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January 2020

The Danish Property Federation’s Market Statistics – Vacancy • Decrease in business vacancy • The vacancy increases less for street retail than for shopping centres. • Office leases with high energy classes have lower vacancy • The vacancy for industry decreases with 0.4 percentage po ints to 8.3 percent • The residential vacancy has increased with 1.7 percentage points since January 2019

Stable vacancy rate in January 2020 The economic vacancy rate is overall almost unchanged since October 2019, and it is - with a quarterly decrease of less than 0.1 percentage points in January 2020 - at 7.2 percent. Thus, the high vacancy rate from October 2019, which is 0.6 percentage points higher than the same time last year, is maintained It is especially due to the fact that the vacancy last year generally increased for retail and residential with 1.3 and 1.7 percentage points. In the Capital Region and the Central Denmark Region, the residential vacancy in January 2020 is 2.0 and 2.4 percentage points respectively higher than in January 2019. Residential and retail leases drive the annual vacancy increase The residential vacancy has increased for the fourth quarter in a row. The last three months, it is especially the increase in the Capital Region of 0.4 percentage points and in the Region of Southern Denmark of 1.0 percentage points which has caused the level in January to be at 5.2 percent. In the two regions, the residential vacancy especially in-

Figure 1. Vacancy percentages, January 2020 8.9

Economic vacancy The economic vacancy rate indicates how much of the rent is lost as a consequence of empty leases.

8.3 7.2

7.2

7.1

The residential vacancy is still lower than the vacancy of business properties.

5.2

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.

-0.1

0.0

-0.2

1.3

-0.4

-1.4

0.3

1.7

-0.2

0.2

0.0

0.6

The term is defined as: The sum of current annual rent in all empty leases divided by the sum of current annual rent in both rented and empty leases.

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

1


The Danish Property Federation’s Market Statistics - Vacancy, January 2020

creases in the areas Copenhagen Centre, Northern Zealand and Odense. Retail still has a lower vacancy than office and industry but despite a decrease last quarter of 0.2 percentage points, the level has increased with 1.3 percentage points since January 2019, so that is is now 7.2 percent. It means that retail is somewhat above the long-term average of 6.8 percent. In one year, the retail vacancy has increased with 1.8 percentage points in the Capital Region. Here, the vacancy in Copenhagen Centre increases with only 0.6 percentage points annually, while the annual increases outside the centre is more significant with 3.6 percentage points in other City of Copenhagen and 1.7 in Northern Zealand and other Capital Region. In Aarhus, the increase is 2.3 percentage points compared to an increase in the Central Denmark Region of 1.3 percentage points. Office has a vacancy of 8.9 percent.

Office leases with energy label A or B have a vacancy of 7.5 percent.

Office has a vacancy of 8.9 percent. This is a decrease of 0.1 percentage points from last quarter. Since last year, there has thus been no change in the office vacancy and it is still slightly higher than the long term average of 8.4 percent. The high office vacancy is caused by a slightly higher vacancy rate in Region Zealand and the Region of Southern Denmark, where is is 11.0 and 12.6 percent respectively. The vacancy rates of these regions have, however, decreased with 1.8 and 0.5 percentage points respectively since October 2019. The overall office vacancy seems to be caused by a slightly higher vacancy rate for office leases with the low energy labels E, F and G. They have an average office vacancy of 11.4

Figure 2. Development in economic vacancy Percent 25

20

15

10

5

Jan. Apr. Jul. Oct. Jan. Apr. Jul. Oct. Jan. Apr. Jul. Oct. Jan. Apr. Jul. Oct. Jan. Apr. Jul. Oct. Jan. Apr. Jul. Oct. Jan. Apr. Jul. Oct. Jan. Apr. Jul. Oct. Jan. Apr. Jul. Oct. Jan. Apr. Jul. Oct. Jan. Apr. Jul. Oct. Jan. Apr. Jul. Oct. Jan. Apr. Jul. Oct. Jan. Apr. Jul. Oct. Jan. Apr. Jul. Oct. Jan. Apr. Jul. Oct. Jan. Apr. Jul. Oct. Jan. Apr. Jul. Oct. Jan. Apr. Jul. Oct. Jan. Apr. Jul. Oct. Jan.

