Focus Report Copenhagen - Colliers Denmark 2025

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INDUSTRIAL AND LOGISTICS RETAIL RESIDENTIAL OFFICE

COPEN- HAGEN

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All reports provide you with local market insights, including histori cal rent developments along with key transaction data. In addition, we give a brief introduction to key residential development areas. Only Focus Report Copenhagen and Focus Report Aarhus are avail able in English.

For further details, please contact one of our local experts. Contact information is available on Colliers' website.

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COLLIERS FOCUS REPORT COPENHAGEN 2025

5

Intro Copenhagen – Denmark's main attraction

08 28 40 50

Office Bright outlook for the office market

Residential Residential rental market remains robust

CON TENTS

Retail Cautious optimism despite uncertainty

Industrial and logistics Healthy occupational market and prospects of continued rental growth

63

About Colliers

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COLLIERS FOCUS REPORT COPENHAGEN 2025

This Focus Report describes the commercial property market in Copenhagen .

We have compiled various fur ther information on Denmark’s foremost growth centres to sup plement Colliers Market Report Denmark 2025, which offers a detailed review of key investment and occupational market trends in the Danish property industry.

If you would like to learn more about the markets for office, retail, industrial and logistics as well as residential property in Aarhus, Odense, Aalborg or the Triangle Region, please visit Colliers’ website to view all local market reports: colliers.com/en-dk/research All reports provide you with local market insights, including historical rent developments along with key transaction data. In addition, we give a brief introduction to key development areas in the residential segment.

Colliers Denmark | colliers.com | +45 70 23 00 20

Colliers Market Report 2025 and all Focus Reports are based on market data that Colliers believes to be reliable. Whilst every effort has been made to ensure that the information provided in the reports is both accurate and complete, Colliers accepts no liability for factual errors and omissions. Published by Colliers. Reproduction or citation only with full acknowledgement of source. Please note that photos may be copyrighted.

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COLLIERS FOCUS REPORT COPENHAGEN 2025

Any questions about data and content? Contact

Mie Petersen Senior Associate, Valuation & Advisory +45 51 44 31 77 mie.petersen@colliers.com

Simon Krogh Nøhr Manager, Valuation & Advisory +45 23 27 61 16 simon.kroghnohr@colliers.com

Colliers Copenhagen Toldbodgade 33 DK-1253 Copenhagen K +45 70 23 00 20

Anna Keergaard Christiansen Associate, Valuation & Advisory +45 24 66 39 45 anna.keergaard@colliers.com

Do you require local market assistance? Read more and find more experts on Colliers' website colliers.com or telephone +45 70 23 00 20

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COLLIERS FOCUS REPORT COPENHAGEN 2025

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COLLIERS FOCUS REPORT COPENHAGEN 2025

INTRO

Copenhagen – Denmark's main attraction

Copenhagen is Denmark's capital and largest urban area with just over 1.4 million inhab itants spread across 17 municipalities. At the centre is the City of Copenhagen, which with over 650,000 inhabitants is the country's most populous municipality - with almost twice as many inhabitants as the country's second largest municipality, the City of Aarhus.

Copenhagen also plays a central role in the Northern European economy and serves as an important business and investment hub. Copenhagen has a strong business structure with significant clusters of companies in areas such as life science, tech, finance and green energy. At the same time, Copenhagen's well-developed infra structure and well-educated labour market support the city's economic development. The increased interest from international players, both companies and investors, reflects a market characterised by strong demand, attractive growth opportunities and a high quality of life that attracts talent and residents from across the country and abroad. Copenhagen's infrastructure is envisaged to create an efficient, sustainable and coherent transport solution to meet the growing demand for easy and fast mobility from both citizens and visitors. A key element in this is the continued expansion of the Copenhagen Metro. In March 2020, the Metro was extended with a new line to Nordhavn, and in June 2024, five stations were added to Sydhavn and Valby. The total Metro network now consists of 44 stations and is an integral part of public transport in Copenhagen. In addition, the City of Copenhagen is contemplating a further expansion of Infrastructure promotes mobility and development

the Copenhagen Metro with line M5, connecting Copen hagen Central Station with Islands Brygge, Amager brogade Syd, Refshaleøen and Lynetteholmen, with a potential extension to Østerport. This ensures that public transport is continuously strengthened, becoming an attractive alternative for more people. One of the overall goals is to promote walking, cycling and public transport, which also supports the municipal plan's vision of reducing car traffic and creating a more sustainable city. Further strengthening the infrastructure in Greater Copenhagen is the Greater Copenhagen Light Rail, which is currently under development. The first section from Ishøj to Rødovre Nord is scheduled for commissioning in autumn 2025, while the extension to Lundtofte is scheduled for completion in summer 2026. This will further improve the connection between Copenhagen and the surrounding towns and the region's transport options in general.

