Logistics Market Report Norway // Greater Oslo Area // October 2019 PAGE 2 // 66 mode. Exitby pressing esc. This documentappears bestinfullscreen return page. page to tothat each page. You canalsouse the button on from the table of contents on the next you caneasily clickon the desired page This document is an interactive PDF and TABLE OF CONTENT Table of Contents C Ports SUMMAR Einar Marthinussen, Traffic Director – PortofOslo INTER Haugesund 52// Moss58 Fredrikstad Drammen 56// 54// PorsgrunnOslo 44// 50// Narvik 48// Bergen 46// NORWEGIAN P Definitions P FORE Tønsberg Sandefjord 37 36// Lier 35// Drammen Røyken 34// 33// Asker 32 // Bærum 31// THE Spydeberg Ytre26 // Enebakk Ski 25// Vinterbro 24 // Oslo South23// THE SOUTHERNAXIS THE NORTHERN AXIS Groruddalen 14 CENTRE L Prime rent andyield/Vacancy /Areas /Ports OVERVIEW ANDDEFINITIONS LOGISTICS UPDATE MARKET HIGHLIGHTS SUMMARY Industrial andlogistics /Researchand valuation Lørenskog 21 Gjelleråsen 20// Skedsmo 19// Gardermoen &Kløfta17// Lindeberg/Frogner 18// Employment market /Interest rate /CPI MACROECONOMICS OGISTICS AREAS// ONTACT // ORTS INNORWAY

WESTERN AXIS CAST VIEW

// VestbyMoss 29 27 // 28

Y

NORWAY

ORTS

NORWAY

13 62 60 41 40 38 30 22 16 14 10 8 64 6 5 4

LOGISTICS / GREATER OSLO AREA 2019 / PAGE 3 // 66 NUMBERS & FACTS

Summary By Research and Valuation team Norway

The logistics sector has experienced a very positive The vacancy rate for all areas is 4.9%. If we take ports. Some of these ports are located in or close market development over the past few years, with out the new areas and compare like for like with the to some of the logistic areas covered in this report, decreasing yields, as well as increasing demand, areas covered in 2018, the vacancy has increased others are further out, but serve as an important rents, transaction volume and investor appetite. Our from 4.8% to 5.4%, meaning that there is about transportation link for the logistics industry in investigation and analysis confirm that logistics still 20 000 m2 more available logistics space this year. Norway. This report will therefore cover the Port are one of the hottest segments in Norway. of Oslo, Bergen, Narvik, Porsgrunn, Haugesund, The transaction volume within the logistic & Drammen, Fredrikstad and Moss. Since 2015 the prime yield has dropped from 6.0%, industrial sector was per October at 10.5 bnNOK, to a current level of 4.7%, which is significantly which is somewhat lower than anticipated. Note Hopefully you will find the report useful and more compared to both the office and retail sectors´ that we do not separate industrial and logistics as interesting, and feel free to contact our logistics yield development in the same time period. Prime we did before, hence we cannot compare this year’s team in Norway, that are here to secure your rent has in the same period been more stable at volume with last year’s all time high of 8,5 mNOK. decision making and accelerating success. 1 250 NOK/m2 until this year, where we have seen We are certain that the lower volume is explained evidences that support an increase to 1 300 NOK/ by lack of objects for sale, rather than a decreasing Enjoy your reading! m2. interest from investors. That is certainly the case regarding foreign investors, which have been In this report we have added further areas that virtually absent this year. we consider to be a natural part of the greater Oslo region. Lindeberg/Frogner, Ytre Enebakk, We have had positive forecasts for the logistics Spydeberg and Røyken are all fairly new logistics segment for several years in a row. The forecast areas close to Oslo with some land available for well correlated with the actual result, when we look development. Tønsberg and Sandefjord are also at the developments that has taken place. We still included, as they are important logistics areas, believe that the logistics segment will continue the and a natural extension of the southern axis. positive trend going forward. Consequently, we cover 20 different logistics areas in this report with a total stock of 4.65 million m2, As a special topic for this year’s report, we have Feel free to download this report directly to your phone. compared to 3.5 million m2 in 2018. chosen to cover some of Norway’s most important Use your mobile camera to scan the code. PAGE 4 // 66PAGE 4 // NUMBERS & FACTS

