The Danish Property Federation Market Statistics – Vacancy
October 2018
• Office vacancy has the highest annual decrease since the millennium. • Total vacancy decreases to the long-term average for the first time since 2009. • The decreasing vacancy results in increased rental income of DKK 300 million in the most recent quarter – over the most recent year the number is DKK 1.5 billion. • The demand keeps up with the increased residential supply and vacancy for residential is once again declining to four percent.
WEB REPORT VACANCY
The real estate sector reaches an important milestone The years following the financial crisis derived in several years of high vacancy. Since vacancy peaked with 10.6 percent in 2013 it has decreased significantly. The result is an increased annual revenue of DKK 3.9 billion. And this development is expected to continue with an increased annual revenue of DKK 1.5 billion based on last year’s decrease in vacancy. The period of October to October 2018 contributes with DKK 300 million. The Danish real estate sector reaches an important milestone with a vacancy of 6.9 percent in the third quarter of 2018. In fact, 6.9 percent is the long-term average in the period from 2000 to 2018 and it is the first time since 2009 that vacancy reaches this average.
For the first time since 2009 vacancy reaches the long-term average.
Conversely, there is still ample room for further improvement. Compared to the low vacancy
Figure 1. Economic vacancy, October 2018
Publication on geographical classification
10.3
10.0
8.1
In October 2018 the Danish Association of Chartered Estate Agents and the Danish Property Federation published a new publication on geographical classification in Copenhagen and surrounding areas.
7.6
6.1 4.2
Office
Retail
Industry
Residential
Other commercial
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
-1.2
0.0
-0.5
-0.2
-0.5
0.1
0.8
-0.2
0.3
0.0
-0.7
Total
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.
Published by
To follow these recommendations, Copenhagen CBD and Other Copenhagen are no longer included in this web report. New areas are: Copenhagen Centre, Other Copenhagen Municipal, and Other Capital. Download the new publication www.ejendomsforeningen.dk/område
1
The Danish Property Federation Market Statistics – Vacancy, October 2018
level of approximately four percent before the financial crisis there is a potential for further revenue of some DKK three billion annually. The decrease in vacancy in October 2018 derives especially from office and industry, but residential also experience a minor decrease. Only retail experience a small increase in vacancy this quarter, while the development has been positive over the last year – which is also the case for all the other sectors. Since vacancy peaked in 2013 the increase in rental activity represents an annual increase in revenue of DKK 3.9 billion.
Geographically, the positive tendencies are also broadly grounded. Vacancy decreases in four out of five regions – only the Zealand Region experience a minor decrease due to increased vacancy in retail and industry in Eastern Zealand. Since vacancy peaked in 2013 the increase in rental activity represents an annual increase in revenue of DKK 3.9 billion.
More leases and increasing rent level improve office rental Vacancy for office keeps decreasing significantly and is now at the lowest level since April 2010. If the present development continues, the long-term average of 8.4 percent will be reached by the end of the year. The increasing demand for office has given an increased annual revenue of DKK 1.8 billion since vacancy peaked with 12.6 percent in 2016.
Office vacancy has decreased by 2.2 percent over the last year.
The progress is due to both rental of more office square meters and an increased price level. Seen in the light of the ongoing positive development of the labor market, there is room for optimism with regards to further vacancy decreases. The revenue potential is approaching the level from the last economic upswing of approximately five percent which is considerable and corresponding to DKK 1.9 billion a year.
Figure 2. Vacancy rates, October 2018 9,1
8,9
6,3
6,8
6,9
4,0
Office
Retail
Industy
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.
-0.6
-2.2
0.2
-0.5
-0.8
-2.0
-0.1
0.4
-1.1
-1.2
0.0
-0.7
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, October 2018
Less volatility in residential vacancy In general, the vacancy for residential fluctuates less compared to other sectors. Having been below three percent in 2015 and 2016, vacancy increased to more than four percent in the beginning of 2018. This increase is due to an influx of both newly built and developed residential having a higher vacancy level. However, since then, total vacancy has decreased and is now just under four percent showing that new residential is also leased. The economic vacancy is higher than the spatial vacancy for residential. This reflects that the most expensive rentals increase the vacancy which is contrary to office and retail rentals, where the vacancy is mostly large, cheap rentals outside the big cities.
