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It is therefore realistic to expect foreign investors to increase their share of the Swedish market, even if we will not reach the high levels of the mid s. Newsec estimates see more yield at approximately 5. Total volume click to see more EUR 50 mil. The CBD vacancy rate is expected to stay fairly stable or hd filme king arthur decrease further during as the employment level continues to rise and here modest quantity of new premises is added to the market. Since the cost of capital is the result of the demand for investments and immobilienjГ¤ger supply of savings, this suggests click here real interest more info will remain continuously low for some years to come — thereby providing a continuous flow of cheap capital to the property market. Building Activity There are currently two projects — Pirkliu klubas and Baltic Hearts — visit web page development in the Vilnius office market, with a combined area of about 20, m2. Prime office rents increased in and are expected to keep on increasing in — Bergen is surrounded by sea and mountains, resulting in a limited amount of land available in the downtown area.

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We would like to thank all our clients and partners for their trust and we look forward to next cooperation. For more info visit our Recent transactions section.

We represented company Dame Jidlo in selection of their new offices in Dock02 and found five new locations for company Coolomat.

The total lettable area of the properties is 6, sqm. For more information visit www. Total volume exceeded EUR 30 mil.

Total volume reached approx. EUR 1. Total volume exceeded EUR 50 mil. Please contact us with offers for these properties.

JK Advisory is a boutique real estate agency. We specialize in finding properties suitable for long-term investments with a low risk factor.

These are primarily commercial real estate with long-term secured income and tenants with good covenant. Jan is a founding partner at JK Advisory and focuses on strategy, client relations, identifying investment opportunities and managing real estate transactions.

Jan has been in the real estate market since , when he started his career in the investment department at King Sturge.

He was responsible for sourcing investment opportunities for local and international investors looking for Czech and Slovak commercial real estate opportunities.

After over 10 years of experience in international real estate companies, we have gained a comprehensive track record in investment transactions ranging from one to hundreds of millions of Euros.

Our clients include specialized real estate companies as well as wealthy private individuals. These are typically successful entrepreneurs, artists, professional athletes whose primary business is not real estate, though they increase their savings by investing into real estate.

Acquisitions and disposals usually require a large amount of time, funds and experience from all parties involved.

Success is not attained just by coincidence, rather it is the product of detailed knowledge, a clear strategy and most importantly patient realization.

Thanks to our long-standing presence in the international real estate market, as well as many successfully closed transactions both during the financial boom and recession, we have gained enough valuable experience to realise the best possible deal for your property and individual needs.

They have not only introduced us the property, but also guided us through the competitive tender process and adviced us through DD.

We were really happy with their services and look forward to working with them on next transactions.

We actively source prime, long-term leased commercial real estate in established locations. We provide complex acquisition services including the coordination of the acquisition process and due diligence, and support in negotiating purchase contracts.

We provide professional services for property owners with the aim to maximize the realized sales price and minimize time spent on the sale.

All in all, the recovery is continuing, but it is fragile and there is a tangible risk of a new economic downturn in the not-too-distant future.

Nordic households — shining stars in a dull global economy The real economic fundamentals of the Nordic region differ from those of most parts of the developed world due to economically strong households, healthy banks and strong government finances.

The Norwegian economy performed well during the economic downturn due to the stable export incomes generated.

Sweden and Finland were both heavily affected by the global recession. However, their recovery has been strong, especially in Sweden, driven by export demand and household consumption.

Denmark has suffered from slumping house prices and falling private consumption but the economy is now recovering.

The Nordic economies are small and export-dependent and therefore highly affected by the fragile global economy. However, the countries are characterised by stable government and strong household finances, a highly educated labour force and competitive industrial production, which together generate good fundamentals for stable long-term growth even in an uncertain global economic environment.

These problems had to be solved through internal devaluation since the countries. The process has been successful, wages have decreased and competitiveness has been improving.

Estonia is showing the fastest recovery due to improving competitiveness, its ability to reform and good government finances.

Latvia and Lithuania were seriously affected by the global recession, but are now experiencing export-led recoveries.

In the Oslo area about , m2 of new office premises were completed during and around 80, m2 more will follow in In Copenhagen, building activity has slowed significantly, mainly due to increased equity requirements, and the new supply is expected to be low in coming years.

Several future projects are planned, but the majority of them will not be initiated until a significant proportion of lease premises have been pre-let.

The Nordic construction industry is back on track — but office completions will be modest in It is unlikely that developers will start developing without some pre-leases, and banks will be hesitant in financing speculative projects during coming years as the financial crisis is still fresh in the memory.

Newsec expects inflation and short-term interest rates throughout the Northern European region to remain low for some years.

The construction figures in the Nordic region will be relatively low compared to the figures of because the financial turmoil delayed projects that were planned to start during — In Stockholm about 40, m2 of new offices are expected to be completed during — in comparison to a figure three times as high, , m2, expected in In the Helsinki Metropolitan Area around 80, m2 of office premises were.

In mid the trend of decreasing liquidity on the Nordic property markets was broken and activity started to increase.

However, there is a sharp contrast between Sweden and Norway on the one hand, both of which experienced significantly increased transaction volumes during , and Finland and Denmark, with a more hesitant transaction development.

Soaring transaction volumes in Sweden and Norway — while Denmark still awaits the market turnaround.

In Sweden and Norway, interest from both domestic and international investors has increased and prices for core assets are on the rise.

However, both banks and investors are selective regarding the quality and location of targets. Although prime properties with long, stable lease agreements have.

The most active foreign buyers on the Swedish property market have been German and Norwegian investors, while Swedish property funds have been the most active on the Norwegian market.

In Finland the financial market has improved due to increased competition amongst banks and prospects of a brighter future. The investment market gained speed during the second half of , when the transaction volume doubled from EUR 0.

Domestic investors such as Finnish pension funds and local investors were the most active investors during the first half of During the second half of the year international equity investors, mainly German-based, became active in the market, investing purely in core assets in the Helsinki Metropolitan Area.

In Denmark, investment demand is led by financially strong investors such as institutional investors and well-consolidated property companies,.

The second half of witnessed renewed investor interest in the property investment market and during the same period finance providers have somewhat eased their loan requirements.

Liquidity on the Swedish and Norwegian property markets is expected to stay at a high level during , while the transaction volume in Finland is expected to pick up as the financing market gradually improves and prime property prices continue to recover.

In Denmark the gap between buyers and sellers has narrowed and there is hope that will see a renewed rise in property investment turnover.

Norway experienced the yield shift as early as — sooner than the other Nordic countries — due to the gradual improvement of the financial market in combination with stabilised vacancy rates and recovering rents.

The recovery started later in Stockholm and Helsinki, and the effects of a stabilised rental market in combination with low interest rates and gradual improvements on the financial markets generated falling prime yields during the first half of In Copenhagen yields have stabilised in prime locations due to the improved financial market, the limited supply of office premises and expectations of a general economic recovery.

Investors still reluctant to enter the Baltic market The Baltic property investment markets are still recovering and are a long way from the high figures seen in — The market has so far been explored mostly by local investors such as private companies and small funds.

The market is still dominated by domestic investors and foreign players are still reluctant to enter the Baltic. S In the Baltic countries yields have been fairly stable during due to the clear signs of an economic recovery, significantly lower interest rates and a slightly improving credit situation.

Finland is experiencing a slightly later economic recovery than Sweden, and employment stabilised during and is expected to show growth in Norway had a high rate of capacity utilisation throughout the recession, with low unemployment and only a minor decline in employment.

Denmark was hard hit by the recession but the labour market is now showing signs of stabilisation and employment is expected to start to grow in In the Baltic countries, the recession has had extensive effects on the labour market, with significant falls in wages and high unemployment in all sectors of the economies.

However, the Baltic labour market has started to recover and all countries are expected to show slightly positive figures in The Nordic rental markets have stabilised.

Stockholm and Oslo are leading the recovery and it is hard to find large modern office premises in attractive locations.

Prime office rents increased in and are expected to keep on increasing in and In Helsinki CBD, office rents were stable until the early summer of and then started to decrease slightly.

In Copenhagen, rents for prime locations have stabilised and are expected to stay fairly stable in and with only minor increases.

