October 2019
The Danish Property Federation’s market statistics – vacancy • Increase in vacancy in all sectors • The retail vacancy increases with between 2 and 4 percentage points in a year in the largest cities • Industry has a vacancy of over 11 percent • More new residences, however, results in higher residential vacancy • The residential vacancy has increased with 0.7 percentage points to 4.9 percent
Increasing vacancy in all sectors The economic vacancy rate increases with 0.5 percentage points to 7.5 percent. The vacancy has been increasing the last year and it was 1.0 percentage points lower at the same time last year. The relatively significant increase is a consequence of increase in all sectors this quarter. Retail still has a lower vacancy than e.g. office and industry but since January 2019, quarterly increases has raised the vacancy to 7.4 percent. It means that today, retail is somewhat above the long-term average of 6.8 percent. The increase in retail is partly due to more vacancy in the Capital Region outside Central Copenhagen and partly that Aarhus and the Triangle Area experience a lack of rental.
Higher vacancy in residential and retail leases makes its mark.
Higher retail vacancy in the country’s largest cities.
If you compare with the same time last year, the increasing vacancy tendency for retail is even clearer in the cities. Here, there are increases of between 2 and 4 percentage points in the country’s four largest cities.
Figure 1. Economic vacancy, October 2019
Economic vacancy
11.5
The economic vacancy rate indicates how much of the rent is lost as a consequence of empty leases.
9.2 7.4
7.5
7.2 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.
0.2
0.6
0.6
1.6
0.9
3.8
0.47
1.1
0.8
0.4
0.5
1.0
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.
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The Danish Property Federation’s Market Statistics – vacancy, October 2019
The residential vacancy has increased with 0.7 percentage points since July 2019. It corresponds to owners of residential leases losing DKK 240m more annually on lack of rentals than just three months ago. The retail vacancy has increased with 0.6 percentage points in three months and 1.6 percentage points compared to October 2018. The residential vacancy is still rather low although the increase is higher than it was the last couple of quarters. The higher residential vacancy is the result of an increasing vacancy in the larger cities, especially Copenhagen and Aarhus, where the vacancy increases with 1.2 and 0.6 percentage points in three months. The residential vacancy increases in the cities The loss from a lack of rental income is largest in the country’s largest cities. In Aalborg, the residential vacancy is 7.8 percent while the rate is 5.4 and 5.6 in Aarhus and the City of Copenhagen respectively. Odense, however, still experiences a vacancy rate, which with 1.9 percent is significantly lower than in the rest of the country. Together with a relatively higher rate in Aarhus and Copenhagen, there are also increases that are larger than in the rest of the country. It is partly due to the fact that recent years have seen the development of new residential properties, which are offered and gradually occupied by new tenants. This is in line with new properties often having a period with higher vacancy when the leases have been offered and are ready for moving in. Furthermore, there will also be a larger change in tenants in new residences and that also causes higher vacancy.
Figure 2. The residential vacancy is higher in the largest cities Percent
9 8 7 6 5 4 3 2 1 0 Aarhus
Aalborg
Copenhagen Oct. '18
Odense Remaining country
Oct. '19
Source: The Danish Property Federation’s market statistics. Rem.: The higher residential vacancy especially applies to residential leases over 90 m2. It comprises leases in older as well as new properties built after 2010. The vacancy for smaller leases is thus half as high as for other leases.
2
The Danish Property Federation’s Market Statistics – vacancy, October 2019
Figure 3. Lowest vacancy in the smaller leases of the cities Percent
14 12 10 8 6 4 2 Below 90 m2
Over 90 m2
Below 90 m2
Built before 2010 Copenhagen
Over 90 m2
Built after 2010 Aalborg
Aarhus
Source: The Danish Property Federation’s market statistics. Rem.: The lower vacancy for smaller leases show that there is a larger demand for especially smaller leases, which e.g. the municipalities should be aware of in their planning phase.
Figure 4. Development in economic vacancy Percent 25
20
15
10
5
Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt. Jan. Apr. Jul. Okt.
0 2000
2001
2002
2003
2004
2005
2006
2007
OfficeKontor
2008
Retail Butik
2009 IndustryIndustri
2010
2011
Residential Bolig
2012
2013
2014
2015
2016
2017
2018
2019
Total I alt
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.