Figure 2. Development in economic vacancy Percent 25,00
20,00
PROCENT
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.
0,00 2000
2001
2002
2003
2004
2005
2006 Kontor
OfďŹ ce
2007
2008 Butik
Retail
2009
2010
Industri
Industry
Bolig
2011
2012
2013
2014
2015
2016
2017
2018
I alt
Residential
Total
Source: The Danish Property Federation Market Statistics and own calculations based on data from IPD Danish Property Index and Ejendomstorvet Markedsstatistik. Note: Data from January and onwards is from The Danish Property Federation. From 2001 to 2013 is data from IPD Danish Property index based on difference in level in 2014. In year 2000, office data from The Danish Property Federation incorporated. Calculations method differs, hence there is data breaches between October 2013 and January 2014. From January 2014 the publication is divided quarterly, while it is yearly before 2014. Therefore, from 2014 there is a bigger data base.
3
The Danish Property Federation Market Statistics – Vacancy, October 2018
Office – Decrease in vacancy over the last nine quarters Office rental is in a good period where the economic vacancy decreased by 0.6 percentage points last quarter to 8.9 percent. This is the lowest level since April 2010 and it reflects the continuously favorable economic trends. Primarily, the decrease in vacancy is because vacant office rentals are no longer vacant, but also due to a rise in rental prices. This is the result of the record-breaking office employment that contributes to an increased demand of office space. Since the same period last year, the economic vacancy has decreased by 2.2 percentage points. It is the largest annual decrease in this millennium. The spatial vacancy decreases by 0.3 percentage points to 10.6 percent.
The decrease of 2.2 percentage points is the largest in this millennium.
The decrease in the economic vacancy is broadly based. Only in the Southern Denmark Region there is a vague increase. The largest regional decrease is observed in the Mid Jutland Region, where the decrease is 1.0 percentage point ending at 5.0 percent. At the same time, it is the lowest regional vacancy. The decrease in vacancy is led by Aarhus, with a vacancy of 4.7 percent because of a decrease of 1.2 percentage points. This is the lowest level in the four largest cities. In Odense, vacancy decreases by 4.1 percentage points to 13.1 percent, but due to a corresponding increase in the Triangle Area, the vacancy in the Southern Denmark Region increases by 0.3 percentage points. In Copenhagen, vacancy decreases to 5.6 percent being 0.4 percentage points lower than last quarter and overall the vacancy in the Capital Region decreases by 0.6 percentage points to 9.1 percent.
Economic vacancy rate
Table 1. Office Capital Region Copenhagen Centre Other Copenhagen Municipal
October 2018 (percent)
Quarterly change (percentage points)
Annual change (percentage points)
9.1
-0.6
-2.1
5.6
-0.4
0.4
7.7
-0.3
-1.6
Northern Zealand
10.9
-1.0
-11.9
Other Capital Region
12.8
-0.9
-2.3
11.9
-0.6
-0.7
14.0
-0.9
-2.7
9.9
-0.6
1.3
11.6
0.3
-3.2
Odense
13.1
-4.1
-4.4
Triangle Area
14.5
3.7
-0.2
7.8
0.6
Zealand Region Eastern Zealand Western and Southern Zealand Southern Denmark Region
Other Mid Jutland Region
5.0
-1.0
-2.6
Aarhus
4.7
-1.2
-2.9
Other
5.9
0.0
-1.7
10.3
-0.6
-3.1
10.7
-0.3
-3.0
8.9
-0.6
-2.2
Northern Jutland Region Aalborg Total
Source: The Danish Property Federation Market Statistics.
4
Largest decrease and lowest vacancy in the Southern Denmark Region.
