Issuu

Strong momentum in the commercial property market:

Residential rental properties account for more than half of the market – but hotels are also rising

2025 continues its strong momentum, led by residential rental properties

116 rental apartments in Trøjborg, Aarhus let significantly faster than expected

Investment with a view: Holiday resort with 87 units by the North Sea for sale

Global partner with local roots: Almost half of all transactions in Denmark involve foreign parties

Hotel specialist becomes partner and joins EDC Poul Erik Bech’s hotel division

Hotel & Inn Focus

20 CityFact: Status of the commercial property market in the country’s four largest cities

22 10 years of growth and values in Denmark’s largest real estate agency

26 JLL Nordic Outlook: Strategic renovation revives the office market

28 New attractive residential project with excellent communal facilities in Ry fully let

Kopenhagen Fur’s

sold to major educational institution

25 213 apartments in Ørestad rented out: Great interest in especially family housing

37 Market Update Q4, 2025 8

31 Campsite for sale: New legislation paves the way for an exclusive holiday resort

32 Former hospital buildings in Vejle put up for sale

33 Salling Group puts Lollands Centret in Maribo up for sale

34 Sluseøen at Hvide Sande Habour is put up for tender: Unique opportunity for holiday and hotel project

36 Two new leasing profiles

Strong momentum in the commercial property market: Residential rental properties account for more than half of the market

Dear reader

The second edition of Market Insight this year is now available. In this issue, you can read about the latest trends in the property market and explore some of our many major projects. At the end of the magazine, you’ll also find the latest edition of Market Update, offering an in-depth look at economic developments and the key figures shaping the real estate sector.

At EDC Poul Erik Bech, we are part of Erhvervsmæglernes Branchedata alongside other leading commercial property agents. We have published the transaction volume for the first three quarters of the year, which totalled DKK 50.5 billion (January to September 2025). This is almost 46% higher than during the same period in 2024, reflecting strong momentum in the commercial property market, a positive trend we expect to continue.

As in previous years, residential rental properties continue to drive the market, accounting for more than half of all transactions. The residential segment represents 53% of the market, while industrial and logistics properties make up 15%, placing it as the second largest segment, followed by office at 11%, retail at 10%, and hotels emerging as this year’s biggest riser with 10% of the total transaction value.

Hotels, inns, holiday resorts, campsites, and other accommodation types are also a growing part of our business. So far, we have sold more hotels than ever before and have taken on many new and exciting hotel listings across the country. A few years ago, we established a dedicated nationwide hotel group, and we have now welcomed another hotel expert to the team. The well-known hotel industry business developer Frans Barkler has joined our hotel group as a partner. Read more on pages 16-19.

Read more about our analytical tool CityFact, which we have offered free of charge to professionals in the property sector for several years. CityFact provides in-depth insight into market conditions in Denmark’s largest cities and brings together extensive area-specific knowledge and market data from all property segments in one comprehensive analysis platform. Gain access to detailed information on vacancy rates, rent levels, yield requirements, age distribution, population trends, and relocation activity — helping you as an investor make better and more informed decisions about your properties.

Happy reading!

Kind regards

Poul Erik Bech

2025 continues its strong momentum, led by residential rental properties

The commercial property market is back on track, and investor interest has returned. This is reflected in the transaction volume, which in the first three quarters of the year exceeds the same period last year by more than DKK 15 billion — an increase of over 45%. Residential rental properties, in particular, are in high demand among investors and are driving the market, accounting for more than 50% of all transactions.

Figures from Erhvervsmæglernes Branchedata, a collaboration between EDC Poul Erik Bech and other leading commercial property agents, show that the transaction volume for the first three quarters of 2025 is significantly higher than in the same period last year. The positive momentum in 2025 has therefore continued into the final quarter of the year.

FOR SALE

MAJOR PROPERTIES FOR SALE

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

Bilbyen 1, 4300 Holbæk Price: DKK 79.595 million • edc.dk/40302169

Sct Knuds Park & Svanelundsbakken, 9800 Price: DKK 73 million • edc.dk/914004180

Joseph Alberti, Head of Research at EDC Poul Erik Bech, says: “Overall, the commercial property market in Denmark is performing very well. After the first three quarters, the transaction volume has almost already surpassed the total for the entire previous year and is significantly higher compared to the same point last year.”

Elholm 8, 6400 Sønderborg Price: DKK 100 million • edc.dk/641011230

Vestergade 10A, 8800 Viborg Price: DKK 74,5 million • edc.dk/75100599

Rolundvej 11-21, 5260 Odense S Price: DKK 70 million • edc.dk/512031244

Ørnumvej 6, 4220 Korsør

Bohrs Vej 34, 8660 Skanderborg

DKK 74 million • edc.dk/813003111

Præstø Landvej 25, 4700 Næstved Price: DKK 69 million • edc.dk/474013181

Niels

Price:

”At this point, we have recorded transactions worth more than DKK 50 billion in the first three quarters of 2025. Although September this year did not reach the same heights as September last year, figures for the other months are considerably higher than those from 2024. Traditionally, the final months of the year tend to see the highest volumes, so our clear expectation is that the total transaction volume in 2025 will far surpass that of 2024, although there is still some way to go before reaching the record levels of 2021 and 2022.”

Housing, housing, and more housing

The main reason the commercial property market is back on track is that investors have returned, bringing renewed activity to the residential investment segment. This is also reflected in the transaction volume, where residential rental properties accounted for 53% of all transactions during the first three quarters of the year.

Joseph Alberti says “It is no surprise that residential rental properties represent the largest share of the total transaction volume. That is often the case, although there are occasional exceptions - for example, in February this year, hotels accounted for 64% of the total volume. In general, however, residential remains the dominant segment. This is particularly evident when the investment market is gaining momentum, as housing is the most obvious and, for many, the most secure type of property.”

”More than half of this year’s transactions involve residential rental properties, which are characterised by low risk

Malervej 8, 6920 Videbæk

and steady demand. With the high demand for housing at the moment, particularly in the larger cities, rental income remains stable, making residential rental properties a “safe haven”. They may offer lower returns than other property types, but they also come with significantly lower risk.”

”At the same time, residential property comes in many forms and appeals to both private and institutional investors. In the first three quarters of 2024, residential accounted for 41% of the total transaction volume, while this year residential rental properties represent 53% of transactions in the first nine months. There is no doubt that residential will remain the dominant segment in the transaction volume, both now and in the years to come,” says Joseph Alberti.

Hotels are here to stay

Another reason why 2025 is performing better than 2024 is the strong level of hotel transactions. Hotels have become an established and integrated part of the transaction volume, accounting for 10% of all transactions in the first three quarters of 2025.

For this reason, EDC Poul Erik Bech has established an independent, dedicated hotel group with brokers from across the country who specialise in the hotel sector.

Most recently, the experienced hotel professional Frans Barkler has joined as a partner and member of the hotel team. Østre

FOR SALE

Kordilgade

Ringstedgade

See a selection of the off-market properties we currently have available on the next page

Stephen Berthelsen, Partner and Head of the Hotel Division at EDC Poul Erik Bech, says: “Hotels have become a permanent part of the transaction market, which was not the case last year, when there were several months where hotels accounted for 0% of the volume. Naturally, a few large transactions have helped lift the hotel transaction volume, but we are also seeing a significant increase in the sale of smaller hotels compared to previous years. We are clearly experiencing growing interest in hotels across our business.”

Frans Barkler, Partner specialising in hotels at EDC Poul Erik Bech, adds: “As Danish tourism continues to grow and new records are set year after year, visitors naturally need places to stay when travelling in Denmark. This is something investors are also aware of, which is why hotels have become an attractive and popular investment opportunity for both Danish and international investors who have recognised the potential of the Danish hotel market. We expect interest in hotels to remain strong, and I look forward to being part of the team and advising our clients on hotels, inns, campsites and other accommodation options.”

More information

Joseph Alberti

Head of Research

EDC Poul Erik Bech

+45 5858 8564

joal@edc.dk

Stephen Berthelsen Partner

EDC Poul Erik Bech North Zealand +45 5858 8377

stbe@edc.dk

“… new records are set year after year, visitors naturally need places to stay when travelling in Denmark.”

Frans Barkler, hotelspecialist

Transaction volume January to September 2024:

Total DKK 30.9 billion, of which residential: DKK 12.7 billion (41.3%)

Transaction volume January to September 2025:

Total DKK 50.5 billion, of which residential: DKK 26.8 billion (53%)

Source: Erhvervsmæglernes Branchedata

Frans Barkler

Hotelspecialist and Partner

EDC Poul Erik Bech

+45 5858 8378

frba@edc.dk

Selection of our off-market properties

Turnkey development in Randers

DKK 492.34 million, a complete turnkey project comprising 306 modern apartments with a total residential area of just under 24,000 m², ready for letting in three phases. Initial yield 5.17%.

Contact Michael Møller Andersen, +45 5858 8670.

Residential rental property in Kokkedal

DKK 370 million, a modern and well-designed residential rental property comprising 112 contemporary apartments and 2 commercial units, with a total floor area of more than 11,000 m². Initial yield 4.53%.

Contact Knud Egehoved or Flemming Buhl, +45 5858 8378.

Residential rental property in Silkeborg

DKK 175 million, 72 terraced houses built in 2019, rental potential on reletting, yield 4.35%.

Contact Henrik Frost Sørensen, +45 5858 8427.

Owner-occupied apartment property in Aarhus C

DKK 150 million, investment property comprising 59 units, including 58 residential owner-occupied apartments and 1 commercial unit, with a total floor area of more than 3,600 m². Initial yield 3.28%.

Contact Michael Møller Andersen, +45 5858 8670.

Turnkey development in Randers

DKK 148.8 million, a complete turnkey project comprising 89 modern apartments with a total residential area of just under 7,000 m², ready for letting. Initial yield 5%.

Contact Michael Møller Andersen, +45 5858 8670.

Residential rental property in Tilst, Aarhus

DKK 91.5 million, 54 apartments built in 2003, approximately 70 parking spaces. Estimated yield for company transaction including deferred tax: 4.6%.

Contact Tonny Broberg, +45 5858 8670.

Residential rental property in central Sorø

DKK 88 million, newly built or newly renovated residential rental property located in the centre of Sorø, comprising 41 fully let residential units. Yield 5%.

Contact Sven Lyse, +45 5858 8396.

Prime retail and residential property in central Aarhus

A rarely available property with a mix of residential and commercial units, total floor area approximately 2,200 m².

Contact Dan Honoré, +45 5858 8670.

Investment property, box stores in Kolding

DKK 61.8 million, three box stores in a highly attractive location near Kolding Storcenter, totalling just under 3,500 m². Initial yield 6.21%, with strong tenants and secure lease terms.

Contact Preben Balle, +45 5858 8399.

Attractive investment property in Vemmelev

DKK 56.9 million, 26 single-storey low-energy terraced houses built in 2020, with a total floor area of 2,631 m². Yield 4.52%.

Contact Morten Hansen, +45 5858 8396.

