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Page 1

July 2019

The Danish Property Federation’s market statistics – vacancy • An overall vacancy of 6.5bn • The vacancy of 6.7 percent has increased slightly in the last three quarters. • The largest shopping centres (9.0) and Strøget (10.9) has a larger vacancy than retail in general (6.5) • The vacancy in residential is still low (4.1), but it has increased 0.4 percentage points since last quarter • A success story from industry with a quarterly decrease in vacancy of 0.1 percentage points

Slightly increasing vacancy The economic vacancy rate increases with 0.2 percentage points to 6.7 percent. The overall vacancy rate is slowly heading in the wrong direction and has increased slightly in the last three months. An economic vacancy rate of 6.7 percent corresponds to lost rental income of 6.5bn per year. In good times. it could be reduced with around DKK 4bn but the other way around. bad times could mean an extra DKK 4bn in extra vacancy. As office is the largest sector and has a higher vacancy. it means that office overall has almost half of the DK 6.5bn. Since last quarter. the vacancy for office has not increased but it is the increasing vacancy in retail and residential which causes the increasing vacancy. Retail and residential has relatively low levels with economic vacancy of 6.5 percent for retail and 4.1 percent for residential. The vacancy for industry and other commercial is decreasing. Higher vacancy in larger shopping centres and on Strøget The retail vacancy of 6.5 percent is still below the average from 2000-2019. which is 6.8 percent. The vacancy for retail increases for the second quarter in a row. The larger shop-

Figure 1. Economic vacancy, July 2019

The retail vacancy peaked in 2013 with 14.0 percent.

Economic vacancy

9.8

The economic vacancy rate indicates how much of the rent is lost as a consequence of empty leases.

6.7

8.6 5.8 6.5

Compared to the same period last year, the vacancy has decreased 0.5 percentage points.

4.1

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

-0.8

0.5

0.4

-0.1

-0.5

0.4

-0.1

-0.2

-2.1

0.2

-0.5

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


The Danish Property Federation’s Market Statistics – vacancy, July 2019

ping centres has more vacant capacity with a vacancy of 9.0 percent than other shopping centres with a vacancy of 5.7 percent and retail in general with a vacancy of 6.5 percent.

Increasing retail vacancy on Strøget.

If you look at Copenhagen and Frederiksberg, the economic vacancy is low in Frederiksberg with 1.2 percent while the vacancy is higher in Copenhagen Centre with 7.1 percent, Nørrebro with 7.6 percent and Amager Øst with 10.7 percent which can be seen in Figure 2. Strøget is a part of Copenhagen Centre and now has a vacancy of 10.9 percent. One explanation of the higher vacancy on Strøget could be, that due to a large customer basis, refurbishment and conversion into new shops takes longer, but it does not change the fact that Strøget in the last two years has seen an increase in the economic vacancy, so that Strøget now has a vacancy of 10.9 percent. It is of course important for investors’ future investment calculation.

Figure 2. Low retail vacancy at Frederiksberg 18

Frederiksberg

14

15

7.6% (3.9 %-point)

11

Vesterbro

4.4% (2.0 %-point)

Nørrebro

2

1.2% (-0.5 %-point)

København centrum

10

7.1% (2.7 %-point)

13 9

1

Valby

Strøget*

6.8% (-1.3 %-point)

7

8

3

12

6

4

Sydhavnen

10.9% (7.3 %-point)

5

16

Amager Øst

5.3% (0.9 %-point)

10.7% (2.5 %-point)

Source: The Danish Property Federation’s market statistics, July 2019. Note.: Annual change in parenthesis. Note that Strøget is a part of Copenhagen Centre.

Figure 3.Larger shopping centres has a vacancy of 9.0 percent Retail total

6.5

Shops and shopping centres

6.5

Smaller shoppingcentres

5.7

Medium shoppingcentres

5.7

Larger shoppingcentres 0.0

9.0 2.0

4.0

6.0

8.0

10.0

Source: The Danish Property Federation’s market statistics. Note.: Market data with 3,000 retail properties. Approx. half of the country’s approx. 120 shopping centres are represented in the database. The division of the shopping centres has been made from this definition: Shops and malls are below 5,000 m2. Smaller shopping centres are between 5,000 m2 and 20,000 m2. Medium-sized shopping centres are between 20,000 m2 and 40,000 m2. Large shopping centres are above 40,000 m2.

