April 2022
The Danish Property Federation’s Market Statistics – Vacancy • Small decrease in the economic vacancy rate • Still decreasing vacancy rate for retail and industrial • Unchanged vacancy rate for residential • Small increase in vacancy for office
Small decrease in vacancy Just like the last couple of quarters, the economic vacancy rate decreases again. Compared to last quarter, the vacancy has decreased with 0.1 percentage point. It means that the total economic vacancy rate is at 6.0 percent in April 2022. A year ago, in April 2021, the vacancy rate was 7.3 percent, which emphasises that there has been a positive development in the vacancy. The decrease in the economic vacancy rate is especially a consequence of decrease in vacancy in both the retail and the industrial sector. Here, the vacancy decreases with 0.3 and 0.5 percentage points respectively compared to last quarter. Compared to the same time last year, it has decreased with 0.8 and 1.1 percentage points respectively. The positive development in both sectors means that the vacancy rate for retail is 7.3 percent in April 2022, while the vacancy rate for industrial is 9.6 percent.
Positive development is due to decrease in vacancy for retail and industrial.
Contrary to the vacancy for retail and industrial, the vacancy rate for office increases slightly. Since the last quarter, the office vacancy has increased with 0.1 percentage point. However, the vacancy rate for office has decreased with 0.8 percentage points compared to April 2021. The vacancy for office is thus 8.0 percent in this quarter. The residential vacancy is unchanged and it is 3.2 percent in this quarter. This is a decrease of 1.6 percentage points compared to the same time last year.
Figure 1. Economic vacancy rate, April 2022
Economic vacancy
9.5
The economic vacancy rate indicates how much of the rent is lost as a consequence of empty leases.
8.4 8.0
7.3
6.0
3.2
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
-0.8
-0.3
-0.8
-0.5
-1.1
0.0
-1.6
0.8
-0.3
-0.1
-1.3
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