Colliers Aarhus Delrapport 2023 UK

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New office buildings will reshape the cityscape

The Aarhus office market is highly area specific as each sublocation has unique strengths and weaknesses. In other words, the office market is very heterogenous, and several urban areas are undergoing major development schemes Aarhus C (central Aarhus) Aarhus C, central Aarhus, continues to be a prime office lo cation and, together with Aarhus Ø, the office leases in this area generally have the highest rent levels in Aarhus. The area typically attracts the liberal professions, financial busi nesses, and knowledge-intensive professions that value city centre proximity and prefer a prominent and visible loca- tion in the cityscape. Opposite DOKK1, the almost 9,000 sq m office building of Europa Plads (taking its name from the square on which it sits), remains under construction. Upon completion in 2023, Europa Plads will be yet another iconic office building in the heart of Aarhus with anchor tenants such as Nykredit and Poul Schmith/Kammeradvokaten. At the square of Europa Plads, another mixed-use residential/commercial high-rise building is on the drawing board at Remien Ejendomme. Provided the City of Aarhus approves the construction of this 20-storey building, it will provide a link between the DOKK1 area and Sydhavnen (the south harbour). After nearly 10 years, new life has been breathed into the development plans for e.g. the old bus terminal site and adjoining areas owned by Danish railway operator DSB, viz. DSB Ejendomme. Dubbed Perlekæden (the pearl necklace) and designed by Cobe, Rambøll and others, the scheme offers shops, offices, spaces for public-oriented uses and housing. The masterplan is pending city council approval.

Historically, a large portion of office premises in Aarhus C have been neither contemporary nor space efficient. How- ever, recent years’ new office projects have remedied this. This is especially the case in the area around Frederiks Plads, which has been transformed by Bricks and Domis. Frederiks Plads is located between the neighbourhood of Frederiksbjerg, the city centre and Sydhavnskvarteret and has been under development since 2017. Except for one remaining building plot, the area is fully completed. Upon full completion it will comprise approximately 48,500 sq m floorspace in total, including 35,000 sq m commercial space and 13,500 sq m residential space. The commercial area will be laid out mainly for office use but also for retail, café and restaurant uses. Prismet, built by domestic pension fund PFA, is an iconic and controversial high-rise office building located next to the open-air museum of Den Gamle By (the old city). At Prismet’s 20th anniversary, PFA in collaboration with Kilden & Hindby announced renovation plans to the tune of billions of Danish kroner. The entire facade is to have a lighter red facing, and six storeys are to be built on top of the existing building. PFA will construct a total of 25,000 sq m commer cial and an additional 20,000 sq m residential space, adjoin ing Prismet. If the current time schedule holds true, the project will be completed in 2026. The area around Sydhavnen, Sydhavnskvarteret, is being developed by A. Enggaard into a new commercial area with office spaces and two hotels. In addition, the area is to become a vibrant neighbourhood focusing on art and cram- med with activities for Aarhus citizens. The development plan also includes a high line that is to connect Sydhavns- kvarteret and Frederiks Plads. At Sydhavnskvarteret, one will find Danske Bank’s headquarters in Aarhus. Nearby, Olav de Linde is currently building Denmark’s tallest office tower, called Mindet 6. With its 39 storeys, the tower will have a building height of 144 metres. In addition, the con-

Aarhus Local market report for Colliers Market Report 2023