Copenhagen is one of the best places to live in the world

In 2024, the Economist Intelligence Unit (EIU) ranked Copenhagen as one of the world's most attractive places to live for the third consecutive year, second only to

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COLLIERS FOCUS REPORT COPENHAGEN 2025

Vienna in terms of liveability. The EIU's Global Liveability Index ranks 173 cities based on factors such as stability, healthcare, culture and environment, education and infrastructure. Copenhagen scores high in the study due to its well-developed transport system, many green spaces and urban development that prioritises sustain ability. The city's strong economy and welfare structure also play a key role in its attractiveness. In addition to its green spaces and lakes in the middle of the city, Copenhagen offers a wide range of cultural experiences, good educational opportunities and a solid healthcare system. In addition, it is easy to get around the city as a cyclist and pedestrian. The latest addition, a bicycle bridge between Islands Brygge and Enghave Brygge, is one step closer to realisation after the City of Copenhagen's Technical and Environmental Committee approved the project. Changing demographics Over the past decade, Copenhagen 1 has experienced strong population growth of around 12%, corre sponding to an annual increase of around 13,800 inhab itants. The population growth has been greatest in Copenhagen proper 2 , especially among the 25-29 and 30-34 age groups. In Copenhagen environs, the popu lation has also increased significantly, with the same age groups driving much of the overall population growth.

In general, several age groups have experienced signif icant growth, which testifies to the city’s pull. Copenhagen is expected to continue to grow. According to Statistics Denmark, the population will increase by approx. 2.8% from 2024 to 2034, corresponding to a nominal increase of 39,200 inhabitants. As Denmark's epicentre of knowledge and with the country's highest ranked university, Copenhagen has a predominance of students and working 30-39 year-olds. However, Copen hagen is facing the same situation as most of the rest of the country, where the average age of the population is gradually increasing. This means that a large part of the estimated population growth in percentage terms is expected to come from seniors over the age of 60. Copenhagen, like Aarhus, generally has the highest level of education in Denmark, with almost 30% of the population having a higher education, which is signifi cantly above the national average. This is also reflected in the income distribution in Copenhagen, as there are far more high-level wage earners in Copenhagen than nationally. Similarly, the average income in Copenhagen is also significantly higher than the national average, especially in Copenhagen environs, as the area has more graduates in work, whereas Copenhagen proper has a higher concentration of students.

Note: 1 Copenhagen in this context denotes Copenhagen proper (Landsdel Byen København) and Copenhagen environs (Landsdel Københavns Omegn). 2 Copenhagen proper includes the City of Copenhagen, the City of Frederiksberg, Dragør Municipality and Tårnby Municipality.

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COLLIERS FOCUS REPORT COPENHAGEN 2025

Demographics, 2022-2024

Migration patterns 1

-10,000 -5,000 0 5,000 10,000 15,000 20,000 25,000 30,000

Inflow

Outflow

21%

29%

20-24 year-olds

20-24 year-olds

22%

21%

22

23

24

Birth surplus Corrections

Net migration

Net immigration

25-29 year-olds

25-29 year-olds

Population growth

Population growth, 2015-2025 1

What age groups have driven population growth?

What age groups mainly account for negative growth?

25-29 year-olds

30-34 year-olds

40-44 year-olds

0-4 year-olds

24% | 21,890

30% | 27,776

-4% | -3,474

-3% | -2,801

Population forecast, 2024-2034 1

What age groups will drive future population growth?

What age groups will mainly account for negative growth?

65-69 år

35-39 år

45-49 år

10-14 år

39% | 15,247

30% | 11,878

-17% | -6,525

-15% | -5,751

917,730 3.30% 29% 306,830

Number of employed

Unemployment rate

hold a bachelor's degree as a minimum

Average disposable annual income (DKK)

Note: Data for Copenhagen proper (Landsdel Byen København) and Copenhagen environs (Landsdel Københavns Omegn). 1 Based on aggregate population growth in the period. Source: Statistics Denmark, Colliers

OFFICE - COLLIERS FOCUS REPORT COPENHAGEN 2025

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OFFICE

OFFICE - COLLIERS FOCUS REPORT COPENHAGEN 2025

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INDUSTRIAL AND LOGISTICS RETAIL RESIDENTIAL OFFICE

Bright outlook for the office market

In the transaction market, dark clouds have hung over the office segment in recent years. Although 2025 is unlikely to offer blue skies, there are signs of improvement. The occupa tional market remains healthy, with the combination of high demand and low construc tion activity expected to drive up rent levels.

