April 2020
The Danish Property Federation’s market statistics – vacancy • The vacancy increases slightly in all sectors leading up to the Corona crisis. • Retail increases with 0.3 percentage points since January • Increase for retail and office in Copenhagen Centre • The vacancy for industry increases with 0.1 percentage points to 8.5 percent • The residential vacancy has increased with 0.1 percentage points since January 2020
The vacancy in April increases slightly The vacancy for residential as well as business leases increase nationally. Overall, it is a case of a small quarterly increase of 0.1 percentage points which is primarily based on an increasing vacancy for office and retail with 0.1 and 0.3 percentage points respectively. But the development is a continuation of the recent quarters’ increase in vacancy, especially with regards to rental of business leases. The latest development in the economic vacancy rate is mainly due to decisions made before the Corona crisis. There is no doubt that there is a considerable risk that the vacancy may increase in the future when the effects of the Corona virus show. It must be expected that it takes place gradually and if it is possible to make a sensible transition of the affected, there is hope that the vacancy does not increase as much as during the financial crisis.
Figure 1. Vacancy percentages, April 2020
Economic vacancy
9.3
The economic vacancy rate indicates how much of the rent is lost as a consequence of empty leases.
8.5 7.7
7.1
7.3
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
0.7
0.3
0.7
0.1
-1.0
0.1
1.4
0.8
1.9
0.1
0.7
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
Danish Property Federation Market Statistics – Vacancy, April 2020
From January 2008, the vacancy increased steadily in five years from 3.9 to 10.6 percent. This crisis is of course different and there is not as much new construction of business properties as during the financial crisis, which will help the development in vacancy. The national increases for office and retail are especially caused by the fact that the vacancy in office and retail in Copenhagen Centre has increased since January. Here, office increases with 2.2 percentage points, while retail increases with 2.0 percentage points. It is especially derived by a new vacancy for several large office properties in Copenhagen V and Copenhagen K. Of the office increase of 2.2 percentage points, 1.0 can be attributed to the development in Vesterbro, where the vacancy is more than doubled in two months from 3.1 percent to 7.2 percent. Office and retail in Copenhagen Centre increases in April.
The increasing retail vacancy in the inner city comes from e.g. the main shopping street in Copenhagen, where the vacancy has increased to 9.4 percent in April 2020. It is an increase of 3.2 percentage points and the shopping street shops alone account for 0.9 percent of the overall increase of 2.0 percentage points. The development in Copenhagen is somewhat different than the one in the other largest cities in the country. Here, the office vacancy decreases in both Odense, Aarhus and Aalborg, while retail also decreases in Aarhus and Aalborg.
Figure 2. Development in economic vacancy Percent 25.0
20.0
25
Tomgang i procent
20 15.0
10.0
15
10
5
0 Hele landet
Region Hovedstaden Region Midtjylland
5.0
A+B
C+D
Region Syddanmark
E+F+G
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. Apr.
0.0
2000
2001
2002
2003
2004
2005
Office
2006
2007
2008
Retail
2009
2010
Industry
2011
2012
2013
Residential
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 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.
2
Danish Property Federation Market Statistics – Vacancy, April 2020
Office – Slight increase In April, office has a economic vacancy rate of 9.3 percent. It is almost one percent above normal. It would have been desirable if the entry into a new crisis had taken place at a lower rate. Since January, there has been a smaller increase of 0.1 percentage points and the vacancy today is 0.7 percentage points higher than in April 2019. The last three months, the increases has primarily been in Zealand. Region Zealand has seen the largest increase in the last quarter of 0.7 percentage points, and regarding value, this means that an average of 14.4 percent of the rent today is lost in this region. It is 5.1 percentage points higher than the national average. In the Capital Region, the economic vacancy rate has increased with 0.2 percentage points to 9.1 percent. Here, it especially applies, that the vacancy has increased with 2.2 percentage points in Copenhagen Centre since January. I North Zealand, where the regional vacancy of 12.3 percent is the highest, there has, however, been a decent decrease of 1.3 percentage points.
Office increases in Zealand.
