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Colliers International | Global Occupier Guide

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Stockholm

LOA*

Space Measurement Standard
SQMT
SQFT
Space Unit of Measure

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Financial Data Currency[1]

Yes

Transfer Taxes

Notes:

*According to Swedish building norms

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 – 2018

Labor Cost – Wages for “Knowledge Workers”. Source: Trading Economics.com, OECD Wage Report, Colliers International

Taxes – Favorability of taxation policies to business. Source: The World Bank, Doing Business – 2018

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

Quadrant Legend: Green = Favorable Yellow = 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

kr50/sm-kr500/sm

Typical range of fit-out contribution.

Fit-Out Cost Notes:

Highly depends on type of tenant.

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.-1mo.

Typical number of rent-free months.

Rent-Free Period Notes:

Rent-free period is quite common but not always connected to the fit-out. Negotiation question.

Payment of Fees/Commissions

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

Lease Provisions

Lease Term

3yrs.-7yrs.

Typical lease term in years.

Lease Term Notes:

3 years is the more usual. 5-7 years is more common for new constructions.

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

kr100/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

Service Charge Notes:

Most common: heating, cooling, property tax, VAT, cleaning, insurance, electricity.

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:

Common practice is that the tenant is to make a deposition that corresponds with half a year's rent. One half of the deposition is upfront payment for the first quarter of leasing and the remaining half is a security 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 NOT required.

Negotiated Subletting/Assignment Notes:

Tenants are often able to sublease. Sometimes it's included in the lease agreement and sometimes the tenant will have to ask the landlord's permission.

Landlord's approval of the specific subtenant is often written as mandatory in the lease agreement.

Statutory Subletting/Assignment

This IS a statutory right.
Landlord Consent: The Landlord's consent is still required.

Statutory Subletting/Assignment Notes:

Depends - statutory in some cases.

Blend & Extend Strategies

Typically, a tenant can not take advantage of "blend & extend" ("forward renewal", "early renewal", etc.) strategies when the appropriate market conditions exist.

Statutory Early Termination

This IS 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.

Early Termination Notes:

If the tenant were to terminate the lease prematurely, the tenant is often fined. The fee is usually a minimum of 25% on the time left on the lease.

Obligations Upon Lease Expiration

Basic broom clean condition and removal of special installations.
Dilapidations.
Complete restoration to shell.
Other

Tenant Obligation Notes:

This is usually regulated through the terms of the lease agreement.

Workplace

Regional Office Space

12sm-15sm

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

Regional HQ Office Space

15sm-20sm

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

Stockholm market is typical.

Most people have a positive view on progressive workspaces.

Desk Sharing

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

Desk Sharing Notes:

Even if desk sharing is not uncommon, it's not the prevalent case.

Urbanization of the workforce is: Equal to several other considerations 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 – 2018

Labor Cost – Wages for “Knowledge Workers”. Source: Trading Economics.com, OECD Wage Report, Colliers International

Taxes – Favorability of taxation policies to business. Source: The World Bank, Doing Business – 2018

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

Quadrant Legend: Green = Favorable Yellow = 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

kr0/sm-kr5/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.-1mo.

Typical number of rent-free months.

Rent-Free Notes:

Negotiation question.

Payment of Fees/Commissions

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

Lease Provisions

Lease Term

3yrs.-15yrs.

Typical lease term in years.

Lease Term Notes:

Three years is the most common, but for larger tenants it is not unusual to see terms of 10-15 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

kr10/sm-kr20/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

Service Charge Notes:

Additional charges: heating, cooling, property tax, VAT, cleaning, insurance, electricity are the most common but there are exceptions

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:

Common practice is that the tenant is to make a deposition that corresponds with half a year's rent. One half of the deposition is upfront payment for the first quarter of leasing and the remaining half is a security 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 NOT required.

Negotiated Subletting/Assignment Notes:

Tenants are often able to sublease. Sometimes it's included in the lease agreement and sometimes the tenant will have to ask the landlord's permission.

Landlord's approval of the specific subtenant is often written as mandatory in the lease agreement.

Statutory Subletting/Assignment

This IS a statutory right.
Landlord Consent: The Landlord's consent is still required.

Statutory Subletting/Assignment Notes:

Depends - statutory in some cases.