The Danish Property Federation Market Statistics – Vacancy, October 2018
Retail – Low vacancy level despite marginal quarterly increase Relatively low vacancy level despite marginal quarterly increase.
Retail vacancy is 6.3 percent at the national level in October 2018. This is a small increase of 0.2 percentage points contrary to the small decreases that have been seen during the first nine months of 2018. Retail vacancy is still quite a bit below the other sectors just as retail vacancy today is below the long-term average of 6.8 percent.
Northern Jutland Region has the lowest retail vacancy.
The regions Northern and Mid Jutland have had the lowest vacancy for some time. The vacancy level has moved between three and four percent and five and six percent respectively in the two regions. Since July, the vacancy increases from 0.7 percent in the Northern Jutland region resulting in 3.9 percent. The Zealand region has the highest vacancy of 8.5 percent, more than two percentage points above the national average. This is partly due to the latest quarterly increase of 1.9 percentage points to 9.5 percent in the Eastern Zealand area. Conversely, the decrease of 1.1 percentage points in Western and Southern Zealand eases the total retail vacancy in the region.
Well-located and modern square meters are easiest to rent out.
In four out of five regions, the spatial vacancy for retail is a little higher than the economic vacancy. This means that the rental value of the vacant rentals in average are lower than the rented rentals. In other words, it is easier to rent out expensive and perhaps more well-located and modern square meters than the less expensive.
Economic vacancy rate
Table 2. Retail Capital Region
October 2018 (percent)
Quarterly change (percentage points)
Annual change (percentage points)
6.3
0.3
-0.3
Copenhagen Centre
5.3
0.8
1.4
Other Copenhagen Municipal
3.8
-0.9
-2.3
Northern Zealand
6.2
0.0
-3.9
Other Capital Region
9.2
0.8
0.6
Zealand Region
8.5
1.0
-1.3
Eastern Zealand
9.5
1.9
0.8
Western and Southern Zealand
6.3
-1.1
-6.2
7.0
-1.2
-0.5
Odense
4.7
-1.9
Triangle Area
6.6
-0.4
-1.4
5.3
-0.1
-0.7
Aarhus
4.3
-0.2
-1.0
Other
7.4
0.4
0.1
3.9
0.7
0.3
3.3
0.8
-0.5
6.3
0.2
-0.5
Southern Denmark Region
Mid Jutland Region
Northern Jutland Region Aalborg Total
Source: The Danish Property Federation Market Statistics.
5
The Danish Property Federation Market Statistics – Vacancy, October 2018
Industry – Lowest level in ten years Vacancy for industry decreases in October 2018 by 0.8 percentage points. This corresponds to a change of -2.0 percentage points since October last year being the largest annual decrease since July 2016. Thus, industry continues to decrease to a lower level being the lowest level since October 2008. The decrease is primarily caused by lower vacancy in the Other Capital region, which is the part of the Capital region that has the majority of industry rentals and the area with the lowest vacancy. Here, the vacancy level decrease by 0.5 percentage points to 8.0 percent.
Annual change of – 2.0 percentage points.
In the Zealand Region, which is the region with the highest vacancy level, vacancy increased by almost two percentage points to 22.5 percent. This is an increase of 3.8 percent on an annual level. The market for industry rentals is influenced by the fact that vacant rentals are fewer than within the other sectors. Equivalently, there is also a lower share of the rented industry rentals that becomes vacant in terms of value. In recent years, the two movements have outweighed each other. The explanation of the lower economic vacancy must therefore be found in adaptions in supply and not a higher demand.
Economic vacancy rate
Table 3. Industry Capital Region
October 2018 (percent)
Quarterly change (percentage points)
Annual change (percentage points)
9.5
-0.7
-2.0
Copenhagen Centre
12.2
0.2
-5.3
Other Copenhagen Municipal
13.0
-1.4
-0.9
Northern Zealand
11.7
-0.7
-7.0
8.0
-0.5
-1.3
Other Capital Region Zealand Region
22.5
1.9
3.8
Southern Denmark Region
10.8
-3.1
-7.8
4.1
-0.6
0.4
4.1
-1.0
0.8
9.1
-0.8
-2.0
Mid Jutland Region Aarhus Northern Jutland Region Total
Source: The Danish Property Federation Market Statistics.