Copenhagen’s position is strong as Denmark's economic centre and a magnet for businesses. Demand for modern and sustainable offices is growing, especially in attractive locations, and there seems to be a shift in the size of leases that are in demand. At the same time, rising construction costs and more expensive financing are slowing new construction, creating upward pressure on rent levels. Although investors are still cautious, there is renewed interest in the segment, with favourable pros pects of broader investor demand – including from inter national investors, who are expected to return in greater numbers. Slowdown in construction activity Despite underlying positive trends in the office rental market, construction activity has generally been weak over the past few years, and speculative office construction in particular is not as prevalent as before. Rising yield requirements for office properties, higher construction costs and more expensive financing terms for development schemes have prompted a significant slowdown in new office construction in Copenhagen. In fact, the decline has been so pronounced that the share of new office and administration building starts in Copenhagen plummeted by around 64% in 2023-2024 compared to the level in 2021-2022. With the challenges facing the underlying drivers of office construction, developers have an increased need for certainty around post-construction leasing. However, it has proven difficult to find tenants willing to enter into binding agreements that only come into effect 30 months or more into the future. The tenants want the developer to

get the project off the ground before they commit, which from the developers' perspective creates a challenge for office construction, as a pre-let agreement is typically one of the prerequisites for construction. However, the situ ation will probably find its natural solution once condi tions in the office segment improve in the form of lower yields and/or increasing rent levels, etc. Nevertheless, several office buildings were completed in 2024. At the same time, tenants are increasingly seeking contemporary, top-quality properties with easy access to efficient infrastructure, causing more office tenants to leave older buildings in favour of office new builds. Slowdown in Copenhagen office construction 20 21-22 20 23-24

130,000 sq m

363,000 sq m

Note: Building starts for office, retail, warehouse, public administration, etc., Copenhagen proper, Q1 2021 – Q4 2024, sq m space. Source: Statistics Denmark, Colliers

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Folke Bernadottes Allé 47, Copenhagen Ø

As a result, there has been an increase in vacancy, but primarily in the outdated and older building stock. In a historical context, however, Copenhagen office vacancy rates remain low at around the 7% mark. Prospects of rent increases for prime properties Current trends in the Copenhagen office occupational market are favourable. Although geopolitical uncertainty

is simmering, the outlook for the underlying drivers of the office market is bright – also in a European context. Up until 2028, office employment in Copenhagen is expected to increase by 1.45% annually, which is well above the average for many European metropolises. Among the cities in our Nordic neighbouring countries, the expected growth rate in Stockholm is slightly above the Copen hagen level, while Oslo is expected to grow by 1.19%

Office vacancy rates remain low despite rise in 2024

10% 11% 12% 13% 14%

4% 5% 6% 7% 8% 9%

14

15

16

17

18

19

20

21

22

23

24

25

Copenhagen

Copenhagen environs

Greater Copenhagen

Note: Office vacancy rates, Copenhagen. Source: Ejendomstorvet.dk, Colliers

OFFICE - COLLIERS FOCUS REPORT COPENHAGEN 2025

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INDUSTRIAL AND LOGISTICS RETAIL RESIDENTIAL OFFICE

annually. In Germany, office employment is expected to grow by 1.06% annually in Berlin, 0.11% in Hamburg and 0.25% in Frankfurt. In addition, Copenhagen office vacancy rates are low. At the same time, Copen hagen has a low proportion of office workers who frequently work from home compared to other European cities. This points to an increasing demand for office space in Copen hagen in the coming years and an increased pressure on companies' space requirements. The current rent level for prime office prop erties in Copenhagen is low by European standards: Rents are between 33% and 72% below the level in comparable cities such as Oslo, Stockholm and Berlin. This is largely due to increased supply in central Copen hagen locations such as Nordhavn, Postbyen and the Carlsberg City District – areas that are either fully developed or well on their way, with the exception of Nordhavn. With relatively low office rent levels, it is not the rent that is the deciding factor when companies are looking for new premises. Instead, they see location and property as an important element in attracting and retaining the most desirable workforce. As a result of the slowdown in construction activity and the prospect of rising demand, competition is expected to become more intense for office premises that meet tenants' requirements. For the most attractive Copen hagen office properties, this is expected to translate into rent increases that exceed increases in the net price index (NPI) in the short and medium term.

Favourable outlook for the Copenhagen office market

35%

Low growth and high share of frequent homeworkers

High growth and high share of frequent homeworkers

HELSINKI

30%

DUBLIN

25%

STOCKHOLM

BRUSSELS

BERLIN

FRANKFURT

20%

0%

0.5%

1.0%

VIENNA

1.5%

2.0%

2.5%

15%

HAMBURG

MUNICH

AMSTERDAM

MADRID

PARIS

COPENHAGEN

OSLO

10%

ROME

BARCELONA

5%

High growth and low share of frequent homeworkers

Low growth and low share of frequent homeworkers

0%

FIGURE 1 . Note: Share of frequent homeworkers, % (y-axis) vs. the expected annual growth in office employment in the period 2024-2028, % per year (x-axis). Source: Eurostat, Oxford Economics, Colliers

Low growth and high vacancy rate

High growth and high vacancy rate

20%

18%

DUBLIN

16%

HELSINKI

14%

STOCKHOLM

12%

BARCELONA

MADRID

0%

0.5%

1.0%

1.5%

2.0%

2.5%

PARIS

FRANKFURT

8%

MUNICH

ROME

BERLIN

COPENHAGEN

6%

BRUSSELS

OSLO

AMSTERDAM

HAMBURG

4%

VIENNA

2%

High growth and low vacancy rate

Low growth and low vacancy rate

0%

FIGURE 2. Note: Vacancy level, % (y-axis) vs. the expected annual growth in office employment in the period 2024-2028, % per year (x-axis). Source: Eurostat, Oxford Economics, Ejendomstorvet.dk, Colliers