Highlights Logistics Greater Oslo Area PRIME YIELD VACANCY RATE 4.7% 4.9%

PRIME RENT TRANSACTION VOLUME

1300nok/m2 10.5 BN PAGE 5 // 66PAGE 5 //

GREATER OSLO AREA 2019 / / LOGISTICS

TABLE OF CONTENT PAGE 6 // 66 going forward. Over the past 6months the growth we seeamore will stabilisedunemployment rate drop in unemployment is likely to be over and that prognosis suggests that the previous significant until 2022.Moreover, StatisticsNorway’s to about70,6%in2020and remaining unchanged and the forward prognosis indicatesanincrease The Norwegian work force was70,2%in2018, EMPLOYMENT MARKET 2022. before decreasing to 1.9% in2021and1.4% in is expected to be1.6% in2019and 3.3% in2020 Statistics Norway’s latestupdate, the GDPgrowth GDP growth was1.3% in 2018, andaccording to remainwill close to cyclically neutral until2022. Overall,economyNorwegian implies thatthe this growth in the Norwegian economy asof2020. reduced internationaldemandislikely to dampen prices andindustrialinvestments. Simultaneously, economy continue will this year as a result of high oil The outlookis that the upturnin the Norwegian lower internationalgrowth. The upturnislikely to beover withinayear due to Norwegian economy isfacing achangeofpace. Statistics Norway isnow suggesting that the Norway Macroeconomics NUMBERS &FACTS could be better than assumed. Thus, developments in the internationaleconomy of Brexit prove to benotasdramatic asexpected. consequences and thatthe tradedesist tensions to raise interest rates in the future if, for instance, exchange rate. Similarly, there alsoberoom will strengthen against the equilibrium level for the real necessary if the currency exchange rate should economy. Lowering the interest rate mightbecome despite deteriorating prospects for the international Norway to reduce interest rates in the years ahead, makewill itunnecessary for the central bankof until 2022.Theweak Norwegian currency level inflation targetsubsequentlyremainclose tothe wage growth in the coming years, the inflationwill productivity growth andaroughly unchanged has reached itspeakandwithaslightly rising According to StatisticsNorway the interest level INTEREST RATE the labour demandin the years to come. negativelyinternational demand which will impact The maindriver behind this prognosis islower increase with0,2percentage pointsuntil2022. unemployment beat3,6%in2019and will then has beenstrong. Itis therefore expected that service industries,excluding publicadministration, in employment withinconstruction andseveral the property market, wound upat3.50% in2018. inflation, whichadjustsmost rental contracts on slightly towards 2022.November-November in 2019anddown to 1.8% in2020before rising forecasted. Itisexpected fallthat CPIwill to 2.2% years, butatalower level than what waspreviously it isexpected that fallthe CPIwill in the upcoming in 2018.According to StatisticsNorway’s forecast, The consumer priceindex (CPI)endedupat2.7% CPI the foreseeable future. stated that the rate islikely to remain at this level in percentage points to 1.50%. Additionally, they this year to increase the key policy rate by 0.25 The Central BankofNorway decidedSeptember NUMBERS & FACTS

- Gross domestic product // - Forecast - Work force (right axis) // - Unemployment rate

3,5 % 5,0 % 72,5 %

3,0 % 4,5 % 72,0 %

2,5 % 4,0 % 71,5 %

2,0 % 3,5 % 71,0 %

1,5 % 3,0 % 70,5 %

1,0 % 2,5 % 70,0 %

0,5 % 2,0 % 69,5 %

0,0 % 1,5 % 69,0 %

Gross domestic product Forecast Work force (right axis) Unemplyment rate

- 5 year swap // - 10 year swap // - Key policy rate - Consumer price index (CPI) // - Forecast 5,0 % 4,5 % 4,0 % 3,5 % PAGE 7 // 66PAGE 7 // 3,0 % 2,5 % 2,0 % 1,5 % 1,0 % 0,5 % GREATER OSLO AREA 2019 /

0,0 % / LOGISTICS

Key policy rate 5 year Swap 10 year Swap Souce: Statistics Norway

TABLE OF CONTENT PAGE 8 // 66 2012-2017, which meansanincrease ofabout1-3% between 50000–150m2yearly in the period The newbuildingactivity in the areas we cover was 1 200NOK/m2 or above. NOK/m2 andabove. Five areas have aprimerent at this report, halfof them have aprimerent at1000 historical data on. Among the 20 areas we cover in increase in prime rent in 5 of the 14 areas we have an increase to 1300NOK/m2. We have alsoseenan but this year we have found evidence that supports unchanged at1250NOK/m2 from 2015 to 2018, Prime rent hashistorically beenstableand of 4.0%. m2oflogistics,with almost1million anda vacancy axis with2.1%. Thelargest area isby far Groruddalen southern axis with 7.4% and lowest in the western vacancy of4.9%. The vacancy ishighestwithin the the logistic stock to beabove m2witha 4,65million In all the areas we cover in this report, we count seen further evidences that confirms thisstatement. segment inNorway. In this year’s report, we have buy side,we concluded that logistics was the hottest that we cover. Along withhighinvestor appetite on the experienced that rents increased areas inalmostall of total transaction volume wasrecord highandwe transaction volume of logistics properties and share yield level broke the resistant 5%level to 4.8%, the 2018 wasarecord year inmany ways.Theprime Norway Logistics MarketUpdate NUMBERS &FACTS than retail. Thisisalso the case in2019, as the retail time that logistic transactions hadahigher volume total transaction volume. In2018,we sawfor the first hence logisticbillion, sector counts for 21%of the transaction volume per October 2019counted 50.8 was all time highat8.5 bnNOK.However, the total comparable with the September 2018 volume which quite similar. The transaction volume is therefore not logistics sector in this year report as these sectors are have merged the transactions from the industrial and which is somewhat lower than expected. Note that we logistics &industrial properties counted 10.5 bnNOK, PerOctoberyear, the transaction this for volume yield inorder to compare like for like. all these criteria’s, we have estimated the prime some of the areas do not have properties that meet at least10years and the tenant mustbeA-grade. As to oneof the mainhighways,leaseperiodmustbe standard, locationmustbeprominent withproximity obtain primeyield, the buildingmusthave newbuilt prime yieldat5%or below. Note that inorder to to 4.7%, andwe seeseveral areas that now has The primeyieldlevel hasdecreased even further marked andslow down the rent increase. activity increases even even further, it will out the higherdemand isstill than the supply. If the newbuild a significantincrease, butour opinionis that the has beencompleted above 250000m2whichis yearly of the stock.In2018andsofar in2019it continue to besogoingforward. hottest segmentsinNorway, andwe believe it will To summarize, we findlogistics beoneof tostill the hence the reletting riskisconsidered low. land for development inprimelocationsclose to Oslo, This isjustified by the fact thatitislimitedavailable of lesser importance, provided the location is prime. have seenindications that leaseperiodand tenant is buildings withlimitedowners’ costs. However, we one or afew tenants, longleasesand relatively easy Logistics properties are popular due to normally willing to invest in. not beenany objectsfor sale that they have been great interest from foreign investors, but it has simply foreign investors are lookingfor. We have registered with longleasesavailable,which the majority of to the fact that ithasbeen very fewclass Aproperties have been virtually absenton the buy side.Thisisdue Another thing worth notingis that the foreign buyers of volume and17outof total 30 transactions sofar. buy side. Syndicates counts for over 80% in terms We see that syndicates are the mostactive on the used ashedging towards retail for many investors. last years, andwe see that logistic properties are market hasundergone somemajor changesover the sector counts for 15%of the total volume. Theretail NUMBERS & FACTS

