Country Spotlights

European Quarterly Country Review : Denmark - Q3 2013

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Denmark’s economy has been contracting, but there are signs that the consumer sector, in particular, has stabilised following improvements in the housing market

Office sector take-up in Copenhagen has been surprisingly strong, supported by significant preletting activity. Net absorption has also turned positive in recent quarters, leading to rental value growth at the prime end of the market. However, overall vacancy rates remain elevated and much of the older office stock is obsolete

Strong international retailer demand for prime space has kept vacancy rates low on the prime high streets, generating rental growth. This has come at the expense of off-prime streets, while provincial high streets are also suffering. Shopping centre development activity remains strong

While Danish manufacturing output remains nearly 10% below its 2008 peak, output in Copenhagen is 10% above its peak. Industrial net absorption remains negative in Copenhagen, but prime rents have been stable for two years. Secondary rents remain nearly 30% below peak

Strong investor demand for prime assets and downward pressure on prime yields compares to a lack of interest in secondary and/or impaired assets and continued rises in secondary yields

Source : AXA Real Estate 

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Mots-clés : AXA Real Estate