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MARKET Update

2021

Definitions Residential rental properties: 1) Newer residential rental properties are properties that have been occupied after 31.12. 1991 and thus covered by the rules on free/market rent according to the Danish Residential Rent Regulation Act section 15 A et al. 2) Older residential rental properties are properties that have been occupied before 31.12. 1991 and are regulated in accordance with the provisions of the Danish Residential Rent Regulation Act on cost-determined rent. 3) Fully developed older residential rental properties are older home rental properties without further potential for rent increases through modernization pursuant to section 5 (2) of the Danish Residential Rent Regulation Act.

Location and condition: Yield and rent levels estimates are based on primary, secondary and tertiary categories, where primary is the best and tertiary is the worst. Various variables for each property type have been taken into consideration with regards to determine the facility classes, such as: size, floor plan structure, year of construction, lifts, climate control, cabling infrastructure, staff facilities, customer facilities, parking facilities, building energy rating, ceiling height, general accessibility, general condition of the property, etc. Primary: A property with prime location and class A facilities has the best possible location in an area, the highest standard when it comes to facilities, is modern and ready to move into. This type of property will typically be sold at the lowest yield in the area, have the highest market rent and have a short reletting process.

Data for available commercial premises: The source of available commercial premises is the latest available supply statistics from Ejendomstorvet. Further information about these statistics can be found at ejendomstorvet.dk/statistic/udbudsstatistik.

Secondary: Average in terms of location and condition. Yield and rent levels also reflect the average levels for the area. The re-rental options are market compliant and reflect the general market conditions.

Trends: All trends reflect our expectations to the level in 12 months time.  The figure is expected to increase  The figure is expected to remain unchanged  The figure is expected to decrease

Tertiary: Poor location for the area, low standard and outdated. This type of property is expected to be able to be sold at a relatively high yield level and the rent level is low for the defined area. Similarly, vacancy rates can be expected to be higher than the market average.

Note on estimates: The valuation of a property depends on many specific factors, including conditions of the lease, the tenant and the property condition. The estimates cannot be used uncritically in the valuation of one specific property but can serve as input related to the valuation. Reproduction or citation only with acknowledgement of source. While every effort has been made to ensure that the information provided is accurate, EDC International Poul Erik accepts no liability for errors.

Yield: All yields are net initial yields and is defined as the annualised rent generated by the property, after the deduction of estimated annual irrecoverable property outgoings, expressed as a percentage of the property valuation (property valuation is adjusted for the value of rental deposits and prepaid rent). For comparison purposes it is assumed that all properties are fully let at market-conform conditions. Market Rent: All rents are headline rents, in other words the contracted gross rent receivable which becomes payable after any tenant incentives have expired. Market rent estimates are expressed in DKK/sq m/year. It is assumed that all properties are let at market-conform conditions.

The Danish economy Annual GDP growth

Employees

2,8 Million

2% 2,7 0%

-2% 2,6 -4%

-6%

2,5 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020* 2021*

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Estimated growth rates

Growth rates

Source: Statistics Denmark

Source: Statistics Denmark and Danmarks Nationalbank

Rebound in 2021 GDP in Denmark is expected to rebound in 2021 after a sharp decline in 2020 due to lockdowns in connection with the COVID-19. It should be stressed that the rebound is dependant upon COVID-19 contagion not worsening and the vaccinations beginning to have an effect.

Uncertain times The number of employees initially fell by a total of 81,000 people since February due to the economic crisis in connection with COVID-19. During the summer, employment grew by 25,000 people, however in recent months employment growth has slowed down and may indeed be negative in the coming months.

Interest rates

Consumer confidence indicator

3% 10

2% 0 1%

-10 0%

-1%

-20 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Short-term interest rate

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Source: Statistics Denmark

10 year treasury bond

Source: Statistics Denmark and Finance Denmark

Negative consumer confidence Consumer confidence for January 2021 is -4.1 and is thus significantly negative but remains above the average of the past six months. The primary reason for the negative consumer confidence is consumers’ assessment of Denmark’s current economic situation compared to a year ago.

