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Page 1

January 2019

The Danish Property Federation Market Statistics – vacancy • The trend of decreasing vacancy is continuing • The positive tendencies are widely founded with a decrease in vacancy in all sectors of up to two percent over the last year. • The higher rental rates over the last year gives increased annual earnings for the business of DKK 1.9bn. • The decrease in residential vacancy is led by increased rental rates in Copenhagen and Aarhus • Increased rental in shopping centres pulls the retail vacancy down

Increased rental in all sectors ensures the business increased earnings of DKK 1.9bn The property business follows the strong development in Danish economy. The vacancy in the fourth quarter of 2018 decreased overall with 0.4 percentage points to 6.2 percent in January 2019. The positive development applies to all sectors and if we look at the development over the last year, the vacancy has decreased with up to two percentage points in all sectors. Overall, we are looking at an annual decrease in vacancy of 1.7 percentage points. This corresponds to increased annual earnings for the business of DKK 1.9bn. If you go further back to 2013, when the vacancy was at its peak, the decrease in vacancy corresponds to increased earnings for landlords of DKK 4.6bn.

Decreasing vacancy in all sectors increases the business’ earnings by DKK 1.9bn in a year.

Compared to the structural vacancy level of an average of 3.9 percent, the vacancy of all sectors is still 2.3 percentage points higher. It means that there is still a rental potential of DKK 2.3bn. This especially applies to the rental of residential in North Jutland, office in the Region of Southern Denmark and retail facilities in Region Zealand. On the other hand, some areas of

Figure 1. Decreasing economic vacancy for retail is mainly due to increased rental in shopping centres Economic Vacancy, percent - 0.7

5.2

Retail total

Shops and shopping centres

- 0.3

5.1

Small sized shopping centres

- 0.3

4.8

Medium sized shopping centres

- 2.4

4.4

Large shopping centres -

7.5 1.0

2.0

3.0

4.0

Economic vacancy, january

- 0.2

5.0

6.0

7.0

8.0

9.0

Quarterly change

Source: Special analysis by the Danish Property Federation based on the market statistics with market data for 2,600 retail properties. 80 of the country’s approx. 120 shopping centres are represented in the database. Note: The division according to size is carried out for shops and shopping centres below 5,000 m2, small shopping centres between 5,000 m2and 20,000 m2, medium-sized shopping centres between 20,000 m2 and 40,000 m2 as well as shopping centres with more than 40,000 m2.

1


The Danish Property Federation Market Statistics – vacancy, January 2019

the market are close to full rental. Among others, it applies to offices and retail leases in Aarhus with a vacancy of 3.9 and 3.5 percent respectively as well as residential leases in Other Copenhagen, North Zealand, East Zealand and Odense where the vacancy is below three percent. If the growth is to continue here, it requires investments. At the same time, you can see the rent for industrial facilities is increasing.

The shopping centres are the main reason for the progress for retail.

Largest decrease in vacancy for retail The vacancy decreases in January 2019 with 0.7 percentage points since October 2018. This is a significant decrease considering that retail already experiences the lowest vacancy level across the occupational sectors. The majority of the decrease can be explained by the improvement of the rental in the country’s shopping centres. It especially applies to the medium sized shopping centres of between 20,000 and 40,000 m2, where the economic vacancy has decreased with 2.4 percentage points in three months. For these, the vacancy in January is 4.4 percent and thus 0.7 percent below the average of retail, cf. figure 1. The highest vacancy is seen for the very large centres with more than 40.000 m2, which have a vacancy of 7.5 percent. It is followed by a vacancy level of 5.0 percent for shops and small shopping centres. Here, the quarterly decreases have also been of a smaller size of 0.2 and 0.3 respectively. At the same time as the financial and spatial vacancy continues to decrease, it also appears that the extent of offered retail areas have begun to increase, cf. Ejendomstorvet’s Market Index, 1st Quarter 2019. These two tendencies are not contradicting as they are based on very different calculation principles, cf. financial article in Huset, October 2017. When the amount of offered facilities increases at the same time as the retail vacancy decreases, it may be due to increasing activity and that several players offer leases at an agent. It may also be a result of rented leases being terminated at a future date and offered. The tendency of decreasing retail vacancy is confirmed by rental manager at DEAS, Annett Norén Beckert, who adds that they are, however, experiencing a longer lead time in connec-

Figure 2. Economic vacancy, January 2019 9.0

8.5

6.5

6.2

5.2 3.3

Office

Retail

Industry

Residential

Other Commercial

Total

Change in percentage points

Change in percentage points

Change in percentage points

Change in percentage points

Change in percentage points

Change in percentage points

Quart.