0 2000

2001

2002

2003

2004

2005

2006

2007 Office

2008

2009

Retail

2010 Industry

2011

2012

Residential

2013

2014

2015

2016

2017

2018

2019

2020

Total

Source: The Danish Property Federation Market Statistics and own calculations based on data from IPD Danish Property Index and Ejendomstorvets Market Index. Note.: Data from January 2014 and onwards is from the Danish Property Federation’s Market Statistics. From 2001 to 2013, numbers from IPD Danish Property Index are processed based on differences in level in 2014. In 2000, office data from Ejendomstorvets Market Index is included. The calculation methods are not similar which is why there is a gap in data between October 2013 and January 2014. From January 2014, the calculation is quarterly, while it is annual before 2014. From 2014, the data used is more detailed.

2


The Danish Property Federation’s Market Statistics - Vacancy, January 2020

percent, while leases in properties with the higher energy labels A and B have an office vacancy of 7.5 percent. Energy labels in the medium classes C and D have an average office vacancy of 8.3 percent. The numbers are simple averages and there is no control of underlying factors such as geography, year of construction, size, etc.

Office leases with energy label A or B have a vacancy of 7.5 percent.

Lower vacancy for street retail For retail, the loss of rental income i largest in the country’s shopping centres. Overall, the vacancy in the centres is 8.1 percent compared to an average of 6.6 percent for street retail. While retail vacancy (excluding shopping centres) has increased with 1.0 percent in the last year, the vacancy in shopping centres has increased with 2.1 percent in the same period. However, that does not apply to the whole country. Regionally, there is a great difference in vacancy rate as well as development in vacancy when it comes to shopping centres versus street retail. The loss of vacancy for the country’s shopping centres at a regional level is highest in the Capital Region, where the vacancy in January 2020 corresponds to 9.1 percent of the annual rent. The last year, it has become increasingly difficult to let shopping facilities in shopping centres compared to street retail. While the vacancy for shopping centres has increased with 2.9 percent since January 2019, the vacancy for street retail has increased with 1.5 percent from 4.8 to 6.2 percent.

Difference in vacancy between shopping centres and street retail in the Capital Region.

On the other side of the Great Belt, the situation is different. In the Central Denmark Region, the North Denmark Region and the Region of Southern Denmark, the vacancy in the centres are lower than the other retail vacancy. While the North Denmark Region and the Region of Southern Denmark has even experienced a decrease in the last quarter. The vacancy for street retail is higher in the Central Denmark Region (7.0 percent), the North Denmark Region (8.6 percent) and the Region of Southern Denmark (8.6 percent) than in the Capital Region (6.2 percent, while the rate in Region Zealand is 0.4 percent lower. At the same time, the vacancy in the shopping centres outside the Capital Region is between 1.3 and 2.6 percent lower than in the shopping centres in the Capital Region. The higher vacancy for shopping centres in the Capital Region is especially caused by large and medium-sized shopping centres (over 20,000 m2), which has an average vacancy of 8.9 percent. In addition to a larger share of empty vacant square metres in the shopping centres of the Capital Region (9.4 percent in spatial vacancy rate compared to 8.6 percent in the Central Denmark Region and the North Denmark Region, the shopping centres around the capital also has a higher vacancy rent than other shopping centres in the country. Add to this that the vacancy for retail, excluding shopping centres, is generally low in places in Zealand with much retail compared to other parts of the country. In Copenhagen Centre, the vacancy for other retail is 6.7 percent and in the other Capital Region, the rate is 3.9 percent. In comparison, the vacancy for other retail is 7.9 and 9.2 percent in Aarhus and Aalborg.

3


The Danish Property Federation’s Market Statistics - Vacancy, January 2020

Figure 3. Difference in retail vacancy in streets and shopping centres between regions Capital Region

Zealand Region

12.0

12.0

10.0

10.0

8.0

8.0

6.0

6.0

4.0

4.0

2.0 1

2

3

4

1

2

2018

3

4

2019

Street retail

1

2.0 1

2

2020

3

4

1

2

2018

3

4

2019

Street retail

Center

Midjutland Region

Region of Southern Denmark

12.0

12.0

10.0

10.0

8.0

8.0

6.0

6.0

4.0

4.0

1 2020

Center

2.0

2.0 1

2

3

4

1

2

2018

3

4

2019

Street retail

1 2020

1

2

3

4

1

2018

3 2019

Street retail

Center

2

4

1 2020

Center

Northern Jutland Region 12.0 10.0 8.0 6.0 4.0 2.0 1

2

3

4

1

2018

2

3 2019

Street retail

4

1 2020

Center

Source: The Danish Property Federation’s Market Statistics, January 2020. Note.: Street retail is defined as retail leases in business property with an overall area of less than 5,000 square metres.