2


The Danish Property Federation’s Market Statistics – vacancy, July 2019

Small shops are vacant more often When you look at the size of retail leases, small retail leases are empty more frequently than larger retail leases. The vacancy for retail leases below 100 square metres is 11.9 percent while leaes from 1,000 square metres have a vacancy of 3.0 percent.

Figure 4. Low vacancy in larger leases Vacancy 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 -99

100-199

200-399

400-599

600-799

800-999

1.000-

m2

Source: The Danish Property Federation’s market statistics.

Figure 5. Development in economic vacancy Percent 25,00

20,00

PROCENT

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 Office Kontor

2007

2008 Retail Butik

2009 Industry Industri

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.

3


The Danish Property Federation’s Market Statistics – vacancy, July 2019

Office – The vacancy is still not increasing The office vacancy of 8.6 percent is not increasing but still remains just above the historical average from 2000-2019 of 8.4 percent. In a year, the office vacancy has decreased 0.8 percentage points.

Approx 2.0 percentage points lower vacancy in Aarhus and Eastern Zealand. In Køge, the vacancy is halved in three months.

The flat level since April 2019 is the result of a small increase in vacancy in the Capital Region (+0.1 percentage points), an increase in the North Denmark Region (+1.1 percentage points) and a decrease in the other regions. The lowest office vacancy is in the Central Denmark Region (5.6 percent) and the Central Denmark Region (8.6 percent), while the vacancy in the North Denmark Region is the highest (12.4 percent). The largest decreases in vacancy in the last three months took place in Eastern Zealand and Aarhus of 2.0 and 1.7 percentage points respectively. The decrease in vacancy in Eastern Zealand is primarily driven by lower vacancy in Køge, where the vacancy is halved from 12.3 percent to 6.5 percent, but also Greve and Roskilde has seen a decrease in vacancy of 0.9 and 1.7 percentage points respectively. The annual national decrease in vacancy is, among other things, due to the rental value of newly rented leases being higher than what is lost on leases which have become vacant in the same period. Furthermore, annual regulations of the office rent of rented leases also helps keeping the economic vacancy rate down.

Lower vacancy in the Capital Region results in an annual decrease of 0.8 percentage points.

On a regional level, an increased office rental in the Capital Region has large importance to the low level. Copenhagen Centre has the lowest level among the different areas of 4.8 percent. Yet, it is 1.2 percentage points lower than in July 2018. The vacancy has also decreased in the Other Capital Region, from 13.7 percent to 10.6 percent in a year.

Economic vacancy rate

Table 1. Office Capital Region

8.6

Quarterly change (percentage points) 0.1

Annual change (percentage points) -1.0

Copenhagen Centre

4.8

0.9

-1.2

Other City of Copenhagen

8.6

-0.1

0.6

Northern Zealand

13.0

0.8

1.0

Other Capital Region

10.6

-0.4

-3.1

9.4

-1.2

0.9

Eastern Zealand

5.8

-2.0

0.0

Western and Southern Zealand

11.8

-0.5

1.4

The Region of Southern Denmark

10.7

-0.3

0.2

Odense

7.6

-0.9

-6.7

Triangle Area

11.1

-0.6

0.2

12.9

0.5

5.6

5.6

-1.1

-0.4

Aarhus

5.0

-1.7

-1.0

Other Central Denmark

7.2

0.5

1.3

12.4

1.1

1.5

11.5

0.9

0.5

16.6

2.1

8.6

0.0

Region Zealand

Other Southern Denmark Central Denmark Region

North Denmark Region Aalborg Other North Denmark 4

July 2019 (procent)

Total

Source: The Danish Property Federation Market Statistics.