6
Supply is adapting to the lower demand.
The Danish Property Federation Market Statistics – Vacancy, October 2018
Residential – Stable vacancy of four percent The economic vacancy for residential seems to be stabilized at a level around four percent. Compared to last quarter, the vacancy has decreased by 0.1 percentage points and compared to the same period last year, it is unchanged. The residential vacancy was at its lowest at 2.6 percent in 2015 but has since then increased to a little more than four percent and peaked in the fourth quarter of 2017 at 4.3 percent. The spatial vacancy is 3.7 percent and follows the same development as the economic vacancy. The small decline in the economic vacancy is due to more vacant residential rentals being rented during the last quarter. The high construction activity provides a lot of new residential properties to the market, which contributes to the increase in vacancy. However, in total the demand is currently big enough to absorb the increased supply. Demand keeps up with the increased residential supply.
In Copenhagen City Center, the vacancy increases for residential by 0.9 percentage points to 5.4 percent and in total the vacancy increases by 0.3 percentage points in the Capital Region to 4.1 percent. In Aarhus the largest decrease of 1.4 percentage points is observed, and the vacancy is now at 4.4 percent which is the lowest level in the last 18 months. The economic vacancy in Aalborg is still the highest amongst the four biggest cities but decreases by 1.2 percentage points to 8.2 percent, while Odense has the lowest vacancy of 1.0 percent.
Economic vacancy rate
Table 4. Residential Capital Region
October 2018 (procent)
Quarterly change (percentage points)
Annual change (percentagepoints)
4.0
0.3
0.4
Copenhagen Centre
5.4
0.9
-0.6
Other Copenhagen Municipal
4.2
-0.5
-0.2
Northern Zealand
2.3
0.0
-0.4
Other Capital Region
4.1
1.6
2.4
Zealand Region
1.3
-0.9
-1.6
Eastern Zealand
1.1
-0.1
-0.3
Western and Southern Zealand
1.4
-1.2
-2.2
1.9
0.2
-0.1
Odense
1.0
-0.1
-0.4
Triangle Area
4.3
1.0
2.3
Other
2.4
0.2
-0.5
Southern Denmark Region
Mid Jutland Region
4.1
-1.2
-0.4
Aarhus
4.4
-1.4
-0.5
Other
3.1
-0.6
-0.3
Northern Jutland Region
8.2
-1.0
4.0
Aalborg
8.2
-1.2
4.0
Other
8.8
1.4
1.2
4.0
-0.1
0.4
Total
Source: The Danish Property Federation Market Statistics.
7
The Danish Property Federation Market Statistics – Vacancy, October 2018
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, October 2018
About the Market Statistics This web report is published 14 November 2018. Next scheduled publication is early February 2019. The portfolios have approximately 102,400 rentals corresponding to an annual lease value of DKK 20.7 billion and 16.9 million square meters. In comparison the statistical base in October 2017 had an annual lease value of DKK 18.6 billion and 15.4 million square meters. 6,800 properties* are included in the market statistics. The base of the economic vacancy is the actual annual rent. The economic vacancy is defined as: Sum of actual rent in all vacant rentals divided by the sum of actual annual rent in both occupied and vacant rentals. 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 30 September 2018 and is called October 2018. Quarterly change is from October 2018 (closed 30 September 2018) compared to July 2018 (closed 30 June 2018). Annual change is from October 2018 (closed 30 September 2018) compared to October 2017 (closed 30 September 2017). Published data are updated and valid on the date of publication. As the Market Statistics are updated ongoing historic data might also be updated. We have chosen not to publish data, where the data is not sufficient to give valid and representative results or in combinations where only one or very 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 residentials or office units. A parent property includes a property, in which there is apartments, which are registered as independent properties. For these units it is the parent properties that are counted and not each apartment.