Blend & Extend Strategies

Typically, a tenant can not take advantage of "blend & extend" ("forward renewal", "early renewal", etc.) strategies when the appropriate market conditions exist.

Statutory Early Termination

This IS 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.

Early Termination Notes:

If the tenant were to terminate the lease prematurely, the tenant is often fined. The fee is usually a minimum of 25% on the time left on the lease.

Obligations Upon Lease Expiration

Basic broom clean condition and removal of special installations.
Dilapidations.
Complete restoration to shell.
Other

Tenant Obligation Notes:

This is usually regulated through the terms of the lease agreement.

Section 1. Fit Cost Data

Total Fit-Out Cost

kr7528.5/sm

Class A Office

kr5520.9/sm

Class B Office

kr2509.5/sm

Class C Office

kr5529.9/sm-kr5520.9/sm

Warehouse

Total Fit-Out Cost Notes:

Depends on the negotiation with the landlord, and depends from client to client.

Furniture Cost

kr1000/sm-kr1400/sm

Class B Office

Furniture Cost Notes:

These costs are typically paid by the client.

Floor Covering Cost

kr500/sm-kr750/sm

Class B Office

Floor Covering Cost Notes:

These costs are typically split between the landlord and client.

Partitioning Walls Cost

kr200/sm-kr750/sm

Class B Office

Partitioning Walls Cost Notes:

These costs are typically split between the landlord and client (a negotiation question).

Other (IT/etc) Cost

kr500/sm-kr1050/sm

Class B Office

Other Cost Notes:

These costs are typically paid by the client (but a negotiation question).

Typical Manpower Hourly Rates

kr1864.2/hr

Senior Project Manager

kr1156.76/hr

Project Manager

kr1156.76/hr

Junior Project Manager

Project Management Base Fee

10%

Base fee [%] for the fitout of above office of 1000 m2.

Section 2. Scope of Work Description

Phase 1: Services Before and During the Transaction

Review the LOI and work letter portion of the Lease to ensure that the clients interests are protected during the build-out of the project.
Typically included in "Project Management" scope of work.
Advise Colliers broker and client on project issues and their resolution as they occur.
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Participate in building tours, if requested, to evaluate building systems and other cost-related observations and prepare a building due diligence report
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Develop high-level project estimate and timeline based on test fit and Client standards
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Schedule and chair Schematic Drawings and Design Development Drawings review meetings/conference calls
Not typically included at all, but available for an additional fee.
Define workplace strategy for client, research what kind of location, office / work environment accelerates business
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Define program of requirements for location, building and interior characteristics
Not typically included at all, but available for an additional fee.
Engage with the Client Facilities Management (FM) Operations team to ensure alignment with Client standards
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Phase 1 Notes:
Advise Colliers broker and client on project issues and their resolution as they occur: depends on the issues.

Participate in building tours, if requested, to evaluate building systems and other cost-related observations and prepare a building due diligence report: Depends on the request/agreement and timeline with the client.

Develop high-level project estimate and timeline based on test fit and Client standards: Depends on the request/agreement and timeline with the client.

Schedule and chair Schematic Drawings and Design Development Drawings review meetings/conference calls: We do not have an architect but we do help the client to buy up a third party.

Define workplace strategy for client, research what kind of location, office / work environment accelerates business: In general standard questions.

Phase 2: Service Before and During the Design Process

Develop preliminary project budget and schedule.
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Develop the RFP for selection of a space planner/architect and any other consultants identified and required
Not typically included at all, but available for an additional fee.
Analyze, compare and evaluate responses to the RFP.
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Orchestrate the space planner/architect interview process.
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Negotiate, on behalf of the client, professional services agreements with the space planner/architect and other consultants.
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Review architect’s final Program of Requirements.
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Monitor the design team’s schedule of deadlines and deliverables. Coordinate meetings with the design team and the client. Manage the design process on behalf of the client.
Not typically included at all, but available for an additional fee.
Review and recommend payment of the invoices for services. Submit invoices for payment to landlord or client and prepare monthly reports of project costs versus project budget.
Not typically included at all, but available for an additional fee.
Negotiate all client-vendor contractors (IT, AV, Security/Access Control, Signage, High Density Filing) on behalf of client.
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Schedule and chair weekly design review meetings/conference calls
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Other Value-Add Services: Test fits (including Look & Feel) - Cost Estimates - Schedule/timing/phasing scenarios - Floor plan, core and circulation efficiency ratios(GIA vs NIA) (NOA vs NIA) - Technical due diligence/Assessments - We may pack everything into a Feasibility Study or proposed them separately depending on the situation.
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Architectural design
Not available / not a service that can be offered.
Phase 2 Notes:
Depends on the request/agreement and timeline with the client.