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The Danish Property Federation’s Market Statistics – vacancy, October 2019
Office – Small increase in vacancy The smallest vacancy increase is seen in the office sector.
Of all the sectors, it is the office sector where the vacancy increases the least in this quarter. The office vacancy has increased with 0.2 percentage points so that the vacancy in this quarter is at 9.2 percent. This is an increase of 0.6 percentage points compared to the same time last quarter. Historically, the office vacancy in this quarter is above average in the period 200-2019, which is 8.4 percent.
Despite increases, the Central Denmark Region has the lowest office vacancy.
Although the increase in the general office vacancy is rather modest, the vacancy in Region Zealand, the Region of Southern Denmark and the Central Denmark Region increases with 1.0-1.5 percentage points. These large increases are matched by a decrease in the North Denmark Region where the office vacancy has decreased with 0.9 percent to 12 percent as well as an unchanged office vacancy in the Capital Region, where the vacancy is 8.8 percent. It can also be seen that the Capital Region is the region which has been the most stable during the last year, as the annual change in office vacancy has been a small increase of 0.1 percentage points. Despite increases during the last year, the Central Denmark Region is, however, still the region with the lowest office vacancy of 7.5 percent.
Lower office vacancy in the larger cities.
It is interesting that the office vacancy in the larger cities is lowest in the different regions. In Copenhagen Centre, the office vacancy is 5.3 percent, Odense 9.4 percent, Aarhus 6.7 percent and Aalborg 10.9 percent. This may be evidence that it is more attractive to have an office lease in the larger cities.
Economic vacancy rate October 2019 (procent)
Quarterly change (percentage points)
Annual change (percentage points)
8.8
0.0
0.1
5.3
0.6
-0.2
7.1
-1.3
-0.1
Northern Zealand
14.1
0.7
3.3
Other Capital Region
12.3
1.1
-0.3
14.0
1.7
5.7
Eastern Zealand
14.5
1.6
8.4
Western and Southern Zealand
13.7
1.7
3.4
The Region of Southern Denmark
13.4
1.2
1.2
Odense
9.4
-0.3
-4.1
Triangle Area
18.3
4.8
3.9
Other Southern Denmark
13.6
0.3
4.0
7.5
1.0
2.5
Table 1. Office Capital Region Copenhagen Centre Other City of Copenhagen
Region Zealand
Central Denmark Region Aarhus
6.7
1.2
1.9
Other Central Denmark
9.7
0.6
3.8
12.3
-0.6
2.2
Aalborg
10.9
-0.6
0.5
Other North Denmark
20.3
0.7
9.2
0.2
North Denmark Region
Total
Source: The Danish Property Federation Market Statistics.
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0.6
The Danish Property Federation’s Market Statistics – vacancy, October 2019
Retail – Continuously increasing vacancy The retail vacancy has been increasing throughout the last year. The retail vacancy has increased with 1.6 percentage points since last year and with 0.6 percentage points since last quarter so that the retail vacancy is now 7.4 percent. This increase especially takes place as a consequence of the increasing retail vacancy in the Central Denmark Region, the Capital Region and the North Denmark Region which increases with 0.6-0.8 percentage points compared to last quarter. It means that the Region of Southern Denmark is the region with the highest retail vacancy while Region Zealand and the Central Denmark Region are the regions with the lowest retail vacancy.
General lower retail vacancy in the larger cities apart from Aalborg.
In general, it appears that the retail vacancy in the larger cities in the respective regions is lower than the vacancy in the areas outside of the larger cities. However, it is noted that this does not apply to the North Denmark Region, where the retail vacancy in Aalborg (8.8 percent) is the highest in the North Denmark Region. In Copenhagen Centre, the retail vacancy is 6.4 percent after a decrease of 0.5 percent compared to last quarter, while the vacancy in all the other areas in the Capital Region has increased. In Odense, the retail vacancy has decreased with 0.8 percentage points and is now at 7.5 percent. Just as the Capital Region, the retail vacancy in all the other areas in the Region of Southern Denmark has increased. Contrary to Copenhagen and Odense, the retail vacancy in Aarhus has increased with 1.5 percentage points compared to last quarter and is now at 6.6 percent. Although the retail vacancy in Other Central Denmark decreases with 0.6 percentage points to 6.9 percent, Aarhus is still the area in the Central Denmark Region which has the lowest retail vacancy. For a long time, the retail vacancy has been below the average from the period 20002019 which is 6.8 percent but in this quarter, the vacancy has gone above the average. The general increase in retail vacancy may among other things be caused by a continuous development i online trade. In 2019, the online trade is expected to increase with five percent according to a report from DIBS (Dansk e-handel 2019), and that causes natural competition to physical shops.