In the Baltic coun-. Rents stabilised in Tallinn and Vilnius in late , while Riga followed suit with a rental stabilisation in The results have been a better rental development for prime office premises and a fairly quick absorption of new space put on the market.

At the same time there have been higher vacancies and a slower rental development in the older, unmodernised stock, creating an increased rent spread between the prime office stock and the unmodernised stock.

The strong economic performance and improved cash-flows, reinforced by an unmet need for transactions among market players resulting from the low liquidity in , generated soaring liquidity in and rising prices for high-quality properties in almost all segments and locations.

Sweden has experienced a strong recovery since mid The economic performance has been in line with several developing countries in Asia and Latin America, with a GDP growth of 6.

Sweden has all the conditions of a core market with strong economic fundamentals, stable property prices and a transparent market.

However, despite the fundamentals of a core market we have some of the characteristics of an opportunistic market due to our small size and relatively illiquid and volatile currency.

Although core objects have been the internationally best performers lately, this may be one explanation of why foreign investments are still low.

What then are the prospects for the future? The slow growth in the developed world and tendencies to overheating in the developing world will make domestic demand an increasingly important growth engine — with positive effects on well-located properties in the retail, office and residential sectors.

Property prices are expected to keep on increasing in — as the economic recovery continues. Expansive monetary policies and slow growth prospects in the developed world are continuing to generate large capital flows to economies with strong growth prospects.

It is therefore realistic to expect foreign investors to increase their share of the Swedish market, even if we will not reach the high levels of the mid s.

Swedish exports had a strong upswing in , but since the recovery in the developed world is expected to be slow, emerging economies will absorb an increasing share of the exports in coming years.

The single most important engine in the Swedish economy is private consumption. Although householders are confident, they are frugal and the saving ratio is expected to stay high in — The labour market usually lags behind the rest of the economy.

However, during this economic cycle the time-lag has been shorter than normal and employment bottomed out in mid Manufacturing industry was hardest hit due to the large fall in export demand, and production is not expected to be back at the peak-levels until In contrast the service sector was more gently affected by the recession, and turnover has already passed the previous peak.

Inflation increased in but is expected to remain low in coming years due to a combination of factors. First, capacity utilisation in the world is currently exceptionally low, which generates a low inflationary pressure.

Second, salaries are expected to rise only slowly as intense global competition puts strict limits on price increases. Third, a growing number of central banks now have clear targets focusing on low and stable inflation.

All in all, this generates a global low-inflation environment. Interest Rate Forecast Although the Riksbank increased the repo rate to its current level of 1.

The situation on the financial market has improved and a number of foreign banks that were inactive in Sweden during — have now started to lend again.

The credit market is improving but banks will. Investment Market Liquidity on the Swedish property market soared in and the transaction volume ended up at SEK 98 billion, more than three times the volume of However, the foreign activity was low in both and when compared to shares of around half the total volume in — The soaring liquidity on the property market has not yet reduced the residential share of the transaction volume, which increased significantly during the recession.

The transaction was partially internal as the seller was the property company Vasakronan, which is owned by the Swedish pension funds Första, Andra, Tredje and Fjärde AP-fonden.

There have been a number of large transactions on the Swedish property market in , mainly carried out by domestic municipal.

The two largest foreign investments in were both made by Norwegian investors. The population of Greater Stockholm is expected to go on growing faster than any other region in Sweden, with a forecast increase of around 26, people a year for the next ten years.

Economic Development During the last decade the Greater Stockholm area has achieved stronger economic development than the rest of the country.

The region has been the growth engine in the Swedish economy and will remain so for the foreseeable future.

The resulting combination of a growing population, a steady supply of new employees and a large service sector has created a stable labour market in the Stockholm region.

During the global recession there were substantial layoffs in the region. However, the trend turned around in early and employment has been rising since.

Newsec expects employment in the region during and to rise continuously at a higher rate than the country average. The CBD is estimated to have an office stock of about 1.

Newsec estimates the total office stock in Greater Stockholm at approximately Vacancy Rate The vacancy rate was around 7. In the inner city outside the CBD the vacancy rate was around 9.

The amount of office premises added to the market in coming years will lag behind employment growth. Hence Newsec expects a slight decrease in vacancies on the Stockholm office market during — Newsec expects yields for high-quality properties in good locations to decrease further during and However, the spread between high-quality and low-quality properties, which increased during the recession, will remain relatively high due to selective investors and high bank interest rate margins for secondary assets.

In early the decline in rent levels bottomed out, and the rents have since increased on most office markets as the demand for office premises recovered.

As a result of a high demand for modern office premises the supply of vacant prime office premises in CBD is now limited. Swedish transaction volume more than tripled in due to strong fundamentals and an increased opportunity to obtain financing.

There is an ongoing trend among tenants to demand efficient premises that generate lower total cost despite a relatively high rent per square metre.

This puts pressure on the older office stock and will result in an increasing spread in both vacancies and rents between the old and the new office stock during coming years.

In early CBD prime office yields in Stockholm were in the range 4. As the market regained strength during faster than most people expected, the yield fell by around 50 basis points.

Danmark 2 comprises about 90, m2 which are mostly retail premises but the property also includes office and residential premises.

Garages of about 40, m2 are also part of the property. The property comprises 41, m2 of mostly office premises together with some retail, residential and restaurant premises.

Newsec estimates the yield at approximately 5. The yield is estimated to be 5. The seller was Commerz Real and the yield is estimated to be 5.

Building Activity In approximately , m2 of newly developed office premises — twice the amount of — were completed in Greater Stockholm, of which 53, m2 are located in the CBD.

The projects are close to fully let. The two largest office projects planned to be completed in were both close to entirely pre-let before the projects started.

The population of Gothenburg municipality is currently around ,, making the city the second largest in Sweden. The Greater Gothenburg region consists of 13 municipalities and totals around , people.

Gothenburg is situated on the west coast of Sweden. Gothenburg has a strong industrial tradition, but the service sector, where most new jobs have been created in recent years, is increasing in importance.

Private industry is most strongly represented by car manufacturing but also by biotechnology, car-related research, IT, logistics and the petrochemical industry.

Manufacturing industry was strongly affected by the fall in global demand and was also the sector that was most affected by notices and layoffs, but has now started to recover from this downturn.

All business sectors were hit by the global downturn but the effects. During the second quarter of the industry began to recover and is now re-employing; the employment level is expected to be fully recovered by the end of The fastest-growing sectors at the present time are recruitment companies and IT.

Market Overview The total office stock in the Gothenburg region is approximately 4. During the crisis Newsec noted a movement from the suburbs to the central areas due to the decreasing rents.

The effect was that while the vacancy rate increased in most areas it went down in the CBD. The CBD vacancy rate is expected to stay fairly stable or even decrease further during as the employment level continues to rise and a modest quantity of new premises is added to the market.

However, the market is now recovering fast and will soon be at the same levels as before the crisis. Throughout the hard times we could see that the demand for modern, efficient and flexible office space was still fairly high, as companies are increasingly focusing on premises that can be adjusted to meet.

Transactions Compared to the transaction market in Gothenburg, as for the country as a whole, was reactivated in The rigid conditions on the financial markets have now softened and as a result more transactions were carried out throughout The banks are much more willing to take risks, and buyers and sellers are more equal in their valuations.

The prime yield within the CBD in Gothenburg is now 5. Newsec expects the rents in all areas to keep rising in as vacancies decrease.

In January the local player Wallenstam acquired seven commercial properties in, or adjacent to, the CBD area from Niam. The price was approximately SEK 1, million and the yield was estimated to 5.

These comprise 42, m2 of mostly commercial premises. The properties consist of homes for the elderly, day-care centres and schools all located in the region.

The property is located in Torslanda and the tenant is Volvo. The Skanska project will be completed in late and the total lettable area will then be 20, m2.

In the municipality of Mölndal the local company Husvärden is planning to build another 13, m2 of office premises together with residential projects in the Krokslätts Fabriker area.

Office Yields. During approximately 50, m2 of office space was added to the Gothenburg market. Skanska itself will move into the building.

Almost 90, m2 of new office premises is expected to be added to the Gothenburg market up to The largest projects are in Gullbergsvass in the CBD.

The local construction company ByggGöta is rebuilding an old snuff factory into modern office premises of 12, m2, while Skanska will build a new 12,—m2 office.