OFFICE - COLLIERS FOCUS REPORT COPENHAGEN 2025

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Change in historical demand Historically, the lettability of minor office spaces of around 200 sq m has been strong. However, this has changed, and in particular, it has become more difficult to let small office units in older buildings that fail to offer any kind of services. This may indicate that small companies increasingly prefer flexible solutions in shared serviced offices or coworking office spaces, whereas larger companies want to bring their employees together in one place while securing space for future growth in new premises. In recent years, several service-focused shared or coworking office spaces have successfully established themselves in the Copenhagen office market. Regus, Ordnung and SOHO have been well-known players in this field for a long time, but others have followed suit along the way, including Nreps's Woods and PFA's The Union. Part of the explanation may also be that tenants have a strong desire to rent premises that meet their code of conduct, including ESG requirements. Some leases are actively deselected if they do not meet the ESG require ments set by the company. ESG requirements are easier to meet in newer serviced office spaces or multi-user office buildings.

However, Finnish CapMan accounted for the largest transaction in 2024 by investing in Porcelænshaven 16A in Frederiksberg. However, the property was purchased for CapMan's social infrastructure fund, and the deal is therefore subject to different dynamics than a traditional office investment. Despite the decline in activity, part of the transaction volume was buoyed by an increased share of acquisitions of properties for owner-occupation, with more investors than before buying office properties for their own use. In 2024, the total office transaction volume in Copenhagen and Greater Copenhagen amounted to DKK 4.55 billion, of which user properties accounted for approx. 37.5%. Two examples of this were the Danish Building and Property Agency's acquisition of Kalvebod Brygge 47-51, Copenhagen V, and the City of Copenhagen's acquisition of Borups Allé 177, Copenhagen NV. In 2023, properties acquired by end-users accounted for just 2.24% of the transaction volume, which means that there has been a large increase in the owner-occupancy segment in just 12 months. The office investment market is still characterised by highly selective investors. Core investors focus exclu sively on office properties in prime locations in central Copenhagen (CBD). It is our assessment that the low competition in the office market has had a negative impact on the pricing of the completed transactions, in favour of the buyer. In Greater Copenhagen, value-add assets attract stronger demand than core+ assets due to the lower pricing in central Copenhagen. Going forward, we expect a gradual improvement in transaction activity in the Copenhagen office property market. Unlike in recent years, both domestic pension funds and international investors, including German and Swedish investors, are showing renewed interest in office investment properties in central Copenhagen locations. We continue to believe that core investors will not be expanding their geographic focus to include Greater Copenhagen, which will help dampen activity levels in non-CBD locations. 2025 will hardly be a golden year but less will suffice after the recent lean years.

Slower sales activity and higher share of owner-occupancy

In 2024, the Copenhagen office investment property market continued to be characterised by low activity, especially as international investors remained cautious.

It is less expensive to rent an office in Copenhagen than in many other European cities

CITY

RENT LEVEL, START 2025

Copenhagen, prime

2,300

Madrid

3,450

Helsinki

3,625

Oslo

4,225

Amsterdam

4,475

Berlin

4,675

Stockholm

5,925

Paris

8,200

Note: Rent levels quoted in DKK per sq m p.a., exclusive of operating costs. Area specifications differ across countries, with rent levels therefore not strictly comparable. Source: Colliers

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INDUSTRIAL AND LOGISTICS RETAIL RESIDENTIAL OFFICE

Rising yield requirements on prime non-CBD office properties

2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0%

20 CBD, prime

21

22

23

24

25

CBD, secondary

Non-CBD, prime

Non-CBD, secondary

Note: Net initial yields, office, Copenhagen. Level in 2025 indicates Colliers’ estimation at year-start. Source: Colliers

Transaction volume in Copenhagen buoyed by acquisitions of properties for owner-occupation

25

35%

30%

20

25%

15

20%

15%

10

10%

5

5%

0

0%

18

19

20

21

22

23

24

Transaktionsvolumen, kontor (v.a.)

Andel købt af bruger (h.a.)