4


The Danish Property Federation’s Market Statistics - Vacancy, January 2020

Analysis of office vacancy and energy labels The highest labels A and B overall have an office vacancy of 7.5 percent which is lower than the lowest energy classes. Properties with the lowest energy labels E, F and G overall have the highest office vacancy of 11.4 percent nationwide. In the Central Denmark Region and the Region of Southern Denmark, the tendency is clearer. The office vacancy for the high energy classes is 4.7 percent and 3.3 percent in the Central Denmark Region and the Region of Southern Denmark respectively while it is 17.3 percent and 23.5 percent in the lower energy classes. The Capital Region, however, stands out slightly from the other regions. Here, the office vacancy is 8.3 percent for the higher energy classes and 10.0 percent for the lower energy classes, while the middle energy class has the lowest vacancy of 7.7 percent.

Figure 4. More energy efficient office properties have lower vacancy 25

Vacancy in percent

20

15

10

5

0 Whole country

Capital Region A+B

Midjutland Region Southern Denmark Region C+D

Energy labels Energy labels indicate how energy efficient a property is. The energy label range from A to G, where A is the most energy efficient and G is the least. In other words, the energy labels visualises the current energy consumption as well as potential energy savings. The energy labelling of a property is a legal requirement for business property that are traded as of 1 July 2009 in connection with rental. In the Danish Property Federation’s Market Statistics, 70 percent of the office leases are energy labelled property.

E+F+G

Source: The Danish Property Federation’s Market Statistics. Note: In the analysis, the energy labels are divided into three groups, where A+B have the lowest energy consumption, C+D is in the middle class, while E+F+G are the classes with the highest energy consumption.

5


The Danish Property Federation’s Market Statistics - Vacancy, January 2020

However, in the City of Copenhagen, the picture is opposite. Here, the office vacancy for the higher energy classes is 10.0 percent while the lower energy classes have an office vacancy of 2.6 percent. While the office vacancy is more constant across the energy classes in Copenhagen Centre, there is larger difference in the other part of the City of Copenhagen. In Copenhagen Centre, the vacancy is 4.4 percent for the highest class, while it is 11.1 percent in Other City of Copenhagen. The office vacancy in the lowest class is also lowest in Other City of Copenhagen, where the vacancy is 1.4 percent, while it is 3.4 percent in Copenhagen Centre. In the middle class, the difference is slightly smaller. Here, the office vacancy is 4.9 percent and 5.9 percent in Copenhagen Centre and Other City of Copenhagen respectively. The difference in vacancy according to energy efficiency within the City of Copenhagen, can be tied to the attractive locations in the City being built first.

Figure 5. In Copenhagen, the least energy efficient office properties have lower vacancy 12

Vacancy in percent

10 8 6 4 2 0 Copenhagen municipality

Copenhagen Centre A+B

C+D

Other Copenhagen municipality

E+F+G

Source: The Danish Property Federation’s Market Statistics. Note: In the analysis, the energy labels are divided into three groups, where A+B have the lowest energy consumption, C+D is in the middle class, while E+F+G are the classes with the highest energy consumption.

6


The Danish Property Federation’s Market Statistics - Vacancy, January 2020

Office – Decrease in vacancy The office vacancy has decreased with 0.1 percentage points since last quarter, which means that the office vacancy is 8.9 percent in January 2020. Annually, there has been no change in office vacancy. Historically, the office vacancy is still slightly above average in the period 2000-2019 of 8.4 percent. While the office vacancy is rather stable around 8.6 percent in the Capital Region - lowest in Copenhagen Centre with 5.2 percent and highest in Northern Zealand with 12.9 percent - January 2020 has seen a larger decrease in Region Zealand with 1.8 percentage points. It means that the office vacancy is now 11.0 percent. It is mainly due to the fact that the office vacancy in Eastern Zealand decreased with 4.0 percentage points in three months. The largest increase for office is in the North Denmark Region. Here, it has increased with 1.3 percentage points as a consequence of a higher vacancy level in Aalborg. The rate of 8.8 percent is, however, still below the national average of 8.9 percent and 1.9 percentage points lower than in January 2019.