HIDDEN FROM THE MARKET

116 rental apartments in Trøjborg, Aarhus let significantly faster than expected

The first residents moved into Willemoeskarréen in Trøjborg, Aarhus, in June 2025, followed by the second phase on 1 October 2025. All 116 rental apartments in the second phase were let much faster than expected and well ahead of the move-in date. The supply of rental housing in Aarhus is far from meeting demand, with vacancy rates down to just 1.4%. To prevent rent levels from spiralling, more new construction is needed, says EDC Project Poul Erik Bech Aarhus, which, on behalf of property developers Klaus Gad and André Sørensen, has been responsible for the letting of Willemoeskarréen.

Property developer Klaus Gad comments on behalf of the development team: “We are very pleased with the final result of Willemoeskarréen, which combines residential and commercial space totalling around 25,000 m². With help from CEBRA Architecture and excellent cooperation with Aarhus Municipality, we have successfully managed to integrate the property into the existing surroundings in Trøjborg, including the old industrial buildings.

”The first nine penthouse apartments were completed last summer, with EDC Project Poul Erik Bech Aarhus providing invaluable support. The collaboration on letting the 116 apartments has worked efficiently and smoothly. They have given us strong advice on small interior adjustments and marketing optimisation, including budget and rent levels, which has led to rapid lettings and minimal marketing costs to achieve these results. For us as landlords, it has been a very satisfying process, where we confidently allowed EDC to proceed based on their recommendations.

Registered up in advance

Even before the apartments were released for letting, interest in the 116 homes at Willemoeskarréen was high, says Tonny Broberg, Project Director at EDC Project Poul Erik Bech Aarhus:

”Before the apartments were even listed online, many people had already registered their interest – and several had even signed up for specific units without having seen them in person. Willemoeskarréen consists of bright, modern 1-4-room apartments, and the mix of residents is highly diverse. The smaller units are mainly occupied by young

people and seniors, while families have moved into the larger apartments. The new residents are becoming part of one of Aarhus’s most desirable neighbourhoods, close to the university, forest, and beach, with a wealth of cafés, speciality shops, and the popular Trøjborg Centre right on the doorstep

Severe shortage of rental housing

According to Tonny Broberg, the rapid letting is clear evidence of the acute shortage of rental housing in Aarhus: “Over the past ten years, the population in Aarhus has grown by 43,000 residents, an increase of 13%. In recent years, the construction sector has been marked by rising costs, and there has not been enough new building activity. Supply simply cannot keep up with demand, and the vacancy rate for rental housing in Aarhus has fallen to just 1.4%, making Aarhus the Danish city with the fewest ‘for rent’ signs.”

“The influx has grown even further over the past two and a half years. Whereas annual population growth previously ranged between 4,000 and 5,000 residents, it now stands at around 6,000. Only a few new construction projects are planned in the municipality over the next three to five years, and the trend is expected to intensify. This is affecting rent levels, which have risen by about 3% since last year. There is an urgent need to speed up the process for local plans and building permits so that new construction can get underway. Otherwise, we risk rent levels spiralling out of control, as has already happened in several other European cities,” concludes Tonny Broberg.

FOR SALE

Investment with a view:

mdy@edc.dk

www.edc.dk/hotel

Holiday resort with 87 units by the North Sea for sale

Vedersø Klit Holiday Resort, located in the heart of the West Jutland dune landscape and only a few hundred metres from the North Sea, has been put up for sale. The resort, operated by Danland, comprises more than 5,000 m² divided into 86 owner-occupied apartments and one holiday home on a plot of over 10,000 m². EDC Poul Erik Bech Vendsyssel is handling the sale of the holiday resort, which has been listed at DKK 24.75 million.

Located in one of Denmark’s most scenic holiday destinations along the North Sea, Vedersø Klit Holiday Resort enjoys a truly unique setting. The area is known for its architectural harmony, where long-standing building regulations ensure consistency among the traditional thatched-roof holiday homes. It is also famous as the home of Kaj Munk, who, in addition to serving as a priest, is recognised as one of Denmark’s most celebrated poets and freedom fighters. The sound of the North Sea brings a sense of calm, and the surrounding natural landscape offers space for relaxation and reflection.

Vedersø Klit Holiday Resort is currently operated by Danland under the name Feriecenter Danland Vedersø. The resort consists of 86 owner-occupied apartments, most of which feature west-facing windows overlooking the dune landscape. Just 15 kilometres from the resort is Søndervig, a lively coastal town offering a wide range of family activities, including Lalandia, golf courses and Adventure Park. Mads Dyhr, Partner at EDC Poul Erik Bech Vendsyssel, which is responsible for handling the sale of the resort, says:

”In 2020, the holiday resort underwent a complete renovation, transforming the holiday homes from their 1990s style into a modern standard. Today, 67 holiday homes are in operation and available for rent. The resort offers a variety of activities for guests of all ages, including billiards, darts, table football, and a selection of board games, all located in the activity room. On the ground floor, there is a large communal area freely accessible to all guests, providing space for socialising without feeling crowded. In addition,

the resort includes a leased restaurant with an adjoining function hall accommodating more than 200 guests, as well as an authentic old lifeboat house that has been converted into a café.

Unique investment opportunity

Mads Dyhr continues: “This is a very rare opportunity to acquire an entire holiday resort of this size and in such a prime location close to the North Sea. The combination of the number of units, the total area and the scenic setting makes the property attractive to both investors and players in the leisure segment.”

“We are seeing growing interest in Danish tourism. International investors have started to turn their attention to Denmark, recognising the great potential in the tourism sector, which has broken record after record in recent years. We are already in contact with several foreign investors who find the project highly interesting and see it as a unique investment opportunity.”

Development opportunities

The property can continue in its current use as a holiday resort with the rental of 87 individually subdivided units. Mads Dyhr says: “With a total building area of more than 5,000 m² and a plot of 10,193 m², the property offers a new owner scope to adapt operations to future needs. It can be maintained as a holiday resort or developed with new concepts within leisure and tourism, which are areas of growing interest to investors. We look forward to assisting with the sale and, not least, to seeing what the future holds for the resort.”

Global

partner with local roots:

Almost half of all transactions in Denmark involve foreign parties

The latest transaction figures show that international deals account for 42% of the Danish market in the first three quarters of 2025. This is clearly reflected in our international department, which is handling a growing number of cross-border assignments. Our international department was established more than seven years ago and serves international investors and companies operating in Denmark, as well as Danish companies active abroad. Communication with foreign firms is about far more than just language - legislation, building regulations, business culture and expectation management all play a significant role.

International investors once again feature prominently in the largest transactions in Denmark and, overall, account for 42% of the total transaction volume for January to September 2025. Helle Nielsen Ziersen, Head of EDC International Poul Erik Bech, explains the work carried out in the international department:

“We work across borders and offer full-service solutions to international investors and foreign companies operating in Denmark. The way we assist our clients varies depending on their needs and level of experience. In recent years, international clients have accounted for a slightly smaller share of transactions, but activity has picked up again, and Denmark continues to be seen as a safe haven for many foreign investors. Over our seven years as an international department, we have built a broad network and have completed assignments for clients and partners in no fewer than 86 countries.”

More information

Helle Nielsen Ziersen, Head of International Relations, EDC Poul Erik Bech • +45 5858 8563 • hni@edc.dk

Close collaboration with JLL Helle Nielsen Ziersen continues: “We have a strong and well-functioning partnership with one of the world’s largest real estate companies, JLL, which operates in more than 80 countries, with a turnover of DKK 147 billion and over 106,000 employees worldwide. Together with JLL, we are able to handle assignments across the globe, and we also prepare reports on the Nordic market in collaboration with them. The partnership works extremely well, and we also assist Danish companies with property activities abroad, whether involving transactions or lease agreements. We recently visited London for the JLL Nordic Investor Summit, where it was confirmed that the property market remains strong across the Nordic countries (read more on the next page).

”We make no claim to know the local market or legislation outside Denmark’s borders, but we work closely with Danish companies and address their challenges in collaboration with JLL’s local experts. We always assemble a team that includes at least one person who speaks the client’s language and is available during the same hours. Thanks to JLL’s global reach, we can access almost every part of the world. This gives us tremendous strength and depth when handling these assignments. We are, in every sense, a global partner with local roots.

International clients are different Foreign parent companies often have a different approach and level of prior knowledge than their Danish subsidiaries. Helle Nielsen Ziersen explains: “First and foremost, legislation in Denmark differs from that abroad, and we spend considerable time clarifying these differences and aligning expectations. Many professional landlords also appreciate our assistance on behalf of tenants, as the process can be time-consuming. Danish legislation, building regulations,

JLL Nordic Outlook

JLL has released the autumn edition of its semi-annual Nordic Outlook report, providing an update on the Nordic property market for autumn 2025. The theme of the report is strategic retrofitting (office renovation), which has become a crucial factor shaping the office property market — no longer an option, but a necessity. EDC Poul Erik Bech has contributed data, key figures and market insights to the Danish section of the report. Read more on pages 26–27.

business culture and traditions are different, and we help create transparency and accommodate international clients’ needs within Danish conditions. For example, this might concern the non-termination clauses of a lease, where in other countries leases are often limited in duration and subject to renegotiation, while in Denmark they typically continue until terminated. In other words, we help ensure clarity. In addition, we provide the decision-making basis and financial analyses, which include far more than just rent.”

” We are involved in many cases where companies are deciding whether to extend their existing leases or find new premises - or whether a sale and leaseback arrangement would be the right solution. We handle numerous search assignments for new premises on behalf of companies across the office, retail and logistics sectors. In some cases, the companies decide to stay in their current locations, and we help negotiate new and improved terms with the

landlord. In most cases, it is in the best interest of both landlord and tenant to remain in the property the landlord avoids vacancy and may secure a longer non-termination period, while the tenant benefits from rent adjustments or upgrades.”

“We are also seeing a growing number of Danish companies and investors looking to buy or lease properties abroad, negotiate new contracts or exit existing agreements — and we assist with that as well. In such cases, we help Danish companies navigate markets where they are unfamiliar with local legislation, trends and business practices.”

International Poul Erik Bech

Nordic countries at the top internationally

JLL recently hosted the Nordic Investor Summit for the fourth time, this year in London, where EDC Poul Erik Bech participated as JLL’s Danish partner. It was clear that the Nordic countries are generally performing very well. Helle Nielsen Ziersen, Head of International Relations at EDC Poul Erik Bech, says:

”The international investors gained valuable insight into economic trends, transactions and developments across the Nordic markets, all presented in the context of the current European and global landscape. A key takeaway was that the Nordic countries continue to rank among the world’s very best in terms of economic performance, stability, business climate and infrastructure. All four Nordic nations are placed in the global top 15 of the IMD World Competitiveness

Ranking, which assesses 69 countries across these dimensions. Denmark holds the highest position at number 4, followed by Sweden at 8, Norway at 12 and Finland at 14.”

” We had, as always, many productive discussions with our international partner JLL and the numerous investors who took part, all of whom continue to show strong interest in the Nordic region and in Denmark. The Nordic countries form a robust and innovative region with solid economic foundations and a stable investment climate, supported by a high level of innovation and commitment to sustainability. Sweden and Finland are expected to outperform the EU average in terms of growth, driven by increased capital inflows and diversification, while Denmark and Norway continue to demonstrate economic strength and rising transaction volumes.