Population The population of Malmö was around , in early Economic Development Malmö is the chief Swedish city of the Öresund Region, one of the most dynamic border regions in Europe, which generates about one quarter of the combined GDP of Denmark and Sweden.

In recent years economic growth in the Öresund Region has been higher than in Sweden as whole, a trend that is expected to continue in future years due to the diversified business activity in combination with a relatively strong focus on the private service sector.

The region is benefiting from large infrastructure projects like the City Tunnel — a communication link that ties together the railway north of Malmö with the rail lines serving Trelleborg, Ystad and Copenhagen.

The City Tunnel consists of a km-long rail link and the project was completed in December In the near future the region will benefit from several large research investments.

The construction of the ESS is. The combined cost of these two projects is expected to exceed SEK 15 billion. Employment Over the past decades Malmö has undergone a transition from an industry-based to a corporate-service-based city.

The weak demand in both the Swedish and the global economy during had a significant effect on the labour market. The effects were especially marked in the manufacturing and construction industries but whitecollar jobs were also affected.

Because of the types and mixtures of company that predominate in Malmö, however, the region was not as hard-hit as other regions in Sweden.

The negative trend on the Malmö labour market turned around in , and according to the Swedish Public Employment Service employment is expected to rise over the full year The total office stock is approximately 1.

However, the fastest-growing office market in Malmö during the last decade has been the University Island area part of the CBD and the Western Harbour, where almost all new office construction has taken place.

The next important development area will be in Hyllie, the southern part of Malmö, where one of the City Tunnel stations is located.

The labour market turned around in and generated increased office rents. Despite slightly increasing office vacancies the rental market was still strong during Continued conversions of older, inefficient office premises to other uses have reduced vacancies in the central parts of Malmö, and are moderating the increase in the overall vacancy rate.

Office yields in Malmö stabilised in late due to gradual improvements on the financial market in combination with expectations of a relatively stable rental market.

During office yields have decreased due to economic recovery and low interest rates in combination with a stable rental market.

In the first quarter of , prime office yields for the CBD and Western Harbour are in the range 5. In other central areas outside the CBD the yields are in the range 6.

Transactions Following the start of a recovery from the global financial turmoil, transaction activity in Malmö, as in the rest of Sweden, was considerably higher in than in The purchase price was SEK million and the yield is estimated at 5.

There has been a strong demand for modern and efficient office premises in recent years in Malmö, fuelling strong construction activity.

Despite the demand there have been hardly any speculative construction projects, however. Around 10, m2 of new office premises are expected to come onto the market in , the largest project being the first stage of Bassängkajen in Malmö CBD which includes premises for Malmö Högskola, Awapatent and Specialpedagogiska skolmyndigheten.

There are currently several construction projects planned and the number of new office premises is expected to increase in coming years.

In Sweden there are approximately 4. All in all, compared to Stockholm, Gothenburg and Malmö, substantial demand surpluses are relatively uncommon and the regulated residential rents are generally in line with the theoretical market rent.

However, vacancies are often close to zero in good locations in regional and smaller growth-oriented cities, which generates stable cash-flows.

Since housing prices have in fact increased by less than the average disposable incomes of households, and banks have been requiring sufficient income margins when approving loans.

During coming years continuing urbanisation and income growth are expected to generate housing price increases in line with disposable incomes in the major cities.

Sweden has a divided housing market. One part of the market, the commercial residential market, has regulated rents and consists of rented apartments; the other part, the owner-occupied market, is unregulated and consists of condominiums and single homes.

The regulation of one part of the market generates a situation where residential yields in attractive locations with high housing prices are largely driven by the opportunity to convert rental-apartment properties into condominiums — producing extraordinarily low yields.

In smaller cities and the suburbs of larger cities, the housing prices are lower and the market is instead driven by investor demand, which generates yield levels more in line with other commercial properties.

The owner-occupied market Housing prices have doubled since the early s and prices then remained stable during the recession.

The trend of increasing prices can be explained by factors such as low interest rates, wage growth, increasing household indebtedness and low inflation — all typical indicators of an inflating housing-price bubble.

However, Newsec considers the risk of a house-price bubble to be low due to a combination of factors. First, short-term interest rates are expected to stay relatively low during coming years because of low inflationary pressure.

Second, there is a high household saving ratio in the economy, indicating sufficient household margins. The underlying housing demand in the major Swedish cities is growing, and Stockholm, Gothenburg and Malmö have had an increasing shortage of houses over the past decade — a trend that is expected to continue in coming years.

New construction fell substantially in — but recovered significantly in and is expected to increase further in However, as the increase in housing demand in the major cities is expected to outpace new construction, the gap between supply and demand will continue to widen in future years.

In regional and smaller growth-oriented cities demand is generally higher than, or in line with, supply, while in small cities and regions.

In areas with high condominium prices, such as the central parts of Stockholm, Gothenburg and to some extent Malmö, the commercial residential property market is affected by the possibility of converting rental properties to condominiums.

Because the regulated rents are lower than the potential market rent in these locations, property prices are higher for condominium properties than for commercial residential properties.

Rising condominium prices in these areas are pushing down the yield levels and generating high and stable commercial residential property prices.

In central Stock-. Yields decreased in due to increasing housing prices and are expected to keep on decreasing in — Residential properties located in small and medium-sized Swedish cities, as well as in suburbs of the major cities, are not affected by the possibility of conversion into condominiums.

Stable rents and, in many cases, low vacancies are generating low volatility in the total return, so that this part of the residential market is driven by investor demand and largely affected by financial factors.

Yields in Stockholm prime suburbs are currently around 5. Investor demand for stable cash flows at such levels has been strong during the past year.

Yields have fallen in and are expected to keep on decreasing in — There are good investment potentials in residential properties not only in the short term, but also in the medium and long term.

In the short term, the stable cash-flows generate large investor demand and sufficient liquidity, while in the medium term there is always a potential in the local housing market and the possibility of conversion into condominiums.

In the long term there is a potential in the gap between market rent and the regulated rent. Under a new law implemented in January regulating the negotiation of residential rents, the municipal property companies will no longer set the upper limit for rental increases for the entire market.

Although the new law will not generate market rents, the gap between regulated and market rents will not persist for ever — in time, rents in good locations in the larger cities will move towards market rents.

Investment market There is a substantial investor demand for residential properties in Sweden. The two largest transactions during concerned residential portfolios.

The transaction was partially internal as the seller was the property company Vasakronan, which is owned by the pension funds Första, Andra, Tredje and Fjärde AP-fonden.

Investment activity is expected to remain high during and the residential segment is expected to continue to provide an attractive combination of stability and potential for risk-averse banks and investors.

However, despite a high level of consumer confidence, householders are frugal and the saving ratio is expected to stay high.

The consumption available for non-essential goods i. This generates a faster growth in turnover for durable goods like clothes, electronics, DIY and furniture — a trend that has been going on since the mid s and is expected to continue in — However, the same trend also benefits other types of consumption, such as restaurants, entertainment and car purchases, which will absorb a growing part of the increased consumption in coming years.

A slightly higher interest rate will influence households in , but consumption will remain strong and as a result retail turnover is expected to increase by 3.

Supply Development The total retail stock in Sweden is approximately 18 million m2 and comprises shopping centres, retail parks, city gallerias and street premises.

Stockholm is home to around a quarter of all retail space in Sweden. The economic downturn put a hold on several development plans and shifted the focus on to the current stock, making revitalisation and active management more important in the struggle to take market shares and increase revenue.

In many of the major projects previously postponed was restarted, and although some. Some , m2 of new retail space is predicted to be completed in the Greater Stockholm region by The corresponding figures for Gothenburg and Malmö are , m2 and , m2 respectively.

Fierce competition is expected in some areas during coming years, especially in the northern parts of Greater Stockholm and in Malmö, and property owners need to be proactive to keep their market shares and attract consumers.

However, while a growing population and increasing per capita consumption are expected to absorb most upcoming space in Stockholm, a few years of tough competition are expected on the Malmö retail market.

Investment Market The Swedish retail market has regained much of the interest it attracted from international investors before the economic downturn.

Many investors already present in the region are actively looking for objects, but very few of good quality have been out on the market.

