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Industry revenue of »rental and operating of own or leased real estate« in Norway 2011-2023

Revenues of the rental and operating of own or leased real estate industry in Norway are expected to grow from 15 billion U.S. dollars in 2016 to only 15.7 billion U.S. dollars by 2023. The tepid growth can be attributed to the rising rental cost for apartments, which have affected demand. In fact, as of 2018, Oslo was one of the most expensive European cities to rent an apartment, at over 2,000 U.S. dollars a month. Rental rates for offices have also witnessed a rise from 378 euros per square meter per year in 2015 to 506 euros per square meter per year in 2018. As a result, the take-up of office real estate in Oslo witnessed a drastic decline, falling from approximately 100 thousand square meters of take-up in 2014 to just over 14 thousand square meters in 2017, before climbing back again in 2018.

Additionally, the outbreak of the corona virus has not augured well for the sector and market activity is expected to be subdued in the short to medium term, as consumers would look to curtail their discretionary spend. Sales of new homes have already witnessed a 47 percent year-over-year decline in March, as per data from the Norwegian Home Builders Association.

Industry revenue of »rental and operating of own or leased real estate« in Norway from 2011 to 2023

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Sources

Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (EUR -> USD) = 1.186

The industry classification is based on the NACE Rev.2 - system in Norway. The industry “rental and operating of own or leased real estate“ has the code “L682“.

Details on the methodology can be found here.

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