-0.8


The Danish Property Federation’s Market Statistics – vacancy, July 2019

Retail – Increasing vacancy from a low level The retail vacancy has increased with 0.5 percent since April. So far, the retail vacancy reached its low point in January 2019. In the last two quarters, the vacancy has increased in the Capital Region, the Central Denmark Region and in the North Denmark Region. The regional retail vacancy is lowest in the Central Denmark Region with 6.1 percent and the Capital Region with 6.4 percent, while the vacancy in the North Denmark Region has been increasing since a low point in April 2018. Here, the vacancy is 6.9 percent in July 2019, and in Aalborg, the vacancy is 4.3 percentage points higher than the level of July 2018. In general, the retail vacancy on Funen and in Jutland is higher outside the largest cities: Odense, Aarhus and Aalborg. For example, the vacancy in the Triangle area has increased in three months with 1.5 percentage points to 8.3 percent. In Zealand, there is a higher vacancy in Eastern Zealand with 7.7 percent than Western and Southern Zealand with 6.1 percent as well as Copenhagen Centre with 7.1 percent compared to the Capital Region with 6.4 percent.

Low retail vacancy of 5.0 and 5.1 percent in Aarhus and Odense.

Economic vacancy rate

Table 2. Retail Capital Region Copenhagen Centre

July 2019 (procent)

Quarterly change (percentage points)

Annual change (percentage points)

6.4

0.6

0.4

7.1

0.8

2.7

Other City of Copenhagen

6.2

1.6

1.5

Northern Zealand

6.8

0.9

0.6

Other Capital Region

5.9

-0.2

-2.5

6.9

-0.5

-0.5

Eastern Zealand

7.7

-0.6

0.1

Western and Southern Zealand

6.1

-0.4

-0.9

The Region of Southern Denmark

7.2

0.4

-1.0

Odense

5.0

-0.4

-1.7

Triangle Area

8.3

1.5

1.2

Other Southern Denmark

7.8

-0.3

6.1

0.2

0.6

Region Zealand

Central Denmark Region Aarhus

5.1

0.5

0.5

Other Central Denmark

7.5

-0.2

0.5

6.9

1.2

3.7

Aalborg

6.8

1.2

4.3

Other North Denmark

7.2

1.0

6.5

0.5

North Denmark Region

Total

0.4

Source: The Danish Property Federation Market Statistics.

5


The Danish Property Federation’s Market Statistics – vacancy, July 2019

Industry – Decrease in vacancy

Positive progress in the industrial business.

The industrial vacancy is still decreasing and in July 2019, it is on a vacancy rate of 9.8 percent. This is a small decrease of 0.1 percentage points compared to April 2019 and an annual decrease of 0.5 percentage points. The industrial vacancy has been decreasing since 2013, cf. Figure 5, and the decrease in the current vacancy backs up this tendency. The decrease in July is mainly caused by a lot of industrial leases changing from vacant to rented. Furthermore, the decrease is also driven by a decrease in the annual rent of the vacant industrial leases. These two decreases have a double meaning, as the first decrease could indicate that the business is successful in renting its industrial leases, while a decrease in the rent of vacant industrial leases could indicate that there are also leases where it is necessary to adjust the rent downwards. According to the latest numbers from Danmarks Statistik, there is progress in the industrial business where both production and turnover have increased since the beginning of 2019. The decrease in industrial vacancy may very well be a result of this success.

Still higher vacancy in Northern Zealand.

Regionally, the decreases seems to be driven by a positive development in the Region of Southern Denmark. Here, the vacancy rate decreased with 1.4 percentage points to a level of 9.7 percent. Furthermore, this is also the region with the largest annual decrease in vacancy rate of 3.9 percentage points. On the other hand, the largest increase in vacancy was in Region Zealand where the vacancy rate increased with 1.1 percent to 19.2 percent compared to last quarter, which is generally the region with the highest vacancy rate. In the Central Denmark Region, the vacancy is 4.2 percent which is the lowest of all the regions, where it has decreased with 1.0 percentage points. The region is thus the region with the lowest vacancy. The vacancy in the Capital Region has increased with 0.1 percentage points and thus has a vacancy rate of 10.5 percent in July 2019, which is the second-highest rate among the regions. The increase is driven by an increase in Other City of Copenhagen, which has increased with 0.6 percentage points to a vacancy rate of 12.4 percent. In the Capital Region, the vacancy rate is still higher in Northern Zealand, which has seen an increase since last year of 1.8 percentage points and an increase last quarter of 0.3 percentage points. This results in a vacancy rate of 14.2 percent in July 2019.