Diligentia acquired a portfolio of three city shopping centres from Boultbee at a price of SEK 1, million; these were in Uppsala St.

Per , Skövde Commerce and Norrköping Domino. In February Alecta bought three hypermarket-driven Coop and Citygross. In early the lowest prime yield is currently in central Stockholm at around 5.

The expected moderate rise in vacancy levels in has been seen in locations that are not the absolute prime locations.

Vacancies are expected to be stable in with a slight decrease towards the end of the year due to the improving Swedish economy. The wide yield spread between prime and secondary products still persists and investors and banks are not only demanding a secure cash flow but also placing additional focus on residual value and alternative usage.

The sectors most affected by this trend are big. Several new stores have opened or signed leases for new premises in Central Stockholm in particular has seen several new concepts and domestic chains as well as international chain retailers opening up in absolute prime locations.

Retail rents decreased in with property owners also giving rebates to new and existing tenants. Rent levels stabilised in the first half of and started increasing in the second half — a trend that is expected to continue in — The real estate market in Finland picked up significantly in the second half of , almost a year later than the major market areas in Europe and the other Nordic countries.

The total transaction volume for was EUR 2. After a steep decline in output in , the Finnish economy revived in late spring Recent growth arises mainly from increasing demand for export goods, the construction of housing, and robust consumer confidence and domestic spending.

In very recent times consumer confidence has dipped from record high levels, but it still remains relatively strong. Notwithstanding the positive overall outlook for economic recovery, however, the public sector deficit and rising government debt remain a concern.

Helsinki CBD properties are currently not widely available because prices are expected to rise during Prices of the best real estate are already rising, and even in secondary areas the fall of prices has come to a stop.

The yield required by investors for office properties in Helsinki CBD declined to 5. Rental growth in looks like being moderate in the housing and retail sectors.

Rent levels in the office and logistics markets have stopped declining, but market rents are not going to increase in Heikki Kangas heikki.

In particular, Asian emerging economies that have become more important to Finland during the recession have driven the growth in exports.

The strong recovery of the important export countries of Germany and Sweden has also contributed positively to increasing demand for Finnish exports.

The recovery of exports is also reflected in the industrial sector, which showed a sharp increase in the industrial capacity utilisation rate during mid-year.

This means that a significant part of the existing industrial capacity remains unused both in Finland and around the world, which restrains businesses from investing in new machinery and equipment.

This in turn constrains the growth of Finnish exports of capital goods. Labour market conditions started to improve in and the unemployment rate declined steadily during the year.

The exit of large post-war generations from the labour market is gradually picking up and contributes to falling unemployment.

Seasonally adjusted unemployment was 8. Inflation remained subdued during , being in the region of 1. Overall, the Finnish economy is back on a growth path.

While tax revenues have started to increase, public sector finances remain in deficit. In fact, deficits are not expected to disappear as a result of growth alone, and hence a thorough re-evaluation of revenues and expenditures is needed in order to bring public sector finances back to a sustainable level.

Investment Market The transaction market improved during compared to The total volume of major transactions reached EUR 2. Transaction volume for the first half of was weaker than expected at only EUR 0.

However, it started to recover during the spring and summer and in the second half of the transaction volume improved substantially to around EUR 1.

During the second half of the year international equity investors, mainly German-based, also became active in the market, investing purely in core assets in the Helsinki Metropolitan Area.

Transactions outside the HMA have been dominated by Finnish institutions and local investors. The deal consisted of 15 hotels with over 3, hotel rooms and one congress centre.

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In der historischen Altstadt fällt der kleine und überschaubare Marktplatz durch seine Geschlossenheit und die beiden Renaissancebauten Rathaus und Stadtapotheke, die zu den schönsten in Thüringen zählen, sofort ins Auge.

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Der Mohrenplatz mit der Kirche St. Marien, die St. Salvatorkirche, die Kirche St. Johannis und die Reste der alten Stadtmauer gehören ebenfalls zu den bekannten historischen Sehenswürdigkeiten der Stadt.

Besonders interessant ist Geras "Unterwelt" mit ihren Höhlern - tiefliegende Wirtschaftskeller, die im Jahrhundert zur Bierlagerung genutzt wurden.

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The total lettable area of the properties is 6, sqm. For more information visit www. Total volume exceeded EUR 30 mil.

Total volume reached approx. EUR 1. Total volume exceeded EUR 50 mil. Please contact us with offers for these properties. JK Advisory is a boutique real estate agency.

We specialize in finding properties suitable for long-term investments with a low risk factor.

These are primarily commercial real estate with long-term secured income and tenants with good covenant.

Jan is a founding partner at JK Advisory and focuses on strategy, client relations, identifying investment opportunities and managing real estate transactions.

Jan has been in the real estate market since , when he started his career in the investment department at King Sturge.

He was responsible for sourcing investment opportunities for local and international investors looking for Czech and Slovak commercial real estate opportunities.

After over 10 years of experience in international real estate companies, we have gained a comprehensive track record in investment transactions ranging from one to hundreds of millions of Euros.

Our clients include specialized real estate companies as well as wealthy private individuals. These are typically successful entrepreneurs, artists, professional athletes whose primary business is not real estate, though they increase their savings by investing into real estate.

Acquisitions and disposals usually require a large amount of time, funds and experience from all parties involved.

Success is not attained just by coincidence, rather it is the product of detailed knowledge, a clear strategy and most importantly patient realization.

Thanks to our long-standing presence in the international real estate market, as well as many successfully closed transactions both during the financial boom and recession, we have gained enough valuable experience to realise the best possible deal for your property and individual needs.

They have not only introduced us the property, but also guided us through the competitive tender process and adviced us through DD.

We were really happy with their services and look forward to working with them on next transactions. We actively source prime, long-term leased commercial real estate in established locations.

We provide complex acquisition services including the coordination of the acquisition process and due diligence, and support in negotiating purchase contracts.

We provide professional services for property owners with the aim to maximize the realized sales price and minimize time spent on the sale.

Taking into consideration the demands of current investors, JKA recommends a suitable sales strategy, including: setting the selling price, preparing the investment memorandum, and presenting the project to suitable investors.

JK Advisory specializes in prime real estate with a long lease to tenants with good covenants in established locations. These attributes minimize the risk of loss of rental income, ensure easy bank financing, and guarantee a stable return thanks to capital value increase and long-term cash flow.

Strategically located industrial or logistics warehouse with a long lease and tenant with a good covenant. Apartment house in a sought-after residential location.

Acquisition as a long-term investment or alternatively for reconstruction and subsequent sale of individual apartments.

Total lettable area 20 sqm, footfall 3 mil. The total lettable area of the properties is 35 sqm. The total lettable area of the properties is 16 sqm.

Anchor tenants are Ahold and Obi. The total lettable area of the property is 8 sqm. The total lettable area of the properties is 25, sqm.

The total lettable area of the properties is 9, sqm, out of which 7, sqm was occupied by Tesco. The total lettable area of the property is 6, sqm.

Volume: approx. Volume: over 10 mil. The size of the portfolio exceeded 12 sqm. The situation on the financial market has improved and a number of foreign banks that were inactive in Sweden during — have now started to lend again.

The credit market is improving but banks will. Investment Market Liquidity on the Swedish property market soared in and the transaction volume ended up at SEK 98 billion, more than three times the volume of However, the foreign activity was low in both and when compared to shares of around half the total volume in — The soaring liquidity on the property market has not yet reduced the residential share of the transaction volume, which increased significantly during the recession.

The transaction was partially internal as the seller was the property company Vasakronan, which is owned by the Swedish pension funds Första, Andra, Tredje and Fjärde AP-fonden.

There have been a number of large transactions on the Swedish property market in , mainly carried out by domestic municipal.

The two largest foreign investments in were both made by Norwegian investors. The population of Greater Stockholm is expected to go on growing faster than any other region in Sweden, with a forecast increase of around 26, people a year for the next ten years.

Economic Development During the last decade the Greater Stockholm area has achieved stronger economic development than the rest of the country.

The region has been the growth engine in the Swedish economy and will remain so for the foreseeable future. The resulting combination of a growing population, a steady supply of new employees and a large service sector has created a stable labour market in the Stockholm region.

During the global recession there were substantial layoffs in the region. However, the trend turned around in early and employment has been rising since.