Rates reverting towards the mean After an initial hike in the interest rates at the end of March 2020, short interest rates have been trending downwards, and are now only slightly higher than the average in 2019. Similarly, the 10 year treasury bond yields are at a vey low level with a historically small gap to the short interest rates.

Selected transactions Residential Rental Properties Project/adress

City

sq m

Price in mill. DKK*

Price per sq m*

Seller

Buyer

HD Portefølje

Several

777,100

12,100

15,600 DKK

Niam

Heimstaden

NREP Portefølje

Several

50,000

1,900

38,000 DKK

NREP

Velliv

Birch Ejendomme Portefølje

Several

70,513

1,500

21,300 DKK

Birch Ejendomme

Goldman Sachs & Rubik Properties

A-huset

Copenhagen

22,310

970

43,480 DKK

A-House TopCo ApS

Denmark Primo Holding ApS

Amager Strandvej 60 etc.

Copenhagen

13,511

585

43,300 DKK

Gefion

Europa capital LLB

Fabricius-Bjerre Portefølje

Copenhagen

14,077

511

36,300 DKK

Faricius-Bjerre

Vision Ejendomme

Østerbro boligejendomme

Copenhagen

10,996

454

41,300 DKK

Commercial Real Estate Denmark

Pensam

Odense

24,865

438

17,600 DKK

NREP

Aberdeen Standard Investment

Copenhagen

9,234

351

38,000 DKK

Bonava

NREP

Ballerup

11,000

350

31,800 DKK

NREP

Nørrebrogade 155 etc.

Copenhagen

10,231

348

34,000 DKK

Nørrebro Holding 2019 ApS

Coop Ejendomme

Robert Jacobsens Vej 63-65

Copenhagen

7,710

330

42,800 DKK

E3 Holding ApS & Morten Thøgersen Invest ApS

Formuepleje Ejendomme

Karlslunde

8,198

237

28,900 DKK

Strandhaverne Karlslunde ApS

Ejendomsselskabet Strandåparken A/S

Hillerød

8,200

233

28,400 DKK

Milnersvej 45 Hillerød P/S

NIAM

Rådhuspladsen 4 m.fl.

Copenhagen

16,700

740

44,300 DKK

Aberdeen Standard Investment

AM Alpha

Portland Towers

Nordhavn

12,753

700

54,900 DKK

ATP, PensionDanmark & PFA

Hines

Niam Portefølje

Several

32,627

650

19,900 DKK

Niam

Confidential

Carlsbergbyen portefølje

Copenhagen

10,000

420

42,000 DKK

Carlsbergbyen

Reinvest Asset Management S.A.

Lersø Parkallé 38

Copenhagen

13,100

232

17,700 DKK

Dreyers Fond

Other investor

Aalborg Storcenter

Aalborg

52,000

1,420

27,300 DKK

ATP Ejendomme

Danske Shoppingcentre

Rema 1000 Portefølje

Several

Confidential

1,200

Confidential

Rema 1000

Savills Investment Management

Rugårdsvej 2 Fasanrækkerne 2E Portefølje

Strandhaven Karlslunde Milnersvej 45

Office

Retail

*Price and price per sq m is estimated for several properties.

Selected lettings Office Project/adress

City

sq m

Owner

Tenant

Gammel Køge Landevej 59

Valby

15,900

GKL 59 ApS

Genmab A/S

Herredsvej

Vejle

3,750

Exxit 59

Good Food Group A/S

Støvring

4,120

Søren Enggaard A/S

Atarex ApS

Bredgade 66

Copenhagen

1,050

3Shape A/S

Maersk

Njalsgade 19D

Copenhagen

1,075

Njalsgade Komplekset ApS

Boozt Innovation Lab

Hedeager 3

Aarhus

1,230

P/S Hedeager 1-5

Region Midtjylland

Dusager 2

Aarhus

1,190

ATP Ejendomme

iAdvice ApS

Åboulevarden 17A

Aarhus

1,010

ATP Ejendomme

Fonden Mødrehjælpen

Copenhagen

700

Ejendomsselskabet Vognmagergade 11 ApS

Kruso A/S

Hellerup

950

Newsec Pam A/S

Industriens Hus

Copenhagen

260

Skandinavisk Motor Co.