The retail vacancy is now above the average in the period 2000-2019.
In recent years, the rent for retail property has been around the inflation, however with a few annual fluctuations of +/- three to four percent since 2014. Most recently, July saw an annual increase of 2.7 percent, cf. the Danish Property Federation’s market statistics, maybe as a consequence of the still satisfactory turnover in retail. The increasing retail vacancy in October on the other hand supports that there is still uncertainty about where the retail sector is headed.
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The Danish Property Federation’s Market Statistics – vacancy, October 2019
Economic vacancy rate October 2019 (procent)
Quarterly change (percentage points)
Annual change (percentage points)
7.2
0.8
1.7
6.4
-0.5
2.0
Other City of Copenhagen
6.5
0.9
3.0
Northern Zealand
9.0
0.7
3.0
Other Capital Region
7.9
1.6
0.3
6.8
0.2
-0.9
Eastern Zealand
7.9
-0.4
-0.8
Western and Southern Zealand
6.1
0.7
0.1
The Region of Southern Denmark
8.8
0.4
1.7
Odense
7.5
-0.8
2.0
Triangle Area
9.8
1.3
3.2
Other Southern Denmark
8.6
0.2
6.8
0.6
2.0
6.6
1.5
2.8
Table 2. Retail Capital Region Copenhagen Centre
Region Zealand
Central Denmark Region Aarhus Other Central Denmark
6.9
-0.6
0.1
8.6
0.8
3.2
Aalborg
8.8
0.8
3.8
Other North Denmark
7.9
1.1
7.4
0.6
North Denmark Region
Total
Source: The Danish Property Federation Market Statistics.
6
1.6
The Danish Property Federation’s Market Statistics – vacancy, October 2019
Industry – Increase in vacancy Compared to last quarter, the industrial vacancy has increased with 0.9 percentage points and in this quarter, it is 11.5 percent. Furthermore, the industrial vacancy has increased with 3.8 percentage points compared to the same time last year. The industrial vacancy in this quarter is, however, still below the average of the period 2000-2019 which is at 11.7 percent.
High vacancy in the industrial sector.
There are quarterly increases in the industrial vacancy in the Capital Region, Region Zealand and the Region of Southern Denmark, while the industrial vacancy in the Central Denmark Region and the North Denmark Region has decreased since last quarter. It is especially the Region of Southern Denmark that sees quarterly increases in the industrial vacancy. Here, the industrial vacancy has increased with 2.7 percentage points to 20.5 percent. At the same time, it can be seen that the industrial vacancy in the Region of Southern Denmark has increased with 12.0 per since last year. However, there is also decrease in the North Denmark Region where the industrial vacancy has decreased with 1.2 percentage points to 11.6 percent. Since last year, there are more market data for industry included in the statistics. As it can be seen from the average in the period 2000-2019, the industrial sector is historically the one with the highest vacancy. The larger support for the market statistics thereby emphasises the high vacancy rate in the industrial sector as the support only makes the statistical foundation even better. If you leave out the new support in the statistical foundation, you will still see a quarterly and annual increase of 0.1 nad 1.7 percentage point respectively.
More market data for industry.
Economic vacancy rate October 2019 (procent)
Quarterly change (percentage points)
Annual change (percentage points)
11.9
0.9
3.2
Copenhagen Centre
11.5
0.5
-0.7
Other City of Copenhagen
13.9
1.0
0.9
Northern Zealand
27.9
12.7
16.2
Other Capital Region
10.9
0.6
3.8
8.9
0.4
2.3
20.5
2.7
12.0
4.2
-0.8
0.7
7.3
-1.1
3.6
North Denmark Region
11.6
-1.2
Total
11.5
0.9
Table 3. Industry Capital Region
Region Zealand The Region of Southern Denmark Central Denmark Region Aarhus
3.8
Source: The Danish Property Federation Market Statistics.
