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Colliers International | Global Occupier Guide

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Oslo

NS 3940

Space Measurement Standard
SQMT
SQFT
Space Unit of Measure

NOK Convert

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Financial Data Currency[1]

No

Transfer Taxes

Office Occupier Market Condition

1,1,1,1

Ease of Doing Business – How conducive is the regulatory environment to starting and operating a business. Source: The World Bank, Doing Business – 2020

Labor Cost – Wages for skilled office workers. Source: Global Wage Index, Hickey & Associates 2020

Taxes – Favorability of taxation policies to business. Source: The World Bank, Doing Business – 2020

Tenant Favorable – Assessment of the real estate market condition for office space. Source: Colliers International

Quadrant Legend: Blue = Favorable Medium Blue = Neutral Red = Less Favorable

Typical Loss Factor

20-25%

From rentable to useable square meters

Landlord Concessions

Fit-Out Concession

The Landlord typically provides a contribution or concession to fit-out as a part of the lease transaction.

Amount of Fit-Out Concession

kr1500/sm-kr9000/sm

Typical range of fit-out contribution.

Rent-Free Period

The Landlord typically provides a contribution or concession in the form of a rent-free period.

Standard Range of Rent-Free Months

0mo.-3mo.

Typical number of rent-free months.

Payment of Fees/Commissions

The Landlord typically pays the tenant rep broker’s fee.

Payment of Fees/Commissions Notes:

As negotiated.

Lease Provisions

Lease Term

3yrs.-10yrs.

Typical lease term in years.

Operating Expenses & Service Charges Included

Quoted market rent typically does not include operating expenses (service charges). There are additional charges that apply to leasing space.

Additional Charges

kr200/sm-kr500/sm

Estimated range for all additional charges per Square Meters.

Additional Charges:

Utilities
Service Charges
Stamp Duty
Electric
Rates
HST
Cleaning
Hydro
Registration Fees
Taxes
Insurance
VAT
Other

Lease Fundamentals: The following apply to both office and industrial leases.

Lease Execution Requirements:

Typical upfront requirements
None for strong credit tenants
Upfront rental payment
Security deposit
Corporate guarantee
Not Applicable

Requirements Notes:

Bank guarantee or deposit.

Negotiated Subletting/Assignment

Typically, the tenant's right to sublease or assign the space is negotiated in the lease agreement.
Landlord Consent: Typically, the landlord's written consent IS still required.

Statutory Subletting/Assignment

This is NOT a statutory right.

Blend & Extend Strategies

Typically, a tenant can take advantage of "blend & extend" ("forward renewal", "early renewal", etc.) strategies when the appropriate market conditions exist.

Statutory Early Termination

This is NOT a statutory termination right.

Negotiated Early Termination

It is NOT typical for tenants to be able to negotiate an early termination right in the lease agreement.

Workplace

Regional Office Space

14sm-19sm

Typical Square Meters per employee (includes office square footage for employees and contractors).

Regional HQ Office Space

30sm-45sm

Typical Square Meters per employee (includes office square footage for employees and contractors).

Oslo is a leading market in this category.

Desk Sharing

Desk-sharing is not a common practice in the market.

Urbanization of the workforce is: A major factor driving location decisions

Industrial Occupier Market Condition

1,1,1,1

Ease of Doing Business – How conducive is the regulatory environment to starting and operating a business. Source: The World Bank, Doing Business – 2020

Labor Cost – Wages for manuafacturing and warehouse/distribution office workers. Source: Global Wage Index, Hickey & Associates 2020

Taxes – Favorability of taxation policies to business. Source: The World Bank, Doing Business – 2020

Tenant Favorable – Assessment of the real estate market condition for industrial space. Source: Colliers International

Quadrant Legend: Blue = Favorable Medium Blue = Neutral Red = Less Favorable

Landlord Concessions

Fit-Out Concession

The Landlord typically provides a contribution or concession to fit-out as a part of the lease transaction.

Amount of Fit-Out Concession

kr200/sm-kr1000/sm

Typical range of fit-out contribution.

Rent-Free Period

The Landlord typically provides a contribution or concession in the form of a rent-free period.

Standard Range of Rent-Free Months

1mo.-6mo.

Typical number of rent-free months.

Payment of Fees/Commissions

The Landlord typically pays the tenant rep broker’s fee.

Payment of Fees/Commissions Notes:

As negotiated.

Lease Provisions

Lease Term

3yrs.-15yrs.

Typical lease term in years.

Operating Expenses & Service Charges Included

Quoted market rent typically does not include operating expenses (service charges). There are additional charges that apply to leasing space.

Additional Charges

kr80/sm-kr200/sm

Estimated range in total for all additional charges per Square Meters.

Additional Charges:

Utilities
Service Charges
Stamp Duty
Electric
Rates
HST
Cleaning
Hydro
Registration Fees
Taxes
Insurance
VAT
Other

Lease Fundamentals: The following apply to both office and industrial leases.

Lease Execution Requirements:

Typical upfront requirements
None for strong credit tenants
Upfront rental payment
Security deposit
Corporate guarantee
Not Applicable

Requirements Notes:

Bank guarantee or deposit.

Negotiated Subletting/Assignment

Typically, the tenant's right to sublease or assign the space is negotiated in the lease agreement.
Landlord Consent: Typically, the landlord's written consent IS still required.

Statutory Subletting/Assignment

This is NOT a statutory right.

Blend & Extend Strategies

Typically, a tenant can take advantage of "blend & extend" ("forward renewal", "early renewal", etc.) strategies when the appropriate market conditions exist.

Statutory Early Termination

This is NOT a statutory termination right.

Negotiated Early Termination

It is NOT typical for tenants to be able to negotiate an early termination right in the lease agreement.

Project Management

Section 1. Fit Cost Data

Total Fit-Out Cost

kr11142/sm-kr17924/sm

Class A Office

kr8235/sm-kr12974/sm

Class B Office

kr6782/sm-kr8235/sm

Class C Office

Section 2. Scope of Work Description

Phase 1: Services Before and During the Transaction

Phase 2: Service Before and During the Design Process

Phase 3: Services Before Construction

Phase 4: Services During Construction

Additional Services: Services During Relocation

Additional Services: Project Management Services Related to Furniture/Workstation Procurement

Operating Environment Data provided in partnership with Hickey & Associates. Rankings reported on a scale of 1 (least favorable) to 10 (most favorable).

Human Capital

5, 5 5/10

Labor Force Growth
Labor force growth rate (past 5 years)

4, 6 4/10

Wage Inflation
Rise in wages (past 5 years, local currency)

7, 3 7/10

Millenials
Proportion of population in the age 20-39 cohort


4, 6 4/10

High School Edu Equiv
Proportion of population attaining this level

7, 3 7/10

University Edu
Proportion of population attaining this level

6, 4 6/10

Overall Edu
Composite average of High School & University


6, 4 6/10

Human Capital Composite

Business Climate

6, 4 6/10

Innovation
Presence of innovative factors in economy

7, 3 7/10

Economic Risk
Resilience of economy to unexpected events

8, 2 8/10

Business Environment
Friendliness of business environment

5, 5 5/10

Incentives
Value potential, diversity/number of programs


7, 3 7/10

Business Climate Composite

Operating Environment Composite

7, 3 7/10

Combined average score of Human Capital and Business Climate factors

[1]Currency conversion works for estimate purposes only and may not reflect real-time values.

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