An.

Quart.

An.

Quart.

An.

Quart.

An.

Quart.

An.

Quart.

An.

-0.1

-2.0

-0.7

-1.3

-0.5

-1.3

-0.5

-0.6

-0.3

-1.0

-0.4

-1.7

Source: The Danish Property Federation Market Statistics. Note: The vacancy rates for all rectors also include actual annual rent and space for other commercial and secondary spaces.

2


The Danish Property Federation Market Statistics – vacancy, January 2019

tion with entering lease contracts. Lead time is the time from the beginning of the dialogue about entering the lease contract until the contract has finally been agreed. Increasing rental level for industry The vacancy is still decreasing for industry, logistics and storage facilities. With the last year’s decrease of 1.3 percentage points, recent years’ higher bidding in this sector has again been replaced by a better balance and the rental level has also increased by one percent over the last quarter. With a vacancy of nine percent, industry is still above the other sectors, but it must be compared to the fact that industry has a higher natural vacancy rate. The current increase in the rental level indicates that the demand has gradually followed the offer and that the market may contain a certain degree of development.

The rental level for industry increases significantly in the fourth quarter of 2018.

The residential vacancy decreases – most significantly in Copenhagen and Aarhus The vacancy for residential property decreased overall with 0.5 percentage points in the fourth quarter of 2018 and with 0.6 percentage points in all of 2018. The positive development is especially driven by increased rental levels in Copenhagen and Aarhus which are practically at the same level as the national average. In Aalborg and the rest of Northern Jutland which has the highest vacancy for residential with more than seven percent, the vacancy is marginally decreasing in the fourth quarter of 2018. However, it is not enough to turn around the annual development for the region which increased with 1.4 percentage points for all of 2018, and thereby the demand still does not seem to be able to follow the offers.

Figure 3. Development in economic vacancy Procent 25,00

20,00

15,00

10,00

5,00

Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt. Jan

0,00

2000

2001

2002

2003

2004

2005

2006

Kontor KontorKontor

2007

2008

Butik Butik Butik

2009

2010

2011

Industri Industri Industri Bolig

2012 I alt Bolig Bolig

2013

2014

2015

2016

2017

2018 2019

I alt I alt

Source: The Danish Property Federation’s market statistics and own calculations based on data from IPD Danish Property Index and Ejendomstorvet’s market statistics. Note: Data from January 2014 and onwards is from Danish Property Federation’s market statistics. From 2001 to 2013, numbers are from IPD Dansk Ejendomsindeks, processed based on differences in level in 2014. In 2000, office data from Ejendomstorvet’s market index is included. Calculation methods are not identical which is why there is a break in data between October 2013 and January 2014. From January 2014, the calculation is quarterly while it is annual before 2014. From 2014, there is also more data available.

3


The Danish Property Federation Market Statistics – vacancy, January 2019

Office – Close to the historical level There is still progress in the rental market for office property. The economic vacancy for offices is decreasing with 0.1 percentage points to 8.5 percent and is now very close to the long-term average of 8.4 percent. The spatial vacancy decreases with 0.2 percentage points to 9.7 percent.

Aarhus has the lowest retail vacancy in the country.

The positive financial development and increasing office employment decreases the vacancy.

The largest decrease in the economic vacancy takes place in the Region of Southern Denmark where the vacancy decreases with 0.6 percentage points to 11.4 percent. At the same time, the region has the highest economic vacancy in office of the five regions in the country. The decrease in the Region of Southern Denmark is very much driven by Odense, where the vacancy decreases with 1.5 percentage points in the last quarter to 12.0 percentage. However, it does not change the fact that Odense still has the largest vacancy among the large cities. The lowest vacancy for offices is in Aarhus where it is now at 3.9 percent after a decrease of 0.7 percentage points. In Copenhagen, the vacancy is increasing slightly but the Capital Region still experiences a small decrease thanks to the rest of the region. Compared to the same period last year, the economic vacancy has decreased with 2.0 percentage points and all regions have seen decrease in vacancy. The continued beneficial financial development and increasing office employment has contributed to the decrease in vacancy and it is expected to continue in the future.