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The Danish Property Federation’s Market Statistics – vacancy, October 2019
Residential – Increase in vacancy More rented housings can be rented.
After several quarters with a slight increase in the residential vacancy, the increase in residential vacancy in October has been somewhat more clear. Since the last quarter, the residential vacancy has increased with 0.7 percentage points, which means that the residential vacancy is 4.9 percent. It is 1.5 percentage points above the long-term average and 1.1 percentage points above the rate at the same time last year. The lower rental has appeared in all regions of the country, however, with the largest increases in the Capital Region and the Central Denmark Region with 0.9 and 0.8 percentage points respectively. The vacancy is lowest in the Region of Southern Denmark, where especially Odense maintains a relatively very low rate.
Progress for larger new residential leases in Aalborg.
Among the largest cities, the vacancy is still highest in Aalborg at 7.8 percent and in Copenhagen, where the vacancy is 6.4 percent in the centre and 5.5 percent outside of the centre. It is partly due to the fact that new properties with residential rental still need a lot of new tenants – especially for the larger leases over 90 m2, where the vacancy today is at 10.0 percent. The last year’s decrease of 1.7 percentage points, however, shows that there is progress for new larger residential leases in Aalborg.
Economic vacancy rate October 2019 (procent)
Quarterly change (percentage points)
Annual change (percentage points)
4,9
0,9
1,1
Copenhagen Centre
6,4
1,3
0,9
Other City of Copenhagen
5,5
1,2
1,6
Northern Zealand
2,8
-0,3
Other Capital Region
3,8
0,5
0,3
5,2
0,1
2,9
Eastern Zealand
2,4
-0,5
1,3
Western and Southern Zealand
6,5
0,7
3,6
2,8
0,4
0,7
Odense
1,9
0,1
0,8
Triangle Area
3,8
-0,2
-0,4
Other Southern Denmark
4,0
1,1
1,5
5,6
0,8
1,6
Aarhus
5,4
0,6
1,1
Other Central Denmark
6,5
1,3
3,6
7,8
0,2
0,4
Aalborg
7,8
0,1
Other North Denmark
8,3
1,0
-0,2
4,9
0,7
1,1
Tabel 4. Residential Capital Region
Region Zealand
Region Syddanmark
Central Denmark Region
North Denmark Region
Total
Source: The Danish Property Federation Market Statistics.
8
-0,1
0,4
The Danish Property Federation’s Market Statistics – vacancy, October 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.
9
The Danish Property Federation’s Market Statistics – vacancy, October 2019
About the Market Statistics This web report is published 19 November 2019. Next scheduled publication is February 2020. The portfolios have approx. 171,000 leases corresponding to an annual rental-bearing value of DKK 30.9bn and 28.3m m2. In comparison, the statistical base in September 2018 had a rental-bearing value of DKK 30.2bn and 27.8m m2. Today, 12,500 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 30 September 2019 and is called October 2019. The quarterly change is from October 2019 (closed as of 30 September 2019) compared to June 2019 (closed as of 30 June 2019). The quarterly change is from October 2019 (settled as of 30 September 2019) compared to October 2018 (settled as of 30 September 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
10
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, Bendtsen ApS, Bernhard Guhle, Bernstorrfhus, Bevica Fonden, Birch Ejendomme, BladhuseneApS, Blue Vision, Bodil og Co. I/S, Bolig og erhvervsudlejning I/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, Cobblestone, Coller Capital, CS Pensionsfond, Cosmo Ejendomme ApS, 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, 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, Hauchs Ejendomme, 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, Jorcks Ejendomsselskab, JØP, Kaj Pedersen, Kalkværksgrundene, Kalvebod Ejendomme, Karberghus, Kayhan Development, KEBLOH ApS, KFI Erhvervsdrivende Fond, KIRKBI, KHK’s Legat, 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, 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, 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, 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, Øernes Ejendomsselskab, Aalborg Boligadministration og Aage Larsens Boligudlejning.
The Danish Property Federation’s Market Statistics – vacancy, October 2019
Appendix Figure 7. Spatial vacancy rate, October 2019 12.7 10.0
9.7 11.1
7.0 8.6
8.0
7.4 4.7
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.