Kristen Bernikows Gade 9

Copenhagen

430

Aviva & PSP Investments

KBG9 ApS

Aarhus

1,200

&Aplace A/S

Søstrene Grene Import A/S

Copenhagen

490

Grøn 3 ApS

Art Investment ApS

Hillerød

1,140

Slangerupgade 6 ApS

Hillerød Madmarked A/S

Helgeshøj Allé 12-14

Taastrup

17,500

Velliv Ejendomme Logistik A/S

Scan Global

Taastrupgårdsvej 28

Taastrup

4,800

Ff Capital A/S

Region Hovedstaden

Sleipnersvej 2

Køge

4,900

United Denmark 2020 Propco K/S

PostNord

Sleipnersvej 2

Køge

2,450

United Denmark 2020 Propco K/S

DKI Logistics

Porsborgparken 8

Landemærket 10,6.sal Tuborg Havnevej 7

Retail

Kannikegade 4 / Skt. Clemens Trov 11 Grønnegade 3, st. Slangerupgade 6 ST MF

Industrial

Residential rental

newer properties

Yield in %, annual market rent in DKK/sq m incl. operating expenses and trends for the next 12 months Area Central Copenhagen

Østerbro, Frederiksberg and Gentofte

Harbour areas

Ørestad

Remaining Copenhagen

Western suburbs

Northern suburbs

North Zealand

East Zealand

West Zealand

South Zealand

Odense

Other Funen

Vejle

Kolding

Fredericia

Esbjerg

Other South Jutland

Aarhus

Silkeborg

Herning

Viborg

Aalborg

Hjørring

Frederikshavn

Prime Yield in % Annual market rent in DKK/sq m Yield in % Annual market rent in DKK/sq m Yield in % Annual market rent in DKK/sq m Yield in % Annual market rent in DKK/sq m Yield in % Annual market rent in DKK/sq m Yield in % Annual market rent in DKK/sq m Yield in % Annual market rent in DKK/sq m Yield in % Annual market rent in DKK/sq m Yield in % Annual market rent in DKK/sq m Yield in % Annual market rent in DKK/sq m Yield in % Annual market rent in DKK/sq m Yield in % Annual market rent in DKK/sq m Yield in % Annual market rent in DKK/sq m Yield in % Annual market rent in DKK/sq m Yield in % Annual market rent in DKK/sq m Yield in % Annual market rent in DKK/sq m Yield in % Annual market rent in DKK/sq m Yield in % Annual market rent in DKK/sq m Yield in % Annual market rent in DKK/sq m Yield in % Annual market rent in DKK/sq m Yield in % Annual market rent in DKK/sq m Yield in % Annual market rent in DKK/sq m Yield in % Annual market rent in DKK/sq m Yield in % Annual market rent in DKK/sq m Yield in % Annual market rent in DKK/sq m

