and 2026. The Gross Domestic Product (GDP) increased by 1.6% in the fourth quarter of 2024 when adjusted for price developments and seasonal fluctuations.

Economic growth in recent years has primarily been driven by advances in the industrial sector, with the pharmaceutical industry playing a significant role. At the same time, growth in Danish export markets and improvements in household purchasing power have led to signs of mild progress in several parts of the economy.

According to the latest revised figures from the Central Bank of Denmark, GDP is expected to grow by 3.6% in 2025 and 2.3% in 2026. In comparison, the government’s economic report from December 2024 forecasts GDP growth of 2.9% in 2025 and 1.7% in 2026

The outlook for more moderate growth in 2026 is due to an expected decline in capacity pressure, as measured by the output gap, and reduced labor market strain. According to the Central Bank, the coming period is expected to bring lower wage increases and stable inflation.

Source: Statistics Demark and The Central Bank of Denmark

The lower inflation rate and an increasing expectation—both in the markets and in central banks’ own forecasts—that inflation will return to a level close to the inflation target of around 2% have led both the ECB and the U.S. Federal Reserve (Fed) to ease monetary policy. Most recently, in March, the ECB lowered its interest rate by 0.25 percentage points to 2.5%. Since June 2024, the ECB has reduced rates by a total of 1.5 percentage points, and the Danish Central Bank has followed suit with corresponding rate cuts.

In week 13 of 2025, the long-term mortgage rate stood at 4.34%, while the short-term rate, which is more closely correlated with monetary policy actions from the Fed and the ECB, was at 2.07%. This demonstrates how monetary policy rate cuts—and, perhaps more importantly, expectations of further cuts—have resulted in declining market interest rates. The forecast from the Economic Councils’ report from October 2024 predicts that the 30-year Danish mortgage rate will remain at 4.3% for both 2024 and 2025 and rise slightly to 4.4% by 2030.

Source: Finance Denmark and Statistics Denmark

The consumer confidence indicator, which reflects the population’s perception of the current and future economic situation, stands at minus 15.5 in March. This represents a slight decline compared to last month, when it was minus 14.5, marking the lowest level since May 2023. The decline in March is due to a drop in 4 out of the 5 indicators that make up consumer confidence.

This shows that despite low inflation, rising real wages, and a strong labor market, Danish consumers still struggle to find optimism regarding their personal and the country’s economic outlook. However, consumer confidence has generally been on an upward trend since October 2022, when it reached minus 37—the lowest level in the 48-year history of the statistic.

The continued negative consumer confidence is primarily due to high interest rates, which have reduced Danes’ disposable incomes in recent years, as well as rising prices on everyday goods. Additionally, current political tensions and general uncertainty in the global economy are also assessed to have a negative impact on consumer confidence.

Source: Statistics Denmark

The labour market has seen significant progress in recent years. Employment has increased by 239,000 individuals from the end of 2019 to the fourth quarter of 2024. The most recent data from Statistics Denmark indicates that the number of wage earners rose by 5,500 in January 2025. This means that 3,045,400 people held wage-earning jobs in January 2025— an increase of 36,700 compared to January 2024, equivalent to a rise of 1.2%. Employment thus remains at a historically high level and continues to exceed the structural level.

The Economic Survey anticipates higher wages and weaker productivity growth, which is expected to dampen labour demand and lead to a slight decline in employment over the coming years. The Danish National Bank forecasts a continued increase in employment, projecting 35,000 more employed persons by the end of 2027 compared to January 2025. This expected trend is primarily driven by increased domestic activity and a reduction in labour market pressures.

Between January and February, the unemployment indicator showed an increase of 500 individuals. The unemployment rate remains low at 2.9% of the labour force, corresponding to 87,600 unemployed persons in February.

Source: Statistics Denmark and the Central Bank of Denmark

Yield in

Residential rental

newer properties

Lolland, Falster and Møn

Other South Jutland

market rent in DKK/sq m 1,100 DKK 800 DKK 675 DKK

market rent in DKK/sq m

Residential rental

fully developed properties

Østerbro, Frederiksberg and Gentofte

Falster and Møn

Sønderborg

Other South Jutland

DKK 1,350 DKK 1,200 DKK

rent in DKK/sq m 1,350 DKK 900 DKK 650 DKK

Residential rental cost determined rental properties

Trends in residential rental properties

Expected stability and increased activity in the housing market

In 2024, the transaction volume for residential rental properties reached approximately DKK 26 billion, with December seeing several major deals, including Rødovre Port, A-huset, and a market-rent portfolio in Greater Copenhagen. The ten largest transactions in December accounted for about 28% of the total volume for 2024.

Institutional investors have become more active, and yield requirements appear to have stabilized. Further interest rate declines may stimulate additional market activity.

