The Danish Property Federation's market statistics - vacancy (April 2019)

April 2019

The Danish Property Federation’s market statistics – vacancy • Annual decrease of 1.0% • Additional rental last year means increased earnings for the business of DKK 1.1bn.

• Small quarterly increase in the retail vacancy.

• The vacancy is highest for the newest residences.

• Smaller residential rentals have lower vacancy.

From 7.6% to 6.6% in a year The low vacancy rate is maintained at below 7% in the last 9 months. With a financial vacancy of 6.6% in April and an annual decrease of 1 percentage point for all sectors, there are still signs that things are going well for the rental of investment properties. The vacancy rate is the lowest for the last 10 years. It is especially the rental of residential and retail that keeps the average down with vacancies of 3.7% and 6.0% respectively. Over the last quarter, the vacancy has also increased here, while there are corresponding small improvements in the rental of office and industry. Overall, it means an unchanged vacancy rate since January 2019. The annual decrease is across all sectors and means a total annual change of -1.0 percentage point.

The rental of retail and residential keeps the vacancy down.

The Danish economy is still healthy and the employment is still increasing. This increases the demand for office spaces and pushes the vacancy down. The financial vacancy for office decreases with 0.2 percentage points last quarter and has decreased with almost 3 percentage points since 2016. In 2019, the financial councils expect that the economy will grow with 2.4% and that the unemployment still decreases. Private spending and retailing

Figure 1. Economic vacancy percentages, April 2019 9.9 8.6

6.0

6.4

6.6

3.7

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

-1.3

0.4

-0.1

-0.2

-0.5

0.2

-0.4

-0.5

-1.9

0.0

-1.0

Source: The Danish Property Federation’s market statistics.

Rem.: 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, April 2019

are also increasing but for retail properties, the vacancy is increasing with 0.4 percentage points. The of retail vacancy rate is, however, historically low and compared to last year, there is a small decrease of 0.1 percentage points. Since 2015, the vacancy for retail is reduced by 4 percentage points.

The vacancy is lowest in smaller residences There is significantly lower vacancy among rented accommodation below 100 m2. It applies to both cities and the rest of the country. While there is highest vacancy for rented accommodation of the size 125-149 m2 with 5.9%, the vacancy for residences below 75 m2 is down to 2.3%.

In Copenhagen, over 98% of the smaller flats are rented

If you look at the three largest cities, the vacancy is generally lowest in Copenhagen while the residential vacancy is highest in Aalborg. It applies especially to the smaller-sized residences–the ones below 75 m2 that the rental rate is very close to 100%. In Copenhagen, it is 98%. So there is still a large need for and possibilities in building small residences.

In April, a vacancy of slightly above 7% is maintained in Aalborg. The relatively high rate is caused by a larger vacancy in especially the larger leases above 75 m2. For larger residences in Aalborg between 125 and 150 m2, the vacancy is 12.6% in April.

Figure 2. The residential vacancy is significantly lower for the smaller leases.

Percent

0

2

4

6

8

10

12

Below 75 m² 75-99 m² 100-124 m² 125-149 m² 150 m² and larger All

Copenhagen

Aarhus

Aalborg

Other Denmark

Source: The Danish Property Federation’s market statistics, April 2019.

2

Total

14

The Danish Property Federation’s market statistics – vacancy, April 2019

New residences have higher vacancy A lot of new residences have been built the last couple of years, especially in the largest cities in the country. The economic vacancy rate for residences this quarter is 3.7% and has been decreasing slightly over the last year. The vacancy for new residences built after 2010 is 4.8% nationally and 3.3% for residences older than 2010.

In Aarhus, new rental residences are smaller than in Copenhagen.

New residences are generally larger than the existing housing stock, which may be part of the explanation for the higher vacancy. If you look at the size of the individual leases, they are 93 m2 on average for new residences while the leases in the older residences are 82 m2 on average.

If you look at the three large cities, Copenhagen, Aarhus and Aalborg, the highest vacancy on new rental residences is 10.9% while it is 5.7% for older residences. In Copenhagen, new residences have a vacancy of 5.4% versus 2.5% for older residences. In Aarhus, it is opposite, where new residences have the lowest vacancy of 3.4%. This can be explained by new residences in Aarhus being generally smaller than in Copenhagen and Aalborg. In Copenhagen, new leases are 97 m 2 on average, while they are only 81 m 2 in Aarhus.

