Colliers Copenhagen Property Market Report 2019

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Copenhagen Property Market Report 2019

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F&B and tourist hotspot

Copenhagen on the world map as top travel destination Offering a varied mix of retail shops, a metropolitan setting with historical buildings, modern design as well as leisure activities, Copenhagen is consolidating its position as an attractive shopping destination also in an international context. Apart from a broad range of domestic and international brands, the city benefits from a flourishing gastronomical scene and innovative urban development schemes, which have served to truly put the city on the world map in recent years. As a result, well-reputed travel guide Lonely Planet has named Copenhagen the top travel destination to visit in 2019. The mounting interest for Copenhagen as a tourist and shopping destination has combined with scores of prevailing tendencies and megatrends to shape the retail land- scape of the city. In particular, a shift in consumer patterns in favour of leisure and experience-related activities, growing e-commerce and a thriving tourist industry have changed the city in recent years. We believe that these trends will continue to influence the retail offering and the demand for retail space, in the next 12 months with a stronger focus on the shopping experience and contemporary retail concepts. F&B remains strong market driver More than anything, the boom in the Food & Beverage (F&B) sector has changed the Copenhagen retail landscape. According to Statistics Denmark, Danes continue to spend a record-high amount of money on dining out. Coupled with tourism growth and interna- tional recognition of the Danish restaurant scene, this drives growth in the F&B sector. Favourable developments in the sector have fuelled the demand for retail space suitable for café or restaurant operations. In 2018, this trend was very prevalent in Copenhagen, and we expect that F&B concepts will remain some of the most obvious alternative uses when reviving existing retail vacancies. For instance, recent developments on the small island of Refshaleøen illustrate the current strength of the F&B sector. Situated in the port of Copenhagen, Refshaleøen is still located in a fringe location by Copenhagen standards, irrespective of improved acces- sibility. In the past, the island was a predominantly industrial area, but in recent years it has transformed into one of the most sought-after hotspots of Copenhagen, thanks not least to a flourishing gastronomical scene. Today, the island offers both international Due to the current strong market conditions, competition has intensified in the Copenhagen market for prime retail space.

Lonely Planet names Copenhagen the top travel destination to visit in 2019