Investor demand is primarily focused on newer, unregulated residential stock, as high interest rates make it challenging to finance older properties with redevelopment potential. Construction activity has declined in recent years due to rising interest rates and uncertainty surrounding the profitability of new projects. This has reduced the risk of

oversupply in the rental market, which was a key concern in certain areas prior to the recent inflation and rate increases.

New property taxes have created uncertainty in property valuations, but a cap on annual increases means the effects of rising land values will be phased in gradually.

The combination of high interest rates and increasing property taxes strengthens the incentive to rent rather than own—particularly in the largest cities. Together with reduced construction activity, this puts upward pressure on the rental market, where rental levels are expected to rise in several areas. Vacancy rates have dropped by 0.8 percentage points over the past year to 3.4%, with the lowest levels in Copenhagen, outer Copenhagen, and North Zealand, and the highest in Central Jutland and Aalborg. Market rents are expected to remain stable or increase slightly in 2025, while yields are expected to remain steady.

Gæstfriheden, Virkelund, Albertslund

Lolland, Falster and Møn

Other Funen

Sønderborg

Trends in Office Properties

Stable demand for modern office solutions

The office market experienced a decline in 2024, with a total transaction volume of DKK 7.3 billion. The largest deal of the year was Heartland’s acquisition of the Navitas property in Aarhus for over DKK 700 million.

Demand for attractive office spaces remains, but the market is primarily driven by Danish investors, as international investors are adopting a more cautious approach to the segment. The Danish office market, however, differs from international trends with record-high employment and limited remote working, which is partly due to shorter commuting times. Some companies have underestimated their employees’ desire for physical presence and now find

Available office space as a percentage of building stock

their office capacity insufficient. Meanwhile, other companies have tightened remote working policies and imposed restrictions.

Many companies are seeking flexible office concepts such as serviced offices and office hotels, offering scalability and additional amenities. In Copenhagen, supply is plentiful, while Aarhus faces limited capacity despite high demand.

Sustainability is playing an increasingly important role for both tenants and investors, driven by ESG requirements and upcoming regulations. Properties with high carbon emission may lose value, while certified and energy-efficient properties are expected to perform better.

Source: Ejendomstorvet-ED Statistikken, estimates as of Q2 2025

Østerbro, Frederiksberg and Gentofte

Lolland, Falster and Møn

market rent in DKK/sq m

Sønderborg

DKK 1,000 DKK 550 DKK

Annual market rent in DKK/sq m 1,800 DKK 1,200

Trends in Retail Properties

Growth in retail despite marked uncertainty

Retail experienced solid growth throughout 2024, with the volume index rising by 2.1 percentage points between December 2023 and December 2024. This contributed to the value index increasing by 3.2 percentage points over the same period. As a result, retail continued its positive trend for the second consecutive year, largely supported by growth in real wages. The progress in retail can primarily be attributed to a continuous increase in the sales of other consumer goods, which includes sales of household and leisure equipment, and to a lesser extent, clothing. In contrast, the sales of food and other everyday goods remained relatively stable, with a slight overall decline, with only the value index continuing to rise, driven by increasing prices.

Private consumption is expected to continue rising in 2025, supported by a strong labor market and controlled inflation. However, there are risk factors, such as a potential trade war with the US, which could hinder growth and cost Danish jobs, with consequences for the retail sector.

Transactional activity in the retail sector was generally weak in 2024, though it ended strong, marked by the sale of a portfolio of retail properties across the country for approximately DKK 900 million. 2024 was also characterized

by increased transaction activity on Copenhagen’s pedestrian streets, with several properties being sold, including Bucherer’s purchase of Østergade 22 at a record-high price per square meter.

On the leasing front, 2024 concluded with a few busy months in the capital, while the trend was more fragmented nationally. It is particularly the more decentralized locations that have struggled, while the larger main shopping streets in major cities have performed somewhat better.

Demand for particularly grocery store portfolios with geographical spread remains solid. This can be attributed to the attractive risk profile, where grocery chains enter lease contracts with long periods of non-termination, as a good location is critical for business. These factors lead grocery stores to often be surprisingly highly priced compared to the broader market.

Vacancy rates in retail properties have risen slightly nationwide, increasing by 0.2 percentage points between Q1 2024 and Q1 2025 to 3.3%. Yield requirements are considered stable, supported by expectations of continued interest rate reductions, while there is some risk of declining market rents in certain areas.

