1、REPORTMarketOutlookIntelligent Investment2023NORWAYREAL ESTATECBRE RESEARCH2CBRE RESEARCH 2023CBRE,INC.Intelligent InvestmentReal Estate Market Outlook 2023|NORWAYContentsEconomy Economic growth to fall but remain in positive territory for the year.Inflation to come down towards the end of 2023.Inve

2、stment We expect activity to remain slow in the coming months before new price discovery lifts the transaction market in the second half of the year.SustainabilityESG is the new normal in the Nordics 75%of investors have already adopted ESG criteria in the decision-making process.In 2023,the focus o

3、n sustainability issues will intensify.OfficesSlow development of new stock,low vacancy,and high tenant demand pushed office rents up by 11.4%YoY.Office transaction volume took a hit of 58.3%YoY.01020304Retail Retail sales recovered to pre-pandemic levels in 2022 despite worsening consumer confidenc

4、e and cost crunch from inflation.Industrial and logistics Industrial and logistics sector continues strong growth in 2022.Supply-demand imbalance has pushed prime rents to NOK 1,800.ResidentialResidential investments almost halved in 2022,but the stability of the multifamily product will be an attra

5、ctive investment alternative in 2023.HotelsAttractively located hotels with solid operators will remain a good investment product.05060708Economy01Economic growth to fall but remain in positive territory for the year.4CBRE RESEARCH 2023CBRE,INC.Intelligent InvestmentReal Estate Market Outlook 2023|N

6、ORWAYKey Takeaways Economy01NORWEGIAN ECONOMY SURPRISED POSITIVELY IN 2022GDP increased by 3.4%last year and is expected to stay in positive territory in 2023.02HIGH INFLATION AND TIGHTER MONETARY POLICY WILL SLOW THE ECONOMY IN 2023KPR was raised by 225 ppts in 2022 and the central bank is signalin