Economic vacancy rate

Table 1. Office Capital Region

January 2019 (percent)

Quarterly change (percentage points)

8.6

-0.2

-1.9

Copenhagen Centre

5.6

0.1

-0.2

Other Copenhagen Municipal

7.8

0.6

-0.6

Northern Zealand

10.7

-0.1

-14.0

Other Capital Region

11.3

-1.3

-2.6

9.3

1.0

-2.5

6.1

0.0

-11.1

11.9

1.6

4.2

Zealand Region Eastern Zealand Western and Southern Zealand Southern Denmark Region

11.4

-0.6

-2.4

Odense

12.0

-1.5

-6.5

Triangle Area

13.8

-0.6

-2.2

9.6

0.2

Other Southern Denmark Region Mid Jutland Region

4.8

-0.2

-3.1

Aarhus

3.9

-0.7

-4.7

Other Mid Jutland Region

7.4

1.5

1.8

10.4

0.3

-0.4

10.6

0.2

-0.6

8.5

-0.1

-2.0

Northern Jutland Region Aalborg Total

Source: The Danish Property Federation Market Statistics.

4

Annual change (percentage points)


The Danish Property Federation Market Statistics – vacancy, January 2019

Retail – The vacancy decreases to a continuously lower level Retail has the largest quarterly decrease among the occupational sectors with 0.7 percentage points. At the same time, retail vacancy decreases from a low level of 5.9 percent in October 2018 to 5.2 percent in January 2019. This is an annual decrease of 1.3 percentage points and in a historical perspective, retail is now below the long-term average of 6.8 percent. Regionally, it is Region Zealand and the Region of Southern Denmark which has the highest retail vacancy of 8.0 and 6.7 percent while the vacancy in Central Copenhagen, Aarhus, Odense and Aalborg is below the national average, cf. table 3. It indicates that retail leases are still in demand without it causing a large pressure on the rental levels whereas the retail leases in smaller towns faces larger challenges in attracting tenants. The development is supported by the fact that more and more is rented in the shopping centres and in and around the large cities. Although the retail vacancy is decreasing regardless of larger or smaller retail leases, the decrease is primarily caused by shopping centres losing less lease today than only three months ago, cf. figure 1.

The retail vacancy of 5.2 percent is below the historical average.

Retail leases are still in demand in the largest cities. In the other parts of the country, the vacancy is somewhat above the national average.

The increased rental in shopping centres is the cause of a large part of the decrease in vacancy.

On average, the vacancy decreases with more than 1 percentage points from 6.5 percent to 5.4 percent in shopping centres, while shops and smaller shopping centres below 5,000 m2 only see a decrease of 0.3 percentage points to 5.0 percent. For medium-sized centres, the vacancy is now the lowest in the retail sector with 4.5 percent. Here, the vacancy decreases with 2.4 percentage points from 6.8 to 4.3 percent in the last quarter. However, the vacancy is largest in the country’s largest centres with more than 40,000 m2 with 7.5 percent.

Economic vacancy rate January 2019 (percent)

Quarterly change (percentage points)

Annual change (percentage points)

4.8

-0.8

-1.9

Copenhagen Centre

4.5

0.1

0.3

Other Copenhagen Municipal

4.2

0.5

0.7

Northern Zealand

5.9

-0.5

-2.4

Other Capital Region

5.4

-2.7

-4.2

8.0

0.3

-0.8

Eastern Zealand

8.6

-0.1

0.8

Western and Southern Zealand

6.9

0.9

-4.4

6.7

-0.2

1.5

Table 2. Retail Capital Region

Zealand Region

Southern Denmark Region Odense

5.4

0.0

Triangle Area

6.2

-0.4

Other Southern Denmark Region

8.7

-0.5

4.4

-0.7

-1.5

Aarhus

3.5

-0.6

-1.2

Other Mid Jutland Region

5.6

-1.3

-2.7

4.2

-1.2

1.1

4.9

-0.2

1.6

5.2

-0.7

-1.3

Mid Jutland Region

Northern Jutland Region Aalborg Total

1.2

Source: The Danish Property Federation Market Statistics.

5


The Danish Property Federation Market Statistics – vacancy, January 2019

Industry – Continued decrease in vacancy

The vacancy level is primarily driven by increasing rental levels of existing leases.

