CBRE's Norway Real Estate Market Outlook 2019 dicusses the key trends that will affect the Norwegian CRE market over the coming years.




Economic outlook
Norwegian economy continues to recover from oil slump and has a solid 2019 ahead. International risk factors are however becoming more apparent and should be watched closely.


Capital markets outlook
Market reaching a turning point in monetary policy, as interest rate normalisation has started. Expect a strong investment market by historical standards in 2019, but a moderate decline compared to 2018.


Office outlook
Slower rental growth than what has been witnessed in Oslo over the last years, but supply-side constraints and continued strong demand will still support positive real growth in 2019. Regional markets improving, though abundant supply continues to be a key theme.


Retail outlook
Investors becoming more selective in their choice of retail assets. Experiential retail and local convenience are defensive parts of the sector. Few segments and areas expected to see rental growth in 2019.


Industrial and logistics outlook
Sector supported by a combination of economic growth and expansion of ecommerce. Real rental growth will occur at supply-constrained locations. Urban logistics will become more prominent part of the market.


Hotels outlook
Upscale and luxury hotel capacity is coming on line in all major city markets in Norway, with the potential to attract more high-spending guests and positively influence the whole hotel market. Oslo’s hotel capacity will grow by more than 10% in 2019 in a stagnant market.