Copenhagen Property Market Report 2020

39

Copenhagen Property Market Report 2020

Demand remains strong, but is slowing

0 20,000 40,000 60,000 80,000 100,000 120,000 140,000

OFFICE HOTEL RETAIL INDUSTRIAL REGIONS RESIDENTIAL

20

21

22

23

24

25

Note: Demand forecast, office, Copenhagen (sq m space). Sources: Statistics Denmark, Ejendomstorvet.dk and Colliers

Vandtårnsvej 83, Søborg

Office transactions heading the field Overall, the investment market is characterised by an abundance of capital and substantial placement requirements. Low bond yields have made investors zoom in on alternative investments offering relatively attractive returns: Nearly all domestic pension funds aim at increasing allocations to property assets. However, as the economic outlook is not as bright as previously, the capital currently flowing into real estate has become slightly more cautious. In other words, many investors are prepared to accept lower returns as a trade-off for higher security. This security is offered e.g. by office property in central locations, let to one or more financially strong tenants on long leases. This also helps to explain why office property accounted for a higher share of transactions in 2019, ahead of residential property which used to dominate the field. In 2019, the volume of office transactions represented DKK 21bn, or 36% of total transaction volume.

Kontorhandler fylder mere Investeringsmarkedet er generelt præget af rigelige mængder kapital og store placeringsbehov. De meget lave obligationsrenter betyder, at investorerne har øjnene rettet mod alternative investeringer med relativt attraktive afkast. Fx har nærmest alle danske pensionskasser mål om at øge investeringerne i ejendomme. Kapitalen, der søger mod fast ejendom i øjeblikket, er dog blevet en lille smule mere forsigtig, fordi de økonomiske udsigter ikke er helt så gode, som de har været. Mange er altså villige til at acceptere et lavere afkast i bytte for mere sikkerhed. Denne sikkerhed kan blandt andet findes i kontorejendomme på centrale placeringer og med lange lejekontrakter med en eller flere solide lejere. Dette er også med til at forklare, hvorfor kontorer udgjorde en større del af transaktionerne i 2019, mens boligejendomme før har domineret. Omfanget af handler med kontorejendomme udgjorde i 2019 ca. 21 mia. kroner eller 36% af de samlede handler.