However, the office vacancy is still highest in the large cities. In Copenhagen, the vacancy is 7.3 percent, while quarterly decreases in Aarhus and Odense means vacancy rates of 6.8 and 7.7 percent respectively. In Aalborg, April has seen a small decrease of 0.2 percentage points since January and with annual decreases of more than 1 percentage points in the last three quarters, it appears that the vacancy rate in Aalborg has settled around the nation average.
Economic vacancy rate
Table 1. Office Capital Region
April 2020 (percent)
Quarterly change (percentage points)
Annual change (percentage points)
9.1
0.2
0.6
Copenhagen Centre
7.3
2.2
3.3
Other City of Copenhagen
7.3
-0.6
-1.3
Northern Zealand
12.3
-1.3
0.2
Other Capital Region
11.8
0.0
0.7
14.4
0.7
3.9
Eastern Zealand
15.0
0.5
7.2
Western and Southern Zealand
13.9
0.8
1.5
The Region of Southern Denmark
12.3
-0.3
1.0
7.7
-0.9
-0.9
Triangle Area
15.2
-0.5
3.3
Other Southern Denmark
14.5
0.3
1.2
7.5
0.0
0.8
Aarhus
6.8
-0.2
0.1
Other Central Denmark
9.6
0.4
2.8
10.6
-0.4
-1.5
9.5
-0.2
-2.1
16.2
-1.5
9.3
0.1
Region Zealand
Odense
Central Denmark Region
North Denmark Region Aalborg Other North Denmark Total
Source: The Danish Property Federation Market Statistics.
0.7
3
Danish Property Federation Market Statistics – Vacancy, April 2020
Retail – vacancy increases Increased vacancy in the Capital pulls the retail vacancy up.
The development for retail is very similar to the trend in office for April, where the vacancy increases in Zealand. Since January, the retail vacancy has increased with 0.3 percentage points nationally, and it is especially driven by the same vacancy change of 0.3 percentage points in the Capital Region.
The main shopping street contributes to a higher vacancy in Copenhagen Centre.
It comes from a higher increase in Copenhagen Centre of 2.0 percentage points, where the vacancy today is 7.7 percent and slightly above the national average of 7.1 percent. Annually, the change is 1.1 percentage points. The increased retail vacancy in Copenhagen Centre is especially due to new vacancy for larger retail leases in the main shopping streets of the inner city. Here, they account for two thirds of the increased vacancy rent and half of the area’s total vacancy increase. In Region Zealand, it is especially Western and Southern Zealand, which with a quarterly increase of 1.8 percentage points, has caused a higher rate in the region. The rate is now slightly above the national average. While Aarhus and Aalborg has a decrease in the retail vacancy og 0.4 and 0.1 percentage points and reaches a vacancy rate below the average of Copenhagen Centre, the vacancy in Odense, however, has increased. The quarterly increase in April was 0.6 percentage points to 6.2 percent.
Economic vacancy rate April 2020 (percent)
Quarterly change (percentage points)
Annual change (percentage points)
7.0
0.3
0.6
Copenhagen Centre
7.7
2.0
1.1
Other City of Copenhagen
5.9
0.2
1.2
Northern Zealand
7.0
-1.0
0.9
Other Capital Region
7.2
-0.6
-0.1
7.2
1.1
-0.1
7.1
0.1
-1.2
Western and Southern Zealand
7.4
1.8
1.1
The Region of Southern Denmark
8.5
-0.2
1.1
Table 2. Retail Capital Region
Region Zealand Eastern Zealand
Odense
6.2
0.6
0.8
Triangle Area
8.0
-0.4
0.5
Other Southern Denmark
11.4
-0.5
1.5
6.5
-0.1
0.7
6.4
-0.1
1.8
Central Denmark Region Aarhus Other Central Denmark
6.6
-0.1
-1.0
6.4
-0.4
1.9
Aalborg
6.0
-0.4
1.9
Other North Denmark
7.7
-0.4
7.1
0.3
North Denmark Region
Total
Source: The Danish Property Federation Market Statistics.