Figure 3. Vacancy for residences distributed on age

Aalborg Older residencies:

New recidencies:

5.7 % 10.9 %

Aarhus Older residencies:

5.3 % 3.4 %

Total

Copenhagen Older residencies:

New recidencies:

2.5 % 5.4 %

New recidencies:

Older residencies:

New recidencies:

3.3 % 4.8 %

Source: The Danish Property Federation’s market statistics.

Rem.: In the analysis new recidencies are built after 2010.

3

The Danish Property Federation’s market statistics – vacancy, April 2019

Office – Progress in office rental again

In Copenhagen, the vacancy is nearly halved compared to last year.

The financial vacancy for office decreased with 0.2 percentage points last quarter to 8.6%.

Since the same period last year, the vacancy has decreased 1.3 percentage points. The largest regional decrease is seen in the Region of Southern Denmark where the vacancy has decreased with 1.5 percentage points in three months. Compared to last year, it is the Capital Region which has seen the largest decrease of 1.5 percentage points. In the Central Denmark Region, the vacancy increases with 1.4 percentage points, which is caused by an increase for Aarhus. Here, the vacancy is at 6.7% after an increase of 2.7 percentage points.

Compared to last year, however, the rate is the same.

The lowest vacancy can be found in central Copenhagen, where the decrease continues.

The vacancy is at 3.9% after a decrease of 0.6 percentage points. Since last year, where the vacancy was 7%, it is almost halved.

Economic vacancy rate April 2019 (percent)

Quarterly change (percentage points)

Annual change (percentage points)

8.5

-0.3

-1.5

Copenhagen Centre

3.9

-0.6

-3.0

Other City of Copenhagen

8.7

0.9

0.7

Northern Zealand

12.1

-0.1

-1.4

Other Capital Region

11.0

-1.3

-3.0

10.7

0.1

-1.2

Table 1. Office Capital Region

Zealand Region Eastern Zealand

7.9

2.2

-8.3

Western and Southern Zealand

12.7

-1.5

4.0

Region of Southern Denmark

11.0

-1.5

-0.1

Odense

8.5

-2.7

-8.4

Triangle Area

11.7

-3.2

0.1

Other Southern Denmark

12.3

0.5

6.7

1.4

0.4

Central Denmark Region Aarhus

6.7

2.7

0.2

Other Central Denmark

6.7

-2.8

1.0

11.3

-0.1

-0.6

Aalborg

10.7

0.0

-1.3

Other North Denmark

14.4

-1.7

8.6

-0.2

North Denmark Region

Total

Source: The Danish Property Federation’s market statistics.

4

-1.3

The Danish Property Federation’s market statistics – vacancy, April 2019

Retail – Still below average despite an increase Retail rentals still have the lowest economic vacancy rate among business properties despite a small increase last quarter. Overall, the vacancy increased with 0.4 percentage points to 6.0% which is still below the historical average.

For central Copenhagen Centre, the economic vacancy rate for retail rentals has generally been increasing the last couple of years. Since 2015, the vacancy has increased from approx. 1.5% to the current rate of slightly over 6%. Retailing has been slightly increasing during the period, but the consumers’ changed shopping behaviour with increasing internet shopping may be part of the explanation of a slightly higher vacancy rate.

The vacancy decreases in three out of five regions.

The retail vacancy decreases with approx. 0.5 percentage point in Region Zealand, North Denmark Region and the Region of Southern Denmark while it is increasing in the Capital Region and the Central Denmark Region. However, here the rate is still below the national average. Among the four largest cities, it is only Aalborg, which has seen a decrease in vacancy, while it is increasing in Aarhus, Odense and Copenhagen.

