Cushman & Wakefield Norway
Tomorrow’s demand for commercial real estate will reflect how we live, work and shop. Through insight-based and future-focused advisory services we achieve the best results for our clients.
Cushman & Wakefield Realkapital has more than 30 years of experience from the Norwegian CRE market, during which time we have built up an expert and innovative commercial real estate and financial environment.
Norway and Oslo
Norway has a population of approximately 5.6 million as of 2025, of which around 1.5 million reside in the Greater Oslo region. Population growth has been robust in recent years, particularly in Greater Oslo, where annual growth has averaged 1–2 percent since 2002.
Norway ranks among the wealthiest countries in Europe, with the fourth-highest GDP per capita at approximately EUR 80,000 in 2024. The economy is highly developed and service-oriented, with services accounting for more than 75 percent of GDP. While petroleum extraction and related industries continue to generate significant export revenues and government income, the Norwegian economy is gradually becoming less dependent on oil and gas. Revenues from the petroleum sector are transferred to the Government Pension Fund Global (GPFG), commonly referred to as the Oil Fund, which exceeded EUR 1.87 trillion in value as of February 2026. This fund provides Norway with substantial fiscal resilience and long-term financial flexibility.
Norway maintains its own currency, the Norwegian krone (NOK). In January 2026, the exchange rates were approximately EUR/NOK 11.65 and USD/NOK 9.95. Although Norway is not a member of the European Union, it participates in the European Economic Area (EEA), ensuring close economic integration with the EU single market.
Commercial Real Estate in Oslo and Norway
Norway’s labor force totals roughly 3.0 million people (2025), with more than 0.8 million jobs located in the Greater Oslo region. Nearly half of these positions are within office-intensive sectors.
Over the past five years, total commercial real estate (CRE) transaction volume in Norway has averaged approximately EUR 10 billion annually. Transactions have been distributed across 32 percent offices, 20 percent industrial and logistics, 13 percent retail, 7 percent social infrastructure, and 14 percent residential and residential development. Transaction activity declined sharply in 2023 following a rapid rise in interest rates but has since shown a gradual recovery. Overall, the Norwegian CRE market has become increasingly mature and liquid, supported by efficient transaction processes, limited bureaucracy, and advanced digital systems.
In the Oslo office market, total take-up, including renegotiations, reached approximately 710,000 sq m in 2025. Annual take-up typically fluctuates between 600,000 and 900,000 sq m. Prime rents in the Central Business District are currently around EUR 570 per sq m per year, while rents for modern and attractive office premises generally range between EUR 250 and EUR 550 per sq m, depending on location and quality. Construction activity in Oslo is currently subdued, largely constrained by elevated construction and financing costs.
Beyond Oslo, the primary real estate markets in Norway are Bergen, Stavanger, and Trondheim. Bergen, located on the west coast, is the second-largest city with approximately 295,000 inhabitants. The Stavanger region follows with around 267,000 inhabitants, and Trondheim with about 218,000. Together, these cities account for roughly 0.5 million jobs and serve as key regional economic centers. Bergen is a major hub for maritime industries and research and development, Stavanger is widely recognized as Norway’s oil and gas capital, and Trondheim is the country’s leading center for technological research and innovation.
What we offer
Cushman & Wakefield Realkapital has a team of 25 advisors in our Oslo office. We cover the full range of advisory services from capital markets transactions, leasing/subletting and valuation to occupier services and development. We are a leading real estate firm in Norway within the office, retail, logistics and development sectors. The team works closely with our clients, deploying specialists to meet the precise needs of a particular transaction. A solid research group provides complete oversight of the markets in Oslo and the largest cities in Norway in support of our services, which also benefit from an inhouse graphic design unit that secures the best design for clients’ project and marketing material.
Our clients include several of Norway’s largest listed companies, public sector agencies and both Norwegian and international occupiers and investors.
In all our work we endeavor to give clients the best possible service, based on commitment, execution strengths, integrity, value-creating insight and expertise.
Cushman & Wakefield Realkapital recognizes the importance of social and environmental responsibility and seeks to contribute actively to the sustainable development of the commercial real estate industry. Therefore, we are proud to have contributed to the foundation of the Norwegian Green Building Council and the establishment of the BREEAM NOR environmental certification in Norway.