Note: Transaction volume, office, DKK billion (l.a.), Copenhagen and Greater Copenhagen, hereof share purchased by end-user, % (r.a.). Source: Erhvervsmæglernes Branchedata, Colliers

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Copenhagen CBD

Typical rent levels

OFFICE

2022

2023

2025

2025 CHANGE 2024-25

Prime

na

na

na

na

na

Government District 1

Secondary

na

na

na

na

na

Prime

1,700

1,750

1,750

1,775

1.43%

Pedestrian District

Secondary

1,200

1,250

1,300

1,325

1.92%

Prime

1,900

1,950

2,000

2,050

2.50%

Banking District

Secondary

1,450

1,500

1,550

1,600

3.23%

Prime

1,850

1,900

1,950

2,025

3.85%

Frederiksstaden

Secondary

1,500

1,550

1,600

1,675

4.69%

Prime

1,750

1,750

1,750

1,750

0.00%

Rosenborg District

Secondary

1,350

1,350

1,350

1,350

0.00%

Prime

2,150

2,200

2,250

2,250

0.00%

City Hall/Central Station District

Secondary

1,250

1,350

1,400

1,400

0.00%

Prime

1,900

1,900

1,900

1,950

2.63%

Kalvebod Brygge/ Havneholmen

Secondary

1,450

1,450

1,450

1,500

3.45%

Prime

1,800

1,850

1,850

1,875

1.35%

Christianshavn

Secondary

1,400

1,450

1,450

1,475

1.72%

Prime

1,700

1,750

1,800

1,825

1.39%

Islands Brygge

Secondary

1,100

1,150

1,200

1,225

2.08%

Prime

2,000

2,050

2,150

2,200

2.33%

Nordhavn

Secondary

1,450

1,500

1,600

1,650

3.13%

Note: Rent levels quoted in DKK per sq m p.a., exclusive of operating costs and taxes, office, Copenhagen CBD. Level in 2025 indicates Colliers' estimation at year-start.

1 na = not available as the district has a high prevalence of public-sector tenants, with a letting market in the ordinary sense virtually non-existent.

Source: Colliers

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Metro station Train station Note: Rent levels quoted in DKK per sq m p.a., exclusive of operating costs and taxes, office, Copenhagen CBD. Source: Colliers

INDUSTRIAL AND LOGISTICS RETAIL RESIDENTIAL OFFICE

Nordhavn Prime Secondary

2,200 1,650

Pedestrian District Prime

Rosenborg District Prime

1,775 1,325

1,750 1,350

Frederiksstaden Prime

Secondary

Secondary

2,025 1,675

Secondary

City Hall/Central Station District Prime

Christianshavn Prime

1,850 1,450

2,250 1,400

Secondary

Secondary

Banking District Prime

2,050 1,600

Secondary

Government District

Kalvebod Brygge/ Havneholmen Prime

1,950 1,500

Secondary

Islands Brygge Prime

1,825 1,225

Secondary

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Copenhagen CBD The following is a brief introduction to the central Copenhagen office market, Copen hagen Central Business District (CBD). Government District The Government District houses a prominent stock of historical landmark buildings, almost exclusively used by public authorities and agencies as well as several minis tries and government agencies. An actual letting market in the ordinary sense is therefore virtually non-existent, and the vacancy risk is limited due to the potential number of public-sector tenants in the downstream of central government. The Pedestrian District Comprising the Copenhagen high-street area and the medieval city centre, the Pedestrian District is charac terised by a predominance of smaller office premises, often with inefficient space layout reflecting the design and age of the building stock. Despite its central location in the CBD and easy access to Nørreport station, a hub for public transport, most of the office stock in the district is lacking in functionality, flexibility and cost efficiency. In addition, there is a significant shortage of available parking spaces in the district. As a result, the district is not considered a prime office location compared to other CBD districts, which is reflected in rent levels. The Banking District Located east of the Pedestrian District and just north of the Government District, the Banking District encom passes the areas surrounding Holmens Kanal and Kongens Nytorv. The district was traditionally among the preferred locations for banks and other financial insti tutions, including the Danish central bank, Danmarks Nationalbank. The latter’s domicile at Havnegade 5 is currently undergoing restoration and refurbishment, expected to finish in 2030. Another landmark property that is also undergoing a significant refurbishment is Børsen, the old stock exchange. The historic property burned down in April 2024. Work to rebuild the building

has begun and is expected to be completed in 2029, although the completion date is associated with a great deal of uncertainty as only phase 1 of 42 was completed as of early 2025. The district benefits from easy access to public transport at Kongens Nytorv offering multiple bus services and a metro station providing access to all four metro lines. The area is hampered by scarce parking facilities, but the diversified building stock, easy access by public transport and diverse urban life give the district char acter, appealing to a wide range of businesses in pursuit of small and medium-sized office units. The district is predicted to transform in the coming years as it is becoming an increasingly popular location for serviced offices, restaurants and shops. For instance, there are plans to repurpose the former Danske Bank head-office buildings for hotel, shops, restaurant and office uses. Frederiksstaden Centred around the King’s residence, Amalienborg Palace, Frederiksstaden is considered a prestigious CBD office location with an imposing building stock consisting of mansion and palace-style buildings with a modernised layout. Both historically and today, the district is preferred by law firms, professional and business service consul tancies, financial institutions and shipping companies, including the A.P. Moller-Maersk Group, which is head quartered in Frederiksstaden. In addition, attracting many restaurants and art galleries, the district has a rich cultural life. After much political attention, in November 2023, A.P. Moller-Maersk had plans for an expansion of their head quarters at Amaliegade approved. The project includes a 26,000 sq m office expansion, which will be built in line with the company's ESG strategy and provide a modern workplace. A new waterfront plaza with a café or restaurant is also prioritised, which is expected to bring more traffic to the area. The expansion is scheduled for completion in 2026.