Economic vacancy rate April 2019 (percent)

Quarterly change (percentage points)

Annual change (percentage points)

5.8

0.8

-0.6

Copenhagen Centre

6.4

0.9

1.0

Other City of Copenhagen

4.6

1.0

-1.5

Northern Zealand

5.9

-0.3

-0.4

6.1

0.8

-1.4

7.1

-0.5

-1.3

Eastern Zealand

8.3

-0.5

1.0

Western and Southern Zealand

5.6

-0.5

-5.5

Region of Southern Denmark

6.7

-0.5

0.8

Odense

5.4

0.1

Triangle Area

6.7

0.4

Other Southern Denmark

8.0

-2.1

5.8

0.4

Aarhus

4.6

0.4

0.5

Other Central Denmark

7.7

0.5

-0.3

5.7

-0.7

3.6

Aalborg

5.6

-0.9

3.2

Other North Denmark

6.2

0.0

6.0

0.4

Table 2. Retail Capital Region

Other Capital Region Zealand Region

Central Denmark Region

North Denmark Region

Total

1.0 0.5

-0.1

Source: The Danish Property Federation’s market statistics.

5

The Danish Property Federation’s market statistics – vacancy, April 2019

Industry – Small decrease in vacancy The industry vacancy still decreases and in April, it reaches a vacancy rate of 9.9%. That is an annual decrease of 0.5 percentage point and the lowest rate for industry.

With less than 10%, Industry sees the lowest rate so far.

The industrial vacancy is generally highest in Region Zealand at 19% of the rental-bearing value and in the Region of Southern Denmark at 11.1% while the loss of vacant industry facilities is smallest in the Central Denmark Region with a vacancy at 5.2%. The Region of Southern Denmark saw, however, the largest quarterly decrease of 4.7% to the current rate of 11.1%. The decrease in the economic vacancy rate is twice as large as the decrease in the spatial vacancy rate of 2.4%. This means that the rental-bearing value of newly rented industry facilities is higher on average than the rental-bearing value of still empty industrial leases.

In other Capital Region, the vacancy rate is relatively low at 9.6% and 0.3% below the national average.

Economic vacancy rate

Table 3. Industry Capital Region

April 2019 (percent)

Annual change (percentage points)

10.4

0.0

-0.7

12.0

0.1

-5.0

Other City of Copenhagen

11.8

-0.4

-1.6

Northern Zealand

13.9

1.3

2.2

Copenhagen Centre

Other Capital Region

9.6

0.0

0.3

19.0

-0.3

-0.2

Region of Southern Denmark

11.1

-4.7

-0.8

Central Denmark Region

5.2

1.1

1.0

8.1

3.0

3.0

9.9

-0.2

-0.5

Zealand Region

Aarhus Total

Source: The Danish Property Federation’s market statistics.

6

Quarterly change (percentage points)

The Danish Property Federation’s market statistics – vacancy, April 2019

Residential – Still a large demand for residences A low vacancy rate for residential of 3.7% is the result of a massive demand for residential leases Despite a small increase in vacancy of 0.2 percentage points across the country since January 2019, the vacancy in April is 0.4 percentage points below the average from April last year.

In the Capital Region, the vacancy is 0.3 percentage points below the national average. It is the more expensive leases that are more frequently empty in Copenhagen Centre, Aarhus and Aalborg as the economic vacancy rate is higher than the spatial.

Over the last year, Copenhagen Centre, Odense and Aarhus have seen the largest decrease in residential vacancy compared to April 2018 with -0.9, -2.2 and -1.2 percentage points respectively.

A slightly higher rate in Copenhagen Centre, Aarhus and Aalborg is the result of newly refurbished and developed properties that have become ready for move-in during the last six months. It can also be seen from the vacancy that, in the short run, there is a slightly higher financial loss on newer residences than the older. The vacancy for new residences built after 2010 is 4.8% nationally and 3.3% for residences older than 2010.

New construction and refurbishment pull the vacancy slightly upwards.

There is a lot of demand for rented accommodation below 100 m2. This applies to both cities and the rest of the country. While there is highest vacancy for rented accommodation of the size 125-149 m2 with 5.9% nationally, the vacancy for residences larger than 150 m2 is down to 5.3%. In Copenhagen, the vacancy for the largest rented accommodation is 4.2%.

The rental rate of residences smaller than 75 m2 is close to 98% – highest in Copenhagen where 98.1% of the rental-bearing value is realised. There is thus still a large need for the new construction of small residences.

The smaller recidencies have less vacancy.