International associate

EDC Project Poul Erik Bech offers extensive expertise in project development, sales and lettings. Whether you need advice on a development site or a project property, or wish to let, relet or sell a project –either unit by unit or as a complete development – we are ready to assist you.

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

Read a selection of our development projects here:

Front row to the water: 50 exclusive quality homes for sale in Ebeltoft

Ebeltoft Havnefront enjoys a truly exceptional location directly on the waterfront, overlooking Ebeltoft Vig and Ebeltoft Harbour. The development comprises five architect-designed buildings offering a total of 50 bright, high-quality owner-occupied apartments. With layouts ranging from two to four rooms, the homes appeal to a wide variety of residents. The local property office, EDC Aros Ebeltoft, together with EDC Project Poul Erik Bech Aarhus is responsible for the sale of these exclusive homes.

www.ebeltofthavnefront.dk

Sale and letting of 80 modern single-storey terraced houses in Syddjurs

A new residential development east of Den Hvide By in Ugelbølle, Syddjurs, is underway, and the first of 80 brand-new single-storey terraced houses are expected to be ready for occupancy in spring 2026. EDC Project Poul Erik Bech is responsible for the sale and letting of the 80 homes, situated on a hillside - hence the name Langkær Bakke - offering beautiful views across Kalø Vig and Mols Bjerge.

www.langkaer-bakke.dk

New residential development with 40 single- and two-storey homes rising in Hornslet

A new, modern and diverse housing project featuring 40 new homes is underway in Hornslet on Djursland. The new neighbourhood, named Møllestedet, offers a carefully planned mix of single- and two-storey homes ranging from 80 to 110 m², catering to families with children, couples and seniors alike. EDC Project Poul Erik Bech, together with the local EDC office in Hornslet, is responsible for the sale of the homes, with prices starting at DKK 2.425 million. The homes are expected to be ready for occupancy in autumn 2025.

www.moellestedet.dk

PROJECT NEWS

Sale and letting of 171 homes in Landskabsbyen, Egedal

In collaboration with turnkey contractor HHM, Industriens Pension is developing a new district, Landskabsbyen, in Egedal, northwest of Copenhagen. The new neighbourhood will comprise 171 homes, a day-care institution and a shared community centre. EDC Project Poul Erik Bech has been selected to handle the sale and letting of the 171 homes, which will be built in a wide variety of types and sizes. Both the new day-care institution and the first homes in Landskabsbyen are expected to be completed in the second half of 2026.

www.landskabsbyen.dk

110 homes inspired by the iconic Østre Gasværk ready for letting

Vision Ejendomme is developing 110 new 2-4 room rental apartments in København Ø, inspired by Østerbro’s classic architectural style and the neighbouring, iconic Østre Gasværk. The new residential complex, called Gasværkskarréen, spans 9,400 m² and has been designed in collaboration with Cobe Arkitekter. EDC Project Poul Erik Bech has been selected to manage the letting of the apartments, two-thirds of which have already been rented out. The project is expected to be completed and ready for occupancy by the end of 2025.

www.gasvaerkskarreen.dk

Sale of 31 modern terraced houses with shared facilities in a suburb of Aarhus

A new and distinctive residential development, Under Bøgen, is under construction in Hinnerup. The project combines terraced housing with an inviting community house, a large orangery, green communal areas and a focus on strong social values. EDC Project Poul Erik Bech Aarhus, together with the local EDC office in Hinnerup, is responsible for marketing and selling the 31 well-designed homes ranging from 85 to 125 m². Sales are expected to begin in summer 2025, with the first phase ready for occupancy in spring 2026.

www.underboegen.dk

Community living in Birkerød: Velliv launches new housing concept with 110 apartments

Construction is well underway on an ambitious new residential project called Naboliv, set in scenic natural surroundings in Birkerød. Developer Velliv has chosen EDC Project Poul Erik Bech to manage the letting of 110 rental apartments in a co-living community designed for all generations. The concept focuses on enhancing residents’ well-being, combating loneliness, and is being built to achieve DGNB Gold certification.

www.nabo-liv.dk

Kopenhagen Fur’s former headquarters sold to major educational institution

NEXT Copenhagen has acquired the former headquarters of Kopenhagen Fur in Glostrup. EDC Poul Erik Bech brokered the sale of the 94,000 m² property on behalf of the state-owned company Finansiel Stabilitet. The case has attracted significant attention, with more than 20 different consortia showing interest in the attractive site — where fur auctions once took place, education will now be the focus.

NEXT Hovedstadens Håndværkercampus

Around 2,000 students and course participants will have their daily activities at NEXT Hovedstadens Håndværkercampus, located at Langagervej 60–72 in Glostrup. The new campus will bring together more than 20 different vocational programmes under one roof, welcoming both young people and adults. The first programmes are expected to move in from August 2026. The increased capacity will not only provide better educational facilities for students but also make room for large fairs, professional festivals and other events. At the same time, the campus will open up towards businesses and the local community through even closer collaboration.

A chapter of Danish history came to an end after 78 years when Kopenhagen Fur held its final fur auction in the summer of 2024. The former headquarters has now been sold, and the site will soon house a range of vocational and continuing education programmes.

Kim Saastamoinen-Jakobsen, Deputy Director at NEXT Uddannelse København, welcomes the acquisition of Kopenhagen Fur’s former headquarters, which represents an important investment for NEXT: “The property in Glostrup gives us the opportunity to bring together a number of our vocational programmes, continuing education courses and school-based training in one large campus community, creating even better facilities for students, course participants, staff and partners alike. We greatly appreciate the good cooperation with both Finansiel Stabilitet and EDC Poul Erik Bech throughout the process.”

An investment in the skilled workers of the future Finansiel Stabilitet took over the property after Kopenhagen Fur, and the building has now been sold following an open and transparent sales process. Jens Verner Andersen, CEO of Finansiel Stabilitet, says: “We are very pleased to have been able to sell Kopenhagen Fur’s former headquarters to NEXT after around three quarters of a year on the market. The sale marks an important milestone, and after a short period of ownership, we are now transferring the property to a new long-term owner. Going forward, our focus will continue to be on winding down the remaining assets in the best possible way, which we hope can soon be taken over from the industries linked to mink production.”

Large and comprehensive case

EDC Poul Erik Bech has facilitated the sale of the 93,919 m² commercial property. Thor Heltborg, Head of Corporate Group Clients, says: “It has been a truly exciting process to sell Kopenhagen Fur’s former headquarters on behalf of Finansiel Stabilitet. The property comprises impressive and attractive buildings in a prime location close to Copenhagen, offering generous facilities and flexible office areas.”

“This has been one of the largest and most comprehensive transactions we have worked on, involving numerous viewings and more than 20 different consortia that expressed interest and inspected the property one or more times. It has been a highly positive process, with ongoing close dialogue with Finansiel Stabilitet, as the sale attracted considerable attention. Together we have invested many hours in this fascinating and rewarding project.”

Assets from the mink-related industries

In March 2024, EDC Poul Erik Bech won a major public tender for real estate brokerage services to manage assets taken over from industries linked to mink farming on behalf of Finansiel Stabilitet. So far, the nationwide commercial real estate agency has, in addition to selling Kopenhagen Fur’s headquarters in Glostrup, also completed the sale of Kopenhagen Fur’s former research property outside Holstebro. In the coming period, several more properties will follow, all to be sold on behalf of Finansiel Stabilitet.

More information

Thor Heltborg, Senior Director, Head of Corporate Group Clients, EDC Poul Erik Bech Copenhagen +45 5858 8378 • the@edc.dk

Kenneth Hauge Jakobsen, Director, Corporate Industrial Group Clients, EDC Poul Erik Bech Copenhagen • +45 5858 8378 • keja@edc.dk

The well-known hotel industry business developer, Frans Barkler, becomes a partner in EDC Poul Erik Bech’s hotel division. He brings 25 years of international experience, most recently as founder of his own consultancy, Business Expansion, which he has run for the past 15 years, advising hotels on development, operations and sales in Scandinavia and Germany. He previously held senior positions at B&B Hotels, IHG InterContinental Hotels Group, and Colliers, where he also worked with hotel properties.

According to Erhvervsmæglernes Branchedata, hotels accounted for 10% of total transaction volume from January to September 2025, corresponding to deals worth more than DKK 5 billion. At the same time, Danish tourism is experiencing strong momentum, with a record number of visitors. In response to this growing focus, EDC Poul Erik Bech is strengthening its successful hotel division with the appointment of hotel advisor and business developer Frans Barkler.

”I am really looking forward to getting involved in even more hotel projects, which is the field I am truly passionate about and where my strengths and extensive network lie. EDC Poul Erik Bech is a powerful brand, and as Denmark’s largest real estate agency, they work with a wide range of hotels, inns, campsites and more. I am really looking forward to taking on even more hotel assignments. I feel I am in safe hands here, with excellent support, strong expertise and a team of talented colleagues across the country, as well as many specialists in marketing, PR, research, IT, data and other areas”

”I have already been working closely with the hotel division as an external consultant for over a year and have met many highly competent colleagues. In particular, I have worked closely with Stephen Berthelsen, head of the hotel division at EDC Poul Erik Bech, and Mads Dyhr from North Jutland. I have also taken part in several hotel group meetings and been involved in a number of hotel projects, so I already know quite a few of the agents from the 20 business centres across the country. I feel very confident about what I am joining and am bringing all my current hotel assignments and projects with me to EDC, which makes it truly exciting to further develop the business and strengthen the hotel sector,” says Frans Barkler.

Large hotel footprint

Stephen Berthelsen, head of the hotel division at EDC Poul Erik Bech, says: “We have been working with Frans Barkler in our hotel division for more than a year now. It has truly been an excellent collaboration that we have built up, which also works well in cooperation with our business centres, so he has already made his mark on the development of our hotel expertise. It became increasingly clear that he should become a permanent member and partner in our strong hotel division. Fortunately, we succeeded, and with Frans on board, we are gaining a truly strong hotel network and hotel competencies, enabling us to focus even more on advisory services, transactions, development and operational expertise within the hotel sector.

”He already has the property mindset, but he also brings additional hotel expertise and specialised knowledge in development and operations to help strengthen our clients’ businesses and, for example, improve their position in a sale. This will undoubtedly help strengthen our own business and expand our portfolio with even more hotels. Frans has a large network of investors, hotel chains, operators, leaseholders, owners and tenants within the hotel industry, which will help take our hotel division to new heights. There is no doubt that bringing him on board as a partner in our hotel division is a significant win for us.”

Hot hotels

A few years ago, EDC Poul Erik Bech established a dedicated hotel division and is now experiencing a clear increase in interest in hotels, inns and campsites.

Stephen Berthelsen continues: “So far this year, we have sold more hotels than before, and we have also taken on many new and exciting hotel listings across the country. In addition, we are involved in a number of development projects, including in collaboration with our business centres and our strong partners at AART Arkitekter. We are also working on several cases where offices are being converted into hotels, as well as on public tenders for several municipalities, providing advice and handling sales of hotel opportunities. Overall, we are seeing great investor interest in hotels, and with Frans joining the team, we are now even better equipped to advise on the purchase, sale, operation and development of hotels.”