Secondary

Tertiary

Trend

3.50%

4.00%

4.50%



2,050 DKK

1,750 DKK

1,400 DKK



3.50%

4.00%

4.50%



2,000 DKK

1,750 DKK

1,450 DKK



3.50%

4.00%

4.25%



2,000 DKK

1,725 DKK

1,425 DKK



4.00%

4.25%

4.50%



1,775 DKK

1,625 DKK

1,325 DKK



4.00%

4.25%

4.50%



1,750 DKK

1,625 DKK

1,325 DKK



4.00%

4.50%

5.00%



1,650 DKK

1,400 DKK

1,100 DKK



4.00%

4.50%

5.00%



1,750 DKK

1,600 DKK

1,300 DKK



4.25%

4.75%

5.25%



1,200 DKK



1,650 DKK

1,500 DKK

4.25%

5.00%

5.75%



1,700 DKK

1,200 DKK

900 DKK



5.00%

6.00%

7.00%



1,300 DKK

1.000 DKK

900 DKK



4.75%

5.50%

6.50%



1,300 DKK

950 DKK

800 DKK



4.25%

4.75%

5.25%



1,350 DKK

1,200 DKK

1,000 DKK



5.00%

6.25%

6.75%



1,150 DKK

900 DKK

800 DKK



4.25%

4.50%

4.75%



1,350 DKK

1,100 DKK

900 DKK



4.75%

5.50%

6.00%



1,250 DKK

1,050 DKK

850 DKK



4.75%

5.75%

6.25%



1,250 DKK

1,050 DKK

800 DKK



4.50%

5.25%

6.00%



1,100 DKK

900 DKK

600 DKK



5.50%

6.00%

6.50%



1,050 DKK

850 DKK

650 DKK



3.75%

4.25%

4.75%



1,750 DKK

1,450 DKK

1,300 DKK



4.25%

5.00%

6.50%



1,400 DKK

1,100 DKK

950 DKK



4.50%

5.00%

6.50%



1,100 DKK

1,000 DKK

900 DKK



4.50%

4.75%

5.25%



1,200 DKK

1.000 DKK

750 DKK



4.00%

4.50%

5.00%



1,250 DKK

1,050 DKK

850 DKK



5.50%

6.25%

7.00%



1,100 DKK

875 DKK

675 DKK



6.00%

6.75%

7.50%



1,000 DKK

850 DKK

650 DKK



Source: EDC International Poul Erik Bech, data as of 15 January 2021

Residential rental

fully developed properties

Yield in %, annual rent in DKK/sq m incl. operating expenses and trends for the next 12 months Area Central Copenhagen

Østerbro, Frederiksberg and Gentofte

Remaining Copenhagen

Western suburbs

Northern suburbs

North Zealand

East Zealand

West Zealand

South Zealand

Odense

Other Funen

Vejle

Kolding

Fredericia

Esbjerg

Other South Jutland

Aarhus

Silkeborg

Herning

Viborg

Aalborg

Hjørring

Frederikshavn

Prime Yield in % Annual rent in DKK/sq m Yield in % Annual rent in DKK/sq m Yield in % Annual rent in DKK/sq m Yield in % Annual rent in DKK/sq m Yield in % Annual rent in DKK/sq m Yield in % Annual rent in DKK/sq m Yield in % Annual rent in DKK/sq m Yield in % Annual rent in DKK/sq m Yield in % Annual rent in DKK/sq m Yield in % Annual rent in DKK/sq m Yield in % Annual rent in DKK/sq m Yield in % Annual rent in DKK/sq m Yield in % Annual rent in DKK/sq m Yield in % Annual rent in DKK/sq m Yield in % Annual rent in DKK/sq m Yield in % Annual rent in DKK/sq m Yield in % Annual rent in DKK/sq m Yield in % Annual rent in DKK/sq m Yield in % Annual rent in DKK/sq m Yield in % Annual rent in DKK/sq m Yield in % Annual rent in DKK/sq m Yield in % Annual rent in DKK/sq m Yield in % Annual rent in DKK/sq m

Secondary

Tertiary

Trend 

3.75%

4.50%

5.25%

1,750 DKK

1,600 DKK

1,300 DKK



3.75%

4.50%

5.25%



1,700 DKK

1,600 DKK

1,300 DKK

 