Newsec expects employment in the region during and to rise continuously at a higher rate than the country average. The CBD is estimated to have an office stock of about 1.

Newsec estimates the total office stock in Greater Stockholm at approximately Vacancy Rate The vacancy rate was around 7.

In the inner city outside the CBD the vacancy rate was around 9. The amount of office premises added to the market in coming years will lag behind employment growth.

Hence Newsec expects a slight decrease in vacancies on the Stockholm office market during — Newsec expects yields for high-quality properties in good locations to decrease further during and However, the spread between high-quality and low-quality properties, which increased during the recession, will remain relatively high due to selective investors and high bank interest rate margins for secondary assets.

In early the decline in rent levels bottomed out, and the rents have since increased on most office markets as the demand for office premises recovered.

As a result of a high demand for modern office premises the supply of vacant prime office premises in CBD is now limited. Swedish transaction volume more than tripled in due to strong fundamentals and an increased opportunity to obtain financing.

There is an ongoing trend among tenants to demand efficient premises that generate lower total cost despite a relatively high rent per square metre.

This puts pressure on the older office stock and will result in an increasing spread in both vacancies and rents between the old and the new office stock during coming years.

In early CBD prime office yields in Stockholm were in the range 4. As the market regained strength during faster than most people expected, the yield fell by around 50 basis points.

Danmark 2 comprises about 90, m2 which are mostly retail premises but the property also includes office and residential premises.

Garages of about 40, m2 are also part of the property. The property comprises 41, m2 of mostly office premises together with some retail, residential and restaurant premises.

Newsec estimates the yield at approximately 5. The yield is estimated to be 5. The seller was Commerz Real and the yield is estimated to be 5.

Building Activity In approximately , m2 of newly developed office premises — twice the amount of — were completed in Greater Stockholm, of which 53, m2 are located in the CBD.

The projects are close to fully let. The two largest office projects planned to be completed in were both close to entirely pre-let before the projects started.

The population of Gothenburg municipality is currently around ,, making the city the second largest in Sweden.

The Greater Gothenburg region consists of 13 municipalities and totals around , people. Gothenburg is situated on the west coast of Sweden.

Gothenburg has a strong industrial tradition, but the service sector, where most new jobs have been created in recent years, is increasing in importance.

Private industry is most strongly represented by car manufacturing but also by biotechnology, car-related research, IT, logistics and the petrochemical industry.

Manufacturing industry was strongly affected by the fall in global demand and was also the sector that was most affected by notices and layoffs, but has now started to recover from this downturn.

All business sectors were hit by the global downturn but the effects. During the second quarter of the industry began to recover and is now re-employing; the employment level is expected to be fully recovered by the end of The fastest-growing sectors at the present time are recruitment companies and IT.

Market Overview The total office stock in the Gothenburg region is approximately 4. During the crisis Newsec noted a movement from the suburbs to the central areas due to the decreasing rents.

The effect was that while the vacancy rate increased in most areas it went down in the CBD. The CBD vacancy rate is expected to stay fairly stable or even decrease further during as the employment level continues to rise and a modest quantity of new premises is added to the market.

However, the market is now recovering fast and will soon be at the same levels as before the crisis. Throughout the hard times we could see that the demand for modern, efficient and flexible office space was still fairly high, as companies are increasingly focusing on premises that can be adjusted to meet.

Transactions Compared to the transaction market in Gothenburg, as for the country as a whole, was reactivated in The rigid conditions on the financial markets have now softened and as a result more transactions were carried out throughout The banks are much more willing to take risks, and buyers and sellers are more equal in their valuations.

The prime yield within the CBD in Gothenburg is now 5. Newsec expects the rents in all areas to keep rising in as vacancies decrease.

In January the local player Wallenstam acquired seven commercial properties in, or adjacent to, the CBD area from Niam. The price was approximately SEK 1, million and the yield was estimated to 5.

These comprise 42, m2 of mostly commercial premises. The properties consist of homes for the elderly, day-care centres and schools all located in the region.

The property is located in Torslanda and the tenant is Volvo. The Skanska project will be completed in late and the total lettable area will then be 20, m2.

In the municipality of Mölndal the local company Husvärden is planning to build another 13, m2 of office premises together with residential projects in the Krokslätts Fabriker area.

Office Yields. During approximately 50, m2 of office space was added to the Gothenburg market. Skanska itself will move into the building.

Almost 90, m2 of new office premises is expected to be added to the Gothenburg market up to The largest projects are in Gullbergsvass in the CBD.

The local construction company ByggGöta is rebuilding an old snuff factory into modern office premises of 12, m2, while Skanska will build a new 12,—m2 office.

Population The population of Malmö was around , in early Economic Development Malmö is the chief Swedish city of the Öresund Region, one of the most dynamic border regions in Europe, which generates about one quarter of the combined GDP of Denmark and Sweden.

In recent years economic growth in the Öresund Region has been higher than in Sweden as whole, a trend that is expected to continue in future years due to the diversified business activity in combination with a relatively strong focus on the private service sector.

The region is benefiting from large infrastructure projects like the City Tunnel — a communication link that ties together the railway north of Malmö with the rail lines serving Trelleborg, Ystad and Copenhagen.

The City Tunnel consists of a km-long rail link and the project was completed in December In the near future the region will benefit from several large research investments.

The construction of the ESS is. The combined cost of these two projects is expected to exceed SEK 15 billion. Employment Over the past decades Malmö has undergone a transition from an industry-based to a corporate-service-based city.

The weak demand in both the Swedish and the global economy during had a significant effect on the labour market.

The effects were especially marked in the manufacturing and construction industries but whitecollar jobs were also affected.

Because of the types and mixtures of company that predominate in Malmö, however, the region was not as hard-hit as other regions in Sweden.

The negative trend on the Malmö labour market turned around in , and according to the Swedish Public Employment Service employment is expected to rise over the full year The total office stock is approximately 1.

However, the fastest-growing office market in Malmö during the last decade has been the University Island area part of the CBD and the Western Harbour, where almost all new office construction has taken place.

The next important development area will be in Hyllie, the southern part of Malmö, where one of the City Tunnel stations is located.

The labour market turned around in and generated increased office rents. Despite slightly increasing office vacancies the rental market was still strong during Continued conversions of older, inefficient office premises to other uses have reduced vacancies in the central parts of Malmö, and are moderating the increase in the overall vacancy rate.

Office yields in Malmö stabilised in late due to gradual improvements on the financial market in combination with expectations of a relatively stable rental market.

During office yields have decreased due to economic recovery and low interest rates in combination with a stable rental market. In the first quarter of , prime office yields for the CBD and Western Harbour are in the range 5.

In other central areas outside the CBD the yields are in the range 6. Transactions Following the start of a recovery from the global financial turmoil, transaction activity in Malmö, as in the rest of Sweden, was considerably higher in than in The purchase price was SEK million and the yield is estimated at 5.

There has been a strong demand for modern and efficient office premises in recent years in Malmö, fuelling strong construction activity.

Despite the demand there have been hardly any speculative construction projects, however. Around 10, m2 of new office premises are expected to come onto the market in , the largest project being the first stage of Bassängkajen in Malmö CBD which includes premises for Malmö Högskola, Awapatent and Specialpedagogiska skolmyndigheten.

There are currently several construction projects planned and the number of new office premises is expected to increase in coming years.

In Sweden there are approximately 4. All in all, compared to Stockholm, Gothenburg and Malmö, substantial demand surpluses are relatively uncommon and the regulated residential rents are generally in line with the theoretical market rent.

However, vacancies are often close to zero in good locations in regional and smaller growth-oriented cities, which generates stable cash-flows.

Since housing prices have in fact increased by less than the average disposable incomes of households, and banks have been requiring sufficient income margins when approving loans.

During coming years continuing urbanisation and income growth are expected to generate housing price increases in line with disposable incomes in the major cities.

Sweden has a divided housing market. One part of the market, the commercial residential market, has regulated rents and consists of rented apartments; the other part, the owner-occupied market, is unregulated and consists of condominiums and single homes.

The regulation of one part of the market generates a situation where residential yields in attractive locations with high housing prices are largely driven by the opportunity to convert rental-apartment properties into condominiums — producing extraordinarily low yields.