Key areas Greater Oslo

- Initiated newbuilds // - Completed newbuilds AREA VACANCY RATE PRIME YIELD PRIME RENT PER SQM (NOK) 300 000

Groruddalen 4,0% 4,8% 1300 250 000 Skedsmo 8,2% 4,7% 1250 200 000 Ski 6,9% 4,9% 1200 150 000 m2 Vinterbro 0,2% 4,9% 1200 100 000 Bærum 4,6% 5,0% 1200 50 000 Lørenskog 2,4% 4,9% 1150 - Gardermoen 6,8% 5,0% 1100

2010 2011 2012 2013 2014 2015 2016 2017 2018 Oslo Syd 0,4% 5,0% 1100 2019 Q3

Initiated Completed Souce: Statistics Norway Asker 3,0% 5,5% 1100 Drammen 4,1% 5,5% 1100 - Transaction volume // - Share of total volume

Gjelleråsen 9,3% 4,9% 1000 12,5 25% Lier 3,0% 5,5% 950 10 20% Lindeberg/ Frogner 0,0% 5,0% 850 PAGE 9 // 66PAGE 9 //

Vestby 14,8% 5,3% 850 7,5 15% Tønsberg 0,7% 5,5% 825 mrdNOK Ytre Enebakk 0,0% 5,5% 800 5 10% Moss 6,3% 5,8% 800 2,5 5% Røyken 0,0% 5,8% 800 GREATER OSLO AREA 2019 / Sandefjord 1,5% 5,8% 775 0 0% / 2012 2013 2014 2015 2016 2017 2018 okt.19

Spydeberg 0,0% 5,5% 750 Transaksjonsvolum Andel av totalvolumSouce: Colliers International LOGISTICS

TABLE OF CONTENT PAGE 10 // 66 Hence, the datawe have tracked isused as basis within eacharea that meets the prime criteria. too few transactions or lease agreements signed as wellin-houseestimates. Thisisby causeof calculations are based oncollected empiricaldata Throughout this report, our primerent andyield PRIME RENTANDYIELD stock isoldandsomewhatoutdated. the area islimitedandaconsiderable amountof the is the largest in terms ofm2,newdevelopment in largest ofour definedareas. Although Groruddalen m2,withGroruddalenmillion representing the Oslo area isby our estimationapproximately 3.7 The total stockoflogistics property in the Greater expanded number ofareas. the 2018numbers as the 2019report includesan that the 2019stockisnotentirely comparable to construction are notincludedin the stock.Note been included.Planned projects yet to commence are expected to beinusewithin6months,have also Developments currently under construction, which Storehouse” in the Norwegian Property Register. stock, a property must be defined as a“Warehouse/ properties withinanarea. To beincludedin the The stockrefers to the total m2oflogistic Norway anddefinitions Overview NUMBERS &FACTS area. have ahighimpacton the vacancy rate within the and small therefore afew larger vacancies will Note that incertainareas the stockisrelatively percentage pointscompared to our 2018report. is currently 5.6%,whichisanincrease of0.8 logistics sector in the Greater Osloarea altogether 0% to 14.8%. The current vacancy rate for the The vacancy rate in the different areas vary from have changedsince then. the vacancy in mid-October 2019 and that it may vacancy rate isasnapshotfrom whenwe counted looking for “torent” or “tosale” signs.Note that the mapping outstorage- andwarehouses aswell spent asignificantamountof timeineacharea, quality andrelevance ofour datawe have therefore always openly advertised. In order to ensure the readily marketed, logistics spaceinNorway isnot opposed to the officesector where vacantspaceis space dividedby the total logistics stock”.As The vacancy rate isdefinedas“marketed logistics VACANCY location. areas attractiveness towards the mostcomparable prime rent andyieldisadjusted to reflect the for other locationswhere we lackevidence, and in Sandefjord, as well theportsinMoss and city center,Torp Airport to the southwest ofOslo Gardermoen, approximately 40 minutesfrom the the OsloAirportlocated to the NorthofOslo at means ofcommunication and transportation is linked to one or more of these. Another important Europe road 16(E16).All the locationsare either the Europe road 18(E18),Europe road 6(E6)and Throughout the Osloarea, the mainhighwaysare communication. located in the vicinity ofimportantpoints All the areas covered in this report are preferably DESCRIPTION OFTHEAREAS South and the West axes. logistics areas into three different axes.North, This year, we have chosen to divide the various 125 kmfrom the Oslocity center. no more than anhour andahalfdrive andless than areas withinGreater Oslo.Theareas are located all report consequently will cover 20different logistic Røyken, Tønsberg andSandefjord. This year’s Lindeberg/ Frogner, Ytre Enebakk,Spydeberg, six new logistics locations within Greater Oslo: Compared to the 2018report, we have included AREAS NUMBERS & FACTS

Drammen and, to a lesser extent, the Port of Oslo. In the following chapters, we will cover all 20 areas, describing where the main logistics hubs are located, which locations that are “up and coming”, and how we expect the locations to evolve in the years to come.