This report is based on data from 2+3 Ejendomme, Aberdeen Asset Management, Akelius, Alm. Brand, ALN Holding, Andersen Partners Ejendomsadministration, Anker Bay Petersen, AP Pension, Arbejdernes Landsbank, Arkitekternes Pensionskasse, Arup & Hvidt, ATP, Barfoed Group, Bernhard Guhle, Bevica Fonden, Blue Vision, Bruno Dall, Carlsbergfondet, CBRE, CEJ Ejendomsadministration, CK Holding, Coller Capital, CS Pensionsfond, CW Obel Ejendomme, DADES, Danica, Dansk Administrationscenter, Danagraf A/S, Dansk Sygeplejeråd, Danske Bank, DATEA, DEAS, DEAS Invest 1, DIP, DNP Ejendomme, Domhusgaarden Ejendomsadministration, DSB Ejendomme, Egen Vinding & Datter ApS, Ejendomsforeningen Danmark, Ejendomsselskaberne, Estate Invest, Fast Ejendom Danmark, Flemming Jeppsson, Flemming Olsen, Flemming Sørensen, Fokus Asset Management, FrederiksbergFonden, Friheden Ejendomme A/S, Færchfonden, Goldschmidt Ejendomme A/S, Grosserer Schiellerup og Hustrus Fonde, Gudbjørg og Ejnar Honorés Fond, Grønløkkevej 10, Hans Nielsen, Hauchs Ejendomme, HD Ejendomme, HEA Ejendomme, Hjørnet, Hosta Ejendomme, Højgaard Ejendomme, Industriens Pension, Jammerbugt Kommune, Jeudan, Jorcks Ejendomsselskab, JØP, Kaj Pedersen, Kalkværksgrundene, Kalvebod Ejendomme, Karberghus, KEBLOH ApS, KIRKBI, KHK’s Legat, KLP Ejendomme, Kramers Legat, Køge Kommune, Laros, LB Forsikring, Lyngby Kommune, Lægernes Pensionskasse, Lærernes Pension, Michael Westh-Jensen, Minova, Mogens Westh-Jensen, Moltzen Administration, Mogens Nielsen, MP Pension, NEMO, Nemp, Niam, Niels Møller, NNE, Nordea Ejendomme, Nordea Liv og Pension, North Property Asset Management, Patrizia Denmark, PBU, PenSam, PensionDanmark, Pensionskassen for Farmakonomer, PFA, Pitzner Ejendomme, PKA, PN Ejendomme, Postbudenes Byggeforening, Probus, ProDomus, Realdania, Revisorteamet, Sampension, SEB, Siersbo ApS, Svanholt Ejendomme, SPG Omsorg DK1, Steen & Strøm, Taurus Ejendomsadministration, TDC Pensionskasse, TLP ApS, Tom Jensen, Topdanmark, Totalbyg, Tryg, Vagner P, Valad, Vestjysk Ejendomsadministration ApS, Volantis A/S, Wagner Ejendomme, West Star Property Holding ApS og Aage Larsens Boligudlejning.
Further information If you wish to know more about this publication please contact Director in the Danish Property Federation
Morten Marott Larsen mml@ejendomsforeningen.dk Phone +45 28 45 56 51
9
The Danish Property Federation Market Statistics – Vacancy, October 2018
Appendix Figure 3. Spatial vacancy rate, October 2018 10,6 9,1 7,6
7,0 5,7 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.