In smaller cities and the suburbs of larger cities, the housing prices are lower and the market is instead driven by investor demand, which generates yield levels more in line with other commercial properties.

The owner-occupied market Housing prices have doubled since the early s and prices then remained stable during the recession.

The trend of increasing prices can be explained by factors such as low interest rates, wage growth, increasing household indebtedness and low inflation — all typical indicators of an inflating housing-price bubble.

However, Newsec considers the risk of a house-price bubble to be low due to a combination of factors. First, short-term interest rates are expected to stay relatively low during coming years because of low inflationary pressure.

Second, there is a high household saving ratio in the economy, indicating sufficient household margins. The underlying housing demand in the major Swedish cities is growing, and Stockholm, Gothenburg and Malmö have had an increasing shortage of houses over the past decade — a trend that is expected to continue in coming years.

New construction fell substantially in — but recovered significantly in and is expected to increase further in However, as the increase in housing demand in the major cities is expected to outpace new construction, the gap between supply and demand will continue to widen in future years.

In regional and smaller growth-oriented cities demand is generally higher than, or in line with, supply, while in small cities and regions.

In areas with high condominium prices, such as the central parts of Stockholm, Gothenburg and to some extent Malmö, the commercial residential property market is affected by the possibility of converting rental properties to condominiums.

Because the regulated rents are lower than the potential market rent in these locations, property prices are higher for condominium properties than for commercial residential properties.

Rising condominium prices in these areas are pushing down the yield levels and generating high and stable commercial residential property prices.

In central Stock-. Yields decreased in due to increasing housing prices and are expected to keep on decreasing in — Residential properties located in small and medium-sized Swedish cities, as well as in suburbs of the major cities, are not affected by the possibility of conversion into condominiums.

Stable rents and, in many cases, low vacancies are generating low volatility in the total return, so that this part of the residential market is driven by investor demand and largely affected by financial factors.

Yields in Stockholm prime suburbs are currently around 5. Investor demand for stable cash flows at such levels has been strong during the past year.

Yields have fallen in and are expected to keep on decreasing in — There are good investment potentials in residential properties not only in the short term, but also in the medium and long term.

In the short term, the stable cash-flows generate large investor demand and sufficient liquidity, while in the medium term there is always a potential in the local housing market and the possibility of conversion into condominiums.

In the long term there is a potential in the gap between market rent and the regulated rent. Under a new law implemented in January regulating the negotiation of residential rents, the municipal property companies will no longer set the upper limit for rental increases for the entire market.

Although the new law will not generate market rents, the gap between regulated and market rents will not persist for ever — in time, rents in good locations in the larger cities will move towards market rents.

Investment market There is a substantial investor demand for residential properties in Sweden. The two largest transactions during concerned residential portfolios.

The transaction was partially internal as the seller was the property company Vasakronan, which is owned by the pension funds Första, Andra, Tredje and Fjärde AP-fonden.

Investment activity is expected to remain high during and the residential segment is expected to continue to provide an attractive combination of stability and potential for risk-averse banks and investors.

However, despite a high level of consumer confidence, householders are frugal and the saving ratio is expected to stay high.

The consumption available for non-essential goods i. This generates a faster growth in turnover for durable goods like clothes, electronics, DIY and furniture — a trend that has been going on since the mid s and is expected to continue in — However, the same trend also benefits other types of consumption, such as restaurants, entertainment and car purchases, which will absorb a growing part of the increased consumption in coming years.

A slightly higher interest rate will influence households in , but consumption will remain strong and as a result retail turnover is expected to increase by 3.

Supply Development The total retail stock in Sweden is approximately 18 million m2 and comprises shopping centres, retail parks, city gallerias and street premises.

Stockholm is home to around a quarter of all retail space in Sweden. The economic downturn put a hold on several development plans and shifted the focus on to the current stock, making revitalisation and active management more important in the struggle to take market shares and increase revenue.

In many of the major projects previously postponed was restarted, and although some. Some , m2 of new retail space is predicted to be completed in the Greater Stockholm region by The corresponding figures for Gothenburg and Malmö are , m2 and , m2 respectively.

Fierce competition is expected in some areas during coming years, especially in the northern parts of Greater Stockholm and in Malmö, and property owners need to be proactive to keep their market shares and attract consumers.

However, while a growing population and increasing per capita consumption are expected to absorb most upcoming space in Stockholm, a few years of tough competition are expected on the Malmö retail market.

Investment Market The Swedish retail market has regained much of the interest it attracted from international investors before the economic downturn.

Many investors already present in the region are actively looking for objects, but very few of good quality have been out on the market.

Diligentia acquired a portfolio of three city shopping centres from Boultbee at a price of SEK 1, million; these were in Uppsala St.

Per , Skövde Commerce and Norrköping Domino. In February Alecta bought three hypermarket-driven Coop and Citygross. In early the lowest prime yield is currently in central Stockholm at around 5.

The expected moderate rise in vacancy levels in has been seen in locations that are not the absolute prime locations.

Vacancies are expected to be stable in with a slight decrease towards the end of the year due to the improving Swedish economy.

The wide yield spread between prime and secondary products still persists and investors and banks are not only demanding a secure cash flow but also placing additional focus on residual value and alternative usage.

The sectors most affected by this trend are big. Several new stores have opened or signed leases for new premises in Central Stockholm in particular has seen several new concepts and domestic chains as well as international chain retailers opening up in absolute prime locations.

Retail rents decreased in with property owners also giving rebates to new and existing tenants. Rent levels stabilised in the first half of and started increasing in the second half — a trend that is expected to continue in — The real estate market in Finland picked up significantly in the second half of , almost a year later than the major market areas in Europe and the other Nordic countries.

The total transaction volume for was EUR 2. After a steep decline in output in , the Finnish economy revived in late spring Recent growth arises mainly from increasing demand for export goods, the construction of housing, and robust consumer confidence and domestic spending.

In very recent times consumer confidence has dipped from record high levels, but it still remains relatively strong.

Notwithstanding the positive overall outlook for economic recovery, however, the public sector deficit and rising government debt remain a concern.

Helsinki CBD properties are currently not widely available because prices are expected to rise during Prices of the best real estate are already rising, and even in secondary areas the fall of prices has come to a stop.

The yield required by investors for office properties in Helsinki CBD declined to 5. Rental growth in looks like being moderate in the housing and retail sectors.

Rent levels in the office and logistics markets have stopped declining, but market rents are not going to increase in Heikki Kangas heikki.

In particular, Asian emerging economies that have become more important to Finland during the recession have driven the growth in exports.

The strong recovery of the important export countries of Germany and Sweden has also contributed positively to increasing demand for Finnish exports.

The recovery of exports is also reflected in the industrial sector, which showed a sharp increase in the industrial capacity utilisation rate during mid-year.

This means that a significant part of the existing industrial capacity remains unused both in Finland and around the world, which restrains businesses from investing in new machinery and equipment.

This in turn constrains the growth of Finnish exports of capital goods. Labour market conditions started to improve in and the unemployment rate declined steadily during the year.

The exit of large post-war generations from the labour market is gradually picking up and contributes to falling unemployment.

Seasonally adjusted unemployment was 8. Inflation remained subdued during , being in the region of 1. Overall, the Finnish economy is back on a growth path.

While tax revenues have started to increase, public sector finances remain in deficit. In fact, deficits are not expected to disappear as a result of growth alone, and hence a thorough re-evaluation of revenues and expenditures is needed in order to bring public sector finances back to a sustainable level.

Investment Market The transaction market improved during compared to The total volume of major transactions reached EUR 2.

Transaction volume for the first half of was weaker than expected at only EUR 0. However, it started to recover during the spring and summer and in the second half of the transaction volume improved substantially to around EUR 1.

During the second half of the year international equity investors, mainly German-based, also became active in the market, investing purely in core assets in the Helsinki Metropolitan Area.

Transactions outside the HMA have been dominated by Finnish institutions and local investors. The deal consisted of 15 hotels with over 3, hotel rooms and one congress centre.

Apart from this, deals in the Helsinki region focused mainly on core office buildings, whereas in other growth centres in Finland the investment focus has been more on retail assets.

One year ago Newsec predicted that part of the investment volume in would come from distressed-sales processes driven by banks.