The office vacancy is at the same rate as last year.

Decrease of almost 2 percent in Region Zealand.

Largest increase in Northern Denmark.

It can also be seen that Aalborg is the city with the highest office vacancy. Then comes Odense with an office vacancy of 8.5 percent, Aarhus with 6.9 percent and Copenhagen Centre with 5.2 percent.

Economic vacancy

Table 1. Office Capital Region Copenhagen Centre Other City of Copenhagen

January 2020 (procent)

Quarterly change (percentage points)

Annual change (percentage points)

8.6

-0.1

-0.2

5.2

-0.1

0.7

7.3

0.2

-0.5

Northern Zealand

12.9

-1.1

0.8

Other Capital Region

11.8

-0.1

-0.6

11.0

-1.8

0.3

8.8

-4.0

3.0

Western and Southern Zealand

12.5

-0.3

-1.7

The Region of Southern Denmark

12.6

-0.5

-0.2

Region Zealand Eastern Zealand

Odense

8.5

-0.4

-2.7

Triangle Area

15.6

-1.3

0.8

Other Southern Denmark

14.2

-0.1

1.3

7.4

0.3

2.2

6.9

0.4

2.9

Central Denmark Region Aarhus Other Central Denmark

8.9

-0.1

-0.5

10.1

1.3

-1.3

Aalborg

8.8

1.6

-1.9

Other North Denmark

17.1

-0.5

8.9

-0.1

North Denmark Region

Total

0.0

Source: The Danish Property Federation’s Market Statistics.

7


The Danish Property Federation’s Market Statistics - Vacancy, January 2020

Retail – Vacancy decreases The retail vacancy nationwide has decreased to 7.2 percent with a change of -0.2 percentage points since October 2019. It means a temporary stop to the quarterly increases which has appeared in retail rental since January 2019. Low retail vacancy in Copenhagen Centre of 6.1 percent.

Largest decrease in the Region of Southern Denmark.

From a historical perspective, the retail vacancy is still at a fine rate.

Copenhagen Centre and Northern Zealand has the largest decreases in the Capital Region with 0.2 and 0.4 percentage points respectively. The vacancy rate in Copenhagen Centre and Odense is among the lowest with a rate of 6.1 and 5.6 percent respectively. The Region of Southern Denmark has the highest office vacancy among the regions of 8.4 percent. However, this is where the highest quarterly decrease of 1.0 percentage points is. Odense and the Triangle Area are the largest contributors to the decrease and the vacancy rates are also lower in these areas than overall for the region. In other Southern Denmark, the vacancy rate has increased and is at a high vacancy rate of 11.5 percent. The vacancy rate of 7.2 percent is the lowest across the business sectors office, retail and industry and it is not far from the long term average of 6.8 percent. The current rate is 0.2 percentage points lower than the average since the introduction of the market statistics in January 2014. Here, the vacancy has stayed around an average of 7.4 percent. The annual increase in office vacancy is partly due to an increase in the shopping centre vacancy. In the Capital Region, the vacancy for retail leases in shopping centres has increased from 5.6 to 9.1 percent in the last year. The North Denmark Region and the Region of Southern Denmark also sees larger annual changes in the retail vacancy than other retail leases, cf. Figure 3.

Economic vacancy

Table 2. Retail Capital Region Copenhagen Centre Other City of Copenhagen

Quarterly change (percentage points)

Annual change (percentage points)

7.2

-0.1

1.8

6.1

-0.2

0.6

7.1

0.0

3.6

Northern Zealand

8.2

-0.4

1.7

Other Capital Region

7.9

0.1

1.7

6.2

-0.6

-1.5

Eastern Zealand

6.9

-1.0

-2.0

Western and Southern Zealand

5.7

-0.4

-0.4

The Region of Southern Denmark

8.3

-1.0

0.8

Region Zealand

Odense

5.6

-1.2

0.3

Triangle Area

7.8

-2.2

1.4

Other Southern Denmark

11.5

0.6

-0.4

6.8

0.3

1.3

Aarhus

6.6

0.1

2.3

Other Central Denmark

7.0

0.6

-0.2

7.8

-0.4

1.4

Aalborg

7.6

-0.5

1.1

Other North Denmark

8.6

-0.1

7.2

-0.2

Central Denmark Region

North Denmark Region

Total 8

January 2020 (procent)

Source: The Danish Property Federation’s Market Statistics.