Phase 3: Services Before Construction

Liaise with the Landlord’s Representative.
Typically included in "Project Management" scope of work.
Prequalify a list of general contractors to be interviewed (consult lease to confirm any Landlord required GCs).
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Develop the RFP, including Landlord and/or Lease required documents, for selection of a general contractor.
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Analyze, level, and evaluate the responses to RFP.
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Orchestrate general contractor interview process and prepare evaluation scorecard.
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Review all proposed subcontractors and monitor the general contractor’s subcontractor bid process to ensure integrity of the process and quality of the workmanship.
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Monitor the general contractor’s schedule of deadlines and deliverables. Coordinate meetings between the design team, general contractor, client and appropriate vendors.
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Negotiate, on client's behalf, the General Contractor agreement for Client approval
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Schedule and coordinate Architect's 90% Construction Drawings review
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Develop Project Cost Summary + Invoice Tracker and update weekly
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Phase 3 Notes:
Depends on the request/agreement and timeline with the client

Phase 4: Services During Construction

Coordinate with the Landlord’s Representative.
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Conduct weekly construction meetings to assess progress, quality and conformance with the Contract Documents and distribute minutes of meetings.
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Monitor the general contractor’s schedule.
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Monitor the construction budget.
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Monitor all project documentation.
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Act at all times as client’s liaison to vendors contracted directly by Client (IT, AV, Security/Access Control, Signage).
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Close out all consultant, contractor and vendor contracts.
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Submit General Contractor, vendor, and consultant invoices to Landlord for reimbursement per the Lease Workletter
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Review and recommend for payment all General Contractor, vendor, and consultant invoices; submit to Client for approval
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Deliver close-out documents, as specified in the Lease, to Client
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Phase 4 Notes:
Depends on the request/agreement and timeline with the client

Additional Services: Services During Relocation

Develop RFP for moving companies, evaluate responses and recommend selection of moving company or identify, interview and review proposal for services from relocation consultants.
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Represent Client in development of move strategy.
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Monitor development of move activity checklist.
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Represent client on site during move process.
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Additional Services Notes:
Develop RFP for moving companies, evaluate responses and recommend selection of moving company or identify, interview and review proposal for services from relocation consultants: Typically included, but depends on the agreement with the client.

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

Conduct bid process for all furniture (workstations, case goods, seating, filing) purchases specified by the architect and/or client.
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Conduct bid process for refurbishment of existing furniture and/or workstations.
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Evaluate bids and negotiate purchase order with manufacturer(s).
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Negotiate national buying contract with select furniture dealerships, using Colliers International purchasing power
Typically included in "Project Management" scope of work.
Not typically included at all, but available for an additional fee.
Additional Services Notes:
Conduct bid process for all furniture (workstations, case goods, seating, filing) purchases specified by the architect and/or client: Depends on the agreement. We normally help the clients with buying up third party who handles the furniture.

Business Climate Business Climate data provided in partnership with Hickey & Associates. Rankings reported on a scale of 1 (least favorable) to 10 (most favorable). Please refer to the full report Explore 2017 for additional details.

Incentives and Labor Market

3, 7 3/10

Incentives
Value potential, diversity/number of programs

7, 3 7/10

Job Saturation
Competition for workers

4, 6 4/10

Wage Inflation
Rise in wages (past 10 years, local currency)

Educational Attainment

10, 0 10/10

HS Ed Eq
Proportion of population attaining this level

6, 4 6/10

University Ed
Proportion of population attaining this level

8, 2 8/10

Overall
Composite average of HS Ed Eq & University

Composite

6, 4 6/10

Additive sum of incentives, saturation, overall ed attainment, and wage inflation

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

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