Source: Ejendomstorvet-ED Statistikken, estimates as of Q2 2025

Lolland, Falster and Møn

Vejle

Funen

Trends in Industrial Properties

The industrial and logistics segment is defined by high demand and a growing focus on sustainability The logistics segment continued to experience strong demand in 2024, with a transaction volume exceeding DKK 13 billion. Warehousing and logistics properties near major cities were particularly sought after. The largest deal was DSV’s sale of Denmark’s largest logistics center in Horsens for approximately DKK 3.3 billion, accounting for 25% of the total logistics and warehouse transaction volume for the year.

Demand is highest for modern logistics properties located near key infrastructure. Light industrial facilities are also in high demand, as many business areas in the largest cities are being converted into residential developments.

Sustainability is a key focus, especially for certified and energy-efficient properties. DSV’s logistics center in Horsens serves as an example featuring solar panels, battery technology, and geothermal heating.

Sale-and-leaseback agreements with long lease terms remain popular, with tenant creditworthiness and non-termination periods being critical for liquidity, while location plays a relatively lesser role.

It is becoming increasingly difficult to secure land for logistics developments in prime areas, although in the short term, there is an oversupply in the Triangle Region and the southwestern logistics corridor near Copenhagen, which is increasing vacancy rates. This may put downward pressure on rents in the short to medium term, although long-term prospects remain positive.

Available industrial space as a percentage of building stock

Definitions

Location and condition

Yield and rent levels estimates are based on primary, secondary and tertiary categories, where primary is the best and tertiary is the worst. Various variables for each property type have been taken into consideration with regards to determine the facility classes, such as: size, floor plan structure, year of construction, lifts, climate control, cabling infrastructure, staff facilities, customer facilities, parking facilities, building energy rating, ceiling height, general accessibility, general condition of the property, etc.

Primary: A property with prime location and class A facilities has the best possible location in an area, the highest standard when it comes to facilities, is modern and ready to move into. This type of property will typically be sold at the lowest yield in the area, have the highest market rent and have a short reletting process.

Secondary: Average in terms of location and condition. Yield and rent levels also reflect the average levels for the area. The re-rental options are market compliant and reflect the general market conditions.

Tertiary: Poor location for the area, low standard, and outdated. This type of property is expected to be able to be sold at a relatively high yield level, and the rent level is low for the defined area. Similarly, vacancy rates can be expected to be higher than the market average.

Yield

All yields are initial net yields and are defined as the annualized rent generated by the property after the deduction of estimated annual irrecoverable property outgoings, expressed as a percentage of the property valuation (property valuation is adjusted for the value of rental deposits and prepaid rent). For comparison purposes, it is assumed that all properties are fully let at market-conform conditions.

Market Rent

All rents are headline rents, in other words, the contracted gross rent receivable, which becomes payable after any tenant incentives have expired. Market rent estimates are expressed in DKK/sq m/year. It is assumed that all properties are let at market-conform conditions.

* Area specifications

Copenhagen City = Copenhagen K ex. harbour areas.

Østerbro, Frederiksberg og Gentofte = Østerbro, Frederiksberg and Gentofte municipalities.

Harbour area (Nordhavn, Kalvebod Brygge & Tuborg Havn) = Areas located along Copenhagen’s harbour.

Remaining Copenhagen = Vesterbro, Nørrebro, Nordvest, Valby, Sydhavn (ex. harbour areas), Brønshøj, Husum, Vanløse, København S (ex. Ørestad and harbour areas), Kastrup and Dragør municipalities.

Western suburbs = Hvidovre, Rødovre, Glostrup, Brøndby, Albertslund, Vallensbæk, Ishøj, Høje Taastrup, Ballerup and Herlev municipalities. Northern suburbs = Lyngby, Holte, Farum, Birkerød, Gladsaxe, Rudersdal and Furesø municipalities.

Residential rental properties

1) Newer residential rental properties are properties that have been occupied after 31.12.1991 and thus covered by the rules on free/market rent according to the Danish Residential Rent Regulation Act section 54 (1, 1).

2) Cost determined rental properties are older residential rental properties that have been occupied before 31.12.1991 and are regulated in accordance with the provisions of the Danish Residential Rent Regulation Act on cost-determined rent.

3) Fully developed older residential rental properties are older home rental properties without further potential for rent increases through modernization pursuant to section 19 (2) of the Danish Residential Rent Regulation Act.

Data for available commercial premises

The source of available commercial premises is the latest available supply statistics from Ejendomstorvet. Further information about these statistics can be found at ejendomstorvet.dk/statistik/udbudsstatistik.

Trends

All trends reflect our expectations to the level in 12 months time.

 The figure is expected to increase

 The figure is expected to remain unchanged

 The figure is expected to decrease

Note on estimates

The valuation of a property depends on many specific factors, including conditions of the lease, the tenant, and the property condition. The estimates cannot be used uncritically in the valuation of one specific property but can serve as input related to the valuation. Reproduction or citation only with acknowledgment of source. While every effort has been made to ensure that the information provided is accurate, EDC International Poul Erik accepts no liability for errors.