4.00%

4.75%

5.50%

1,650 DKK

1,600 DKK

1,300 DKK



4.25%

5.00%

5.75%



1,600 DKK

1,525 DKK

1,225 DKK



4.25%

5.00%

6.00%



1,500 DKK

1,450 DKK

1,225 DKK



4.50%

5.00%

6.00%



1,400 DKK

1,300 DKK

1,200 DKK



4.50%

5.25%

6.00%



1,600 DKK

1,300 DKK

1,000 DKK



5.25%

6.50%

7.25%



700 DKK



1,100 DKK

900 DKK

4.75%

5.50%

7.00%



1.300 DKK

1.100 DKK

850 DKK



4.25%

5.00%

5.50%



900 DKK

850 DKK

800 DKK



5.25%

5.75%

7.00%



800 DKK

700 DKK

600 DKK



5.00%

5.50%

6.00%



1,100 DKK

1,000 DKK

800 DKK



5.50%

6.00%

6.50%



1,100 DKK

1,000 DKK

850 DKK



5.75%

6.25%

6.75%



1,000 DKK

800 DKK

700 DKK



5.00%

5.75%

6.50%



1,000 DKK

800 DKK

600 DKK



5.75%

6.00%

6.50%



1,000 DKK

950 DKK

750 DKK



3.50%

4.25%

5.00%



1,575 DKK

1,350 DKK

1,150 DKK



4.50%

5.50%

6.75%



1,300 DKK

875 DKK

550 DKK



4.75%

5.50%

6.50%



1,000 DKK

900 DKK

700 DKK



4.75%

5.50%

7.00%



1,100 DKK

850 DKK

650 DKK



4.00%

4.75%

5.50%



1,150 DKK

1,100 DKK

900 DKK



5.50%

6.50%

7.25%



900 DKK

800 DKK

700 DKK



6.00%

7.00%

7.75%



850 DKK

750 DKK

650 DKK



Source: EDC International Poul Erik Bech, data as of 15 January 2021

Residential rental

older properties

Yield in percent and trends for the next 12 months Area

Prime

Secondary

Tertiary

Trend

Central Copenhagen

Yield in %

1.25%

2.75%

4.00%



Østerbro, Frederiksberg and Gentofte

Yield in %

1.25%

2.75%

4.00%



Remaining Copenhagen

Yield in %

2.50%

3.00%

4.25%



Western suburbs

Yield in %

3.75%

4.50%

5.25%



Northern suburbs

Yield in %

3.75%

4.50%

5.75%



North Zealand

Yield in %

4.25%

4.75%

5.75%



East Zealand

Yield in %

4.00%

5.00%

5.75%



West Zealand

Yield in %

5.50%

7.00%

8.00%



South Zealand

Yield in %

4.75%

5.25%

6.75%



Odense

Yield in %

3.75%

4.50%

5.25%



Other Funen

Yield in %

5.25%

5.50%

7.00%



Vejle

Yield in %

4.75%

5.25%

5.75%



Kolding

Yield in %

5.25%

5.75%

6.25%



Fredericia

Yield in %

5.50%

6.00%

6.50%



Esbjerg

Yield in %

4.25%

5.00%

6.00%



Other South Jutland

Yield in %

5.50%

6.00%

6.25%



Aarhus

Yield in %

1.75%

3.25%

4.75%



Silkeborg

Yield in %

4.00%

5.00%

5.75%



Herning

Yield in %

5.00%

5.50%

6.50%



Viborg

Yield in %

4.50%

5.50%

7.00%



Aalborg

Yield in %

2.75%

4.00%

5.25%



Hjørring

Yield in %

5.25%

6.25%

7.00%



Frederikshavn

Yield in %

5.75%

6.75%

7.50%



Source: EDC International Poul Erik Bech, data as of 15 January 2021

Office Yield in %, annual market rent in DKK/sq m incl. operating expenses and trends for the next 12 months Area Central Copenhagen

Østerbro, Frederiksberg and Gentofte

Harbour areas

Ørestad

Remaining Copenhagen

Western suburbs

Northern suburbs

North Zealand

East Zealand

West Zealand

South Zealand

Odense

Other Funen

Vejle

Kolding

Fredericia

Esbjerg

Other South Jutland

Aarhus

Silkeborg

Herning

Viborg

Aalborg

Hjørring

Frederikshavn

Secondary

Tertiary

Trend

3.50%

4.50%

7.50%



2,600 DKK

1,750 DKK

1,300 DKK



3.75%

4.75%

7.75%



2,350 DKK

1,500 DKK

1,200 DKK



3.50%

4.50%

7.50%



2,600 DKK

1,850 DKK

1,600 DKK



4.00%

5.00%

8.00%



2,050 DKK

1,600 DKK

1,300 DKK

 