EDC Poul Erik Bech has, among other sales, brokered the transactions of the gastronomic landmark Molskroen, Havreholm Slot, Benniksgaard Hotel, and Hotel Hvide Klit, as well as, on behalf of Freja Ejendomme, the historic Hornbæk Hospital, which is being transformed into the luxurious CORI Hornbæk Hotel. At present, the iconic Hotel Bretagne and a wide selection of other hotels, inns and campsites are on the market. Read more about hotels on the following pages.

More information

Frans Barkler, Partner, EDC Poul Erik Bech Hotel +45 5858 8378 • frba@edc.dk

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

HOTEL & INNFocus

Historic hotel near the Danish German border

Benniksgaard Hotel by Flensburg Fjord has been sold. The first few months were spent renovating the hotel, and the new owners have opened the doors to a new chapter in Benniksgaard’s history. The hotel has been renamed Sivgaarden Boutique Hotel, and the first 5,000 bookings were already secured before the opening.

EDC Poul Erik Bech South Jutland brokered the sale of the historic border hotel.

Hotel Hvide Klit will attract golf and sports enthusiasts

Hotel Hvide Klit in Ålbæk, south of Skagen, has been sold. Since 2018, the property, formerly Sundhedshøjskolen Diget, has operated as a hotel, and it will continue to do so in the future. The new owner aims to attract golf enthusiasts and athletes who can take advantage of the neighbouring golf course and the hotel’s extensive sports and leisure facilities. EDC Poul Erik Bech Vendsyssel has brokered the sale of the hotel along with four adjoining houses included in the transaction.

Molskroen sold: Continuing a gastronomic legacy

Molskroen is an iconic destination and a historic culinary gem that attracts guests from across Denmark seeking an exceptional dining experience. A buyer has now been found who will continue the proud traditions of gastronomy and indulgence. EDC Poul Erik Bech has brokered the sale of the iconic inn and the adjoining seaside hotel, which were listed for DKK 55 million.

We have an independent hotel division with brokers from all over the country who specialise in hotels, inns, campsites and other types of accommodation. This means we are ready to assist you, regardless of the type or location of the hotel. We can help you ensure a more structured advisory and sales process within the hotel sector.

Historic hotel and conference centre DKK 29 million

Skjalm Hvide Hotel, located in the village of Jørlunde near Slangerup, is for sale. The property, priced at DKK 29 million, comprises 64 rooms, including two luxurious suites and two holiday apartments. EDC Poul Erik Bech is handling the sale of the historic hotel property, which offers excellent banqueting and conference facilities, making it ideal for festive events.

Status of the commercial property market in the country’s four largest cities

CityFact provides an unique insight and comprehensive area-specific knowledge about 17 Danish cities and areas, including the four largest cities. The property market is affected by demographic trends, which is why local insight is crucial in a volatile investment market. Explore key figures from Copenhagen, Aarhus, Odense and Aalborg with information on vacancy rates, rent levels, yield requirements, age distribution and population trends.

With up-to-date market data, local insights and reliable forecasts, CityFact provides analysis reports for investors, whether their focus is residential rental properties, offices, retail or industrial. CityFact compiles key data and analyses from individual cities and areas across the country into one easily accessible format.

Joseph Alberti, Head of Research at EDC Poul Erik Bech, says: “CityFact provides investors and decision-makers with a stronger foundation for making informed choices. The figures are based on a wide range of both qualitative and quantitative indicators. They are prepared in close collaboration with our local business centres, offering unique insight into how the market looks in a specific city or area.”

”The latest market figures consist of a wide range of data on, among other things, vacancy rates, rent levels, yield requirements, as well as population development, age distribution and relocation activity in 17 localised areas and cities. The commercial property market is dynamic and complex, which is why we update the figures twice a year, so that both our commercial real estate agents and brokers are equipped to provide the best possible advice and that our clients can make decisions based on the most up-to-date and informed insights,” says Joseph Alberti.

Investor activity is picking up in Copenhagen

Transaction activity has surged in Copenhagen during 2025, with residential transaction volume for the first half of 2025 being 225% higher than the final volume for the same period in 2024. Michael Thodsen, Partner at EDC Poul Erik Bech in Copenhagen, says:

”Despite yield requirements remaining relatively high compared to previous years, we are seeing clear signs of market stabilisation. There is a noticeable increase in activity among professional investors, both Danish and foreign, particularly in newer residential rental properties and office buildings located near public transport with strong tenants. The retail market, which has faced several years of challenges due to changing consumer behaviour and rising vacancies, is now showing signs of recovery. The transformation of the capital’s former industrial areas continues to reduce the supply of industrial and logistics properties, resulting in low vacancy rates, ongoing upward pressure on market rents, and downward pressure on yield requirements.”

Urban development drives investment in Odense

Odense is the main growth engine of Funen and is currently experiencing significant development. This is partly due to urbanisation, with an increasing number of people moving to larger cities, which points to continued positive population growth in Odense. Lars Duus, Partner at EDC Poul Erik Bech Fyn, says:

“The residential rental market in Odense is characterised by high development activity in several parts of the city, where student, family and senior housing is being built. As a university city, Odense has also created a popular and attractive working environment, which is expected to grow further with the completion of the upcoming super hospital. The city is seeing new office areas emerging, which has led to a rising vacancy rate within the office segment. The retail market in Odense remains stable, while industrial and logistics properties are in high demand due to the city’s location along the E20 motorway and the limited supply of modern facilities.”

Strong demand for office and residential property in Aarhus

Driven by demographic trends and a population increase of more than 14% since 2015, with continued positive growth expected towards 2035, Aarhus remains one of the strongest markets in Denmark. Kent Nielsen, Partner and Director at EDC Poul Erik Bech Aarhus, explains:

“Aarhus continues to be characterised by low vacancy rates and stable demand, particularly within residential rental properties, where vacancy is among the lowest in the country. The supply of modern, move-in ready offices is limited, and new space is absorbed quickly once completed. Aarhus’ status as a university city and its ongoing urban development create favourable conditions for investment across all segments, with project developers and funds pursuing longterm strategies remaining especially active in the market. The main challenge is the lack of development sites with approved local plans.

High development activity in Aalborg Aalborg is experiencing strong demographic growth driven by extensive development activity, a vibrant business community and a popular student environment. These factors help attract qualified labour to the city. Frank Jensen, Director and Partner at EDC Poul Erik Bech Aalborg, says:

”Historically, Aalborg has been characterised by an oversupply of housing, but population growth has helped to balance the supply and the demand for residential rental properties is reasonable. The office market in Aalborg is characterised by solid demand and low supply with potential for more office space around the attractive harbour areas and near essential infrastructure. The retail market is characterised by reasonable demand, especially grocery and box stores with long non-terminable contracts, while the demand for industrial and logistics properties has been increasing over the past few years.”

Jane Bech 10 years of growth and values in Denmark’s largest real estate agency

After a decade in the family business, Jane Bech has helped nearly double both revenue and the number of employees at EDC Poul Erik Bech. With a strong focus on core values, the partner structure, specialist expertise and employee well-being, she is helping to future-proof Denmark’s largest real estate agency.

Since 1 August 2015, Jane Bech has been an active part of EDC Poul Erik Bech at the head office on Bremerholm in Copenhagen, where she works with great dedication to strengthen the company, particularly internally. In 2015, Poul Erik Bech and Jane Bech initiated a well-planned, gradual generational transition, during which she joined the company and the Poul Erik Bech Foundation was established.

Jane Bech says: “Following the generational change in 2015, the non-profit Poul Erik Bech Foundation owns 60% of the company, 30% of the shares were transferred to me, and Poul Erik Bech owns the remaining 10%. Since 2015, the foundation has received DKK 85 million for distribution, primarily to support associations that help vulnerable children. For example, over the past six years, the foundation has donated DKK 1 million annually to BROEN Danmark and DKK 6 million over five years to Dansk Folkehjælp’s project Skolestartshjælp.”

Significant growth over the past decade

Over the past 10 years, EDC Poul Erik Bech has grown from a turnover of just under DKK 350 million to more than DKK 600 million in 2024, and from more than 350 employees to over 600 employees. In 2015, there were just under 50 partners, compared to more than 140 partners today. Commenting on the company’s development over the past decade, Jane Bech says:

“A lot has happened over the last 10 years. It’s actually quite remarkable to sit here a decade later and look at the numbers, but it’s been a steady year-on-year development. There’s no doubt that our strong partner structure is a key part of our success. It creates a high level of commitment and gives us resilience. There are a fantastic spirit and culture in the company. We are driven by strong values and a constant desire to evolve so we can deliver better and better solutions for our clients. It’s truly wonderful to be part of and contribute to that journey.”

”Another area where we have made significant progress is within our many specialist fields – not least here at our

head office in Copenhagen. We have established departments for Research, Sales Support, Customer Service, Corporate Clients and Capital Markets, as well as an International Department, where for several years we have worked closely with one of the world’s largest real estate companies, JLL.

At the same time, we have strengthened our organisation with specialists in Marketing, Press, HR, Legal and Finance. We have strong project departments, opened an Agricultural Division, which has just become nationwide, and we have, for example, established a successful hotel and camping division. All in all, we have come a long way and are now in a very strong position.”

Employees and clients come first

With more than 600 employees, there is constant movement within the company, people achieving great success, passing exams, or taking on new career challenges. And with a large organisation, there are also those who face illness, family challenges, parental leave, or wish to pursue new directions. This is something that Jane Bech cares deeply about:

“My most important task is to ensure that our employees and partners thrive, and when someone faces personal challenges, to make sure that we as a company provide the best possible support. Ultimately, this also leads to motivated and happy employees. That in turn allows us to give our clients the best possible service, many of whom we have worked with for years and built strong relationships with. The property industry is still very much driven by relationships, so continuity and close collaboration with our clients are essential.”

“We run the company with a steady hand and do not panic in challenging times. We put great emphasis on retaining our talented employees and being an attractive place to work. I believe, with all due modesty, that we do this very well, and many of our employees have been with us for years. Every year we hold several company celebrations where we honour our many long serving colleagues. When

Facts about Jane Bech

Jane Bech is 43 years old and holds a Cand.merc. jur from CBS, where she later also took an Executive Management programme. Before joining the family business EDC Poul Erik Bech, she worked for 8 years in Deloitte with international tax law. In her private life, Jane Bech is married, has twins, a girl and a boy aged 11, and plays volleyball recreationally.

I started ten years ago, HR, along with Marketing, was actually one of the areas that surprised me the most. It plays a huge role in our everyday life, much more than in many other industries.”

Future proofing the company

“People often ask me what it is like to be part of a gradual generational transition and to work so closely with my father. I have to say it is a privilege. Although I have followed the industry from the sidelines all my life, the learning curve was steep at the beginning. My father has been an inspiring and supportive mentor throughout.

Unlike the classic owner manager you read about in textbooks, he is very committed to the generational change and is inclusive by nature. Things have progressed step by step, and I believe we make better decisions together because we are good at using each other as a sounding board.

“I believe I have brought my own approach to business management and have challenged the status quo in several areas. Many of the changes have come naturally as part of our growth and professional development. This has happened in line with our significant expansion and the hiring of specialists in more and more areas. My work covers a wide range of responsibilities, from development within the residential and commercial segments to a particular focus internally on ensuring that we are an attractive workplace with skilled, engaged employees and a strong group of partners. Much of my time is therefore spent maintaining our internal partner network, including being responsible for partner admissions and the development of partner

concepts. It is a significant task when we have more than 140 partners in our company.”