Economic vacancy rate

Table 4. Residential Capital Region

April 2019 (percent)

Quarterly change (percentage points)

Annual change (percentage points)

3.4

0.4

-0.3

Copenhagen Centre

5.2

1.4

-0.9

Other City of Copenhagen

3.6

0.8

-0.8

Northern Zealand

2.7

0.3

0.8

Other Capital Region

2.7

-0.9

0.2

3.3

0.0

0.6

Eastern Zealand

2.4

0.1

1.5

Western and Southern Zealand

3.7

-0.1

0.1

Region of Southern Denmark

2.0

-1.0

-1.1

1.1

-1.8

-2.2

Triangle Area

2.8

-0.4

-0.7

Other Southern Denmark

3.4

0.1

0.9

4.5

1.0

-0.6

Zealand Region

Odense

Central Denmark Region Aarhus

4.7

1.1

-1.2

Other Central Denmark

4.0

0.4

1.2

7.3

0.0

0.5

North Denmark Region Aalborg

7.3

0.1

0.6

Other North Denmark

7.0

-0.4

-1.2

3.7

0.2

-0.4

Total

Source: The Danish Property Federation’s market statistics.

7

The Danish Property Federation’s market statistics – vacancy, April 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, 1448-1559, 1562-1609, 1611-1614 og 1631-1634.

8

The Danish Property Federation’s market statistics – vacancy, April 2019

About the survey This web report is published on 12 June 2019.

Next planned publication is August 2019.

The portfolios have approx. 145.000 rentals corresponding to an annual lease value of DKK 27.1bn and 28.3m m2. In comparison, the statistical base in April 2018 had a rental-bearing value of DKK 18.9bn and 15.6m m2. Today, 10,600 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 March 2019 and is called April 2019. The quarterly change is from April 2019 (closed as of 31 March 2019) compared to January 2019 (closed as of 31 December 2018). The annual change is from April 2019 (closed as of 31 March 2019) compared to April 2018 (closed as of 31 March 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 residences 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 each 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, Bendtsen ApS, Bernhard Guhle, Bernstorrfhus, Bevica Fonden, Blue Vision, Bodil og Co. I/S, Residential og erhvervsudlejning I/S, Residentialgruppen, Bruno Dall, Carlsbergfondet, CBRE, CEJ Ejendomsadministration, Cieslak Ejendomme, 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, Difko, 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 Thy, Ejendomsselskabet Østervold, Estate Invest, Etex Ejendomme, 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, Hauchs Ejendomme, HD Ejendomme, HEA Ejendomme, Hegela Erhvervsudlejning, Helle Duun, Hestia, Hjørnet, Home Holbæk, Hovedstadens Ejendomsadministration, Hosta Ejendomme, Humlebogruppen, Højgaard Ejendomme, Industryens 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 Residential 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 Residentialselskab / Dronning Louises Stiftelse, Siersbo ApS, Skovly Ejendomme, Sofus Administration ApS, SparNord Ejendomme Aalborg, Svanholt Ejendomme, SPG Omsorg DK1, Steen & Strøm, Taurus Ejendomsadministration, TDC Pensionskasse, Thisted Kommune, 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, Wihlborg, Wind Administration, Øens Ejendomsadministration, Øernes Ejendomsselskab, Aalborg Residentialadministration og Aage Larsens Residentialudlejning.

9

The Danish Property Federation’s market statistics – vacancy, April 2019

Appendix Figure 4. Development in economic vacancy 25,00

20,00

15,00

10,00

5,00

0,00

Jan. Jul. Jan. Jul. Jan. Jul. Jan. Jul. Jan. Jul. Jan. Jul. Jan. Jul. Jan. Jul. Jan. Jul. Jan. Jul. Jan. Jul. Jan. Jul. Jan. Jul. Jan. Jul. Jan. Jul. Jan. Jul. Jan. Jul. Jan. Jul. Jan. Jul. Jan 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Office

Retail

Industry

Residential

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 i 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.

Figure 5. Spatial vacancy rates, April 2019

10.5

10.4

7.4 5.9

5.8 3.5

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

-0.6

-0.2

-0.5

-0.4

0.0

0.1

-0.3

-0.6

-2.6

-0.1

-0.9

Source: The Danish Property Federation’s market statistics.

Rem.: The vacancy rates for all sectors also include actual annual rent and space for other commercial and secondary spaces.