Economic vacancy rate

Table 3. Industry Capital Region

July 2019 (procent)

Quarterly change (percentage points)

10.5

0.1

0.0

Copenhagen Centre

10.6

-1.4

-1.6

Other City of Copenhagen

12.4

0.6

-2.1

Northern Zealand

14.2

0.3

1.8

9.8

0.2

0.8

19.2

1.1

-1.4

The Region of Southern Denmark

9.7

-1.4

-3.9

Central Denmark Region

4.2

-1.0

-0.5

7.6

-0.6

2.4

Other Capital Region Region Zealand

Aarhus North Denmark Region

8.5

0.5

Total

9.8

-0.1

Source: The Danish Property Federation Market Statistics.

6

Annual change (percentage points)

-0.5


The Danish Property Federation’s Market Statistics – vacancy, July 2019

Residential – Still low vacancy despite increase Just like last year, the residential vacancy increases slightly. In July 2019, the vacancy reaches a rate of 4.1 percent. Since April 2019 however, there has been an increase of 0.4 percentage points. However, the change is still 0.1 percentage points below the level of July 2018, and it indicates that the residential vacancy maintains a low national level. The residential vacancy is somewhat lower than the vacancy rate in 2009 where the vacancy peaked with 7.2 percent. The increase in the residential vacancy is especially a consequence of several residential leases going from being rented to being empty. On a regional level, all the regions have increased with between 0.2-0.4 percentage points, which points to a general increase in residential vacancy in all regions. The North Denmark Region is the region with the highest vacancy rate among the regions with 7.6 percent and an increase of 0.3 percentage points since last quarter. On the other hand, the Region of Southern Denmark is the region with the lowest vacancy rate of 2.4 percent and an increase of 0.4 percentage points. The vacancy in the Capital Region has increased with 0.4 percentage points to 3.8 percent, but despite this increase, the vacancy in Copenhagen Centre has decreased with 0.3 percentage points to 4.8 percent.

Of the large cities, Aalborg has the largest vacancy.

If we look at the other large cities, it is Aalborg which still has the highest vacancy, which can also be seen in the high vacancy in the North Denmark Region. Since the last quarter, the residential vacancy in Aalborg has increased with 0.3 percentage points. However, it also appears that the residential vacancy in Aalborg has decreased with -1.7 percentage points since last year’s account. Reversely, Odense is the large city with the lowest vacancy rate having increased with 0.6 percentage points to 1.8 percent since last quarter. On an annual basis, it also appears that the the vacancy rate in Odense has increased with 0.7 percentage points. Together with Copenhagen Centre, Aarhus has the second highest residential vacancy of the large cities with 4.8 percent. Contrary to Copenhagen Centre, the vacancy in Aarhus has increased with 0.1 percentage points while it has decreased with 1.8 percentage points on an annual basis. The residential vacancy in Copenhagen Centre has however, increased with 0.2 percentage points since last year.

Higher vacancy in newly built residential properties.

Contrary to the decrease in Copenhagen Centre, there has been an increase in the residential vacancy in Other City of Copenhagen. Here, the vacancy has increased with 0.7 percentage points to 4.2 percent. If we dig deeper, it can be seen that Copenhagen has a lower vacancy in areas such as Valby (2.4 percent), Vesterbro (1.8 percent) and Østerbro (2.2 percent), while the vacancy is higher in areas such as Sydhavnen (8.2 percent) and Ørestaden (9.5 percent). The higher vacancy in Sydhavnen and Ørestaden may be due to these areas having a lot of new residential properties compared to the other areas.