4.25%

5.25%

8.25%

1,800 DKK

1,300 DKK

900 DKK



5.25%

6.75%

9.25%



1,400 DKK

850 DKK

500 DKK



5.50%

6.00%

8.25%



1,800 DKK

1,350 DKK

750 DKK



6.00%

6.50%

8.50%



1,400 DKK

1,000 DKK

700 DKK



6.50%

7.00%

10.50%



1,400 DKK

900 DKK

350 DKK



7.00%

8.00%

10.00%



900 DKK

600 DKK

300 DKK



7.00%

7.50%

11.00%



1,100 DKK

800 DKK

300 DKK



6.00%

7.50%

10.00%



1,250 DKK

800 DKK

500 DKK



7.50%

8.50%

12.00%



800 DKK

600 DKK

400 DKK



5.75%

7.50%

10.00%



1,450 DKK

1,000 DKK

600 DKK



6.25%

7.75%

10.00%



1,300 DKK

900 DKK

500 DKK



6.75%

8.00%

9.50%



1,250 DKK

900 DKK

550 DKK



6.50%

8.00%

10.00%



1,050 DKK

850 DKK

500 DKK



6.50%

7.50%

11.50%



1,100 DKK

700 DKK

400 DKK



4.25%

5.50%

8.25%



1,800 DKK

1,450 DKK

600 DKK



5.75%

6.75%

9.00%



1,150 DKK

700 DKK

350 DKK



5.75%

6.75%

9.00%



900 DKK

600 DKK

375 DKK



6.00%

7.00%

9.00%



850 DKK

650 DKK

400 DKK



5.25%

6.00%

7.00%



1,200 DKK

850 DKK

500 DKK



6.50%

7.25%

10.75%



850 DKK

500 DKK

350 DKK



6.75%

7.50%

11.00%



800 DKK

450 DKK

300 DKK



Source: EDC International Poul Erik Bech, data as of 15 January 2021

Office

availability

Available office space as a percentage of building stock 14% 12% 10% 8% 6% 4% 2%

Capital Region of Denmark

Region Zealand

Region of Southern Denmark

Central Denmark Region

North Denmark Region

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

Denmark, total

Source: Ejendomstorvet-ED Statistikken, data as of 1 January 2021

Retail Yield in %, annual market rent in DKK/sq m incl. operating expenses and trends for the next 12 months Area Strøget

Central Copenhagen

Østerbro, Frederiksberg and Gentofte

Harbour areas

Ørestad

Remaining Copenhagen

Western suburbs

Northern suburbs

North Zealand

East Zealand

West Zealand

South Zealand

Odense

Other Funen

Vejle

Kolding

Fredericia

Esbjerg

Other South Jutland

Aarhus

Silkeborg

Herning

Viborg

Aalborg

Hjørring

Frederikshavn

Secondary

Tertiary

Trend

3.50%

4.00%

4.75%



18,000 DKK

7,500 DKK

6,000 DKK



4.25%

5.25%

6.25%



6,500 DKK

2,500 DKK

1,600 DKK



4.25%

5.25%

6.75%



3,500 DKK

2,500 DKK

1,400 DKK



4.25%

5.00%

5.75%



2,500 DKK

1,800 DKK

1,500 DKK



4.50%

5.50%

7.00%



2,200 DKK

1,500 DKK

1,200 DKK



4.50%

5.50%

7.00%



3,000 DKK

1,700 DKK

850 DKK



5.75%

6.00%

8.75%



2,500 DKK

1,500 DKK

800 DKK



5.25%

5.75%

7.50%



4,500 DKK

1,600 DKK

700 DKK



6.00%

6.50%

7.75%



3,600 DKK

1,500 DKK

650 DKK



6.50%

7.25%

8.50%



2,700 DKK

900 DKK

425 DKK



7.00%

8.50%

10.00%



1,800 DKK

700 DKK

400 DKK



6.00%

7.00%

9.00%



2,000 DKK

800 DKK

400 DKK



6.25%

7.25%

8.25%



5,000 DKK

1,500 DKK

550 DKK



7.75%

9.25%

10.25%



2,000 DKK

750 DKK

400 DKK



5.75%

6.50%

7.50%



3,000 DKK

1,300 DKK

500 DKK



6.50%

7.00%

8.50%



1,800 DKK

1,200 DKK

475 DKK



6.50%

7.25%

9.25%



1,700 DKK

1,100 DKK

475 DKK



7.00%

8.00%

9.50%



2,500 DKK

1,100 DKK

500 DKK



6.50%

7.25%

9.25%



1,700 DKK

1,200 DKK

500 DKK

 

