Norway Office Market Figures Q1 2025

The office rental market continues was quite strong in the first quarter. Office take-up in Oslo reached 193,910 sqm in Q1, and even though there were 10% fewer lease transations year-on-year, the volume was 11% higher than the same period last year.

The average offfice rent in Oslo has risen by 6.3% over the past year. However, with a close inspection of the numbers, there could be a selection bias, as the City Centre rents signed in the quarter are up 13% while the CBD are up 1% year-on-year. These two tend to correlate closely.

Notably Fornebu and Bryn-Helsfyr have seen a significant average rent increase in the period of 15% and 16% respectively, while Lysaker and Nydalen have seen a fall in average rents of 7% and 11% respectively.