7


The Danish Property Federation’s Market Statistics – vacancy, July 2019

Table 4. Residential Capital Region

Economic vacancy rate July 2019 (procent)

Quarterly change (percentage points)

3.8

0.4

0.1

Copenhagen Centre

4.8

-0.3

0.2

Other City of Copenhagen

4.2

0.7

-0.4

Northern Zealand

2.9

0.1

0.6

Other Capital Region

2.9

0.2

0.4

4.3

0.2

2.2

Eastern Zealand

2.9

0.6

1.7

Western and Southern Zealand

4.9

0.1

2.4

The Region of Southern Denmark

2.4

0.4

0.7

Odense

1.8

0.6

0.8

Triangle Area

3.8

1.0

0.5

3.1

-0.3

1.0

4.8

0.3

-1.0

4.8

0.1

-1.8

Region Zealand

Other Southern Denmark Central Denmark Region Aarhus Other Central Denmark

5.1

1.1

1.6

7.6

0.3

-1.6

Aalborg

7.7

0.3

-1.7

Other North Denmark

7.2

0.3

-0.3

4.1

0.4

-0.1

North Denmark Region

Total

Source: The Danish Property Federation Market Statistics.

8

Annual change (percentage points)


The Danish Property Federation’s Market Statistics – vacancy, July 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, July 2019

About the Market Statistics This web report is published 27 August 2019. Next scheduled publication is November 2019. The portfolios have approx. 159.000 leases corresponding to an annual rental-bearing value of DKK 28.8bn and 25.6m m2. In comparison, the statistical base in July 2018 had a rental-bearing value of DKK 21.2bn and 17.5m m2. Today, 12,200 properties are included in the market statistics. 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 June 2019 and is called July 2019. The quarterly change is from July 2019 (closed as of 30 June 2019) compared to April 2019 (closed as of 31 March 2019). The annual change is from July 2019 (closed as of 30 June 2019) compared to June 2018 (closed as of 30 June 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 The statistics are 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, Bellevue 16 ApS, Bendtsen ApS, Bernhard Guhle, Bernstorrfhus, Bevica Fonden, BladhuseneApS, Blue Vision, Bodil og Co. I/S, Bolig og erhvervsudlejning I/S, Boliggruppen, BoStad A/S, Bruno Dall, 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, 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, Ejendommen Hauchsvej 16 I/S, EjendomDanmark, Ejendomskontoret, Ejendomsselskaberne, Ejendomsselskabet af 15. maj 1895, Ejendomsselskabet NEMP, Ejendomsselskabet Thy, Ejendomsselskabet Østervold, 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, HD Ejendomme, 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, Jorcks Ejendomsselskab, JØP, Kaj Pedersen, Kalkværksgrundene, Kalvebod Ejendomme, Karberghus, KEBLOH ApS, KIRKBI, KHK’s Legat, KGV Aarhus ApS, KLP Ejendomme, 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, 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, Odense Bolig ApS, Ole Hartvig, PBU, Pears, 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 Boligselskab / 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, Tox Development, Tryg, Vagner P, Valby Maskinfabrik 1ApS, 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 Boligadministration og Aage Larsens Boligudlejning.


The Danish Property Federation’s Market Statistics – vacancy, July 2019

Appendix Figure 7. Spatial vacancy rate, july 2019 10.2 9.7

10.2 10.0

7.5 7.0

6.7 5.1 3.9

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

-0.5

0.7

-0.1

-0.1

-0.4

0.3

0.0

0.2

-3.3

0.2

-0.5

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 July 2019 (procent)

Quarterly change (percentagepoints)

Annual change (percentage points)

10.3

0.0

-0.6

Copenhagen Centre

5.6

1.5

-0.8

Other City of Copenhagen

8.0

-0.4

0.1

Northern Zealand

15.4

0.8

1.9

Other Capital Region

13.5

-0.6

-2.1

11.7

-0.9

-0.2

5.9

-2.6

-1.6

Western and Southern Zealand

14.4

-0.1

0.0

The Region of Southern Denmark

12.3

-1.3

0.5

7.4

-1.7

-5.2

Triangle Area

12.8

-2.2

-1.0

Other Southern Denmark

16.3

-0.2

7.4

6.5

-1.1

-0.9

Aarhus

5.3

-1.9

-1.3

Other Central Denmark

8.6

0.1

-0.9

13.9

0.2

1.5

Aalborg

12.7

-0.4

-0.2

Other North Denmark

18.1

2.4

8.5

10.2

-0.2

-0.5

Table 5. Office Capital Region

Region Zealand Eastern Zealand

Odense

Central Denmark Region

North Denmark Region

Total

Source: The Danish Property Federation’s market statistics.