10

The Danish Property Federation’s market statistics – vacancy, April 2019

Spatial vacancy

Table 5. Office Capital Region Copenhagen Centre Other City of Copenhagen

April 2019 (percent)

Quarterly change (percentage points)

Annual change (percentage points)

10.3

-0.1

-0.8

4.1

-0.3

-2.7

8.4

1.2

0.7

Northern Zealand

14.6

-0.2

-0.3

Other Capital Region

14.2

-1.0

-1.7

14.6

1.9

0.0

Eastern Zealand

13.1

6.1

-4.6

Western and Southern Zealand

8.6

-7.1

-4.2

Region of Southern Denmark

15.5

0.5

2.3

13.8

2.2

-4.8

9.1

-9.6

-5.0

Zealand Region

Odense Triangle Area Other Southern Denmark Central Denmark Region Aarhus Other Central Denmark

15.1

-0.2

16.9

10.1

9.5

7.6

3.0

0.8

7.2

-5.7

-1.9

8.4

-5.4

-4.6

Aalborg

13.7

0.8

0.1

Other North Denmark

13.2

-4.4

2.8

10.5

-0.1

-0.6

North Denmark Region

Total

Source: The Danish Property Federation market statistics.

Spatial vacancy April 2019 (percent)

Quarterly change (percentage points)

Annual change (percentage points)

5.4

0.1

-1.3

Copenhagen Centre

5.6

0.4

-0.5

Other City of Copenhagen

4.6

0.8

-1.8

Northern Zealand

6.6

-0.7

-0.5

Other Capital Region

5.7

-0.2

-1.5

5.2

-1.1

-2.6

Eastern Zealand

4.6

-1.3

-1.7

Western and Southern Zealand

5.8

-0.9

-4.7

Region of Southern Denmark

7.0

-0.9

1.3

Table 6. Retail Capital Region

Zealand Region

Odense

6.3

0.4

Triangle Area

7.6

-1.6

Other Southern Denmark

7.2

-1.7

Central Denmark Region

2.0

6.3

0.3

-0.1

Aarhus

4.5

0.2

-0.4

Other Central Denmark

8.3

0.5

0.0

North Denmark Region

7.9

-0.4

5.0

Aalborg

9.1

-0.7

5.5

Other North Denmark

5.2

0.1

5.9

-0.2

Total

Source: The Danish Property Federation market statistics.

-0.5

11

The Danish Property Federation’s market statistics – vacancy, April 2019

Spatial vacancy

Table 7. Industry Capital Region

April 2019 (percent)

Quarterly change (percentage points)

Annual change (percentage points)

10,3

-0,2

-1,2

Copenhagen Centre

17,7

0,1

-2,0

Other City of Copenhagen

12,1

-0,9

-2,3

Northern Zealand

16,0

2,1

2,3

8,9

-0,4

-0,9

Zealand Region

Other Capital Region

21,0

-0,1

6,0

Region of Southern Denmark

17,4

-2,4

4,4

Central Denmark Region Aarhus Total

5,0

0,3

0,9

6,3

0,8

2,2

10,4

-0,4

0,0

Source: The Danish Property Federation market statistics.

Spatial vacancy

Table 8. Residential Capital Region

April 2019 (percent)

Quarterly change (percentage points)

Annual change (percentage points)

3,1

0,4

-0,3

Copenhagen Centre

4,0

0,7

-0,6

Other City of Copenhagen

3,2

0,8

-0,9

Northern Zealand

2,7

0,4

0,8

Other Capital Region

2,7

-0,5

0,2

Zealand Region

4,0

0,0

0,6

Eastern Zealand

2,3

0,0

1,2

Western and Southern Zealand

4,6

-0,1

0,2

Region of Southern Denmark

2,2

-0,7

-0,6

1,1

-1,5

-1,9

Triangle Area

2,8

-0,3

-0,5

Other Southern Denmark

3,6

0,4

1,2

4,4

0,7

0,0

Aarhus

4,5

0,8

-0,6

Other Central Denmark

4,3

0,3

1,6

6,9

0,2

0,0

6,9

0,2

0,2

Odense

Central Denmark Region

North Denmark Region Aalborg Other North Denmark Total

7,3

0,3

-2,2

3,5

0,1

-0,3

Source: The Danish Property Federation market statistics.

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