MR2020_skabelon_omslag og design_v05

17

Copenhagen Property Market Report 2020

Copenhagen Property Market Report 2020

16

Stet clita kasd gubergren UK

Danish unemployment rate at structural low

Danish inflation edging up

10% 12% 14%

4%

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Sustained uptrend in Greater Copenhagen commercial property prices documented by six consecutive years of capital gains 8.9% Total average return on commercial property in 2018 15 bps Commercial property sector income return requirement compression in 2018

3%

2%

0% 2% 4% 6% 8%

1%

0%

-1%

10

13 12 11

14

15

16

17

E18

E19

10

13 12 11

14

15

16

17

E18

E19

Denmark

Eurozone

Denmark

Eurozone

Sources: Statistics Denmark, Eurostat and Danske Bank

Sources: Eurostat and Danske Bank

Historically low interest rates

2% 3% 4% 5% 6%

-2% -1% 0% 1%

10 09

13 12 11

14

15

16

17

18

Grafik

Eurozone (3M) Denmark (3M)

Eurozone (10-year gov. bond) Denmark (10-year gov. bond)

Note: Short-term interest rates (3M) and 10-year government bonds. Sources: Eurostat, ECB and Nasdaqomxnordic

Falck-Huset, CBD

Macroeconomic key indicators: Continued upturn in Danish economy

Consumer spending 1

Public debt 3

10-year swap yield 4

Year

GDP 1 Unemployment 2

Exports 1

Inflation 1

Grafik

Denmark 2018

1.0

4.0 3.9 3.8 8.2 7.8 7.5

2.4

0.2 2.7 2.0

0.8

33.5

0.90

2019 2020

2.0

1.9

1.3 1.6

33.1

1.55

1.6

2.3

33.2

na

Eurozone 2018

1.9 1.6 1.5

1.3 1.7 1.6

2.7 2.5 2.7

1.8 1.8 1.6

86.9 84.9 82.8

0.75 1.00

2019 2020

na

1 Growth (% y/y), 2 % of workforce, 3 % of GDP, 4 End-year. Sources: Danske Bank and Eurostat