PORTS IN NORWAY In addition to the 20 different logistic areas within Greater Oslo, we have chosen to cover some of Norway’s most important ports. Some of these ports are located in or close to some of the logistic areas covered in this report, others are further out, but serve as an important transportation link for the logistics industry in Norway. This report will therefore cover the Port of Oslo, Bergen, Narvik, Posgrunn, Haugesund, Drammen, Borg and Moss. PAGE 66 11 //

GREATER OSLO AREA 2019 / / LOGISTICS

TABLE OF CONTENT PAGE 12 // 66 ” that supportsanincrease to1300NOK/m 2018, butthisyearwehavefoundevidence Head Norway of Industrial &Logistics Marti Fredrik Carl unchanged at1250NOK/m Prime rent hashistoricallybeenstableand AREA MAP 2 from 2015to LOGISTICS AREAS 2 . LOGISTICS AREAS

LINDEBERG/ GJELLERÅSEN GARDERMOEN SKEDSMO LØRENSKOG PAGE 20 FROGNER & KLØFTA PAGE 19 PAGE 21 2 PAGE 18 PAGE 17 2 2 Prime rent: 1 000 nok/m 2 2 Prime rent: 1 250 nok/m Prime rent: 1 150 nok/m Logistics areas Prime rent: 850 nok/m Prime rent: 1 100 nok/m Prime yield: 4.9% Prime yield: 4.7% Prime yield: 4.9% Prime yield: 5.0% Prime yield: 5.0% Vacancy: 9.3% Vacancy: 8.2% Vacancy: 2.4% Greater Oslo Area Vacancy: 0.0% Vacancy: 6.8% October 2019 Click on your desired area. RV4

E6

BÆRUM PAGE 31 Oslo Prime rent: 1 200 nok/m2 Prime yield: 5.0% Vacancy: 4.6% E6 OSLO SOUTH E18 PAGE 23 ASKER Prime rent: 1 100 nok/m2 PAGE 32 E18 Prime yield: 5.0% 2 Prime rent: 1 100 nok/m Vacancy: O.4% Prime yield: 5.5% YTRE ENEBAKK Vacancy: 3.0% PAGE 26 Prime rent: 800 nok/m2 LIER Prime yield: 5.5% PAGE 35 Vacancy: 0.0% Prime rent: 950 nok/m2 Prime yield: 5.5% VINTERBRO PAGE 24 Vacancy: 3.0% Prime rent: 1 200 nok/m2 GRORUDDALEN Prime yield: 4.9% DRAMMEN PAGE 14 Vacancy: 0.2% PAGE 34 Prime rent: 1 300 nok/m2 Prime rent: 1 100 nok/m2 Prime yield: 4.8 % Prime yield: 5.5% SKI Vacancy: 4.0 % Vacancy: 4.1% PAGE 25 Prime rent: 1 200 nok/m2 RØYKEN Prime yield: 4.9% PAGE 33 Vacancy: 6.9% 2 Prime rent: 800 nok/m SPYDEBERG Prime yield: 5.8% PAGE 27 Vacancy: 0.0% Prime rent: 750 nok/m2 Prime yield: 5.5% PAGE 13 66 // TØNSBERG PAGE 36 Vacancy: 0.0% Prime rent: 825 nok/m2 Prime yield: 5.5% VESTBY Vacancy: 0.7% PAGE 28 Prime rent: 850 nok/m2 SANDEFJORD Prime yield: 5.3% PAGE 37 Vacancy: 14.8% 2 Prime rent: 775 nok/m MOSS Prime yield: 5.8% PAGE 29 Vacancy: 1.5% Prime rent: 800 nok/m2 Prime yield: 5.8% GREATER OSLO AREA 2019 / Vacancy: 6.3% / LOGISTICS

TABLE OF CONTENT AREA MAP CENTRE

Groruddalen

Groruddalen remains the largest submarket by However, Groruddalens position as the desired space in combination buildings. Unsurprisingly, this far, within the Greater Oslo logistics market. location for players within this market is makes Groruddalen the most expensive logistics The area, which historically has been the most diminishing. Groruddalen remains the area with area in Norway. important and prominent logistics hub in Norway the highest rents. As land values have increased, and especially in the Oslo region, maintains its fewer new developments are taking place in the The yield level in this area for logistics property status as arguably the most desired destination area. Consequently, the high rents are mainly has stabilized and is currently at 4.8% which is for prospective tenants. driven by location, rather than standard and unchanged compared to last year’s report. quality, as much of the stock is of an older vintage The vacancy rate in Groruddalen has also dropped. with lower loading capacity, terminals and ceiling At present, we find the vacancy level to be 4.0%, compared to the previous vacancy rate of 4.2%. PRIME heights. YIELD% 4.8 Over the past few years, there has been a high Our outlook for Groruddalen remains positive, conversion rate of old industrial and logistics space with a potential for even higher rents due to into mainly residential developments as well as its proximity to Oslo. The long-term possibility of conversion may also provide investors with RV4 new offices and retail units. Groruddalen has been one of the areas in Oslo with the sharpest increase confidence related to residual value, hence we believe there is potential for an uplift in property PRIME Groruddalen in residential prices, with an increase of between RENT 150 values as well. NOK/m2 1 300 20-30% over the last four years, depending on 163 residential type. Thus, an increasing number of obsolete and old logistics stock is being removed Groruddalen in order to facilitate residential development, which 1400 9,0 % 1300 8,5 % E18 E6 is a trend we expect to continue. The municipality has also zoned some of the logistic areas as mixed 1200 8,0 % use with residential in the municipal plan. 1100 7,5 % 1000 7,0 % VACANCY 900 6,5 % 4.0 RATE% NOK/m2 The overall attractiveness of Groruddalen as a 800 6,0 % logistics hub is clearly reflected in the rental 700 5,5 % prices. Normal good quality buildings are being let 600 5,0 % at +/- 1 000 NOK/m2. Prime properties may obtain 500 4,5 %