The economic vacancy for industry continues to decrease and is now at 9.0 percent after a decrease of 0.5 percentage points last quarter. The market for industrial leases typically fluctuates more than the other occupational sectors and since the financial crisis, the industrial production has been severely affected. However, it has improved during the last couple of years, and the industrial production has picked up and increased more than 5 percent in 2018. In the same period, the economic vacancy for industrial leases has decreased with 1.4 percent-age points. The decrease in vacancy is driven by increasing rental level of existing leases and not so much by vacancies being rented. The decrease in the economic vacancy is widely founded across the country. The largest decrease is seen in the Central Denmark Region where it decreases with 1.1 percentage points to 3.2 percent. Thereby, it is still the re-gion with the lowest economic vacancy. In Region Zealand, the vacancy is still high but does decrease with 0.8 percentage points.

The vacancy decreases in all five regions.

In the Capital Region, the vacancy decreases with 0.2 percentage points, driven by Other Capital Region, where the majority of the industrial leases are located. As the only place in the country, Northern Zealand sees an increase in the economic vacancy of 3.3 percentage points to 15.0 percent.

Economic vacancy rate

Table 3. Industry Capital Region

January 2019 (percent)

Quarterly change (percentage points)

Annual change (percentage points)

9.6

-0.2

-0.9

Copenhagen Centre

11.9

-0.3

-6.3

Other Copenhagen Municipal

12.5

-0.5

-1.7

Northern Zealand

15.0

3.3

2.6

8.0

-0.4

0.0

Zealand Region

22.4

-0.8

3.3

Southern Denmark Region

11.0

-0.3

-6.9

3.2

-1.1

-0.2

3.8

-0.3

0.6

9.0

-0.5

-1.3

Other Capital Region

Mid Jutland Region Aarhus Total

Source: The Danish Property Federation Market Statistics.

6


The Danish Property Federation Market Statistics – vacancy, January 2019

Residential – Large decrease in vacancy in Copenhagen and Aarhus The vacancy level for residential decreases nationally with 0.5 percentage points from October 2018 to January 2019. A significant part of the explanation is that many previously vacancies have been rented. Especially in Copenhagen and Aarhus, there is a large decrease in vacancy. In Central Copenhagen and Other City of Copenhagen, the vacancy has decreased with 1.4 percentage points and 1.1 percentage points respectively from October 2018 to January 2019. In Aarhus, the quarterly decrease is 0.6 percentage points and thereby Aar-hus lands on a reasonable level of 3.7 percent. In Aalborg, there is also a small decrease, but the vacancy level has been relatively high in the city compared to other cities and the national average. Aalborg has a vacancy level of 7.3 percent and the higher vacancy level is, among other things, due much new construction. Similar observations have been made in other cities with an increased vacancy percentage for a shorter period due to new construction but here, the tendency has been that the increased offers have been met by the demand.

The decrease in vacancy of 0.5 percentage points is primarily due to previously vacancies have been rented.

Especially Central Copenhagen and Aarhus sees larger decrease in vacancy of 1.4 and 0.6 percentage points.

Odense continues to be significantly below the national average with a vacancy percentage of 1.1 percent which remains unchanged since October 2018. At a regional level, the largest quarterly decrease in vacancy is found in the Capital Region with 0.7 percentage points. The overall vacancy percentage in the Capital Region is thus 3.0 percent. The Central Denmark Region has a vacancy decrease of 0.3 percentage points and sees an annual decrease of 1.0 percentage points. The Region of Southern Denmark sees a small increase in the vacancy percentage but with an overall vacancy level in the region of 2.2 percent, the Region of Southern Denmark still has the lowest vacancy percentage of the five regions.

Economic vacancy rate January 2019 (percent)

Quarterly change (percentage points)

Annual change (percentage points)

3.0

-0.7

-1.0

Copenhagen Centre

4.1

-1.4

-2.0

Other Copenhagen Municipal

2.7

-1.1

-1.9

Northern Zealand

1.9

-0.6

-0.6

Other Capital Region

3.6

0.1

1.1

2.8

0.5

0.5

Eastern Zealand

1.4

0.3

0.3

Western and Southern Zealand

3.5

0.6

0.5

Table 4. Residential Capital Region

Zealand Region

Southern Denmark Region

2.2

0.1

0.2

Odense

1.1

0.0

-0.6

Triangle Area

3.2

-1.1

0.4

Other Southern Denmark

3.2

0.6

1.2

3.6

-0.3

-1.0

Aarhus

3.7

-0.6

-1.3

Other Mid Jutland Region

3.6

0.7

0.1

7.3

-0.1

1.4

Aalborg

7.3

-0.1

1.3

Other Northern Jutland

7.9

-0.6

1.6

3.3

-0.5

-0.6

Mid Jutland Region

Northern Jutland Region

Total

Source: The Danish Property Federation Market Statistics.