“The fact that my father and I have had the opportunity to work together on the management of the company for so many years has strengthened the business for the day he decides to retire. Time does a lot of good for relationships, both internally and externally. I should probably clarify, as my father has said many times – and repeated recentlythat he will continue until the very end. So, even though he will step down as chairman of the board of the EDC Group in a year’s time, where I have recently joined as a board member, he will continue working for our own company, EDC Poul Erik Bech, for as long as he possibly can. He still works every day of the week, although over the years he has become a little better at taking holidays without working too much,” she says with a smile.

Jane Bech concludes: “The past ten years have flown by. We are Denmark’s largest real estate agency with a strong and diversified business foundation. In 2024, we also became the country’s highest revenue commercial property agency, a position we have held for many years on the residential side as well. We sell every fifteenth home in Denmark, and we are behind every fourth commercial property listed on Ejendomstorvet. In other words, we are in an excellent position for continued growth. It will be exciting to see where we stand as a company ten years from now, but there is no doubt that we will continue to play an active role in the ongoing consolidation of the real estate industry, something I very much look forward to being part of.”

BROEN Danmark receives million (DKK) donation for the seventh consecutive year

BROEN Danmark is a volunteer organisation that helps vulnerable children and young people across Denmark become part of active communities in their free time. Since 2018, the EDC Poul Erik Bech Foundation has contributed a seven-figure donation to BROEN Danmark, and this year is no exception. BROEN has received DKK 1.15 million, distributed among 23 of the organisation’s 35 local branches.

Spread throughout Denmark, BROEN Danmark’s local associations work hard to help vulnerable children and young people take part in leisure activities, allowing them to become part of positive communities on equal terms with others. BROEN provides financial support for membership fees and equipment for sports and other leisure activities.

Erik Haumann, Head of Secretariat at BROEN Danmark, says: “Our goal is to help more vulnerable children and young people get out and engage with their peers. In doing so, they become part of positive communities where they can find role models among adults, experience success and strengthen their self-confidence. This happens in local clubs and associations offering activities such as sport, scouting, theatre, music, art or other leisure programmes.”

“We help children and young people from socially vulnerable families. These can be, for example, single parents, families affected by illness or families facing social challenges, where the child would otherwise not have the opportunity to take part in an active leisure life,” says Erik Haumann.

Idrættens Sociale Pris

Earlier this year, BROEN Danmark and its volunteers received Idrættens Sociale Pris for their work in helping more than 7,500 socially vulnerable children and young people join community-based activities. The award is first and foremost a tribute to the volunteers, says Erik Haumann:

”It is a huge pat on the back for our volunteers in our 35 local branches, who make an enormous difference every single day. It is the volunteers who make initiatives like ours very impactful - without them it would not be possible. Of course, we are proud of the award and the recognition, but there is no doubt that the prize really belongs to all our volunteers, who can be immensely proud of their efforts.”

”Over the years, we have seen an increase in the number of children and young people we support. More importantly, we now have more volunteers than last year, mainly because two new local associations have joined. That is why we are especially grateful that the EDC Poul Erik Bech Foundation is once again contributing a generous seven-figure donation, helping our local branches across the country support children and young people.”

An important part of the local community Jane Bech, Director of the EDC Poul Erik Bech Foundation, says: “Through the profits generated by EDC Poul Erik Bech, we support associations that make an extraordinary effort to help vulnerable children and young people. BROEN Danmark is a great example of this, as their volunteers play an active role in promoting the well-being and health of children and young people. These are exactly the kinds of projects we want to support, which is why we have been involved since 2016 and have donated at least DKK 1 million a year since 2018.”

“Associational life is an important part of local communities in Denmark, and BROEN makes a major contribution by including those who would not normally be able to afford to take part in such communities. BROEN has a professional approach and maintains close dialogue with, among others, pedagogues, teachers, SSP staff and other support workers who make a great difference. We are therefore very pleased to be able to continue our support again this year,” says Jane Bech.

Poul Erik Bech Fonden

The EDC Poul Erik Bech Foundation is a charitable foundation established in 2015 in connection with the generational change at the real estate company EDC Poul Erik Bech. Through the profits generated by the company, the foundation supports voluntary organisations that make a difference for vulnerable children.

213 apartments in Ørestad rented out: Great interest in especially family housing

ATP Ejendomme, the developer behind 213 apartments in Ørestad, has announced that all units in the newly completed Kanalgaarden project are fully let. The development comprises 81 family homes and 132 youth apartments, with the family homes proving especially popular and let even before the property was ready for occupancy on 1 April. EDC Project Poul Erik Bech managed the letting on behalf of ATP Ejendomme.

Another residential development has now been completed in Ørestad, the newer district on Vestamager. Kanalgaarden, comprising 213 homes, has risen in the very heart of Ørestad, and interest in the newly built apartments has been exceptionally strong. All 213 homes have now been let, with the family apartments proving particularly popular and fully occupied when they were ready for move in in April 2025.

Sofie Duus Nielsen, Asset Manager at ATP Ejendomme, says: “Our vision for Kanalgaarden is to bring different ways of life together under one roof, and we can modestly say that we have succeeded. Kanalgaarden offers attractive one to five room rental apartments, so whether you are a single student, a couple or a family, there is a home that suits your needs.”

” “The central location in Ørestad, close to shopping at Field’s, cultural experiences at Royal Arena and the open landscape of Kalvebod Fælled, makes the area attractive to people of all ages. Schools and childcare facilities are nearby, making it ideal for families with children. At the same time, it is close to the motorway, the metro and the airport, yet slightly set back from the hustle of Copenhagen’s city life, making it a truly appealing place to live for all generations,” adds Sofie Duus Nielsen and continues:

“Kanalgaarden is intended to foster a strong sense of community among residents, and we have placed great emphasis on creating shared facilities that naturally bring people together. The initial feedback has been very positive. We are delighted that all apartments have now been let. A big thank you to EDC Project Poul Erik Bech for the collaboration and their dedicated efforts in letting the homes.”

Larger rental apartments in high demand

EDC Project Poul Erik Bech has handled the letting of all 213 rental homes on behalf of ATP Ejendomme.

Lars Bo Christensen, Account Manager at EDC Project Poul Erik Bech, says: “The letting of Kanalgaarden in Ørestad has gone extremely well. From the very start there has been great interest in the apartments, and we are pleased to report full occupancy across all 213 homes, both family and youth apartments.”

“Demand for rental housing has been rising in recent years, as it has become significantly more difficult for first time buyers to enter the ownership market. This trend also applies to families with children, which means that larger rental apartments are now in high demand. We have seen this clearly in the letting of Kanalgaarden, where all 81 family apartments were rented before the official move in date of 1 April 2025.”

“For many years, smaller units have been the preferred form of rental housing in Copenhagen, but the market now appears to be shifting. More families are choosing spacious and functional rental apartments close to the city rather than owning a smaller property within the city centre. At the same time, there continues to be solid demand for smaller units from students and singles, so ATP Ejendomme has achieved a very good balance of housing types, and the process has been a great success,” says Lars Bo Christensen.

More information

Lars Bo Christensen, Account Manager, EDC Project Poul Erik Bech • +45 5858 8487 • lbc@edc.dk

JLL Nordic Outlook: Strategic renovation revives the office market

One of the world’s largest real estate companies, JLL, has just published the autumn edition of its biannual report Nordic Outlook, which provides an update on the Nordic property market for autumn 2025. The theme of this edition is strategic retrofitting, a key factor shaping the office property market. It is no longer a choice but a necessity. EDC Poul Erik Bech has contributed data, key figures and market insights to the Danish section of the report.

Older office buildings are losing value, and strategic office renovation is no longer an option but a necessity if a property’s relevance and return are to be maintained. This is one of the key messages in the feature article of Nordic Outlook, recently published by JLL in collaboration with EDC Poul Erik Bech.

The report takes its starting point in the office market in Stockholm, where upgraded offices achieve up to 22% higher rents despite high vacancy levels. Modern premium offices typically experience vacancy periods up to 60% shorter compared with average offices in the same area.

A similar pattern can be observed in Copenhagen, says Helle Nielsen Ziersen, Head of EDC International Poul Erik Bech:

“There are clear parallels between the office markets in Stockholm and Copenhagen. In Copenhagen, we are seeing a distinct division in the market, with a number of modern, newly built offices on one side and older office properties on the other. The modern new offices achieve higher rents and lower vacancy rates, while older buildings are becoming more difficult to let, and this trend will continue, not least because of the increasing environmental requirements.”

International Poul Erik Bech

Limited new construction increases the need for renovation

In Stockholm, total office construction has decreased by 25% since 2021 and new construction will only add 0.6% new office stock per year until 2028. Therefore, strategic retrofitting is needed if the office market is to keep up, says Joseph Alberti, Head of Research at EDC Poul Erik Bech:

”As the report mentions, there are still very few strategic office renovations underway in Stockholm, which is also the case in Copenhagen, as new construction takes up more space. Therefore, there is a lot of untapped potential in the office property market in Copenhagen, where there are good opportunities to renovate outdated office properties and turn them into attractive quality leases. Another trend we see is that former offices are being converted into hotels.”

”There are different types and scales of renovation, but overall, the aim is to renovate rather than build new. Strategic office renovation helps improve operational efficiency, reduce vacancy, strengthen the ESG profile and can open access to green financing. At the same time, it increases the property’s resale value and makes it more attractive to tenants, who are willing to pay more for the space. This can range from medium renovations such as new windows to major upgrades where the property’s certification is raised, leading to even higher value.”

EDC Poul Erik Bech has several newly built, large office spaces available for lease, and Thor Heltborg, Senior Director and Head of Corporate Group Clients at EDC Poul Erik Bech, points to a clear trend: “What is really in demand in the office market at the moment are modern, certified offices, often co-working spaces in prime locations. Companies want to offer their employees high-quality offices close to a metro station or other public transport.”

Denmark stands out positively

Although the commercial property market in the Nordic region remains affected by macroeconomic uncertainty, Denmark stands out positively in terms of transaction volume. In contrast to Stockholm and the Swedish market, which continue to struggle with high vacancy and cautious investors, Denmark shows signs of stability with more activity in the commercial property market than last year.

”Foreign investors have returned to Denmark, and in the first three quarters of the year they accounted for 42% of the total transaction volume. Already now, transaction volume is close to matching the full-year total for 2024.

We are heading for a solid increase in transaction activity, bearing in mind that the final part of the year usually sees more deals than the first half due to budget finalisations and investors’ need to allocate capital before year-end,” says Joseph Alberti and continues:

“In Norway and Finland there is also some progress, although developments are more uneven and strongly dependent on sector and location. Sweden is described as the most challenged market, with continued price adjustments and low investor risk appetite. Overall, Denmark and Norway appear to be the most robust markets in the region, with better access to capital and greater price transparency.”

Helle Nielsen Ziersen adds: “Denmark differs from other countries in how it calculates net and gross areas. Therefore, it is extremely important not only to refer to a price per square metre of gross area but also to consider price per headcount.”

