Figures
Norway Office Market Figures Q1 2026
Quarterly report on the Norwegian Office investment market
April 30, 2026 1 Minute Read
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Office take-up in Oslo totaled 163,000 square meters for the first quarter of 2026. Compared to the same period last year, this represents a decrease of roughly 16 percent, though the number of signed leases was identical to the first quarter of 2025.
Average rent for Oslo stands at NOK 2,990 per square meter, unchanged from the first quarter of 2025. From the previous quarter, average rent declined by almost 5 percent, likely reflecting a normalization after an unexpectedly strong fourth quarter of 2025. Prime rent remains unchanged at NOK 6,700 per square meter.
The office vacancy rate in Oslo is estimated at 7.3 percent, a 32 basis point increase year-on-year. For 2026, the pipeline indicates 118,000 square meters of office completions, with the majority in peripheral areas — less than 20 percent is located in Oslo City Centre and CBD.