1.3


The Danish Property Federation’s Market Statistics - Vacancy, January 2020

Industry - Decreasing vacancy The industry vacancy has decreased with 0.4 percentage points since last quarter which means that the industry vacancy is at 8.3 percent in January. Compared to the the same period last year, the industry vacancy has decreased with 1.4 percentage points. Therefore, the industry vacancy is somewhat below the average for the period 2000-2020, which is 11.6 percent.

Lower nationwide industrial vacancy.

The decrease in the nationwide industrial vacancy is caused by a general decrease in all regions except the Central Denmark Region, which increases with 1.7 percentage points. The Central Denmark Region is, however, still the region with the lowest industrial vacancy with a rate of 4.3 percent. This is also an increase of 1.1 percentage points since last year, which also seem to suggest the the Central Denmark Region has seen a historically low industrial vacancy.

The Central Denmark Region has the lowest industrial vacancy.

The largest regional decrease in industrial vacancy takes place in the Region of Southern Denmark, where the decrease is 2.4 percentage points since last quarter and 2.6 percentage points since last year. The Capital Region and Region Zealand decreases with 0.4 and 1.2 percentage points respectively. At the same time, there is also an annual decrease of 1.8 and 0.3 percentage points respectively in the two regions. The decrease in the Capital Region takes place as a consequence of a decrease in the majority of the areas in the capital. Here, the industrial vacancy in Other City of Copenhagen decreases, while the industrial vacancy increases slightly in Copenhagen Centre. In North Zealand, the vacancy has decreased with 2.9 percentage points since last quarter. It is noted that Other City of Copenhagen, which has a large industrial sector, has seen a decrease of 1.4 percentage points since last quarter, so that the vacancy is now 11.7 percent.

Regional decreases in the industrial vacancy.

Since the last account, the statistical foundation of the industrial sector has been strengthened. Overall, there is an increasing vacancy for industry with both original data and with the new and improved account in table 4.

Economic vacancy

Table 3. Industry Capital Region Copenhagen Centre Other City of Copenhagen

January 2020 (procent)

Quarterly change (percentage points)

Annual change (percentage points)

10.1

-0.4

-1.8

11.9

0.5

0.0

11.7

-1.4

-6.5

25.5

-2.9

5.2

9.0

-0.2

-1.0

Region Zealand

6.2

-1.2

-0.3

The Region of Southern Denmark

5.9

-2.4

-2.6

Central Denmark Region

4.3

1.7

1.1

9.4

3.8

5.7

North Denmark Region

8.8

-0.1

Total

8.3

-0.4

Northern Zealand Other Capital Region

Aarhus

-1.4

Source: The Danish Property Federation’s Market Statistics.

9


The Danish Property Federation’s Market Statistics - Vacancy, January 2020

Residential – Still increases slightly More rented housings can still be rented.

Clear decrease in Region Zealand.

Odense has a low residential vacancy.

Still larger residential vacancy in the northern part of Jutland.

10

Just like last quarter, the residential vacancy still increases slightly. However, the increase is not as strong as last quarter, where the vacancy increased with 0.7 percentage points. In this quarter, the vacancy increases with 0.3 percentage points, and is now at 5.2 percent. Compared to the the same time last year, the residential vacancy has decreased with 1.7 percentage points. Regionally, there have been increases in the Capital Region, the Region of Southern Denmark and the Central Denmark Region, while the residential vacancy has decreased and is unchanged in Region Zealand and the North Denmark Region respectively. Especially the Region of Southern Denmark has seen a larger increase. Here, the residential vacancy has increased with 1.0 percentage points, which means that the residential vacancy is 3.8 percent. Region Zealand looks more positive because the industrial vacancy has decreased with 0.7 percentage points to 4.7 percent. Despite the large increase in the Region of Southern Denmark, it is still the region with the lowest residential vacancy – especially dragged down by Odense. This quarter, the residential vacancy in Odense has, however, increased with 1.7 percentage points, which means that the residential vacancy is 3.7 percent. Compared to the same time last year, the residential vacancy has increased with 0.7 percentage points. However, Odense is still the city with the lowest residential vacancy in Denmark. In Copenhagen, Aarhus and Aalborg, the residential vacancy is at 7.2, 5.6 and 7.7 percent. Like in Odense, there is also a considerable increase in Copenhagen, where the residential vacancy has increased with 0.9 percentage points compared to last quarter. It means that there has been an annual increase of 3.4 percentage points in Copenhagen. In Aarhus and Aalborg, the changes are more moderate, where the residential vacancy is unchanged in Aarhus, while there is a slight increase of 0.1 in Aalborg. Aalborg is thus still the city with the highest residential vacancy which seems to be characteristic for that part of the country, as the North Denmark Region is also the region with the highest residential vacancy.