11


The Danish Property Federation’s Market Statistics – vacancy, July 2019

Spatial vacancy rate July 2019 (procent)

Quarterly change (percentagepoints)

Annual change (percentage points)

6.5

1.1

-0.4

Copenhagen Centre

7.5

1.9

2.5

Other City of Copenhagen

6.6

2.1

0.4

Northern Zealand

7.4

0.8

0.3

Other Capital Region

5.3

-0.3

-3.2

6.0

0.1

-0.3

4.8

0.2

-1.2

Western and Southern Zealand

7.1

0.0

0.5

The Region of Southern Denmark

6.9

-0.1

-2.2

Odense

5.7

-0.6

-0.9

Triangle Area

9.2

1.6

0.2

Other Southern Denmark

6.4

-0.9

7.0

0.7

0.4

Aarhus

5.8

1.3

-1.2

Other Central Denmark

8.3

0.1

2.2

9.1

1.2

6.1

10.0

0.9

7.0

7.3

2.1

Table 6. Retail Capital Region

Region Zealand Eastern Zealand

Central Denmark Region

North Denmark Region Aalborg Other North Denmark Total

6.7

0.7

-0.1

Source: The Danish Property Federation’s market statistics.

Spatial vacancy rate

Table 7. Industry Capital Region

July 2019 (procent)

Quarterly change (percentagepoints)

Annual change (percentage points)

10.4

0.1

-0.8

Copenhagen Centre

16.0

-1.8

-2.5

Other City of Copenhagen

12.4

0.3

-2.9

Northern Zealand

16.1

0.2

2.4

Other Capital Region

9.2

0.2

-0.2

Region Zealand

19.3

1.8

-3.2

The Region of Southern Denmark

18.1

0.7

5.0

Central Denmark Region

3.4

-1.6

-1.0

5.9

-0.4

1.9

Aarhus North Denmark Region Total

8.0

1.0

10.2

-0.1

Source: The Danish Property Federation’s market statistics.

12

-0.4


The Danish Property Federation’s Market Statistics – vacancy, July 2019

Table 4. Residential

Spatial vacancy rate July 2019 (procent)

Quarterly change (percentagepoints)

Annual change (percentage points)

3.3

0.4

0.0

Copenhagen Centre

3.7

-0.2

0.0

Other City of Copenhagen

3.6

0.6

-0.6

Capital Region

Northern Zealand

2.8

0.1

0.4

Other Capital Region

3.0

0.3

0.6

5.3

0.3

2.7

Eastern Zealand

2.6

0.4

1.2

Western and Southern Zealand

6.2

0.3

3.2

The Region of Southern Denmark

2.4

0.2

0.7

Odense

1.5

0.4

0.5

Triangle Area

3.8

1.0

0.9

3.1

-0.5

1.0

4.8

0.3

-0.5

Aarhus

4.6

0.1

-1.6

Other Central Denmark

5.3

1.0

2.0

7.2

0.3

-1.6

7.1

0.2

-2.0

8.4

1.1

1.3

3.9

0.3

0.0

Region Zealand

Other Southern Denmark Central Denmark Region

North Denmark Region Aalborg Other North Denmark Total

Source: The Danish Property Federation’s market statistics.

13

Profile for EjendomDanmark

The Danish Property Federation's market statistics – vacancy (July 2019)  

An overall vacancy of 6.5bn The vacancy of 6.7 percent has increased slightly in the last three quarters. The largest shopping centres (9.0)...

The Danish Property Federation's market statistics – vacancy (July 2019)  

An overall vacancy of 6.5bn The vacancy of 6.7 percent has increased slightly in the last three quarters. The largest shopping centres (9.0)...

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