Banks have been focusing on their distressed loans, however, and Newsec has not seen forced sales to the extent that was expected.

A significant number of real estate investment loans are maturing during the next two years and Newsec predicts that this will have an effect on transaction volume in through forced sales processes.

At the same time Newsec expects that some of the troubled loans will be renewed by the banks with new loan terms including increased margins and revised fee structures.

Newsec expect improving transaction volumes this year. New investment funds with value-added focus have been able to raise new capital from the investors, and these will be active in the Finnish market during Core assets in prime locations will still be the main focus for investors, but we expect that the shortage of prime assets will increase the demand for secondary locations and assets.

Helsinki CBD is the most attractive office submarket in the HMA, offering the best accessibility, and is the preferred location for many head offices.

New office buildings are planned along the Töölö bay area in close proximity to the Helsinki central railway station. Rent levels in these modern business-park office areas are notably higher than in other central submarket areas.

Real estate financing has become easier compared to last year. However, whereas the financing of core assets has been improving, financing for riskier, secondarylocation assets is still challenging.

The plans to develop Center Pasila will further increase the attraction of the Pasila area in the future.

Old Pasila was mainly developed in the s and s and is rather dense in terms of buildings. It is a large centre of employment, currently providing jobs for 25, people.

Center Pasila will bring the number of jobs up to , Kalasatama is a developing office area which is not yet complete; the old port area is being redeveloped following the opening of Vuosaari harbour.

The area will be built up between and Kalasatama has a central location north-east of the CBD and has its own metro station.

Ruoholahti currently has nearly 10, jobs and this will rise to around 13, jobs once the area is completed. The metro, tramway and buses all serve this seaside office area.

Companies are generally interested in modern offices with good public transport. Between and a residential and office area providing houses for 16, people and 6, jobs will be built to the south of Ruoholahti.

Considering the optimal location for companies in Espoo, the Western Metro Länsimetro stations will create interesting areas for business.

Keilaniemi will be the location of the first metro station in. Espoo once the metro line opens.

Several global and Finnish companies have chosen Keilaniemi for their headquarters. The region of Tapiola has changed considerably in recent years as the Western Metro and new construction projects are completed.

Leppävaara is a residential, commercial and office centre with a lot of new office development, mainly business parks.

Aviapolis near Helsinki international airport is a new centre in the HMA which covers 42 km2 and houses mostly logistics and IT companies.

The region consists of business parks and new projects are pending. The upcoming Kehärata railway project is expected to be finished around Challenging areas are for instance Pitäjänmäki ja.

During the 21st century HMA office markets have been clearly divided into tenant-interest areas, investor-interest areas and challenging areas.

This is predicted to continue through Because of the generally high vacancy rate, changes in the use of office buildings in old office areas are becoming a more important issue.

Vallila and also a few areas in Espoo. During vacancy throughout the HMA will probably increase due to the efforts to enhance usage of office space and the constant construction of new office buildings.

Office Rents The decline in office rents is slowing down. In fact rents in Helsinki CBD showed a slight increase last year which is continuing this year.

Rents in the most popular business parks are relatively stable, while in weaker areas new rent contracts are made with declining rent levels.

The differentiation in rent levels stands out continually. This may be due to the scarce supply of good investment premises in prime areas or to increased demand for such premises.

A similar trend can be expected this year. The current yield level for prime premises in Helsinki CBD is about 5. Building Activity New office space is constructed and new projects are planned regardless of the office vacancy rate.

Construction companies are responsible for most new projects. During about 80, m2 were completed in the HMA and a further 61, m2 were under construction.

In a total of around 80, m2 of office space is expected to come onto the market. At the end of the year consumers predicted that consumer prices would go up by 3.

The two largest chains, S-Group and K-Group, account for The situation of a few big players dominating the market is similar in the other Nordic countries.

According to the new law, shops with more than m2 of retail area may trade between midday and 6 p.

Shops with less than m2 have free opening hours. The expansion of the Sunday opening hours has already boosted the sales of consumer goods.

Supply The retail stock in the major Finnish cities comprises approximately 6. For a long time, large stores have played a significant role in the Finnish grocery trade.

The structural change is influenced by migration to growth centres and the increased use of cars as well as the change in consumer demand that leads to a more extensive selection of goods.

According to the Land Use and Building Act, a large-scale retail unit is a store larger than 2, m2, which in practice equals a store with a sales area of about 1, m2.

This is extended to include speciality stores that require a lot of retail space, such as a furniture store or a car showroom. The focus now seems to be on the refurbishment and extension of existing centres and on new mixed-use concepts that combine retail, residential and services.

However, new construction also seems to be gradually beginning to recover from the low figures of the last two years. For example the Finnish retailer Kesko Group is planning to develop many new retail projects in the near future.

Karisto in Lahti, with a lettable area of 34, m2, will be opened before Christmas , and a new shopping centre in the Tervaskangas area in the city of Kouvola, with a lettable area of about 48, m2, is expected to be completed in Most of the decrease has been due to strong demand for core targets and to better access to financing.

N Even though the investment market was quite slow in , some transactions have still taken place and not only in the Helsinki area.

For example, the insurance company Tapiola Pension purchased Phases 2 and 3 of the Chydenia shopping centre in Kokkola in western Finland.

Some restructuring of ownership also took place. The purpose of the company is to own, manage and develop properties and other assets.

The total transaction price was about EUR million. At the same time, Kesko Plc also sold two properties to Ilmarinen.

There are likely to be some shop closings and increased relocation by hard-pressed retailers, which will further affect the vacancy levels.

Rent levels did not suffer much during the recession in — The strong consumer confidence and the growth in sales volumes now indicate that there is going to be a moderate rent increase in Transaction activity in Norway is back again, after large fluctuations in recent years.

In , the volume revived to NOK 35 billion, and we expect at least the same level for Both sellers and buyers seem to accept the current market values and the transaction processes are running more smoothly.

The Norwegian economy has turned around since the financial crisis and is showing a healthy growth. This was the first negative growth in GDP since Now the expansion of the economy is continuing at a moderate pace and seems to have gained a firm footing.

Much of the growth in GDP is because of high public and private consumption. Public consumption increased by 4. Gross fixed investment decreased in Rent levels have not yet recovered from the fall during the financial crisis, but they stabilised during In rents in most of the rental market remained almost unchanged and only the CBD experienced moderate growth.

We expect rent levels to increase in the most attractive segments of the office and retail markets this year. In foreign investors and especially syndicates were active buyers.

NIAM was the most active with its acquisition of Sektor. We expect both foreign and domestic investors of all types to be buying in In Newsec expects CBD offices in Oslo, central offices in Stavanger and retail premises to give the highest returns.

Most of the growth will be due to private consumption. Gross fixed investment will also rise. Most of this rise will result from higher investments in the oil and gas sector and in companies in general.

Employment was fairly stable during Unemployment is now 3. Productivity decreased during the economic downturn, but has now picked up again.

The unemployment rate is forecast to decrease by 0. The twelve-month rise in the Consumer Prices Index was 2. Newsec expects inflation to decrease during the first half of due to the low capacity utilisation in combination with moderate wage increases.

Interest Rate Forecast During — the Norwegian central bank reduced its key policy interest rate to an all-time low of 1. However, since then.

However, the increase in the key policy interest rate will be moved to a later date compared with earlier analyses. This is mainly because of lower activity among our trading partners.

Newsec expects the key policy rate to be 2. Another positive sign is that investors of almost every kind have returned to the market.

Even though syndicates have been the most active, Newsec has also seen property funds, foreign investors, private investors and pension funds participating in trades.

CBD when they are developed. The area around the government offices is another traditional and popular office area.

So far the majority of transactions have concerned properties with long rental contracts and solid tenants. Newsec expects that properties with shorter rental contracts will also be traded during the coming years.

The Norwegian interbank interest rate, NIBOR, has decreased substantially since the peak and is expected to follow the steering rate upwards in coming years.

Newsec expects inflation to remain low during —, thus moderating the increases in short-term interest rates. Long-term interest rates are expected to increase during — due to expectations of future GDP growth.

The combined value of these two transactions is NOK 7. The sluggish investment market came to an end in In property turnover was NOK 14 billion.

Oslo is the capital and largest city in Norway with , inhabitants in the city itself and about a million in the Greater Oslo area.