The Danish Property Federation’s Market Statistics - Vacancy, January 2020

Table 4. Residential

Economic vacancy January 2020 (procent)

Quarterly change (percentage points)

Annual change (percentage points)

5.0

0.4

2.0

Copenhagen Centre

7.2

0.9

3.4

Other City of Copenhagen

5.4

0.2

2.6

Northern Zealand

3.5

0.7

1.1

Other Capital Region

4.1

0.5

0.5

4.7

-0.7

1.3

Eastern Zealand

2.4

-0.5

0.1

Western and Southern Zealand

5.8

-0.7

2.0

3.8

1.0

0.8

3.7

1.7

0.7

Triangle Area

3.5

-0.5

0.4

Other Southern Denmark

4.3

0.3

1.1

5.9

0.1

2.4

Aarhus

5.6

0.0

2.0

Other Central Denmark

7.3

0.6

3.7

Capital Region

Region Zealand

Region Syddanmark Odense

Central Denmark Region

North Denmark Region

7.7

0.0

0.5

Aalborg

7.7

0.1

0.5

Other North Denmark

7.8

-0.9

0.5

5.2

0.3

1.7

Total

Source: The Danish Property Federation’s Market Statistics.

11


The Danish Property Federation’s Market Statistics - Vacancy, January 2020

Geographical overview Copenhagen Centre

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’s Market Statistics. Note: Copenhagen Centre consists of Copenhagen inner city covering the zip codes: 900, 1000-1431, 1434-1438, 1448-1559, 1562-1609, 1611-1614 og 1631-1634.

12


The Danish Property Federation’s Market Statistics - Vacancy, January 2020

About the survey This web report was published in March 2020. Next planned publication is May 2020. The portfolios have approx. 185,000 leases corresponding to an annual rental-bearing value of DKK 33.0bn and 29.3m m2. In comparison, the statistical base in January 2019 had an annual lease value of DKK 28,5 billion and 23,9 million m2. Today, 14,600 properties are included in the market statistics. It is the current annual rent that is included in the calculation of the economic vacancy rate. The economic vacancy rate is defined as: The sum of current annual rent in all empty leases divided by the sum of current annual rent in both rented and empty leases. The Market Statistics is based on quarterly processed property data for rentals and vacancies within the period in question. This web report has been closed as of 31 December 2019 and is called January 2020. The quarterly change is from January 2020 (settled as of 31 December 2019) compared to October 2019 (settled as of 30 September 2019). The annual change is from January 2020 (settled as of 31 December 2019) compared to January 2019 (settled as of 31 December 2018). The published market data is updated and valid on the day of publication. 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 where the basis has been evaluated not to provide valid and representative data 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

