JLL Nordic Outlook Spring 2022 

In this edition of the JLL Nordic Outlook, we cover the Nordic office, logistics, retail and residential markets and review developments in investment and capital markets. The theme for this report is devoted to the outlook for the office market in 2022, both in terms of investor and work dynamics.

helmikuu 15, 2022

2021 was characterised as a record year in all aspects of investing. Interest rates rose slightly towards the end of 2021 and have continued to increase so far in 2022, as we await tighter monetary policy in the United States. Equity markets rebounded sharply in 2021 but have reacted negatively at the start of 2022. The premium to net asset value (NAV) in the real estate sector has come under some pressure in the Nordics, but markets still trade at around 15 percent for a median listed real estate company*–above the 10 percent average, which we recorded in the Spring 2021 edition of this report.

In the property market, low-risk logistics, residential and community service properties also kept their strong position during the second half of 2021 and the outlook remains favorable in 2022. Demand for office properties strengthened during the second half of 2021 and the outlook remains strong for 2022, although COVID-19 restrictions in early 2022, in combination with higher interest rates, could delay the rebound somewhat. Mergers and acquisitions (M&A) represented 49 percent of the transaction market in Sweden (or SEK 176 billion) in 2021, and although fundamentals remain strong in 2022, we do not expect this level to be reached in 2022. The retail and hotel market remains under pressure, although within these segments there are also pockets of strength.


* as per 14 February 2022

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