PAGE 14 // 66PAGE // 14 rents as high as 1 300 NOK/m2 for storage and Prime Rent Prime yield

warehouse areas, and somewhat higher for office Souce: Colliers International

AREA MAP CENTRE PAGE 15 66 //

GREATER OSLO AREA 2019 / / LOGISTICS

TABLE OF CONTENT PAGE 16 // 66 structural vacancy. areasall except Skedsmo where we see some to aspike in vacancy. Thisis the reality for when contracts are not renewed, it contributes tenant buildings and relatively stock so small mind that many of the sub-areas have single land for development. Itisimportant to bear in Gardermoen is the area withmostavailable the largest area within the northernaxis,and vacancy rate iscurrently 6.5%. Skedsmo is m2 oflogistics andwarehouses, and the northern axisconsists ofjustabove 1million Gardermoen in Ullensaker municipality. The from Groruddalen inOsloandup towards The northernaxisisdefinedas thearea The Northern Axis Northern The • • • • • in more detailon the next pages: The following areas beexplained will AREA MAP Lørenskog Gjelleråsen Skedsmo Lindeberg/Frogner Gardermoen &Kløfta THE NORTHERN AXIS THE NORTHERN AXIS

Gardermoen & Kløfta

To the east of Oslo Airport lies Gardermoen Business With the rapidly growing municipality and its focus Park where the majority of the Gardermoen area on stimulating further developments of commercial logistics developments are located. There are some real estate, especially within the logistics sector, areas further south, at Jessheim and Kløfta as we find it probable that Gardermoen will steadily well, which draws upon Gardermoen as a logistics continue to develop into an even more significant hub. The existing stock primarily consist of recent logistics hub in the future. As the area forge ahead, developments with high quality and the area is we expect that the prime rent and yield will follow expected to increase in size as there is a significant suit. The area is popular amongst developers as PRIME amount of land available in this district, probably well as tenants and given its qualities we find YIELD% 5.0 more than in any of the other areas in the Greater it reasonable to believe that its popularity will Oslo region. As one of Norway’s fastest growing increase in the years to come. municipalities in terms of population, Ullensaker is popular for its easy commute to Oslo as well as a prosperous job market following the opening of the E16 Gardermoen OSL Airport some 20 years ago. The municipality plan states that one of the main objectives for the PRIME RENT local government is to facilitate and arrange for 1 100 NOK/m2 Gardermoen/ Kløfta E16 commercial land, including logistics. 1300 8,5 %

1200 8,0 % Kløfta

The current prime rent is 1 100 NOK/m² which is 1100 7,5 % E6 PAGE 17 // 66 // PAGE 17 similar compared to our last report. Gardermoen as 1000 7,0 % a logistics hub has come to be more desirable both 900 6,5 %

amongst tenants and landlords. The prime yield NOK/m2 800 6,0 % VACANCY in the area is currently 5.0%, which is a drop of RATE% 700 5,5 % 6.8 0.3 percentage points since last year’s estimates. The vacancy rate in the area is currently 6.8%, an 600 5,0 % 500 4,5 %

increase from 3.0% since last year. This is due to GREATER OSLO AREA 2019 / / one larger warehouse becoming vacant. Prime Rent Prime yield

Souce: Colliers International LOGISTICS

TABLE OF CONTENT AREA MAP THE NORTHERN AXIS

Lindeberg/Frogner

Lindeberg and Frogner is located about 30 km At Lindeberg/Frogner, we were unsuccessful in northeast of Oslo. The areas are mainly two finding any vacancies at present, giving a vacancy villages located to the west in Sørum municipality rate of 0.0%. Prime rent in Linderberg/ Frogner in Akershus. Lindeberg is located alongside E6, sits at 850 NOK/ m2 and the current prime yield about 6 kilometres south of Kløfta and 3 kilometres level within the area is estimated to 5.0%. north of Frogner. Both Lindeberg and Frogner is approximately 14 – 16 kilometres from Sørumsand Municipal Center. PRIME YIELD% 5.0 The logistic areas are located alongside E6 and the railway, primarily around Lindeberg, where local freight and passenger trains stop. Lindeberg is already an established area although slightly scattered for smaller/medium-sized warehouses.