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

The statistics is based on data from the following 2 + 3 Ejendomme, Aberdeen Asset Management, Advice, 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, Balder Ejendomme, Bangs Gård A/S, Bank Lauridsen, Barfoed Group, Bellevue 16 ApS, Bendtsen ApS, Bernhard Guhle, Bernstorrfhus, Bevica Fonden, Birch Ejendomme, BladhuseneApS, Blue Vision, Bodil og Co. I/S, Bolig og erhvervsudlejning I/S, Boligexperten Adm. A/S, Boliggruppen, BoStad A/S, Brdr. Christiansens Boligudlejning, Bruno Dall, Calum A/S, Carlsbergfondet, CBRE, CEJ Ejendomsadministration, Cieslak Ejendomme, CK Holding Odense I/S, Claus Sørensen, CMNRE II FV181 PropCo ApS, CMNRE II Goose PropCo II A/S, Cobblestone, Coller Capital, Compaz Ejendomme A/S, Cosmo Ejendomme ApS, 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, Difko, DIKEV, DIP, DK Ejendomme, DNP Ejendomme, Domhusgaarden Ejendomsadministration, Domis Ejendomme, Dreist Storgaard, DSB Ejendomme, Egen Vinding & Datter ApS, Ejd. Selskabet Dronning Olgas Vej 15 ApS, Ejendommen Hauchsvej 16 I/S, EjendomDanmark, Ejendomskontoret, Ejendomsselskaberne, Ejendomsselskabet af 15. maj 1895, Ejendomsselskabet NEMP, Ejendomsselskabet Thy, Ejendomsselskabet Østervold, Elverhøj Investment Group ApS, Estate Invest, Etex Ejendomme, Erhverv Aalborg, EV bolig, Fast Ejendom Danmark, Flemming Jeppsson, Flemming Olsen, Flemming Sørensen, Fokus Asset Management, FrederiksbergFonden, Freja Ejendomsadministration, 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, HEA Ejendomme, Hegela Erhvervsudlejning, Heimstaden, Helle Duun, Hestia, Hjørnet, Home Holbæk, Hovedstadens Ejendomsadministration, Hosta Ejendomme, Humlebogruppen, Højgaard Ejendomme, Industriens Pension, Investorgruppen, Jammerbugt Kommune, Jens Garfalk, Jeudan, JJ Ejendomsadministration, Jorcks Ejendomsselskab, JØP, Kaj Pedersen, Kalkværksgrundene, Kalvebod Ejendomme, Karberghus, Kayhan Development, KEBLOH ApS, KFI Erhvervsdrivende Fond, KIRKBI, KHK’s Legat, KGV Aarhus ApS, KLP Ejendomme, Koncenton, Kramers Legat, K/S Ingolf Nielsens Vej Sønderborg, K/S Roskilde Retail Park II, Københavns Kommune, Køge Kommune, Laros, Lars Wissing, LB Forsikring, Levring & Levring,Lindhart Ejendomsadministration, Lyngby Kommune, Lægernes Pensionskasse, Lærernes Pension, M7 Real Estate ApS, Michael Westh-Jensen, Midtbyens Ejendomme, Minova, Mogens Westh-Jensen, Moltzen Administration, Mogens Nielsen, Morten Norberg,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, NREP, Odense Bolig ApS, Ole Hartvig, PBU, Pears, PenSam, PensionDanmark, Pensionskassen for Farmakonomer, PFA, Pfeiffer Ejendomme ApS, PIA, Rasch-Andersen Ejendomme ApS, Rathleff Ejendomme, 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, Storck Holding, Svanholt Ejendomme, SPG Omsorg DK1, Steen & Strøm, Syddan A/S, Taurus Ejendomsadministration, TDC Pensionskasse, Thisted Kommune, TLK Ejendomme, TLP ApS, Tom Jensen, Topdanmark, Totalbyg, Tox Development, Tryg, T.T. Invest ApS, Unico Finans ApS, Vagner P, Valby Maskinfabrik 1ApS, Valad, VEA ApS, Vestegnens Boligadministration, Vestjysk Ejendomsadministration ApS, Vestsjællandske Ejendomme ApS, Volantis A/S, V.M. Brockhuus Ejendomme, Wagner Ejendomme, West Star Property Holding ApS, Wihlborg, Wind Administration, Øens Ejendomsadministration, Aalborg Boligadministration og Aage Larsens Boligudlejning.

13


The Danish Property Federation’s Market Statistics - Vacancy, January 2020

Appendix Figure 5. Spatial vacancy, January 2020 10.5 8.7

7.9

7.8

7.0 4.8

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

-0.1

-0.2

1.5

-0.4

-1.8

0.2

1.4

0.0

0.6

-0.1

0.3

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

Spatial vacancy January 2020 (procent)

Quarterly change (percentage points)

Annual change (percentage points)