OFFICE - COLLIERS FOCUS REPORT COPENHAGEN 2025

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INDUSTRIAL AND LOGISTICS RETAIL RESIDENTIAL OFFICE

Public transport conditions are relatively good with the Marble Church metro station and the proximity to the public transport hubs at Kongens Nytorv and Østerport station. However, the central location means a lot of traffic for motorists during rush hours - something that has not improved with the traffic changes resulting from A.P. Moller-Maersk's ongoing construction works. The availability of parking facilities is good in the area consid ering its central location, not least thanks to new under ground parking facilities in the district. The Rosenborg District Surrounding Rosenborg Castle and the King’s Garden, the Rosenborg District offers both large-scale office premises and smaller leases in older town houses with a relatively space-efficient layout and modern exterior. Both Nørreport station and the Kongens Nytorv metro station are in the immediate vicinity of the district, with Nørreport offering regional and S-train as well as metro and bus services. Parking is scarce at street level, but several underground parking facilities are available. Traditionally, the district has been preferred by the media as well as government and quasi-government organisa tions, but the growing presence of shops and restaurants has had a positive effect on the district’s overall appeal. The City Hall and Central Station District Situated near City Hall Square (Rådhuspladsen) and Copenhagen Central Station, this district has trans formed in recent years, spearheaded by the spectacular Axel Towers office complex. Together with Industriens Hus on the corner of Vesterbrogade and H. C. Andersens Boulevard, Axel Towers has consolidated the district’s

status as one of the most expensive office locations in Copenhagen. Helmerhus is also being extensively restored, with completion scheduled for 2026, when the property will offer contemporary offices, restaurants, cafés, shops and housing. This is expected to further enhance the status of the area. Today, the district offers a varied mix of relatively effi cient large-scale office domiciles with underground parking facilities and small to medium-sized offices in older multi-tenant buildings. The district benefits from excellent access by public transport, with Copenhagen Central Station serving as an important hub. Considered a classic city-centre location, the district is home to major law firms, trade unions, industry associations and financial institutions. In addition, governmental and municipal agencies account for quite a large proportion of office users. One of the largest and most prominent construction schemes in the district is the Postbyen (post city) devel opment by a joint venture of pension funds Danica and ATP on the former post office site at Bernstorffsgade, which is expected to provide Copenhagen with 7,500 new workplaces. The first stage, involving the new Danske Bank 73,000 sq m head office, has already been completed. Among other things, the second stage involves the addition of a 34,000 sqm office building, The Stamp, accommodating some 2,000 workplaces, pre-let to LEGO on completion some time in 2025. When fully completed in 2028, the Postbyen development will expand the CBD as well as enhance the district’s position as a central Copenhagen office location.

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Copenhagen Harbour Districts

The Copenhagen Harbour Districts are characterised by prestigious buildings, offering large-scale and up-to-date office facilities. In the past, the Harbour Districts were cov eted by large-scale office users, including financial institutions, but this is expected to be changing.

Whereas the southern districts enjoy easy access to both the motorway grid and Copenhagen Airport, the northern districts are less fortunate, although motorway access has improved. However, all districts benefit from rela tively central locations with fairly good public transport links, including metro, S-train and bus services. The building stock of these districts is of a more recent date compared to other CBD locations, typically offering also on- or underground parking facilities. Kalvebod Brygge/Havneholmen This location is one of the most attractive waterfront loca tions, today commanding the highest rent levels in the Harbour Districts. The district enjoys easy access to the motorway grid, Copenhagen Airport and the Copenhagen city centre.

After being headquartered in Glaskuben (the glass cube) and Krystallen (the crystal) on Kalvebod Brygge for several years, Nykredit moved to a new domicile in Nordhavn in 2024. Instead, Jyske Bank will take over the distinctive glass building of Glaskuben to consolidate its current activities, which are currently spread across Vesterbrogade, Lyngby and Havneholmen. Jyske Bank expects to move in in mid-2025. Across the road lies Krystallen, where fashion giant Boozt is moving in – presumably in H1 2026. Boozt is moving its head office from Malmö in Sweden to Copen hagen. Properties are still being developed in the area, including the DNBG Platinum pre-certified office building CPH Pulse at Havneholmen 2, scheduled for completion in late 2025. Pre-let agreements have been signed with BDO, FLSmidth and Capgemini. NPV is also developing approx. 49,000