PRIME Lindeberg Lindeberg is an area which is just starting to take RENT 2 850 Frogner NOK/m form with the development of a new logistics Groruddalen 1400 9,0 % E6 building for Farex. In the continuation of the Farex property, the industrial park will be expanded by 1300 8,5 % Bulk Infrastructure. Due to challenging ground 1200 8,0 % conditions in the area, the development of the 1100 7,5 % 1000 7,0 % business park has been time consuming. However, 900 NO HISTORICAL DATA 6,5 % NOK/m2 once it was ready, a relatively large number of 800 6,0 % VACANCY pre-lets have been signed with large tenants in a 700 5,5 % RATE% 0.0 short amount of time. The common denominator 600 5,0 % for these tenants is that they require large outdoor 500 4,5 % space, such as, Hydroscand, Alimenta and Sigurd Prime Rent Prime yield Hesselber AS. Souce: Colliers International PAGE 66 18 //

AREA MAP THE NORTHERN AXIS

Skedsmo

Skedsmo is located about 20 km northeast of logistics space. The prime yield has decreased Oslo and contains several logistics sub-areas. The further and is now 4.7% compared to 5.1% in principal hub is Berger, one of the premier logistics our estimate from 2018. The vacancy rate within centers in the Greater Oslo region, located north in Skedsmo has increased with 4.0 percentage points the municipality. and is now 8.2%. At Berger especially, there is still a strong development potential for prime property, Two other important areas in Skedsmo are Kjeller supported by several recent completions, such as and Lillestrøm to the east. At Berger, there are still Trondheimsveien 183 and 187. PRIME a few larger plots available for developers who are YIELD% 4.7 seeking tenants within the logistics sector. Land prices however, are increasing considerably within this area. The industrial sector has historically been the predominant source of labor within the E6 municipality, although the prevailing trend indicates Berger that a diminishing share of jobs relate to the Skedsmo industry and logistics sector. The current strategy PRIME RENT 2 in the municipality plan states that the focus ahead Kjeller 1 250 NOK/m Skedsmo lies in developing more office related businesses 1300 8,5 % Lillestrøm rather than logistics related industries. 1200 8,0 %

1100 7,5 % PAGE 66 19 //

Skedsmo, which is viewed as one of the prime 1000 7,0 % logistics areas in Norway and Berger especially, is 900 6,5 % NOK/m2 worthy of a top-class rating. The communication 800 6,0 % links to Oslo and surrounding areas makes it highly VACANCY 700 5,5 % 8.2 RATE% attractive to most prospective tenants. 600 5,0 % Recent lettings for new development at Berger 500 4,5 %

indicate that the rent levels have increased during GREATER OSLO AREA 2019 / / the last few years. We have seen recent examples Prime Rent Prime yield of properties being let close to 1 250 NOK/m2 for Souce: Colliers International LOGISTICS

TABLE OF CONTENT AREA MAP THE NORTHERN AXIS

Gjelleråsen

Gjelleråsen is located to the north east of Oslo in both rents and yields within the area. On the other the municipality of Nittedal and the area in general hand, there is work to be done at Skytta which is consists of a mix of modern and old developments generally of a lesser standard. with some large high-quality buildings. It is a rural district without a natural population center, The yield level has dropped at Gjelleråsen as well, although Rotnes serves as the municipality center with 4.9% as our current estimate. The vacancy with a railway station and town hall. rate within Gjelleråsen has increased with 1.6 percentage points since last year and is now PRIME The logistics areas within Gjelleråsen are mainly estimated to 9.3%. The stock is relatively small and YIELD% 4.9 located at Skytta, Gjelleråsen and Lahaugmoen. there are a few larger warehouses that has been Skytta is located on the west side of Hadelandsveien vacant since last year which makes a big difference

<--Rotnes (RV4) and consists of older buildings. The area is on the vacancy rate within the area. currently experiencing some vacancy, although the area has great potential for future reference.

RV4 Furthermore, the largest warehouses and PRIME logistic buildings in Gjelleråsen can be found in RENT Bryggeriveien Gjelleråsen 2 1 000 Skytta NOK/m Gjelleråsen Bryggeriveien and Destilleriveien which is on the 1300 8,5 % north side of Trondheimsveien (RV22). These 1200 8,0 %

logistic buildings are mainly beverage-based. Lastly, 1100 7,5 % Lahaugmoen is located just east of Gjelleråsen and 1000 7,0 % consists mainly of modern logistic buildings. 900 6,5 % NOK/m2 800 6,0 % The current prime rent sits at 1 000 NOK/ m2, 700 5,5 % VACANCY which is similar to our estimates from 2018. We 9.3 RATE% believe Gjelleråsen has the potential to become one 600 5,0 % of the most important logistics hubs going forward, 500 4,5 % especially in the area around Bryggeriveien, and Prime Rent Prime yield

we estimate a considerable upside potential in Souce: Colliers International PAGE 66 20 //

AREA MAP THE NORTHERN AXIS

Lørenskog

Located by the E6, only 15 km north of the Oslo to 4.9%. At the same time, the vacancy rate city center, Lørenskog is amongst the most popular is reduced compared to 2018. In last years’ logistic areas in the Greater Oslo region. A large report, the vacancy rate was 3.2%, mainly due part is due to its location close to Oslo and with to a few larger properties being vacant. Today access to good communication links to the Greater the vacancy rate is down to 2.4%, with the Oslo region as a whole. There are a few good largest premises available at 2 440 m2. quality properties in the area with some large developments such as Posten’s main logistics The outlook for good logistics space at PRIME distribution center of roughly 80 000 m2. Most Lørenskog is positive, and we see a potential YIELD% 4.9 are located around Røykåsen, Solheimsveien and for higher rents going forward. However, Skårersletta. According to the municipality plan, we believe that the population growth and Lørenskog remains focused on facilitating logistics continuing urbanization will cause an upsurge and industrial development, although there is limited in conversions of obsolete logistic buildings E6 supply of land available for further development. in favour of residential and even office As a consequence to the ongoing urbanization of developments in Lørenskog. the area, residential developments are becoming Solheimsveien PRIME RENT Lørenskog Skårersletta 1 150 2 increasingly attractive which have led to higher Visperud NOK/m 1300 8,5 % Lørenskog land prices. This is making it more difficult to build 1200 8,0 % new logistics developments as well as to preserve older properties as they are increasingly under 1100 7,5 % PAGE 66 21 // pressure to be converted to alternative use. 1000 7,0 % 900 6,5 % NOK/m2 Lørenskog is one of the more expensive logistics 800 6,0 % VACANCY 700 5,5 % areas in terms of prime rent, primarily due to its’ 132.4 RATE% location as well as certain high-quality properties 600 5,0 % within the area. The prime rent has stabilized and 500 4,5 %