-0.3
-2.0
0.2
0.5
-1.0
-1.7
-0.1
0.5
-2.7
-1.6
-0.4
-1.7
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 October 2018 (percent)
Quarterly change (percentage points)
Annual change (percentage points)
10.7
-0.3
-1.7
Copenhagen Centre
5.9
-0.6
0.4
Other Copenhagen Municipal
7.2
-0.6
-1.2
Northern Zealand
12.8
-0.7
-8.5
Other Capital
15.7
0.0
-1.6
Zealand Region
12.8
-2.0
-2.0
Eastern Zealand
14.8
-0.5
-1.6
Western and Southern Zealand
14.9
0.4
1.5
Table 5. Office Capital Region
Southern Denmark Region
14.7
2.2
-2.5
Odense
13.4
-1.5
-4.6
Triangle Area
12.5
-1.3
-7.1
Other
17.5
8.7
10.1
2.7
1.0
Aarhus
6.6
0.0
-2.0
Other Mid Jutland
5.6
-3.9
-4.8
9.6
-2.7
-5.5
11.5
-1.4
-4.4
10.6
-0.3
-2.0
Mid Jutland Region
Northern Jutland Region Aalborg Total
Source: The Danish Property Federation Market Statistics. 10
The Danish Property Federation Market Statistics – Vacancy, October 2018
Spatial vacancy
Table 6. Retail Capital Region
October 2018 (percent)
Quarterly change (percentage points)
Annual change (percentage points)
7.2
0.3
1.1
Copenhagen Centre
5.3
0.2
2.0
Other Copenhagen Municipal
6.1
-0.2
0.1
Northern Zealand
7.6
0.5
-2.1
Other Capital
9.1
0.5
2.4
Zealand Region
6.9
0.2
-2.0
Eastern Zealand
8.4
2.4
1.6
Western and Southern Zealand
4.8
-2.6
-7.9 1.4
Southern Denmark Region
8.6
-0.5
Odense
6.0
-0.6
Triangle Area
8.4
-0.5
0.2
Mid Jutland Region
6.8
0.2
0.1
Aarhus
6.7
-0.3
1.8
Other Mid Jutland
7.0
0.9
-1.7
4.3
1.2
-1.4
4.6
1.6
-2.1
7.0
0.2
0.5
Northern Jutland Region Aalborg Total
Source: The Danish Property Federation Market Statistics.
Spatial vacancy
Table 7. Industry Capital Region
October 2018 (percent)
Quarterly change (percentage points)
Annual change (percentage points)
9.8
-1.1
-1.5
Copenhagen Centre
18.7
0.3
0.4
Other Copenhagen Municipal
13.4
-1.8
-2.1
Northern Zealand
12.7
-1.0
-6.9
8.0
-1.0
-1.0
Other Capital Zealand Region
17.5
1.9
3.6
Southern Denmark Region
9.9
-3.4
-9.0
Mid Jutland Region
4.7
0.2
0.3
4.7
0.6
1.0
9.1
-1.0
-1.7
Aarhus Northern Jutland Region Total
Source: The Danish Property Federation Market Statistics.
11
The Danish Property Federation Market Statistics – Vacancy, October 2018
Spatial vacancy
Table 8. Residential Capital Region
October 2018 (percent)
Quarterly change (percentage points)
3.6
0.3
Annual change (percentage points) 0.5
Copenhagen Centre
4.5
0.8
0.0
Other Copenhagen Municipal
3.8
-0.4
-0.1
Northern Zealand
2.3
0.0
-0.1
Other Capital
3.7
1.3
2.0
Zealand Region
1.6
-1.1
-2.0
Eastern Zealand
1.1
-0.3
-0.3
Western and Southern Zealand
1.8
-1.3
-2.7
Southern Denmark Region
1.9
0.2
-0.2
Odense
1.1
-0.1
-0.5
Triangle Area
3.7
0.7
1.7
Other Southern Jutland
2.5
0.4
-0.3
3.9
-0.9
-0.1
Aarhus
4.1
-1.3
-0.3
Other Mid Jutland
3.3
0.0
0.3
7.8
-1.0
3.5
Aalborg
7.7
-1.4
3.6
Other Northern Jutland
9.0
2.0
-0.4
3.7
-0.1
0.5
Mid Jutland Region
Northern Jutland Region
Total
Source: The Danish Property Federation Market Statistics.
12