North Zealand = Gribskov, Helsingør, Allerød, Hillerød, Egedal, Fredensborg, Halsnæs and Hørsholm municipalities.

East Zealand = Greve, Køge, Lejre, Roskilde and Solrød municipalities.

West Zealand = Holbæk, Kalundborg, Odsherred, Ringsted, Slagelse and Sorø municipalities.

South Zealand = Faxe, Næstved, Stevns and Vordingborg municipalities. Lolland, Falster and Møn = Guldborgsund and Lolland municipalities.

Other Funen = All municipalities at Funen ex. Odense.

Other South Jutland = Billund, Fanø, Haderslev, Tønder, Varde, Vejen and Aabenraa municipalities.

West Jutland = Skive, Struer, Holstebro, Thisted, Morsø and Ringkøbing-Skjern municipalities.

As an investor, it is crucial to approach an investment objectively. With analyses from EDC Poul Erik Bech, we provide you with the opportunity to do just that by ensuring that your investment is based on a solid data foundation. EDC Poul Erik Bech Research offers area-specific analyses for the entire country that can be tailored to your specific needs. Additionally, we provide in-depth analyses of population trends, housing supply, transaction volume, and more, which can help you as an investor to make the right decisions based on a solid knowledge foundation.

If you have questions, you are more than welcome to contact us:

Joseph Alberti Head of Research

joal@edc.dk +45 5858 7467

Niclas Holm Research Manager

niho@edc.dk +45 5858 8784

CONTACT

EDC Poul Erik Bech

Zealand/Funen

Copenhagen +45 5858 8378

Herlev +45 5858 8376

Taastrup +45 5858 8472

Hillerød +45 5858 8377

Roskilde +45 5858 8395

Køge +45 5858 8379

Næstved +45 5858 8380

Slagelse +45 5858 8396

Odense +45 5858 8397

Jutland

Kolding +45 5858 8399

Aabenraa +45 5858 8425

Sønderborg +45 5858 8422

Esbjerg +45 5858 8398

Vejle +45 5858 8423

Aarhus +45 5858 8670

Silkeborg +45 5858 8427

Herning +45 5858 8567

Viborg +45 5858 8424

Aalborg +45 5858 8449

Vendsyssel +45 5858 8487

International +45 5858 8563

Research +45 5858 8564

Agriculture East +45 5858 8574

Agriculture West +45 5858 8683

Project +45 5858 8487

Capital Markets +45 5858 8572

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Market Insight Q2 2025 - UK

Build, build, build:

Dear Reader,

Build, build, build: The Danish economy and large parts of the real estate market are rock solid

Strong financial buffer in the economy

110 homes inspired by iconic Østre Gasværk are ready to rent

More information

Supply is lagging - but we have several large properties on the shelves

Growing demand and limited supply

A selection of our industrial and logistics properties for sale in Denmark

EDC Poul Erik Bech is now also largest in the commercial sector

Expectations for 2025

The former headquarters of Kopenhagen Fur in Glostrup is offered for sale at DKK 630 million

Massive property with prime location

More information

Many potential uses

Coop

Two properties in Vesterbro sold for DKK 80 million:

Fund Manager wants to bring new life to Copenhagen properties

The rental of 109 homes in the cohousing community in Viby Sjælland is starting

PROJECT NEWS

Danish Crowns 70.000 m2 facility in Ringsted is to be sold through a competitive tender process

Attractive business areas in Ringsted

SOLD

Will remain being a culinary landmark

More information

HOTEL & INNFokus

Record number of tourist overnight stays drives the hotel transaction volume

Attracting golf and sports enthusiasts

North Zealand

SHORT NEWS

Podcast about the commercial property market 2025

Two iconic and rarely offered properties in the heart of Næstved

The sales and rental of 80 modern single-storey terraced houses in Syddjurs is beginning

Different housing types for different target groups

SHORT NEWS

New partner in Roskilde

New commercial broker in Herning

FARMER NEWS

New commercial broker in the Triangle Region

Well-located office property in Skovlunde

High demand in Hillerød proved true: Munkeengen with 107 rental apartments are now fully occupied

More information

Executive summary – 2nd quarter

Annual GDP growth

The Danish economy

Residential rental

newer properties

Residential rental

fully developed properties

Residential rental cost determined rental properties

Trends in residential rental properties

Expected stability and increased activity in the housing market

Trends in Office Properties

Trends in Retail Properties

Trends in Industrial Properties

Definitions

Location and condition

Yield

Market Rent

Residential rental properties

Data for available commercial premises

CONTACT

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International Poul Erik Bech