4
0.7
Danish Property Federation Market Statistics – Vacancy, April 2020
Industry - Small increase in vacancy In April 2020 the industrial vacancy is 8.5 percent, which means that there has been an increase of 0.1 percentage points compared to last quarter. Compared to the same period last year, the industry vacancy has, however, decreased with 1.0 percentage points. Despite the quarterly increase, the industry vacancy is therefore still below the average for the period 2000-2020, which is 11.5 percent.
Still a low industrial vacancy.
The increase in industrial vacancy takes place as a consequence of increases in the North Denmark Region, the Central Denmark Region and Region Zealand, where there is an increase of 1.3 and 1.8 percentage points in North Denmark and Central Denmark respectively. Historically, Central Denmark has otherwise been the region with the lowest industrial vacancy, which can be seen by an increase in vacancy with 1.3 percentage points since April 2019, while the other regions have seen annual decreases in their industrial vacancy. It may be due to the fact that the industrial vacancy in Aarhus has increased with 3.9 percentage points since last year. On the contrary, the industrial vacancy decreases in the Capital Region and the Region of Southern Denmark compared to last quarter. The Capital experiences a slight decrease of 0.2 percentage points, while Southern Denmark sees a decrease of 1.0 percentage points. It means that Southern Denmark is the region with the lowest industrial vacancy in April 2020. This is also emphasised by the fact that the industrial vacancy in Southern Denmark has decreased with 2.9 percentage points compared to the rate in April 2019. Furthermore, the industrial vacancy in the Capital has decreased with 1.5 percentage points compared to the same time last year.
Southern Denmark has the lowest industrial vacancy.
The decrease in the Capital Region may especially be due to the industrial vacancy in Other City of Copenhagen has decreased with 1.2 percentage points since January 2020. Furthermore, there is also a slight increase in Other Capital Region while the industrial vacancy increases with 0.2 and 0.3 percentage points in North Zealand and Copenhagen Centre respectively. Overall, the industrial vacancy is decreasing in the sub-regions of the Capital. Again, it is mainly Other City of Copenhagen which contributes to the overall decrease with 2.2 percentage points since last year. Despite the relatively large decrease in Other City of Copenhagen, the industrial vacancy is, however, lowest in Other Capital Region, which has also decreased with 1.3 percentage points since last year.
Other City of Copenhagen contributes to decrease in the Capital.
Economic vacancy rate
Table 3. Industry Capital Region Copenhagen Centre Other City of Copenhagen
April 2020 (percent)
Quarterly change (percentage points)
Annual change (percentage points)
9.5
-0.2
-1.5
12.2
0.3
0.2
9.6
-1.2
-2.2
21.0
0.2
-0.6
8.6
-0.1
-1.3
Region Zealand
6.7
0.2
-0.2
The Region of Southern Denmark
6.4
-1.0
-2.9
Central Denmark Region
6.6
1.3
1.3
9.6
0.4
3.9
14.8
1.8
8.5
0.1
Northern Zealand Other Capital Region
Aarhus North Denmark Region Total
Source: The Danish Property Federation Market Statistics.
-1.0
5
Danish Property Federation Market Statistics – Vacancy, April 2020
Residential – Still a slight increase
Smaller increases in residential vacancy.
Still a high residential vacancy in the North Denmark Region.