4.50%

5.25%

7.00%

6,500 DKK

2,700 DKK

900 DKK



5.50%

6.50%

8.75%



2,450 DKK

1,000 DKK

500 DKK

 

5.50%

6.50%

8.75%

2,000 DKK

1,000 DKK

500 DKK



5.50%

6.50%

8.00%



2,500 DKK

1,000 DKK

475 DKK



4.75%

6.00%

8.00%



4,000 DKK

1,750 DKK

950 DKK



6.50%

7.50%

9.75%



1,250 DKK

725 DKK

400 DKK



7.00%

8.00%

10.25%



1,100 DKK

675 DKK

350 DKK



Source: EDC International Poul Erik Bech, data as of 15 January 2021

Retail

availability

Available retail space as a percentage of building stock 5%

Capital Region of Denmark

Region Zealand

Region of Southern Denmark

Central Denmark Region

North Denmark Region

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

Denmark, total

Source: Ejendomstorvet-ED Statistikken, data as of 1 January 2021

Industrial Yield in %, annual market rent in DKK/sq m incl. operating expenses and trends for the next 12 months Area Remaining Copenhagen

Western suburbs

Northern suburbs

North Zealand

East Zealand

West Zealand

South Zealand

Odense

Other Funen

Vejle

Kolding

Fredericia

Esbjerg

Other South Jutland

Aarhus

Silkeborg

Herning

Viborg

Aalborg

Hjørring

Frederikshavn

Secondary

Tertiary

Trend

4.75%

6.75%

9.00%



800 DKK

500 DKK

375 DKK



5.50%

7.25%

9.50%



650 DKK

500 DKK

375 DKK



6.25%

7.75%

9.00%



625 DKK

475 DKK

350 DKK



6.50%

8.00%

9.50%



600 DKK

450 DKK

325 DKK



6.00%

8.00%

10.25%



600 DKK

425 DKK

300 DKK



7.50%

9.00%

10.25%



425 DKK

300 DKK

200 DKK



7.00%

8.00%

10.25%



500 DKK

375 DKK

300 DKK



6.75%

8.25%

10.00%



500 DKK

350 DKK

250 DKK



8.00%

10.00%

12.00%



400 DKK

300 DKK

200 DKK



6.50%

9.00%

11.50%



450 DKK

375 DKK

250 DKK



6.50%

9.00%

10.00%



425 DKK

350 DKK

225 DKK



6.00%

8.75%

10.00%



575 DKK

350 DKK

225 DKK



7.00%

8.50%

10.50%



375 DKK

275 DKK

175 DKK



7.00%

9.00%

11.75%



425 DKK

300 DKK

175 DKK



6.00%

7.50%

9.75%



550 DKK

425 DKK

300 DKK



6.50%

8.00%

10.25%



450 DKK

300 DKK

125 DKK



7.50%

8.75%

10.50%



275 DKK

175 DKK

100 DKK



6.25%

7.75%

10.00%



425 DKK

325 DKK

250 DKK



6.25%

7.50%

9.00%



425 DKK

325 DKK

250 DKK



7.00%

9.00%

11.00%



375 DKK

300 DKK

175 DKK



7.25%

9.50%

11.75%



375 DKK

275 DKK

150 DKK



Source: EDC International Poul Erik Bech, data as of 15 January 2021

Industrial

availability

Available retail space as a percentage of building stock 9% 8% 7% 6% 5% 4% 3% 2% 1%

Capital Region of Denmark

Region Zealand

Region of Southern Denmark

Central Denmark Region

North Denmark Region

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

Denmark, total

Source: Ejendomstorvet-ED Statistikken, data as of 1 January 2021

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