0.4
1.2
0.7
1.4
1.3
4.1
0.6
1.2
0.7
2.0
0.2
1.6
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 Other City of Copenhagen Northern Zealand Other Capital Region
October 2019 (procent)
Quarterly change (percentagepoints)
Annual change (percentage points)
10.6
0.2
0.8
5.9
0.4
0.6
7.1
-0.7
0.7
16.0
0.3
3.7
14.8
1.0
-0.4
14.3
0.8
2.9
Eastern Zealand
12.0
1.0
4.3
Western and Southern Zealand
15.6
0.9
1.7
The Region of Southern Denmark
15.0
1.0
1.3
9.4
-0.1
-3.1
Triangle Area
20.2
4.9
2.8
Other Southern Denmark
16.6
-0.6
4.9
8.8
1.3
2.2
7.7
1.6
2.0
10.8
0.7
1.5
14.5
0.4
3.2 0.7
Region Zealand
Odense
Central Denmark Region Aarhus Other Central Denmark North Denmark Region Aalborg Other North Denmark Total
13.1
0.4
19.7
0.4
11.1
0.4
Source: The Danish Property Federation’s market statistics.
1.2
11
The Danish Property Federation’s Market Statistics – vacancy, October 2019
Spatial vacancy rate
Table 6. Retail Capital Region Copenhagen Centre Other City of Copenhagen
October 2019 (procent)
Quarterly change (percentagepoints)
Annual change (percentage points)
7.6
0.8
1.3
6.9
-1.0
1.3
6.7
0.7
1.5
10.6
0.9
3.5
7.9
1.8
0.6
7.6
0.5
1.9
Eastern Zealand
6.0
-0.2
0.3
Western and Southern Zealand
8.6
1.0
3.0
The Region of Southern Denmark
8.7
0.3
1.1
Northern Zealand Other Capital Region Region Zealand
Odense Triangle Area Other Southern Denmark Central Denmark Region Aarhus Other Central Denmark
7.7
-1.3
1.8
10.6
0.5
2.2
8.0
1.2
7.8
0.7
1.8
7.5
1.8
2.0
8.1
-0.4
1.5
10.5
0.8
1.2
Aalborg
11.6
0.9
0.3
Other North Denmark
8.2
0.8
8.0
0.7
North Denmark Region
Total
1.4
Source: The Danish Property Federation’s market statistics.
Spatial vacancy rate
Table 7. Industry Capital Region
October 2019 (procent)
Quarterly change (percentagepoints)
Annual change (percentage points)
13.0
1.7
3.7
Copenhagen Centre
16.0
-1.0
-2.7
Other City of Copenhagen
15.3
2.3
1.9
Northern Zealand
22.7
5.9
10.1
12.1
1.8
4.6
11.7
0.3
3.1
20.4
1.3
6.3
4.9
0.0
1.0
8.7
0.2
4.8
North Denmark Region
10.3
-0.8
Total
12.7
1.3
Other Capital Region Region Zealand The Region of Southern Denmark Central Denmark Region Aarhus
Source: The Danish Property Federation’s market statistics.
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4.1
The Danish Property Federation’s Market Statistics – vacancy, October 2019
Table 4. Residential
Spatial vacancy rate October 2019 (procent)
Quarterly change (percentagepoints)
Annual change (percentage points)
4.3
0.7
1.2
Copenhagen Centre
5.3
1.3
0.8
Other City of Copenhagen
5.0
1.1
1.8
Northern Zealand
2.9
-0.1
0.2
Other Capital Region
3.4
0.0
0.4
6.0
0.0
3.2
Eastern Zealand
2.4
-0.1
1.5
Western and Southern Zealand
7.3
0.3
3.7
The Region of Southern Denmark
2.8
0.4
0.8
1.8
0.2
0.6
Triangle Area
4.0
0.0
0.3
Other Southern Denmark
4.0
1.1
1.6
5.5
0.7
1.6
Aarhus
5.0
0.4
1.0
Other Central Denmark
6.7
1.3
3.2
Capital Region
Region Zealand
Odense
Central Denmark Region
North Denmark Region
7.5
0.3
0.6
Aalborg
7.3
0.2
0.5
Other North Denmark
9.1
0.7
0.6
4.7
0.6
1.2
Total
Source: The Danish Property Federation’s market statistics.
13