THE LEADING PROPERTY MAGAZINE in the NORDIC REGION B Posttidning the #1 Property Media House in the Nordic Region
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PORTRAIT Anders Nissen will never get old SWEDEN TODAY “Everything indicates property right now” RETAIL GE’s former Europe President in new venture Extra magazine inside! Avs. Fastighetssverige Avs. THE LEADING PROPERTY MAGAZINE IN THE NORDIC REGION B Posttidning The #1 Property Media House in the Nordic Region Lokalmarknadsdagen Fastighetsmarknadsdagen Fastighetskvinnan Editorial // November 2015 4 2015 // Year 11 PUBLISHER Rolf Andersson, [email protected] PUBLISHING COMPANY Fastighetssverige AB, Trädgårdsgatan 1, SE-411 08 Göteborg, Sweden Phone: +46 31 13 91 16 e-mail: [email protected] www.fastighetssverige.se • EDITORIAL STAFF Eddie Ekberg, [email protected] Henrik Ekberg, [email protected] Maria Olsson Äärlaht, [email protected] Nicklas Tollesson, High pressure [email protected] LAYOUT AND PRODUCTION Lokalförlaget i Göteborg AB on the Swedish Joanna Juteborn, [email protected] Eva Mellergårdh Wernersson, [email protected] retail market GUEST AUTHORS Tor Borg and Karin Witalis There is proper high pressure on the Swedish market in terms of • ADMINISTRATION foreign actors looking for store locations here. International icons, such as Julia Helin, [email protected] Chanel, Michael Kors, Louis Vuitton, Victoria’s Secret, Hackett and Apple ADVERTISING SALES are already represented Rolf Andersson, [email protected] with flagship stores here. A • There is an in- report by the consultancy PRINTING company JLL establis Billes Tryckeri AB credible amount of hes that Stockholm is a DISTRIBUTION springboard for retailers Posten and CityMail exciting things going • on their way into the COVER on on the Swedish Nordic market, and has the David Schmidt/Pixprovider highest density of interna retail market.« tional retailers compared to other Nordic cities. Stockholm is expected to have the largest rental growth in the segment in the Nordic countries up until 2017. So the market for investments in retail properties in Sweden is also strong, and interest from international investors remains great. On the cover ⁄⁄ Anders Nissen in summary, there is an incredible amount of exciting things going on on Read the interview on page 24. the Swedish retail market. For Fastig hetssverige, as the prime medium in the Nordic property market, it is therefore selfevident to be present at Mapic. happy reading! Editor-in-chief ⁄⁄ Eddie Ekberg It’s authorised to quote from Fastighetssverige’s articles if you adequately site the source. The permission from the publisher is required if you wish to reproduce articles or illustrations in full. The magazine is not responsible for received material, which has not been ordered. 4 FASTIGHETSSVERIGE ⁄⁄ 4 2015 Contents // 4 2015 Lennart Sten, former Europe Jonas Ogvall on the latest Manager at GE, is now investing trends within e-commerce. 32 in external retail 36 properties in Sweden. Pandox’s MD Anders Nissen prefers to work rather than attend 24 opening nights. 8 10 14 Karin Witalis wants to see more segmentation in 40 the sector. Macro analysis News Sweden today Tor Borg about Chinese worries and deadlock The latest news from the Nordic real CBRE’s Sweden Manager is very positive in Swedish politics. estate market. about the Swedish market Macro analysis Tor Borg // SBAB LIKES SKIING More Chinese risks, political deadlock in Sweden Name: Tor Borg. – an economy that is trundling along, supported by Age: 47 years. ultra-low interest rates. Family: Live-in girlfriend and four children. SBAB’s Chief Economist, Tor Borg, here provides his Lives: Hammarby Sjöstad, Stockholm. view of the macro-economic situation. Profession: Chief Economist, SBAB. At SBAB since: 2007, Chief Economist since 2012. Former employer: Swedbank Robur, Folksam and Riksbanken. We are living in interesting times Leisure interests: “Swimming, run- ning, bicycling, skiing and conside- ring becoming a politician.” ay you live in interesting times” is a saying that productionbased growth. Th is is a natural step, yet it means that SBAB infl ation that balances around zero, but in my view the most im become generally known when it was used by overall growth will not be quite as desperately rapid in the future. SBAB Bank portant aspects are the political risks that have been built up. Th e “MRobert F Kennedy in a speech in 19. Th e expres Th ere are clear risks for both the Chinese economy and that of its is owned by election in 201 resulted in an unclear majority situation. We were sion is said originally to have been an old Chinese curse, even if trading partners when Chinese demand turns from raw materials the Swedish staggeringly close to a new election, and may very well stagger into government this cannot be historically proven, but has taken on more of the to services. Th e risk is even clearer when you consider how large and has around another