The residential vacancy in April 2020 has increased with 0.1 percentage points which brings the rate to 5.2 percent. The residential sector thus continues to increase like it has done for the last couple of quarters. Compared to recent quarters, however, the increase in this quarter is smaller. As can also been seen from Figure 5, the increase in residential vacancy is smaller and smaller in recent quarters. The increases in residential vacancy can also be seen from the annual increase of 1.5 percentage points compared to April 2019. Regionally, there have been increases in all regions apart from the Capital Region, where the residential vacancy is unchanged since last quarter. The other regions have increased with between 0.1-0.4 percentage points since last quarter. This means that the Region of Southern Denmark has the lowest residential vacancy of the regions with 4.0 percent, while the North Denmark Region is the region with the highest residential vacancy of 7.0 percent. Southern Denmark and North Denmark are also the two regions which have experienced the largest (1.9 percentage points) and the smallest (0.6 percentage points) increase since April 2019. This therefore emphasises the North Denmark Region’s high residential vacancy in a historical perspective. Annually, the other regions increase with between 1.1-1.5 percentage points. The high residential vacancy in the North Denmark Region is especially the consequence of a high residential vacancy in Aalborg, where the vacancy is 8.0 percent. Compared to January 2020 and April 2019, the residential vacancy in Aalborg has increased with 0.3 and 0.7 percentage points. Compared to Other North Denmark, there has been a decrease of 0.4 percentage points since last quarter and a small increase of 0.1 percentage points since last year, so that the residential vacancy is at 7.0 percent in April 2020. The high residential vacancy in Aalborg thereby also means that Aalborg is the city with the highest residential vacancy. Copenhagen Centre is closest to Aalborg with a vacancy of 6.9 percent. However, it can also be seen that the residential vacancy in Copenhagen Centre has decreased with 0.2 percentage points since last quarter.
Odense is still the city with the lowest residential vacancy.
6
Furthermore, Odense is still the city with the lowest residential vacancy. The residential vacancy in Odense is increasing slightly with 0.1 percentage points, which brings their vacancy up to 3.9 percent. Since last year, however, the residential vacancy in Odense has increased with 2.7 percentage points, which could suggest a trend. It could also appear that this trend also takes place in Aarhus, where the residential vacancy has increased with 0.6 percentage points since last quarter and with 1.0 percentage points since last year.
Danish Property Federation Market Statistics – Vacancy, April 2020
Economic vacancy rate
Table 4. Residential Capital Region Copenhagen Centre Other City of Copenhagen Northern Zealand Other Capital Region
April 2020 (percent)
Quarterly change (percentage points)
Annual change (percentage points)
4.9
0.0
1.5
6.9
-0.2
1.3
5.1
-0.2
1.5
4.5
1.0
1.7
4.3
0.2
1.6
5.2
0.2
1.1
Eastern Zealand
4.4
1.6
2.1
Western and Southern Zealand
5.6
-0.5
0.8
Region Zealand
Region Syddanmark
4.0
0.1
1.9
Odense
3.9
0.1
2.7
Triangle Area
4.1
0.4
1.2
4.3
0.0
0.9
6.0
0.4
1.4
Other Southern Denmark Central Denmark Region Aarhus
5.7
0.6
1.0
Other Central Denmark
6.9
-0.5
2.8
7.9
0.2
0.6
Aalborg
8.0
0.3
0.7
Other North Denmark
7.0
-0.4
0.1
5.2
0.1
1.4
North Denmark Region
Total
Source: The Danish Property Federation Market Statistics.
7
Danish Property Federation Market Statistics – Vacancy, April 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 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
Danish Property Federation Market Statistics – Vacancy, April 2020
About the Market Statistics This web report is published 20 May 2020. Next scheduled publication is August 2020. The portfolios have approx. 191,000 leases corresponding to an annual rental-bearing value of DKK 33.9bn and 31.1m m2. In comparison, the statistical base in April 2019 had a rental-bearing value of DKK 28bn and 24.5m m2. Today, 15,200 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 2020 and is called April 2020. The quarterly change is from April 2020 (closed as of 31 March 2020) compared to January 2020 (closed as of 31 December 2019). The annual change is from April 2020 (closed as of 31 March 2020) compared to April 2019 (closed as of 31 March 2019). 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
This report is based on data from 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, 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.
9
Danish Property Federation Market Statistics – Vacancy, April 2020
Appendix Figure 3. Spatial vacancy rate, April 2020 10.9 9.3
8.7 7.8
7.3 4.9
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.