7


The Danish Property Federation Market Statistics – vacancy, January 2019

Geographical overview Copenhagen Centre

Christiansborg Christianshavn

Tivoli

Northern Jutland Region

Aalborg

Mid Jutland Region

Aarhus Northern Zealand Capital Region

Triangle Area

Copenhagen Centre Zealand Region

Southern Denmark Region

Odense

Western and Southern Zealand

Eastern Zealand

Other Copenhagen Municipal Other Capital Region

Source: The Danish Property Federation Market Statistics. Note: Copenhagen Centre consists of Copenhagen inner city covering the zip codes: 900, 1000-1431, 1434-1438, 14481559, 1562-1609, 1611-1614 og 1631-1634.

8


The Danish Property Federation Market Statistics – vacancy, January 2019

About the Market Statistics This web report is published 15 May 2019. Next scheduled publication is May 2019. The portfolios have approximately 124,000 rentals corresponding to an annual lease value of DKK 25.0 billion and 21.6 million square metres. In comparison, the statistical base in January 2018 had an annual lease value of DKK 18,9 billion and 15,6 million square metres. Today, there are 9,200 properties in the market statistics.* It is the current annual lease which is included in the calculation of the economic vacancy. The economic vacancy is defined as: The sum of the current annual lease in all vacancies divided by the sum of current annual lease in both rentals and vacancies. The Market Statistics is based on quarterly reported property data for rentals and vacancies within the period in question. This web report has been closed as of 31 December 2018 and is called January 2019. The quarterly change is from January 2019 (settled as of 31 December 2018) compared to October 2018 (settled as of 30 September 2018). The annual change is from January 2019 (settled as of 31 December 2018) compared to January 2018 (settled as of 31 December 2018). The published market data are updated and valid on the publication date. As the market statistics are continuously updated with e.g. new historical data, there may be updates of historical data. It has been chosen not to publish data in the statistics for which the basis is not evaluated to provide valid and representative results or in combinations where only one or a few portfolios are represented. * The number of properties include properties and parent properties. A property can include one or more buildings and one or more residential or office units. A parent property includes a property, in which there are apartments, which are registered as independent properties. For these units it is the parent properties that are counted and not the individual apartment.

Further information If you wish to know more about this publication please contact Director in the Danish Property Federation