Common to the four Nordic countries is that ESG, location choice and active management are becoming increasingly important for both investors and tenants. Copenhagen has an advantage here with its sustainable urban development, strong infrastructure and international focus, which makes the city attractive, also for foreign investors, which is why the Nordic region as a whole is still further ahead than other European countries.

Nielsen Ziersen Partner, MRICS, Head of International Relations

Poul Erik Bech +45 5858 8563 • hni@edc.dk Joseph Alberti Head of Research, EDC Poul Erik Bech +45 5858 8564 • joal@edc.dk

More information

Tonny Broberg, Project Director

EDC Project Poul Erik Bech

+45 5858 8487 • tobr@edc.dk

New attractive residential project with excellent communal facilities in Ry fully let

Fremspringet, a new residential project with 62 modern rental homes in Kildebjerg in Ry, is now fully let. EDC Project Poul Erik Bech has handled the letting on behalf of Domis and Thøgersen & Co. The project combines quality, scenic surroundings, a sense of community and intergenerational connection, which has proven highly appealing to many of the new residents.

A newer district, Kildebjerg, located in the eastern part of Ry and featuring both housing, commercial buildings and green community areas, has welcomed many new residents. The residential project Fremspringet, comprising 62 apartments and terraced houses on 1-2 storeys ranging from 67-115 m², is beautifully situated by the golf course in Ry and combines both nature and urban living.

Tonny Broberg, Project Director at EDC Project Poul Erik Bech, says: “Like many other towns in East Jutland, Ry has very few available rental homes and a strong demand for housing. Fremspringet is a new and attractive residential area that has been very well received by tenants. Both the terraced houses and apartments appeal to a wide range of residents, from younger singles and couples to the more mature segment. We are pleased to contribute to creating diversity in the area.”

“Across many of our projects, we are seeing a clear trend towards a stronger focus on community. Residents at Fremspringet have access to a lovely community house, which is used for shared meals, game nights, children’s birthday parties and more. It is a unique meeting place where residents can take a break from everyday life, meet their neighbours and enjoy a wonderful view over the green

areas and the lake. In addition, there is a guest room with a bathroom, as well as many green outdoor areas featuring several thousand flower bulbs and more than 50 fruit trees for the enjoyment of the residents.”

Tonny Broberg continues: “As project agents, it is our job to help ensure that future residents can sense the identity of an area, even before it has fully taken shape. The collaboration with the team at Domis has been a great support in achieving this and has helped secure full occupancy. A big thank you to Domis and Thøgersen & Co for a positive and trust-based partnership throughout the entire letting process. When strong partners join forces, the best results are achieved - and Fremspringet is a perfect example of that.”

Perseverance pays off

Full occupancy across all 62 homes brings great satisfaction to Domis, who together with Thøgersen & Co are behind the project designed by AART Architects. Jens Møller Boeriis, Project Director at Domis, says:

“We have had a very positive experience with Fremspringet. EDC Project Poul Erik Bech has demonstrated structure, perseverance, diligence, insightful reporting and provided plenty of feedback. They have been constructive and have, among other things, contributed to us as owners upgrading the outdoor areas with fruit trees, flower bulbs and many other initiatives that enhance residents’ everyday quality of life. At the same time, their marketing department has been proactive and constructive, giving us confidence and reassurance that the project was presented in the best possible way, and it is fair to say that they have succeeded.”

Expectations seminar

Thursday 27 November in Industriens Hus ›

What

will the property market look like in 2026?

What can we expect in terms of prices, rental levels and economic trends?

Find the answers at EDC Poul Erik Bech’s Expectations Seminar, where we take a closer look at what lies ahead for the industry in the coming year. We bring together leading figures from the property sector for a morning filled with insight, inspiration and perspective.

This year’s theme, Solutions for the Housing of the Future, explores how housing demand, demographics, the economy and sustainability are shaping the property market. Through expert presentations and discussions, you will gain a well-founded view of developments in both Denmark and the rest of Europe - as well as the opportunities and challenges that will define the years ahead.

The 27th of November, 9:00 to 12:00 at Industriens Hus, H. C. Andersens Blvd. 18 1553 Copenhagen V

Breakfast will be served from 8 am.

Click to view the day’s programme and register today – Limited places available

Poul Erik Bech EDC Poul Erik Bech

Emma Rosser JLL

Joseph Alberti

Camilla van Deurs

An increasing number of commercial properties are being sold or let without ever being publicly listed.

These may be discreet transactions, special requests from the seller, or properties quickly matched through our buyer and tenant database.

When you register in our Buyer Database, we find properties that match your requirements and send them directly to your email.

You get first access – and perhaps the opportunity to secure the very property you won’t find anywhere else.

New legislation paves the way for an exclusive holiday resort

In the middle of the scenic dune landscape of Northwest Jutland and directly next to the North Sea, Hanstholm Camping is now for sale. EDC Poul Erik Bech will broker the sale of the campsite, which is not just a campsite, but also an investment project sold as a corporate transaction, and with an upcoming change in legislation has the potential to become a magnificent holiday resort for both Danish and foreign tourists.

Hanstholm Camping, with 450 pitches, 325 of which have their own water, electricity and drainage, is now for sale. The site is set in a unique dune landscape, and many of the pitches offer panoramic views of the North Sea and Vigsø Bay. Bent Thodsen, owner of Hanstholm Camping, says: “We have operated the campsite for 23 years, and during that time the camping habits of Danes have changed significantly. That is why we have continuously modernised the site and built cabins, which have now become our main source of income. We have also received a number of enquiries from affluent guests who are looking for something quite different from the traditional camping experience.”

“That led us to begin developing something new, Thy Seaside Resort, a distinctive holiday destination with the potential to become the leading resort in northwestern Denmark for both Danish and international guests. The resort is planned in harmony with the surrounding nature and includes the possibility of building 160 forest cabins, dune houses and seaside villas, as well as a luxury hotel that will be an attraction in itself, featuring elegant rooms, conference facilities, a gourmet restaurant, a spa and rooftop infinity pools. Much of the groundwork has already been completed, but a buyer will of course have the opportunity to shape the project and decide whether to develop it on a full or smaller scale.”

Change in legislation on the way

Thisted Municipality has, on behalf of Hanstholm Camping, applied for a trial permit to transform the campsite into a holiday resort. Repeatedly, the law has stood in the way because of the site’s unique location. First there was a reservation, then a refusal, and most recently a visit from the Minister for Urban and Rural Affairs, Church and Tourism, Morten Dahlin (V), who announced that the government,

prompted by Hanstholm Camping’s application, plans to introduce relaxations to the Planning Act so the campsite can resubmit its application.

“The bill was presented in October, and the amendment is expected to be passed. This is naturally a positive development in relation to the sale of our campsite. The resort will help address the municipality’s shortage of high quality accommodation and the area’s lack of a conference hotel, while fitting perfectly into Hanstholm’s wider development, including Home of Cold Hawaii, which is expected to attract many surfers and tourists,” says Bent Thodsen.

Various purchase options

Frank Jensen, Partner at EDC Poul Erik Bech North Jutland, is managing the sale of the campsite, which covers a total land area of 127,658 m². He says: “Hanstholm Camping is priced at DKK 19.5 million and is situated right by the North Sea, on the edge of Thy National Park and Cold Hawaii, in a unique and protected natural setting. It is an incredibly exciting project, and we look forward to assisting with the sale of the site. We expect considerable interest once the legislative amendment is in place at the beginning of 2026.”

The campsite is available for purchase now, and there is also an opportunity to acquire the neighbouring plot of approximately 130,000 m², which includes a 220 m² house. This plot is a prerequisite for the realisation of the Thy Seaside Resort project. EDC Poul Erik Bech currently has 14 campsites for sale, along with a number of discreet listings, representing a total value of around DKK 250 million. Nationwide, we are seeing a strong and growing interest in hotels, inns and campsites.

Former hospital buildings in Vejle put up for sale

FOR SALE

The five properties:

• Brummersvej 1A, Vejle: DKK 29,5 million, 3.443 m2

www.edc.dk/710910258

• Brummersvej 2B, Vejle: DKK 6 million, 785 m2 www.edc.dk/710910293

• Brummersvej 4, Vejle: DKK 9 million, 711 m2 www.edc.dk/710910294

• Brummersvej 7, Vejle: DKK 7 million, 380 m2

www.edc.dk/710910295

• Brummersvej 10, Vejle: DKK 17,5 million, 677 m2 www.edc.dk/710910296

Private Hospital Mølholm has vacated its long-time addresses on Brummersvej in Vejle and relocated to a newly built private hospital in Vejle North, which opened in July 2025. The five former hospital properties are now being put up for sale and are offered individually through EDC Poul Erik Bech Trekantområdet. The combined asking price is DKK 69 million, with a total floor area of nearly 6,000 m². The elegant white villas are well suited to a range of future uses, with private residences, offices and healthcare facilities among the leading options.

The five properties that previously housed Private Hospital Mølholm in Vejle are now being put up for sale, with prices ranging from DKK 6 million to DKK 29.5 million and a total combined price of DKK 69 million. The properties are centrally located in Vejle, just a ten-minute walk from the pedestrian street in a green and attractive residential area.

Henrik Troelsen, Director at EDC Poul Erik Bech Trekantområdet, who is responsible for the sale of the former hospital, says: “This is a truly exciting assignment that we have been looking forward to. It is not often that such attractive and distinctive commercial properties come up for sale in Vejle, so this is certainly a significant and interesting case for us, and we are eager to assist with the process. These are five highly appealing properties located in a very charming area with many beautiful villas.”

Various development opportunities

The five white villas each have their own character and are being offered for sale individually. This opens the door to a wide range of potential development paths, explains Henrik Troelsen:

” There are several scenarios under consideration. First and foremost, residential use is the most obvious, as it would not require a new local plan since the area is the already

designated primarily for low residential development. In line with the main building’s previous use as a hospital, the properties could also continue to accommodate activities within health care, treatment, rehabilitation and related services. For example, they could be transformed into a healthcare centre, which is becoming increasingly popular in towns across Denmark. At the same time, we are confident that the attractive and beautiful area close to Vejle city centre will also appeal strongly to project developers specialising in modern housing developments.”

“This is a dream assignment for any real estate agent, and we have been looking forward to launching the sales process. We expect strong interest in these remarkable properties,” concludes Henrik Troelsen from EDC Poul Erik Bech Trekantområdet.

The five properties are owned by KIRKBI, which has decided to put them on the market in connection with Private Hospital Mølholm’s relocation to its new premises.

More information

Henrik Troelsen, Director, EDC Poul Erik Bech, Triangle Region, Denmark • +45 5858 8399 • htr@edc.dk

Salling Group puts Lollands Centret in Maribo up for sale

After many years of ownership, Salling Group has decided to sell Lollands Centret in the heart of Maribo. The shopping centre is well-functioning and fully let, featuring strong tenants, high stability, good visibility and an attractive yield profile. The centre covers a total of 4,089 m² across 13 commercial units, and the sale is being handled by EDC Poul Erik Bech in Næstved at an asking price of DKK 36 million.

Salling Group is the anchor tenant in Lollands Centret through Netto, which has signed a 10-year non-terminable lease. This provides the future owner with a secure and stable income – a key factor that makes the property particularly appealing to investors.

