JLL Nordic Outlook: New Super Prime segment widens the gap with the rest of the office market
The latest edition of JLL Nordic Outlook, entitled “The Emergence of Super Prime”, focuses on a new segment comprising the most attractive office properties. Joseph Alberti, Head of Research at EDC Poul Erik Bech, Denmark’s largest real estate company, says:
“In several major European cities, the very best office properties have in recent years outperformed both the traditional prime segment and the rest of the market. This has created a new ‘Super Prime’ segment comprising a small number of the very best office properties, characterised by prime locations, often in the cities’ central business districts (CBDs), high-quality construction, strong sustainability profiles and attractive facilities, which command a significantly higher rental premium than traditional prime offices. The first signs of the same trend are now emerging in the Nordic region.”
National differences
Although the Super Prime segment is a common Nordic trend, it is more pronounced in some of the Nordic capitals than in others, as Mikkel Søby, Partner and Director at EDC Poul Erik Bech Copenhagen, points out: “Stockholm is the furthest ahead in this development. The top 5% of office rent levels have risen by approximately 10% since 2023, whereas the median rent has risen by only 6%. At the same time, the proportion of office lettings above the official prime rent has risen from 9% in 2023 to 17% in 2025. This is the highest proportion in the Nordic region and a clear sign that a growing number of office properties are beginning to break away from the rest of the market.”
“In Copenhagen, we are also seeing the first signs of this, as the top 5% of rent levels have risen by approximately 11% since 2023, whilst the median rent has remained virtually unchanged. A similar trend is seen in Oslo, where the highest office rents have risen by 23% since 2020. However, the number of lettings above the prime rent remains very limited, and therefore a true ‘Super Prime’ segment has not yet been established. Helsinki stands out, as the highest rent levels have remained virtually unchanged over the past five years, and rents for the best office properties have not risen significantly either. With several new ambitious prime office projects in the pipeline, however, the city may be on the way to establishing a Super Prime segment.”
Copenhagen is in a strong position
The office market in Copenhagen is generally well positioned compared with neighboring countries, says Mikkel Søby: “Copenhagen’s office market has shown great resilience in recent years, with a stable prime rent in the CBD of approximately DKK 2,450 per m² per annum and a stable yield of 4% since 2023. At the same time, Copenhagen is expected to be the Nordic capital with the highest rise in rental prices for the most attractive office properties, with an expected annual growth rate of 3% through to 2030. By comparison, annual rent growth is expected to be 2.8% in Stockholm, whilst Oslo and Helsinki follow with 1.7% and 1.6% respectively.”
“These national differences are also reflected in the vacancy rates in the office market. Here, Copenhagen once again stands out positively, with a vacancy rate of approximately 5.9% in the CBD in the first half of 2026, compared with approximately 7% in Oslo, 8.6% in Stockholm, and 16% in Helsinki. The vacancy rate in Copenhagen remains below the average for the past 20 years and is evidence of continued strong demand for office space. This applies both in the CBD and in other attractive business areas such as Ørestad and Nordhavn.”
International investors are returning
Overall, the Nordic commercial property market is showing positive signs, with Denmark maintaining its position as the second-largest property market in the Nordic region after Sweden, explains Joseph Alberti:
“Transaction volumes in the Nordic region rose by 36% to just under DKK 150 billion in the first half of 2026. The growth was driven in particular by Sweden and Finland, where transaction volumes rose by 79% and 50% respectively. Denmark and Norway, by contrast, remained below the level seen in the first half of 2025. Looking at the last two months, Norway continues to lag behind, whilst Denmark has caught up. After the first eight months of the year, the transaction volume in Denmark is now just under 3% higher than at the same time last year.”
“Part of the reason is that international investors appear to be returning. In August, they accounted for around a third of the total transaction volume in Denmark, whilst in the period January–August they made up just over 20%. There are signs that the door is opening again to more international deals – including across the Nordic countries. It will therefore be interesting to see whether this trend also gains ground in the rest of the Nordic region, particularly in Sweden, where international investors accounted for just 9% of transaction volume in the first half of 2026. If this proves to be the case, 2026 could turn out to be an exceptionally strong year for the Nordic commercial property market.”
Read: JLL Nordic Outlook “The Emergence of Super Prime”