is currently at 1 150 NOK/m2 which is unchanged GREATER OSLO AREA 2019 /

Prime Rent Prime yield / compared to last year’s report. Concerning the yield level, we have seen a decrease from 5.0% Souce: Colliers International LOGISTICS

TABLE OF CONTENT AREA MAP PAGE 22 // 66 The Southern Axis Southern The Drøbak but these planshave sofar notmaterialised. are areas dedicated to logistics and warehouses in not consist oflarger logistics hubs. However, there the relatively stockaswell as small the area does as aseparate area within the southernaxis,due to Note that we have chosen not to includeDrøbak as Europris inMoss. facility atVinterbro, Nille’s facility atVestby aswell Examples of this includeRema 1000’s newmain the area have beendeveloped inrecent years. as alarge amountof the logistic properties within good ceilingheightsandplenty ofloadingcapacity large proportion of high-quality warehouses with result, we see that the southernaxiscontains a to build their main facilities within this area. As a which hasled to several larger companies choosing have beenalotoflandavailableover the pastyears, the southernaxis.Within the southernaxis there and the vacancy rate is estimated to 7.4% within nearly 1.3 m2 of logistics million and warehouses, Stockholm alongE18.Thesouthernaxisconsists of and down towards Moss, aswell aseast towards The southern axis extends from Ryen in Oslo • Moss • Vestby • Spydeberg • Ytre Enebakk • Ski • Vinterbro • OsloSouth in more detailon the next pages: The following areas beexplained will AREA MAP THE SOUTHERNAXIS THE SOUTHERN AXIS

Oslo South

The Oslo South area extends from Ryen in the South has been 1 100 NOK/m2. On the other hand, north to Sofiemyr in the south. the prime yield has had a positive development and is currently at 5.0% compared to 5.3% in 2018. The main logistics hubs can be found around the main highways E6 and E18 in areas such as Ryen, The vacancy rate in the area is currently 0.4%, Søndre Nordstrand, Holmlia, Kolbotn and Sofiemyr, which is a decrease of 1.7 percentage points as well as around the dock area at Sjursøya, which compared to our 2018 estimates. is located alongside E18 to the west. With its short PRIME distance and easy access to the Oslo city center, YIELD% 5.0 the area is very well suited for logistics.

The stock in Oslo South is characterized by Oslo Syd numerous older and smaller buildings, serving 1300 8,5 % Ryen 1200 8,0 % as a combination of logistics warehouses and E6 fronts for commercial use. The warehouses are 1100 7,5 % relatively dispersed within the area, but there are 1000 7,0 % Holmlia PRIME Søndre RENT some smaller logistics hubs, such as in Trollåsen 900 6,5 % Nordstrand 1 100 NOK/m2

NOK/m2 Kolbotn and around Sofiemyr. The latter is in the recent 800 6,0 % E18 Sofiemyr municipality plan zoned as residential and will most 700 5,5 % likely be converted in the future. 600 5,0 % PAGE 23 66 //

500 4,5 % The prime rent in the area has been relatively stable. Prime Rent Prime yield For three consecutive years the prime rent in Oslo Souce: Colliers International VACANCY 130.4 RATE% GREATER OSLO AREA 2019 / / LOGISTICS

TABLE OF CONTENT AREA MAP THE SOUTHERN AXIS

Vinterbro

Vinterbro is located in the municipality of Ås just Since 2016 we have reported zero vacancy at south of Oslo and is characterized for its’ rural Vinterbro. This is due to a relatively small stock and landscape with large land reserves. most of the developments are of newer build and contracts have generally yet to expire. This year, The logistics area at Vinterbro is one of the smaller however, we have found one building with some ones in terms of stock in the Greater Oslo region vacancy in the area which has resulted in a current and is concentrated alongside the European route vacancy rate at 0.2%. E18. PRIME The yield level has decreased since last year and YIELD% 4.9 The area is however increasing in volume as a is currently at 4.9%. The prime rent in the area is logistics hub and is an interesting area going 1 200 NOK/ m2, which is an increase from last forward with its proximity to Oslo. The logistic year. E18 E6 properties in the area have mostly been developed Vinterbro in recent years and are subsequently considered to 1300 8,5 %

be of a generally high standard, with good ceiling 1200 8,0 % PRIME heights and plenty of loading capacity. 1100 7,5 % RENT Vinterbro NOK/m2 1 200 1000 7,0 % It remains a considerable amount of land available 900 6,5 %

for further development at Vinterbro and we NOK/m2 E6 E18 anticipate that this will continue to materialize 800 6,0 % in the near future. The municipality plan states 700 5,5 % that Ås is positive towards further logistics 600 5,0 % development, although it also communicates that 500 4,5 %

VACANCY it is paramount to conserve existing agricultural Prime Rent Prime yield 0.2 RATE% land in the process. Souce: Colliers International PAGE 66 24 //