This report is based on data from The statistics are based on data from the following: 2 + 3 Ejendomme, Aberdeen Asset Management, Advodan, Akelius, Alm. Brand, ALN Holding, Andersen Partners Ejendomsadministration, Anker Bay Petersen, AP Pension, Arbejdernes Landsbank, Arkitekternes Pensionskasse, Arup & Hvidt, ATP, Ejendomsselskabet Aunbøll A/S, Bagenkop Ejendomme A/S, Bangs Gård A/S, Bank Lauridsen, Barfoed Group, Bendtsen ApS, Bernhard Guhle, Bevica Fonden, Blue Vision, Bodil og Co. I/S, Bolig og erhvervsudlejning I/S, Boliggruppen, Bruno Dall, Carlsbergfondet, CBRE, CEJ Ejendomsadministration, CK Holding Odense I/S, Claus Sørensen, Cobblestone, Coller Capital, CS Pensionsfond, CW Obel Ejendomme, DADES, Danica, Dansk Administrationscenter, Danagraf A/S, Dansk Sygeplejeråd, Danske Bank, DATEA, DEAS, DEAS Invest 1, De Københavnske Ejendomsselskaber, Demant Advokater, DIKEV, DIP, DK Ejendomme, DNP Ejendomme, Domhusgaarden Ejendomsadministration, Dreist Storgaard, DSB Ejendomme, Egen Vinding & Datter ApS, Ejendommen Hauchsvej 16 I/S, EjendomDanmark, Ejendomskontoret, Ejendomsselskaberne, Ejendomsselskabet af 15. maj 1895, Ejendomsselskabet NEMP, Ejendomsselskabet Østervold, Estate Invest, Etex Ejendomme, EV bolig, Fast Ejendom Danmark, Flemming Jeppsson, Flemming Olsen, Flemming Sørensen, Fokus Asset Management, FrederiksbergFonden, Freja Ejendomme, Friheden Ejendomme A/S, Færchfonden, Goldschmidt Ejendomme A/S, Grosserer Schiellerup og Hustrus Fonde, Gudbjørg og Ejnar Honorés Fond, Grønløkkevej 10, Grønnegaarden Ejendomsselskab, Hans Nielsen, Hauchs Ejendomme, HD Ejendomme, HEA Ejendomme, Hegela Erhvervsudlejning, Helle Duun, Hestia, Hjørnet, Home Holbæk, Hovedstadens Ejendomsadministration, Hosta Ejendomme, Humlebogruppen, Højgaard Ejendomme, Industriens Pension, Investorgruppen, Jammerbugt Kommune, Jens Garfalk, Jeudan, Jorcks Ejendomsselskab, JØP, Kaj Pedersen, Kalkværksgrundene, Kalvebod Ejendomme, Karberghus, KEBLOH ApS, KIRKBI, KHK’s Legat, KLP Ejendomme, Kramers Legat, Københavns Kommune, Køge Kommune, Laros, Lars Wissing, LB Forsikring, Lindhart Ejendomsadministration, Lyngby Kommune, Lægernes Pensionskasse, Lærernes Pension, Michael Westh-Jensen, Minova, Mogens Westh-Jensen, Moltzen Administration, Mogens Nielsen, MP Pension, MOWE Holding ApS, NEMO Ejendomsadministration, Nemp Ejendomsadministration, Niam, Niels Møller, Nielsen & Nielsen Ejendomme A/S, Nordea Ejendomme, Nordea Liv og Pension, North Property Asset Management, Odense Bolig ApS, Ole Hartvig, PBU, PenSam, PensionDanmark, Pensionskassen for Farmakonomer, PFA, PIA International, Pitzner Ejendomme, PKA, PN Ejendomme, Postbudenes Byggeforening, Probus, ProDomus, Realdania, Revisorteamet, Roskilde Fællesbageri ApS, Sampension, SEB, Samrådets Boligselskab / Dronning Louises Stiftelse, Siersbo ApS, Skovly Ejendomme, Sofus Administration ApS, SparNord Ejendomme Aalborg, Svanholt Ejendomme, SPG Omsorg DK1, Steen & Strøm, Taurus Ejendomsadministration, TDC Pensionskasse, TLK Ejendomme, TLP ApS, Tom Jensen, Topdanmark, Totalbyg, Tryg, Vagner P, Valad, VEA ApS, Vestjysk Ejendomsadministration ApS, Vestsjællandske Ejendomme ApS, Volantis A/S, Wagner Ejendomme, West Star Property Holding ApS, Wind Administration, Øens Ejendomsadministration, Øernes Ejendomsselskab, Aalborg Boligadministration og Aage Larsens Boligudlejning.

Morten Marott Larsen mml@ejd.dk Phone +45 28 45 56 51

9


The Danish Property Federation Market Statistics – vacancy, January 2019

Appendix Figure 4. Spatial vacancy rate, January 2019 10.0

9.7

7.0 6.1

5.8

3.2

Office

Retail

Industry

Residential

Other Commercial

Total

Change in percentage points

Change in percentage points

Change in percentage points

Change in percentage points

Change in percentage points

Change in percentage points

Quart.

An.

Quart.

An.

Quart.

An.

Quart.

An.

Quart.

An.

Quart.

An.

-0.2

-2.1

-0.6

-0.2

-0.4

0.3

-0.2

-0.5

0.4

-0.9

-0.3

-1.4

Source: The Danish Property Federation Market Statistics. Note: The vacancy rates for all sectors also include actual annual rent and space for other commercial and secondary spaces.