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sq m commercial space (office, retail and F&B) at Nelson Mandelas Allé, called Engholmene Business Center. The project consists of the properties Boathouse, Ware house, Lighthouse and Powerhouse. At present, there is uncertainty as to whether the project will be realised and when. The office component of the project will be built as multi-user buildings. Christianshavn Christianshavn, located on the Amager side of the harbour, is a popular mixed-use residential and office area with a special ambience due to scenic canals and the old fortifi cation line. Redeveloped old warehouses and modern office buildings blend together. Kuglegården, the former naval base, is an example of this, where Mogens de Linde is exten sively restoring existing buildings in the area, while also constructing new office buildings, such as Proviantgården, which fits in well with the area's existing building stock. Proviantgården is expected to be ready for occupancy by the end of 2025. Major occupiers include ministries, banks and other financial institutions as well as creative businesses, including architects and advertising agencies. In 2023, Netcompany moved into Nordea's former head office at Strandgade, which has been refurbished and now houses 1,600 employees who were previously located at other sites in Copenhagen. Islands Brygge Similarly located on Amager, opposite Kalvebod Brygge and Havneholmen, this former industrial area has over the past 20 years been redeveloped into an attractive city district with housing and offices. The area benefits from easy access to both the city centre, the motorway grid and Copenhagen Airport. The office stock is characterised by repurposed former industrial buildings. Nordhavn Still under development, the vibrant and prestigious new city district of Nordhavn (north harbour) houses several financial businesses and law firms, valuing the up-to-date, space-efficient and flexible office premises in the area, easy access to the municipalities north of Copenhagen and its ample parking facilities.

The district has seen a lot of interest and activity in recent years and is now generally considered to be part of the Copenhagen CBD due to the attractiveness of the area, with a waterfront location close to the affluent northern suburbs and a relatively short distance to the city centre. Several large companies have chosen to move their head quarters to Nordhavn, including Nykredit and AP Pension, both relocating to Svanemølleholm in late 2024. Other large companies such as Accura and Nilfisk moved into their new headquarters back in 2023. The groundbreaking ceremony for the law firm Bruun & Hjejle's new head quarters at Svanemølleholm took place in late 2024, and the building is scheduled for completion in early 2027. Nordhavn is home to spectacular office buildings, including the highly sought-after Portland Towers, and in mid-2026, the construction of one of Denmark's largest wooden buildings, Marmormolen, is scheduled for completion. Marmormolen is a sustainable project being built by AP Pension, where the use of wood helps reduce CO2 emis sions by 50%. Having acquired 13,700 sq m building rights at Trælast holmen in 2025, MT Højgaard is also planning to build offices in a hybrid construction where parts of the concrete will be replaced by wood. Another example is PFA. Like other players in the office market, PFA has rethought the traditional office concept and launched the multi-user building The Union on Lautrupsgade and the newly built, DGNB Platinum-certified office building Tromsø. Industriens Pension, which is building the new office domicile for Bruun og Hjejle (see above), is yet another example of a pension company aiming to get a building certified to the DGNB Platinum standard. Thanks to its proximity to Nordhavn S-train station and two metro stations, the district benefits from great accessi bility. In addition, in 2023, the Danish Parliament approved a proposal allowing the Metro Company to place two addi tional stations in the Nordhavn district, which will further approve access to the district. The stations are scheduled for commissioning in 2030.

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Copenhagen non-CBD

The following is a brief introduction to the office market outside the Copenhagen CBD (Central Business District), including the districts encircling the city centre, and Greater Copenhagen. Østerbro Located just west of Langelinie and north of the Copen hagen CBD, the district of Østerbro offers a wide variety of office premises. In this district, the prime office location stretches mainly along Dag Hammerskjölds Allé and Strandboulevarden, featuring several impressive mansion-style buildings. The area is favoured by embassies and non-profit organ isations as it benefits from proximity to the Copenhagen city centre. Containing several large-scale offices built in 1960–1980, the area around Lyngbyvej/Lersø Parkallé is generally considered a less prestigious office location.

Office leases in the area often fail to meet today’s tenant requirements in terms of space efficiency and flexibility.

Nørrebro Situated northwest of the CBD, Nørrebro is first and foremost a mixed-use residential and retail district rather than a characteristic office area as the office premises in the district are of diverse quality with no distinctive office clusters or centres. When it comes to parking, Nørrebro faces some of the same challenges as other Copenhagen city districts, with fairly scarce parking considering the building density of the area. In terms of public transport, accessibility is fair with multiple metro stops and Nørrebro S-train station. While office premises generally fail to meet today’s tenant requirements, Nørrebro appeals to many small and medium-sized creative businesses, including office users in the media and music industries. Copenhagen Science City (CSC) is spearheading the development of a new science centre in the district with a focus on health and life sciences, cleantech as well as information and communication technologies (ICT). Anchored by the University of Copenhagen, the Metro politan University College and the Copenhagen University Hospital, CSC strives to create a strong knowledge and innovation community. In the more run-down parts of Nørrebro and the north western city district of Copenhagen NV, old indus trial buildings are on a large scale being converted for up-to-date office use, with the buildings typically retaining their original industrial-style exterior. This has given new life for instance to the Rentemestervej area of Copen hagen NV and Titangade/Sigurdsgade at Nørrebro. How- ever, complete urban redevelopment will take time, with the process projected to be ongoing for years to come. Jernbanebyen During 2025, the development of the part of Jernbane- byen (railway city) that Freja Ejendomme and Baneby