one soon (perhaps we have already done so – the situation character of a blessing. Times of worry, uncertainty and confl ict the Chinese construction and property sectors have grown. Th e 400 employees. can change quickly over 2 hours nowadays). Th e parliamentary are often interesting, as are times when technology, economics International Monetary Fund has estimated that the proportion of SBAB started situation is unclear to say the least, and politics is done on a sort of its operation and politics are developing rapidly. As an economic analyst, GNP of housing construction is more than ten per cent, and that in 1985 with daytoday basis. Th e lack of a clear government mandate creates a it is diffi cult to claim that the most recent ten–twenty years the construction sector is responsible for 1 per cent of employ the task of bor- political deadlock, the reforms that are implemented are small and have not been interesting times, with, among other things, ment in the cities. Both fi gures are very high and indicate, together rowing funds mostly concern symbol politics. At the moment, that might not on the credit the whole IT revolution, a new currency (the euro), a stock with the price development on the housing market, that there is an market for go- be a big problem. Large parts of economic policy would probably market bubble, a global fi nancial crisis, a dictatorship whose increasing risk of a crash on the property market. It will be interes vernment mort- benefi t from being placed on autopilot for a while. But what economy is growing so quickly that it might soon be the ting to see how the hardtoanalyse Chinese authorities deal with gage lending. happens if a major crisis occurs, that requires rapid and perhaps Today, SBAB is biggest in the world, zero infl ation and rocketing housing this risk in the future. an independent unpopular political decisions? prices. It has been possible to really test most economic profit-making theories and models in a sharp situation. bank. SBAB of- The poLiTiCaL deadLoCK is perhaps clearest when it comes So what is there in the crystal ball that might make the fers mortgages to the housing market; a market in need of thorough reforms. »The Swedish economy is and private future interesting for us with a penchant for analysis? I can loans to private Irrespective of political colour, most people are agreed on the see several things, but thought I would dwell on the three trundling along at a pleasant individuals and problem and what needs doing. Th e housing stock is growing too that I think have the greatest potential: the development in property credits slowly, in particular in the expanding regions, and the stock that to property China, Swedish politics and Sweden’s housing market. speed, with increased companies. The exists is used too poorly. Obstacles to housing construction must company also be eliminated. Regulations that make construction more diffi cult, aCCording To oFFiCiaL Figures, the Chinese economy employment and falling off ers savings more expensive and delayed should be removed or changed. Taxes, accounts for pri- has grown by more than nine per cent per year for the last 20 vate individuals, fees and regulations that prevent housing turnover or make it more years. Currently, China is contributing more to global growth unemployment.« companies and expensive should be changed or removed. But what we are getting than the USA. We have probably all read about how despera tenant-owner’s are instead increased regulation of the mortgage market, which is associations. tely rapid the development is, that the four largest banks in the perhaps necessary in itself, but the side eff ect is a reinforcement of world are Chinese, how many kilometres of highspeed railways The sWedish eConomy is trundling along at a pleasant speed, the forces that slow down housing construction and increase the are being built every week, how large a proportion of global raw with increased employment and falling unemployment, supported lockin (reduce turnover). Th e risk is clear that the combination material consumption that takes place in China, and so on. Just by ultralow interest rates and a weak exchange rate. Goods ex of a strong economy, extremely low interest rates and misguided like Japan, Taiwan and South Korea developed before, China is ports are weak, but domestic demand is developing in a stable way or nonexistent political measures further increase the imbalances now on its way into a phase where export and investmentdriven and households have good fi nances. Th ere are risks linked to weak that already exist on the housing market. It will be interesting to PICTURE: SBAB growth is being replaced by more consumption and service export demand, an increasing level of household debt and a rate of follow future developments. 8 FASTIGHETSSVERIGE ⁄⁄ 4 2015 4 2015 ⁄⁄ FASTIGHETSSVERIGE 9 Here are the 15 most read articles at nordicpropertynews.com since 27 August.