Spatial vacancy

Table 5. Office Capital Region

January 2019 (percent)

Quarterly change (percentage points)

Annual change (percentage points)

9.6

-0.2

-1.9

Copenhagen Centre

5.3

0.1

-0.8

Other Copenhagen Municipal

7.0

0.6

-0.4

Northern Zealand

12.8

0.3

-9.4

Other Capital Region

14.2

-1.1

-1.8

12.8

1.4

-1.3

10.1

2.4

-7.1

7.0

-6.9

-5.0

Zealand Region Eastern Zealand Western and Southern Zealand Southern Denmark Region

12.3

-1.2

-4.7

Odense

13.8

1.2

-6.2

Triangle Area

12.6

-4.8

-8.6

Other Southern Denmark Region

17.6

6.1

12.4

5.8

2.8

Mid Jutland Region Aarhus

6.1

0.5

-3.4

Other Mid Jutland Region

4.6

-4.7

-5.3

10.4

-0.9

-1.1

11.5

-0.9

-1.2

9.7

-0.2

-2.1

Northern Jutland Region Aalborg Total

Source: The Danish Property Federation Market Statistics. 10


The Danish Property Federation Market Statistics – vacancy, January 2019

Spatial vacancy January 2019 (percent)

Quarterly change (percentage points)

Annual change (percentage points)

5.9

-0.6

-0.2

Copenhagen Centre

4.7

-0.8

0.1

Other Copenhagen Municipal

6.3

1.0

2.7

Northern Zealand

6.8

-0.8

-1.2

Other Capital Region

6.0

-1.7

-1.2

6.3

0.6

-1.2

Eastern Zealand

5.7

-0.1

-0.1

Western and Southern Zealand

7.2

1.6

-3.5

7.0

-0.5

1.2

Tabel 6. Retail Capital Region

Zealand Region

Southern Denmark Region Odense

6.0

0.1

Triangle Area

7.4

-1.0

Other Southern Denmark Region

7.5

-0.8

5.4

-0.9

-2.1

Aarhus

4.3

-1.8

-1.2

Other Mid Jutland Region

6.5

-0.1

-3.5

7.4

-1.9

2.6

10.1

-1.1

4.7

6.1

-0.6

-0.2

Mid Jutland Region

Northern Jutland Region Aalborg Total

1.7

Source: The Danish Property Federation Market Statistics.

Spatial vacancy January 2019 (percent)

Quarterly change (percentage points)

Annual change (percentage points)

9.9

-0.2

0.0

Copenhagen Centre

17.5

-1.2

-1.5

Other Copenhagen Municipal

13.2

-0.2

-0.8

Northern Zealand

16.3

3.6

-2.2

Table 7. Industry Capital Region

Other Capital Region

7.9

-0.3

0.6

Zealand Region

24.4

-1.2

9.6

Southern Denmark Region

17.4

0.3

-0.8

4.0

-0.9

-0.2

4.4

-0.2

0.3

10.0

-0.4

0.3

Mid Jutland Region Aarhus Total

Source: The Danish Property Federation Market Statistics.

11


The Danish Property Federation Market Statistics – vacancy, January 2019

Spatial vacancy January 2019 (percent)

Quarterly change (percentage points)

Annual change (percentage points)

2.7

-0.5

-0.9

Copenhagen Centre

3.5

-1.0

-1.1

Other Copenhagen Municipal

2.4

-0.8

-1.8

Northern Zealand

1.9

-0.5

-0.5

Other Capital Region

3.2

0.2

0.6

3.3

0.6

0.2

Eastern Zealand

1.4

0.4

0.1

Western and Southern Zealand

4.2

0.7

0.4

Table 8. Residential Capital Region

Zealand Region

Southern Denmark Region

2.3

0.3

0.2

Odense

1.1

0.0

-0.8

Triangle Area

3.2

-0.5

0.3

Other Southern Denmark Region

3.1

0.7

1.2

3.8

0.0

-0.3

Aarhus

3.7

-0.3

-0.9

Other Mid Jutland Region

4.0

0.6

1.1

Mid Jutland Region

Northern Jutland Region

6.7

-0.2

0.7

Aalborg

6.6

-0.2

0.7

Other Northern Jutland Region

8.1

-0.5

0.6

3.2

-0.2

-0.5

Total

Source: The Danish Property Federation Market Statistics.

12

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The Danish Property Federation´s market statistics – vacancy (January 2019)  

The trend of decreasing vacancy is continuing The positive tendencies are widely founded with a decrease in vacancy in all sectors of up to...

The Danish Property Federation´s market statistics – vacancy (January 2019)  

The trend of decreasing vacancy is continuing The positive tendencies are widely founded with a decrease in vacancy in all sectors of up to...

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