10.3

-0.3

-0.2

Copenhagen Centre

5.5

-0.4

1.1

Other City of Copenhagen

7.2

0.2

0.1

Northern Zealand

16.5

0.1

1.6

Other Capital Region

13.9

-0.6

-1.2

12.7

-0.7

0.0

9.0

-2.1

1.9

Western and Southern Zealand

14.6

-0.2

-1.1

The Region of Southern Denmark

14.1

-0.3

-1.3

8.5

-0.6

-3.1

Triangle Area

18.3

-0.2

-0.3

Other Southern Denmark

16.7

0.0

0.2

8.4

0.2

1.7

Table 5. Office Capital Region

Region Zealand Eastern Zealand

Odense

Central Denmark Region Aarhus

7.4

0.2

2.8

10.2

0.2

-2.7

12.3

1.1

-1.5

Aalborg

10.3

1.2

-2.6

Other North Denmark

19.7

0.6

10.5

-0.2

Other Central Denmark North Denmark Region

Total

Source: The Danish Property Federation’s Market Statistics. 14

-0.1


The Danish Property Federation’s Market Statistics - Vacancy, January 2020

Spatial vacancy

Table 6. Retail Capital Region

January 2020 (procent)

Quarterly change (percentage points)

Annual change (percentage points)

7.5

-0.2

1.8

6.9

0.1

1.7

Other City of Copenhagen

7.2

-0.3

3.4

Northern Zealand

9.9

0.0

2.3

Other Capital Region

7.6

-0.3

0.6

7.3

-0.2

1.0

Eastern Zealand

5.7

-0.3

-0.3

Western and Southern Zealand

8.4

-0.1

1.7

The Region of Southern Denmark

8.3

-0.9

-0.1

Copenhagen Centre

Region Zealand

Odense

6.1

-1.3

0.2

Triangle Area

9.0

-1.5

-0.1

Other Southern Denmark

9.4

-0.4

-0.9

8.2

0.8

2.3

8.3

1.0

4.1

Central Denmark Region Aarhus Other Central Denmark North Denmark Region Aalborg Other North Denmark Total

8.1

0.5

0.3

9.6

-0.5

1.2

10.6

-0.4

0.8

7.3

-0.8

7.8

-0.2

1.5

Source: The Danish Property Federation’s Market Statistics.

Spatial vacancy January 2020 (procent)

Quarterly change (percentage points)

10.4

-0.8

-2.2

17.1

1.2

-0.6

Other City of Copenhagen

12.9

-1.3

-7.7

Northern Zealand

22.5

-0.3

0.6

9.1

-0.9

-1.2

Region Zealand

8.4

-0.7

0.2

The Region of Southern Denmark

7.5

-2.5

-6.8

Central Denmark Region

5.8

2.9

2.2

13.2

6.8

9.3

Table 7. Industry Capital Region Copenhagen Centre

Other Capital Region

Aarhus North Denmark Region

7.3

-0.9

Total

8.7

-0.4

Annual change (percentage points)

-1.8

Source: The Danish Property Federation’s Market Statistics.

15


The Danish Property Federation’s Market Statistics - Vacancy, January 2020

Table 8. Residential

Spatial vacancy January 2020 (procent)

Quarterly change (percentage points)

Annual change (percentage points)

4.4

0.2

1.7

Copenhagen Centre

6.1

0.8

2.8

Other City of Copenhagen

4.7

0.0

2.3

Northern Zealand

3.6

0.7

1.2

Other Capital Region

3.6

0.3

0.3

5.5

-0.5

1.5

Eastern Zealand

1.9

-0.5

-0.4

Western and Southern Zealand

6.8

-0.4

2.1

The Region of Southern Denmark

3.6

0.7

0.6

3.4

1.7

0.8

Triangle Area

3.3

-0.8

0.2

Other Southern Denmark

3.8

-0.1

0.6

5.8

0.2

2.1

Aarhus

5.3

0.0

1.6

Other Central Denmark

7.4

0.6

3.4

Capital Region

Region Zealand

Odense

Central Denmark Region

North Denmark Region

7.5

0.1

0.8

Aalborg

7.3

0.2

0.7

Other North Denmark

8.5

-0.7

1.5

4.8

0.2

1.4

Total

Source: The Danish Property Federation’s Market Statistics.

16

Profile for EjendomDanmark

The Danish Property Federation's Market Statistics - Vacancy (January 2020)  

Decrease in business vacancy The vacancy increases less for street retail than for shopping centres. Office leases with high energy classes...

The Danish Property Federation's Market Statistics - Vacancy (January 2020)  

Decrease in business vacancy The vacancy increases less for street retail than for shopping centres. Office leases with high energy classes...

Profile for hverve

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