Intelligent Investment

Norway Real Estate Market Outlook 2023

Explore actionable intelligence on the trends shaping Norwegian commercial real estate in 2023.




Economic growth to fall but remain in positive territory for the year. Inflation to come down towards the end of 2023.


We expect activity to remain slow in the coming months before new price discovery lifts the transaction market in the second half of the year.


ESG is the new normal in the Nordics 75% of investors have already adopted ESG criteria in the decision-making process. In 2023, the focus on sustainability issues will intensify.


Slow development of new stock, low vacancy, and high tenant demand pushed office rents up by 11.4% YoY. Office transaction volume took a hit of 58.3 % YoY.


Retail sales recovered to pre-pandemic levels in 2022 despite worsening consumer confidence and cost crunch from inflation.

Industrial and logistics

Industrial and logistics sector continues strong growth in 2022. Supply-demand imbalance has pushed prime rents to NOK 1,800.


Residential investments almost halved in 2022, but the stability of the multifamily product will be an attractive investment alternative in 2023.


Attractively located hotels with solid operators will remain a good investment product.