Kim Fuglsang, Head of Property at Salling Group, says: “Lollands Centret is a solid and well-established shopping centre that we have owned since 2006, with Netto operating here since 2001. We have now decided to sell in order to focus on our core business. The centre is performing very well, and with a strong tenant mix and a long-term lease with Netto, we see this as the perfect time for a new owner to take over and continue its development.”

Fully let – strong and well-known tenants

In addition to Netto, the tenants include Matas, Kop & Kande, Bog & Idé – Legekæden, and Maribo Pharmacy. There is also a hairdresser, a clothing shop, a hobby shop, a bicycle shop, a flower shop, a chocolate shop, and a restaurant/café. Many of the tenants have been in the centre for years and together attract a consistent flow of customers.

Martin Andersen, Partner at EDC Poul Erik Bech Næstved, who is responsible for the sale of the shopping centre, says: “The centre has a strong location in the heart of Maribo with high visibility towards Østergade, the town’s busiest shopping street. The combination of easy access, plenty of parking, short distance to public transport and modern facilities such as covered common areas and electric charging stations makes it an attractive meeting point for both customers and businesses.”

A town and area in growth

Maribo is a vibrant market town on Lolland that is entering a period of significant growth. The Fehmarn Link – Northern Europe’s largest infrastructure project – is creating thousands of jobs and giving the entire Lolland-Falster region a historic boost. This will strengthen settlement, purchasing power and investor interest in the area.

“We are seeing a clear increase in interest from investors looking towards South and West Zealand as well as Lolland-Falster,” says Martin Andersen, adding: “Retail properties with stable tenants and long-term leases are in high demand because they offer a solid return combined with low risk. Lollands Centret meets exactly those criteria. We look forward to finding a new owner for the centre so its positive development can continue.”

The area surrounding Lollands Centret features a mix of shops, businesses and housing, creating an active and varied urban environment. The centre has access from several sides and is easy to reach. Over the years, it has supported Maribo’s retail life and contributed to cohesion within the local community, and it remains an important focal point for the town’s commercial activity.

More information

Martin Andersen, Partner, EDC Poul Erik Bech Næstved • +45 5858 8380 • mra@edc.dk

Martin Andersen, Partner at EDC Poul Erik Bech Næstved, is responsible for selling Lollands Centret on behalf of Kim Fuglsang and Salling Group.

Sluseøen at Hvide Sande Habour is put up for tender:

Unique opportunity for holiday and hotel project

Hvide Sande Harbour is taking the next step in developing the town’s attractive harbour area. Sluseøen is now being offered to professional developers and investors who wish to create the setting for future holiday homes, hotels, offices, shops, or entirely new and visionary concepts. The tender runs until 15 January 2026 and is managed by EDC Project Poul Erik Bech and EDC Ringkøbing.

Hvide Sande is a vibrant fishing and harbour town with access to both the North Sea and Ringkøbing Fjord. Tourism is also a key driving force, and the town is home to Denmark’s fifth largest fishing port. Every year, Hvide Sande attracts thousands of visitors seeking surfing, cycling, beaches, nature and an authentic harbour atmosphere. In 2019, the Ringkøbing-Skjern Municipality recorded nearly three million overnight stays by German tourists, making the area Denmark’s largest tourist destination measured by foreign visitors.

Mogens Pedersen, Director of Hvide Sande Harbour, says: “We are now inviting professional and creative developers to submit bids for Sluseøen and take part in strengthening the area. We want to be the town’s harbour, and it is essential to us that the town and the harbour have great cohesion. Sluseøen is ideally located at the meeting point between harbour, fjord and town, and we see great potential in its development. As a harbour, we see it as our responsibility to prepare the area for an even more exciting future, and we are very much looking forward to the next stage of development. As we say locally: ‘Tourism in Hvide Sande is like the dunes – fundamental and stable,’ and there is no doubt that tourism will continue to grow.”

Two plots on Sluseøen, totalling approximately 6,050 m², are being offered for tender. Area 1 covers 3,200 m² and Area 2 covers 2,850 m². The tender can be won by one or

several consortiums. The tender covers a 99-year lease agreement, and the projects will be selected based on criteria such as price and quality. The process runs until 15 January 2026.

Invitation to developers and investors

Hvide Sande Harbour has appointed EDC Poul Erik Bech and EDC Ringkøbing to manage the tender, which aims to strengthen Hvide Sande as a year-round destination. Kirk Larsen & Ascanius Law Firm is providing legal and strategic advice.

Tonny Broberg, Project Director at EDC Poul Erik Bech, says: “This is an incredibly exciting project and a unique opportunity to develop holiday homes, hotels, shops, offices or other new concepts in one of Denmark’s leading tourist destinations. We are seeing strong demand in the holiday property market, and together with Feriepartner - Denmark’s largest chain of locally owned holiday rental agencies - and EDC Ringkøbing, we can document solid references for both sales prices and rental income. That creates a strong foundation for profitable development cases on Sluseøen.”

Finn Jakobsen, Commercial Real Estate Agent at EDC Ringkøbing, adds: “The tender for Sluseøen is a highly attractive development opportunity, and the timing could not be better. The new swing bridge and the planned Byens Plads will provide excellent infrastructure and create a new urban space that brings the harbour and the town even closer together. The swing bridge will link the town centre and Sluseøen for pedestrians and cyclists and has been supported by DKK 20 million in funding from the Danish Business Promotion Board, the municipality, Hvide Sande Harbour and Realdania. Tourism in the town continues to thrive, and we believe the market is calling for additional holiday accommodation and hotel capacity.”

“To strengthen growth and attract more year-round tourists, it is crucial to increase accommodation capacity and raise the quality of holiday and hotel offerings, which the new development projects will undoubtedly contribute to,” says Finn Jakobsen.

Sluseøen

2 new leasing profiles

Copenhagen

Experienced industry professional with ’bricks’ in her blood

Liza Jessen has joined EDC Poul Erik Bech Copenhagen as the new Head of Leasing, where she will assist clients with the letting and sale of owner-occupied properties and contribute to the department’s continued growth. She brings solid experience from the property industry, most recently as Head of Corporate Real Estate at Newsec Advisory.

More information

Liza Jessen, Head of Leasing

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

Liza Jessen began her role as Head of Leasing at EDC Poul Erik Bech in Copenhagen on 1 September 2025. The nationwide commercial real estate agency aims to strengthen its focus on leasing activities in Copenhagen with this newly established position.

“I am excited to join a company with strong values and a highly skilled team. The company has an ambitious growth strategy within leasing and rentals, and I look forward to helping shape that journey. EDC Poul Erik Bech is a well-established and respected name in the industry, and I am eager to become part of it.”

“I have always worked with sales and people, and I thrive on collaborating with talented colleagues to meet our clients’ needs. I look forward to becoming part of EDC Poul Erik Bech – a company with many skilled professionals, not only real estate agents but also experts in essential business areas such as HR, marketing, communications, customer service, finance and sales support.”

Liza Jessen holds a cand.merc. along with diplomas in Valuation and Organisational Strategy and Development. She has worked in real estate since 2011 - or, as she puts it, “with bricks”. Her career includes roles as Center Manager at Steen & Strøm, independent consultant with Retail Advice specialising in retail leasing, Leasing Consultant at CBRE, and most recently Head of Corporate Real Estate at Newsec Advisory.

South Jutland

Well-known industry figure

Jan Hyldal has joined EDC Poul Erik Bech South Jutland as the new Head of Leasing. He comes from a position as Senior Consultant at Haderslev Erhvervsråd, where for the past 12 years he has played a central role in the local business community and been a key driving force in developing networks and relationships – experience that will undoubtedly benefit him in his new role.

More information

Jan Hyldal, Head of Leasing

EDC Poul Erik Bech

South Jutland

+45 5858 8425

jhy@edc.dk

Jan Hyldal joined EDC Poul Erik Bech South Jutland as Head of Leasing in August 2025, where he will help strengthen the company’s position in the commercial real estate market.

“I will continue working to build relationships and find solutions for businesses – now with a commercial perspective and a focus on square meters and leasing. EDC Poul Erik Bech South Jutland is a well-established name in the local area, and I am really looking forward to joining the team and getting started,” says Jan Hyldal, and continues:

“I know the three partners, Morten Wind Gram, Morten Dahl Rask and Bjørn Borg, through the local business network, where they have always contributed great energy. They have done an excellent job of becoming the market leader in commercial real estate in Southern Jutland. This is by no means a farewell to the local business community – quite the opposite. I look forward to continuing the dialogue and collaboration, just in a new role and from the other side of the table. I am confident it will be both enjoyable and rewarding, and I feel I have found exactly the right place.”

Before joining EDC Poul Erik Bech, Jan Hyldal worked in sales and, since 2013, as Senior Consultant at Haderslev Erhvervsråd, where he was responsible for promoting and supporting the local business community, including helping to attract both large and small companies to Haderslev Municipality.

Executive summary – 4th quarter

The promising trend in the commercial property market continued into the third quarter of the year. The transaction volume in the first three quarters of the year has reached DKK 50.5 billion, which is more than DKK 15 billion above the level in the same period last year - an increase of 43%. It also means that, with three months to go, the commercial property market has almost already surpassed the total transaction volume for the whole of 2024, which totalled DKK 52 billion.

Residential rental properties continue to lead the way, accounting for 53% of the total transaction volume for 2025 so far, indicating that investors continue to favour investments with stable demand and lower risk. This is followed by industrial/logistics (15%), office (11%), retail (10%), while hotels (10%) have also established themselves as rising tourism and record overnight stays have made the sector more attractive than before.

Among the most notable deals of the year so far is the Midstar Hotel portfolio, where Capman has acquired 63,000 m² of hotel assets for DKK 3.5 billion from Midstar AB. In the residential segment, Greystar Real Estate Partners LLC has acquired the UMEUS portfolio from NREP, which includes 57,600 m² of modern student housing. Most recently, the retail segment has also seen significant activity with Project Melba, where Slate Asset Management acquired 72,800 m² from StepStone Group Europe LLP

and NREP – including prominent retail properties such as Lyngby Stationscenter and Holte Midtpunkt.

Common to the transactions is that they reflect the strong international interest in the Danish property market. The latest figures show that foreign investors account for 42% of the total transaction volume, emphasising Denmark’s position as an attractive and stable investment market.

The Danish economy is in a balanced economic situation. In the second quarter of 2025, GDP grew by 1.0%, and the latest forecasts expect GDP growth of around 2.0% in 2026 and 2025. Employment remains at a historically high level with 3,060,800 employees and an unemployment rate of 2.9% in July 2025, and Danmarks Nationalbank expects a continued increase in employment until the end of 2027.

Inflation is approaching 2% and since the summer of 2024, the ECB and Danmarks Nationalbank have collectively cut interest rates by 2.0 percentage points, with further cuts expected. The latest interest rate cuts mean that Danish mortgage rates are now around 4%. However, despite low inflation, rising real wages and a strong labour market, consumer confidence is still falling and stood at -18.7 in September. This is mainly due to price increases on groceries, fear of new inflation, geopolitical tensions and announced layoffs in several of the country’s largest companies.