The total office stock is approximately 8. The office vacancy rate is a result of demand and supply.

In the last two years demand has been reduced compared with the years. In the coming years Newsec expects an increasing demand for offices, stimulated mainly by expanding companies.

Newsec expects the yearly demand for offices to be around , m2 in the next few years. The supply side will fluctuate during the same period.

This year approximately 50, m2 will be completed, but in there will be around , m2 of new office premises completed. By the end of Newsec believes the office vacancy rate will be reduced to 7.

The vast completion of office premises in will then have an impact on the office vacancy rate in , and Newsec believes that vacancy will increase to 8.

After that Newsec expects the vacancy rate to decline moderately. Office Rents The reduced uptake of office premises in recent years, coupled with an increased supply, resulted in falling market rents in all Oslo office segments.

However, rents have now stabilised and a turnaround is expected in , when rents are forecast to start increasing again.

The signs are already clear in Oslo CBD, where rents have risen two quarters in a row. The rise is not huge but substantial. When rents start to rise in the CBD, the rents in the other subsectors will probably rise one or two quarters afterwards.

Office Yields Office yields have continued the downward trend which started in late The trend is largely due to a big yield gap, the improved credit market and increasing competition between banks.

The prime. Newsec expects yields to continue decreasing during — in all office submarkets. New apartments, several museums and the Opera, which is already completed, will also go to shape an exciting and diverse part of the city in the near future.

Fornebu is another district with a lot of building activity, with plans for another 90, m2 of office premises.

In the second half of prices increased slightly. In the prices have continued to rise, but are still well below prices.

Newsec expects construction costs to increase rapidly when the market turns, which may be as soon as this year. Stavanger Office Market Stavanger is situated on the southwest coast of Norway, and the region is one of the fastest-growing in Norway.

The Stavanger region is the centre for the Norwegian oil and natural gas industry, and most of the Norwegian oil companies have their head offices here.

The district is known for innovative and value-generating business activities. The infrastructure is well developed, with railways, airport and harbour.

The high activity of recent years has created a greatly expanded demand for office premises, which resulted in low vacancy and increased market rents.

There is a low volume of new buildings under construction, and this may put some pressure on rent levels. However, there are a large number of projects approved which can be started when the market conditions are right.

Newsec believes that market rents will increase slightly throughout and continue upwards in In a rising vacancy rate and an increased number of sublet premises resulted in falling market rents.

The rents stabilised in and Newsec expects market rents to remain fairly stable throughout Newsec has seen recent transactions in Bergen with low initial yields, and estimates prime office yields to be around 6.

Bergen, situated on the west coast, is the second-largest city in Norway. The Greater Bergen region has more than , inhabitants, and population growth is above the national average.

Activity on the investment market has increased and Newsec has seen transactions indicating that yields have decreased during the last 6—12 months.

Based on a prime office yield in Oslo of 5. Bergen is surrounded by sea and mountains, resulting in a limited amount of land available in the downtown area.

To expand the city, a new light railway is being built, whose first section, heading south from downtown Bergen, opened last June. The area around the railway has become an attractive location for commercial real estate.

Due to the combination of workforce reductions and an increased focus on space-efficient office premises, the vacancy rate has increased.

The office vacancy in Bergen is currently 6. Private Consumption and Retail Turnover Consumer confidence in Norway was high during the first seven years of the s, but the economic slowdown and subsequent rise in unemployment created pessimism in the market in and early However, consumer confidence improved again during the second half of and in as a result of the economic recovery.

The disposable income of Norwegian households increased during due to wage increases and low interest rates. In addition, the vast majority of the households that own their homes have floating-rate loans.

In private consumption grew by approximately 3. This rising private consumption is having a positive effect on retail turnover-rents, which are expected to increase during A regulation concerning shopping centres came into effect in July It decrees that new shopping centres larger than 3, m2 4, m2 in Oslo must be located near public transport hubs or in city centres unless regional zoning plans have already approved larger floor space.

The intention is, among other things, to strengthen existing city centres and reduce pollution by limiting traffic.

The legislation puts additional downward pressure on the development pipeline, but it may also stimulate further development of high-street retailing in city centres, which happened when a similar law was imposed in Denmark.

Nevertheless there are plans for a new shopping centre and the expansion of existing centres. The project also includes a kindergarten, private residences, offices, water park, cultural centre, restaurants, library, museum and health services.

Supply Norway has one of the largest per capita levels of retail space in the world. In twenty years, the floor space in Norwegian shopping centres has quadrupled, and today more than one third of all Norwegian retail trade takes place in shopping centres.

It is expected that the level of new developments will fall back in coming years as a consequence of the relatively saturated market.

Approximately 20, m2 of new retail stores will be added to the existing centre. In the second half of some other retail properties were sold.

The transaction yield for Coop Obs! Grensen 13 in Oslo prime retail was also sold at a yield of 5. Based on the transactions that took place during the last quarter of , yields for prime retail properties are currently 5.

Rental Market Rent levels for retail premises are mainly turnover-based. They have followed the pattern of private consumption, falling slightly in and the first part of and stabilising in late and Newsec saw small increases in market rents in late as private consumption grew by about 3.

We expect that rents will continue to rise during Shopping centres have historically had the most stable rent levels, and Newsec expects this to continue.

However, the more centrally a shopping centre is located, the more attractive the premises, the lower the vacancy rates and the higher the rental levels.

Newsec has noted that there are longer void periods in less centrally located shopping centres. As financial markets gradually improved in the second half of , a number of market players entered with great expectations: a backlog of property transactions had been building up in the wake of multiple bankruptcies across all Danish property segments in and However, there may still be several challenges looming ahead, and the recovery process is therefore likely to remain slow and cautious.

However, transaction activity in property investments turned out to be highly segmented, with the general consensus being that Copenhagen is the most important investment property market by far.

Danish GDP picked up in , with 3. For the increase in GDP to continue, other prerequisites of growth are needed, such as sustained growth in exports or stronger consumer spending, which.

Active market players are in pursuit of secure cash flows in particular. In Denmark the current outlook gives us reason to believe that the economic recession is definitely over, but economic growth continues to be slow and tenuous.

For this reason we expect vacancy rates and rent levels to stabilise in the near future. Nichlas SArlin nichlas.

Several years of positive growth in consumer spending ended with a 0. However, the fact that real wages kept increasing in and , coupled with all-time-low interest rates and the effect of new tax cuts introduced in , should be prompting renewed spending.

Consumer spending is expected to have increased by 2. Danish unemployment rates have been very low for several years, hitting a record-low of 1.

This is far below the level normally defining structural unemployment. But unemployment started to rise rapidly at the end of and particularly at the beginning of The unemployment rate is projected to reach 4.

Overall, interest rates remain historically low, but this is bound to change. With the Danish economy recovering only slowly, however, interest rates will not start to increase until economic growth has been restored.

Interest rates are therefore projected to remain flat for most of , followed by an increase in Investment Market In and the beginning of , the Copenhagen office investment market slowed.

The financial crisis drove liquidity out of the market, and due to high loan margins and strict equity requirements investors found it difficult to procure financing.

Nevertheless, the second half of witnessed renewed investor interest in the property investment market. Low returns on liquid assets make the office property investment market more interesting to investors because of the higher returns and still fairly low risk it offers.

Investment demand is still fronted by financially strong investors such as institutional investors and well-consolidated property companies who can match the equity ratios required by finance.

Interest Rate Forecast Ever since the financial crisis started in , prompting a worldwide economic downturn, interest rates have been very low.

Shortterm interest rates dropped immediately at the onset of the crisis, and once the market realised the severity of the financial crisis, the long-term interest rates followed suit.

Because the Danish krone is pegged to the euro, the yield levels of both three-month interest rates and Danish year government bonds tend to follow those of the euro interest rates quite closely.

In , the yields on Danish year government bonds declined more than the yields on comparable euro bonds. The uncertain future of EU countries like Greece and Spain, both struggling with massive public deficits, has made investors seek out safe-haven countries, for instance Germany and the Nordic countries.

However, it seems that finance providers have somewhat eased requirements, which may open up the market to a wider range of investors.

Properties situated in the Copenhagen CBD command the highest office rents, with waterfront locations in particular seeing top rent levels.

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