Hejrevej 26-30, Copenhagen NV

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Langelinie Allé 31-35. Copenhagen Ø

Konsortiet have joined forces on is expected to get underway. The project is a central piece in the urban development of southern and central Copenhagen. The vision for Jernbanebyen is to create a modern, sustainable and diverse neighbourhood where housing and business opportunities are combined with attractive urban spaces. The area will house a wide range of housing types, insti tutions, restaurants, cultural and sports facilities along with green spaces to create a vibrant and open neigh bourhood. Several of the existing buildings in Jernbanebyen are expected to be restored and transformed into modern lease premises. Jernbanebyen aims to be DGNB Gold-cer tified at neighbourhood level. When fully developed, the area is expected to accommodate around 9,000 resi dents and 4,000 workplaces. Frederiksberg Encircled by the City of Copenhagen, Frederiksberg constitutes a municipality of its own and is predomi nantly a vibrant residential district. It enjoys a location close to the CBD and is well-serviced by all metro lines. Frederiksberg contains several pockets of office premises, with the area around Flintholm station establishing itself as a prime office location in recent years, housing for instance the EY head office at Flintholm, Flintholm Company House II, developed by NCC. Other areas include the Frederiksberg City Hall square with the Rialto

landmark building serving as centrepiece and Gammel Kongevej/Vodroffsvej near the Copenhagen Lakes with Codanhus as the most prominent office building. In 2024, it was announced that an old office property at Gammel Kongevej 74 will be transformed into a 210-room design hotel. The conversion is expected to start in 2025 and be completed in 2027. Hellerup and Tuborg Nord Hellerup and Tuborg Nord on the waterfront are among the most attractive office areas north of the Copenhagen CBD, featuring a modern office building stock with street level or underground parking facilities. Access by car is fairly good, but the district lacks top-tier public transport as the main train station is not ideally situated vis-à-vis the office clusters of the district. There are no plans to link the district to the Copenhagen Metro. Tuborg Nord has traditionally been preferred by law firms, professional consultancies and financial institu tions, but the location is increasingly competing with other office locations such as Nordhavn that offer closer proximity to the Copenhagen city centre. Despite massive competition from Nordhavn, there is still activity in the area around Tuborg Nord, where the Novo Nordisk Foundation bought a 54,000 sq m plot from Danica Ejen domme in 2023 for the purpose of constructing 16,900 sq m offices on the waterfront. The deal is conditional on a new local plan that allows for office construction.

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Copenhagen non-CBD

Typical rent levels

OFFICE

2022

2023

2024

2025 CHANGE 2024-25

Prime

1,700

1,750

1,800

1,850

2.78%

Østerbro

Secondary

1,200

1,250

1,300

1,350

3.85%

Prime

1,500

1,550

1,550

1,550

0.00%

Nørrebro

Secondary

900

950

950

950

0.00%

Prime

1,550

1,550

1,550

1,575

1.61%

Frederiksberg

Secondary

950

950

950

975

2.63%

Prime

1,575

1,675

1,775

1,800

1.41%

Hellerup

Secondary

1,200

1,300

1,400

1,425

1.79%

Prime

1,850

1,900

1,950

2,000

2.56%

Tuborg Havn

Secondary

1,350

1,400

1,450

1,500

3.45%

Prime

1,600

1,650

1,700

1,750

2.94%

Lyngby

Secondary

1,000

1,100

1,150

1,200

4.35%

Prime

1,300

1,350

1,375

1,400

1.82%

Gladsaxe

Secondary

850

900

925

950

2.70%

Prime

1,000

1,050

1,050

1,075

2.38%

The north corridor

Secondary

700

750

750

725

-3.33%

Prime

950

950

950

950

0.00%

Birkerød

Secondary

600

600

600

600

0.00%

Prime

900

900

900

900

0.00%

Allerød

Secondary

650

650

650

650

0.00%

Prime

1,100

1,100

1,150

1,150

0.00%

Ballerup

Secondary

675

675

725

725

0.00%

Prime

1,250

1,250

1,250

1,250

0.00%

The west corridor

Secondary

700

700

700

700

0.00%

Prime

1,400

1,450

1,500

1,500

0.00%

Valby

Secondary

900

950

1,000

1,050

5.00%

Prime

1,700

1,750

1,800

1,825

1.39%

Carlsberg City District

Secondary

1,350

1,400

1,450

1,475

1.72%

Prime

1,450

1,500

1,550

1,600

3.23%

Sydhavn

Secondary

1,050

1,100

1,150

1,200

4.35%

Prime

1,500

1,500

1,500

1,500

0.00%

Amager

Secondary

900

900

900

900

0.00%

1,550

1,500

1,500

1,500

0.00%

Prime

Ørestad

Secondary

1,000

950

950

950

0.00%

Note: Rent levels quoted in DKK per sq m p.a., exclusive of operating costs and taxes, office, Copenhagen non-CBD. Level in 2025 indicates Colliers' estimation at year-start. Source: Colliers