The Danish economy

The Danish economy is in a balanced economic situation after a long period of high employment. Labour market pressures are easing and employment is expected to grow at a more moderate pace. In the second quarter of 2025, GDP grew by 1.0%, adjusted for price and seasonal effects, primarily driven by the pharmaceutical industry. Without this sector, gross value added fell by 0.3%.

In recent years, growth has been fuelled by industry, especially the pharmaceutical sector, as well as increased exports and improved purchasing power, which together have contributed to a moderate recovery in the economy.

Danmarks Nationalbank now expects GDP growth of 2.0% in both 2025 and 2026, which is a significant downward revision from previous forecasts. In comparison, the government estimates growth of 1.4% in 2025 and 2.1% in 2026. The lower growth expectations are mainly due to weaker world trade as a result of higher tariffs and a more subdued development in the pharmaceutical industry.

Source: Statistics Demark and The Central Bank of Denmark

Lower inflation and the prospect of price developments moving towards the inflation target of around 2% have prompted both the ECB and the US Federal Reserve to ease monetary policy. In September, the Fed cut interest rates by 0.25 percentage points and further cuts are expected. Since the summer of 2024, the ECB and Danmarks Nationalbank have collectively lowered interest rates by 2.0 percentage points.

In week 41 of 2025, the long-term mortgage rate was 3.92%, while the shortterm rate, which is more influenced by monetary policy, was 1.86%. The interest rate cuts and expectations have led to falling market interest rates. According to the Ministry of Economic Affairs’ August report, the 30-year Danish mortgage rate is expected to be 4.2% in 2025 and 4.3% in 2026.

Source: Finance Denmark and Statistics Denmark

Consumer confidence fell in September to -18.7 from -17.2 the month before and is now at its lowest level since spring 2023. The decline is mainly due to consumers’ assessment of the family’s current financial situation.

Despite low inflation, rising real wages and a strong labour market, Danes are still struggling to find optimism. Confidence has been declining since June 2024, when it stood at -4.4, but it is still above the October 2022 low of -37, which is the lowest level in the 48-year history of the survey.

The persistently negative consumer confidence is mainly due to grocery price increases, fears of renewed inflation, geopolitical tensions and announced layoffs at several of the country’s largest companies.

Employment has increased by 263,000 people from the end of 2019 to March 2025. According to Statistics Denmark, the number of employees increased by 3,600 in July 2025, corresponding to 0.1% compared to June. This means that 3,060,800 people had a salaried job. Since July 2024, employment has increased by 36,900 people, or 1.2%, and remains at a historically high level.

However, the pressure on the labour market has eased and is expected to decrease further in the coming year. The labour force has grown as a result of increased international labour and later retirement, which has reduced the pressure. Danmarks Nationalbank expects employment to continue to increase until the end of 2027 by a further 43,000 people. However, the Ministry of Economic Affairs expects only a small increase.

From August to September, unemployment increased by 600 people. The unemployment rate remains low at 2.9%, corresponding to 88,800 unemployed.

Source: Statistics Denmark and the Central Bank of Denmark

Yield in

Residential rental

newer properties

Lolland, Falster and Møn

Other South Jutland

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

Market activity has been increasing throughout 2025, and the year-to-date transaction volume is already significantly above the level at the same time last year. This means that expectations for total transaction volumes in 2025 have also increased. This is helped by the fact that the transaction volume for the last 12 months is now over DKK 66 billion. It is primarily residential rental properties that have been in investors’ sights with just over DKK 35 billion. At the same time, international investors have returned to Denmark in earnest, accounting for 45% of investments in the property market.

Demand for residential rental properties is increasingly focussing on newer homes with market rents, as high inte-

rest rates make it difficult to finance older properties with development opportunities. At the same time, construction activity has slowed in recent years due to interest rates and uncertainty about returns on new projects.

The combination of relatively high interest rates and rising property taxes increases the incentive to rent rather than own, especially in the largest cities. Together with declining construction activity, this is putting pressure on the rental market, where rent levels have started to rise in several places, especially for office and residential property, while the development of yield requirements has generally been stable and unchanged compared to the last quarter.

Gæstfriheden in Virkelund – a part of Coop Byen, Albertslund

Lolland, Falster and Møn

Other Funen

Kolding

Sønderborg

Trends in Office Properties

Office trading activity in the three quarters remains low with a transaction volume of approximately DKK 5.5 billion, corresponding to 11% of the transaction volume. This is primarily driven by a few large transactions - including Calum’s purchase of Stamholmen 147-161, Denmark’s longest office property. There were also more speculative purchases, including two sites in Nordhavn for office construction.

The demand for attractive office properties is intact, but characterised by Danish players. International investors are holding back as the global office segment is under pressure. However, the Danish market stands out with high employment and limited homeworking - partly due to short commuting times. However, some companies have undere-

Available office space as a percentage of building stock

stimated the need for physical office capacity, while others are introducing restrictions on working from home.

Flexible office solutions such as serviced offices and office hotels are in demand, especially in Copenhagen, while the supply in Aarhus, for example, is limited - especially in the city centre. There is also an increasing focus on modern and certified office space, driven by increased ESG requirements and upcoming regulation. This may strengthen the value of certified properties, but it remains unclear whether this will affect the risk premium.

Office vacancy was 5.6% in the second quarter of 2025. Yield requirements and market rents are expected to remain stable in the coming period.

Source: Ejendomstorvet-ED Statistikken, estimates as of Q4 2025

Østerbro, Frederiksberg and Gentofte

Lolland, Falster and Møn

Sønderborg

market rent in DKK/sq m

DKK 1,000 DKK 550 DKK

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

Trends in Retail Properties

For the second consecutive year, retail grew in 2024, supported by higher real wages. The volume index increased by 2.1 percentage points and the value index by 3.2 percentage points from December 2023 to December 2024. Private consumption is expected to continue in 2025, driven by high employment and low inflation. However, geopolitical risks such as trade conflicts could create headwinds.

The growth in retail sales is mainly attributed to a continuous increase in sales of other consumer goods, such as home and leisure, and to a lesser extent sales of clothing. On the other hand, sales of groceries have remained fairly constant with a slight decline, with only the value index continuing to rise driven by rising prices.

The retail property market was characterised by low transaction activity for much of 2024. However, the year ended with significant portfolio sales of DKK 900 million

across the country. Strøget in Copenhagen saw an increase in transaction activity, including Bucherer’s purchase of Østergade 22 at a record-high price per square metre.

Leasing picked up in the capital towards the end of the year, while developments are more fragmented nationwide. Decentralised locations continue to struggle, while the main streets of larger cities are doing better. Demand for grocery portfolios with a wide geographical spread remains robust. This is due to the chains’ long leases and need for good locations. The low risk means that grocery stores often trade at relatively high prices compared to the rest of the market.

Retail vacancy increased slightly from 2024 to 2025, reaching 3.3% in Q1 2025 - an increase of 0.2 percentage points in one year. Yield requirements are considered stable, supported by expectations of falling interest rates, but rents may be under pressure in some locations.

Source: Ejendomstorvet-ED Statistikken, estimates as of Q4 2025

Lolland, Falster and Møn

Vejle

Funen

Trends in Industrial Properties

The logistics segment continues to experience high demand with a total volume of almost DKK 7.5 billion. Modern logistics properties close to motorways and other logistics corridors are particularly attractive, as are light industrial properties near the largest cities. This is partly due to the fact that more commercial areas are being converted to residential use.

There is an increased focus on sustainable and energy-efficient buildings, preferably certified. DSV’s logistics centre in Horsens is highlighted as an example with solar cells, batteries and geothermal technology. Sale-and-lease-back agreements with long non-cancellable leases are still in demand throughout the country. The marketability depends

mainly on the tenant’s creditworthiness and the length of the contract, while location plays a slightly smaller role.

The availability of attractive land in central logistics corridors is a long-term challenge. However, there is currently some oversupply in the Triangle Region and near Copenhagen, which has lifted vacancy rates and may put pressure on rents in the short term. In the longer term, the outlook is considered positive.

The vacancy rate for industrial and logistics properties has increased to 3.14% in Q2 2025, an increase of almost 0.5 percentage points in one year. Yield requirements and market rents are generally expected to remain stable, but with the possibility of geographical variations.

Available industrial space as a percentage of building stock

Source: Ejendomstorvet-ED Statistikken, estimates as of Q4 2025

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.

EDC Poul Erik Bech’s Research & Analysis department prepares customised analyses for major institutional investors as well as private investors. We have solved assignments for PFA, PensionDanmark, PenSam, Coop, COPI Group and Salling Group with analyses, including due diligence on the buyer’s investigation of the seller’s properties prior to the completion of the transaction. The assignments cover, among other things:

• Commercial Due Diligence

• All relevant aspects of project development and the purchase and operation of investment and user properties

• Analyses for e.g. lawyers who need data for a housing court case

• Analyses of rent levels and realised trade prices

• Analyses of the relationship between supply and demand in major cities as well as smaller provincial towns

• Analyses of housing stock development by ownership in subjective, specific, defined geographical areas

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

Be the first to know when new properties come up for sale

We have Denmark’s largest buyer/tenant register. If you haven’t found the right property yet, let us help you!

Create your personal wish in our nationwide buyer/tenant register, and be the first to know when new properties come up for sale. We screen all properties for you and only show you the properties that match your wishes.

Market Insight Q4 2025 - UK

Strong momentum in the commercial property market:

Dear reader

2025 continues its strong momentum, led by residential rental properties

FOR SALE

MAJOR PROPERTIES FOR SALE

Housing, housing, and more housing

FOR SALE

Selection of our off-market properties

HIDDEN FROM THE MARKET

116 rental apartments in Trøjborg, Aarhus let significantly faster than expected

Registered up in advance

Severe shortage of rental housing

FOR SALE

Holiday resort with 87 units by the North Sea for sale

Unique investment opportunity

Development opportunities

Global

partner with local roots:

Almost half of all transactions in Denmark involve foreign parties

JLL Nordic Outlook

International Poul Erik Bech

Nordic countries at the top internationally

PROJECT NEWS

Kopenhagen Fur’s former headquarters sold to major educational institution

NEXT Hovedstadens Håndværkercampus

More information

Hot hotels

HOTEL & INNFocus

Status of the commercial property market in the country’s four largest cities

Jane Bech 10 years of growth and values in Denmark’s largest real estate agency

Significant growth over the past decade

Employees and clients come first

Facts about Jane Bech

Future proofing the company

BROEN Danmark receives million (DKK) donation for the seventh consecutive year

Poul Erik Bech Fonden

213 apartments in Ørestad rented out: Great interest in especially family housing

JLL Nordic Outlook: Strategic renovation revives the office market

New attractive residential project with excellent communal facilities in Ry fully let

Expectations seminar

Thursday 27 November in Industriens Hus ›

What

New legislation paves the way for an exclusive holiday resort

Former hospital buildings in Vejle put up for sale

FOR SALE

Salling Group puts Lollands Centret in Maribo up for sale

Unique opportunity for holiday and hotel project

Sluseøen

2 new leasing profiles

Copenhagen

South Jutland

Executive summary – 4th quarter

The Danish economy

Residential rental

newer properties

Residential rental

fully developed properties

Residential rental cost determined rental properties

Trends in residential rental properties

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

Scan and sign up

International Poul Erik Bech