Market Report 2022

Colliers Market Report 2022

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Hotel Industri & logistik Detail Bolig Kontor l In ial/logistics R Residential Of f ice

instance, Blackbrook Capital acquired a property at Letland Allé 3-4 in Taastrup in 2021, while Macquarie Asset Management and Axa Investment Managers each have acquired a port folio of prime properties in the Triangle Region and Greater Copenhagen. Here, the markets are characterised by brisk activity, low risk og high transparency, factors that, along with attractive returns relative to those of neighbouring countries, have spurred investor demand. Irrespective of historically favourable market conditions and increasing market professionalisation, Danish yield require ments continue to exceed those of comparable properties abroad. In tandem with sustained massive demand and limited supply, this is expected to put yield requirements further under pressure in 2022, with prime properties likely to see the most pronounced yield compression. Although there is still room for further yield compression, yield requirements have now reached a level where other tools, including forward funding of speculative development schemes, could potentially come into play to satisfy investors’ yield requirements.

tional investors are increasingly shifting from the above-men tioned prime locations and properties to more secondary located properties. This calls for more extensive specialist knowledge of local markets – skills that several investors are honing in order to take advantage of the opportunities, and less competition from professional investors, offered in sec ondary markets. In 2021, for instance, Swedish Brunswick acquired two sec ondary industrial properties at Metalbuen 12, Ballerup, and Kuldyssen 19-21, Taastrup, respectively, while Norwegian KMC Properties and US Blackstone heavily expanded their indus trial/logistics portfolios, with Blackstone rumoured to have made acquisitions worth some DKK 1-1.5 billion.

Although more complex and secondary located facilities con tinue to attract predominantly domestic investors, interna

 JAKOB BAGGE , jakob.bagge@colliers.com

Another year of international investor predominance

Transaction volume driven mainly by core and value-add investments

57% Core

39% Value-add

3% Opportunistic

Risk profile

2% User

66 %

34 % Domestic

International

Note: Transaction volume in Denmark, industrial and logistics, by investor origins and risk profile. Source: Colliers