0.0
0.4
0.0
1.1
-0.3
-1.5
0.1
1.3
0.7
3.1
0.0
1.9
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 rate
Table 5. Office Capital Region Copenhagen Centre
April 2020 (percent)
Quarterly change (percentagepoints)
Annual change (percentage points)
10.6
0.0
0.4
7.3
1.8
3.1
7.1
-0.6
-1.3
Northern Zealand
15.6
-1.4
1.0
Other Capital Region
14.7
0.0
0.6
15.1
0.6
2.6
Eastern Zealand
13.9
0.4
5.5
Western and Southern Zealand
16.0
1.0
1.4
The Region of Southern Denmark
14.0
-0.2
0.0
7.8
-0.8
-1.3
Triangle Area
18.5
0.1
3.1
Other Southern Denmark
16.9
0.2
-0.9
8.4
0.0
0.9
Other City of Copenhagen
Region Zealand
Odense
Central Denmark Region Aarhus Other Central Denmark North Denmark Region Aalborg Other North Denmark Total
7.3
-0.2
0.1
10.6
0.4
2.0
13.1
0.0
-2.0
11.8
-0.2
-3.1
18.0
0.7
10.9
0.0
Source: The Danish Property Federation’s market statistics. 10
0.4
Danish Property Federation Market Statistics – Vacancy, April 2020
Spatial vacancy rate
Table 6. Retail Capital Region Copenhagen Centre
April 2020 (percent)
Quarterly change (percentagepoints)
Annual change (percentage points)
7.0
0.2
0.8
7.9
1.5
1.5
Other City of Copenhagen
5.6
0.1
0.8
Northern Zealand
8.4
-1.1
1.5
Other Capital Region
7.5
0.0
0.5
7.5
0.3
1.7
Eastern Zealand
6.3
0.6
1.7
Western and Southern Zealand
8.6
0.2
1.5
The Region of Southern Denmark
8.7
0.0
0.8
Region Zealand
Odense
6.5
0.5
0.2
Triangle Area
9.7
-0.2
0.9
Other Southern Denmark
9.5
-0.1
1.1
7.4
-0.8
1.3
7.0
-1.1
2.6
Central Denmark Region Aarhus Other Central Denmark North Denmark Region Aalborg Other North Denmark Total
7.8
-0.4
-0.3
6.8
0.2
2.7
6.7
0.1
3.0
7.1
0.4
7.3
0.0
1.1
Source: The Danish Property Federation’s market statistics.
Spatial vacancy rate
Table 7. Industry Capital Region
April 2020 (percent)
Quarterly change (percentagepoints)
Annual change (percentage points)
10.0
0.1
-1.5
Copenhagen Centre
17.6
0.6
-0.2
Other City of Copenhagen
10.2
-0.7
-1.8
Northern Zealand
19.2
-0.3
-4.8
9.1
0.2
-0.9
8.1
-0.7
0.2
The Region of Southern Denmark
4.9
-3.4
-10.0
Central Denmark Region
7.6
1.0
2.5
12.9
0.4
8.5
Other Capital Region Region Zealand
Aarhus North Denmark Region Total
14.7
1.5
8.7
-0.3
-1.5
Source: The Danish Property Federation’s market statistics.
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Danish Property Federation Market Statistics – Vacancy, April 2020
Table 4. Residential
Spatial vacancy rate April 2020 (percent)
Quarterly change (percentagepoints)
Annual change (percentage points)
4.3
0.0
1.3
Copenhagen Centre
5.7
-0.3
1.4
Other City of Copenhagen
4.4
-0.2
1.4
Northern Zealand
4.3
0.8
1.6
Other Capital Region
3.7
0.2
1.0
5.6
0.0
0.6
Eastern Zealand
3.2
1.0
1.0
Western and Southern Zealand
6.7
-0.3
0.8
The Region of Southern Denmark
3.8
0.2
1.6
3.5
0.0
2.4
Triangle Area
3.9
0.4
0.8
Other Southern Denmark
4.2
0.4
0.6
5.9
0.2
1.5
Aarhus
5.6
0.5
1.1
Other Central Denmark
6.9
-0.5
2.5
Capital Region
Region Zealand
Odense
Central Denmark Region
North Denmark Region
7.9
0.2
0.9
Aalborg
7.9
0.3
0.9
Other North Denmark
8.0
-0.5
0.7
4.9
0.1
1.3
Total
Source: The Danish Property Federation’s market statistics.
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