AREA MAP THE SOUTHERN AXIS

Ski

The primary logistics hubs in the municipality of Ski, and especially some of the sub areas within Ski are Regnbuen and Fugleåsen in the northern this area, rank amongst the most popular logistics end and Ski in the southern end. The excellent areas in Norway. communication links, easy access points and close proximity to Oslo all makes Ski a prominent The vacancy rate has however increased with 0.8 destination for developers and tenants in the percentage point, and is currently 6.9% compared logistics industry. After years of development, to 6.1% in 2018. As the total stock remains relatively Regnbuen and Fugleåsen now appear as one unchanged the increase in the vacancy rate is PRIME of the preeminent logistics locations within the primarily due to one lager warehouse being vacant. YIELD% 4.9 Greater Oslo region. A substantial part of the stock is of good quality and newer standard, and the whole area has been adapted to best cater E18 E6 for the needs of modern-day logistics. The area Regnbuen / Ski Fugleåsen is home to several prominent tenants as well as 1300 8,5 % landowners. Moreover, the area remains highly 1200 PRIME popular, especially amongst developers looking for 1100 7,5 % RENT Ski 2 large scale developments due to its location and 1000 1 200 NOK/m possibilities. 900 6,5 %

NOK/m2 E6 E18 800

The general popularity of the area can be seen in the 700 5,5 % PAGE 25 66 // historical development of the obtained rents, which 600 have steadily increased over the past decade. In 500 4,5 % recent years, we have also seen a significant drop Prime Rent Prime yield VACANCY of the yield levels in the area. With a prime yield 136.9 RATE% of only 4.9%, it is apparent that the municipality of Souce: Colliers International GREATER OSLO AREA 2019 / / LOGISTICS

TABLE OF CONTENT AREA MAP THE SOUTHERN AXIS

Ytre Enebakk

Ytre Enebakk is located 25 km southeast of Oslo 800 NOK/m2 for logistic space. Considering with links to both main highways E6 and E18. The recent sales, a compression in the prime yield business area is clearly visible along highway 155, is projected and we are now seeing numbers close to the municipal boundary of Ski. down towards 5.5% compared to 2018.

There is currently a lot of activity in Ytre Enebakk. During the past few years, several major tenants have moved to this location. A lot of logistics has PRIME already been established in the area, on both sides YIELD% 5.5 of the highway 155. The price of land plots has historically been low in relation to the proximity to Oslo. In connection with the development of Ytre Groruddalen Enebakk industrial park, increased activity has been 1400 9,0 % seen in the area, with numerous large companies 1300 8,5 % 1200 8,0 % Ytre Enebakk having constructed warehouses of considerable PRIME size in the past few years. The municipality has 1100 7,5 % RENT 1000 7,0 % NOK/m2 800 been positive towards development of industry 900 NO HISTORICAL DATA 6,5 % in the area and with the land sale in the newly NOK/m2 developed area ‘Gran’ during the summer of 2019, 800 6,0 % E18 this trend continues. 700 5,5 % 600 5,0 % 500 4,5 % At Ytre Enebakk, we were unsuccessful in finding any vacancies at present, giving a vacancy rate of Prime Rent Prime yield Souce: Colliers International VACANCY 0.0%. The prime rent within the area is currently 0.0 RATE% PAGE 66 26 //

AREA MAP THE SOUTHERN AXIS

Spydeberg

Spydeberg is a municipality in Østfold and is located At Spydeberg, we were unsuccessful in finding approximately 50 km southeast of Oslo. any vacancies at present, giving a vacancy rate of 0.0%. The prime rent within the area is currently Spydeberg is located near E18, which is slowly 750 NOK/m2 for logistic space and the prime yield being converted to a 4-lane highway to Stockholm. is currently at 5.5%. There are still ”bottlenecks” as the road is only partially extended, but the Norwegian department of transport and communications has allocated PRIME grants for further development between 2020 - YIELD% 5.5 2030. Additionally, the train route to Oslo has been a focal point for improvements and by 2025, the train will use around 35 minutes to Oslo, and this Groruddalen will contribute to further activity in the area. 1400 9,0 % 1300 8,5 % Holtskogen business park is located west of 1200 8,0 % Spydeberg, on the north side of E18. The area 1100 7,5 % Holtskogen PRIME RENT Spydeberg consists of over 530 000 m2 pre-regulated land 1000 7,0 % 750 NOK/m2 900 NO HISTORICAL DATA 6,5 % and two large developments during 2019 will kick NOK/m2 E18 start the development of the area. Fortum will build 800 6,0 % a new waste facility and Digiplex will build a new 700 5,5 %

600 5,0 % PAGE 66 27 // data centre which both will be ready in 2020. Both 500 4,5 % companies show great ambition for the location and have secured large land plots through acquisitions Prime Rent Prime yield Souce: Colliers International VACANCY and options. 130.0 RATE% GREATER OSLO AREA 2019 / / LOGISTICS

TABLE OF CONTENT AREA MAP THE SOUTHERN AXIS

Vestby

Vestby is strategically located about 40 km south The prime yield in Vestby have been compressed of Oslo along E6. Its close distance to E18 towards over the last years. Our newest prime yield Stockholm, road 23 towards Drammen through estimate for this area is now 5.25% compared to the Oslofjord tunnel, makes it an ideal location for 5.6% in 2018. logistic properties. Since last year, several large buildings have been The logistics hubs in Vestby are concentrated in the vacant, which pulls the vacancy rate up. The north and south of the municipality, in areas such vacancy rate in Vestby is currently 14.8% compared

PRIME as Verpet, Deliveien and Delitoppen. A significant to 6,5% last year. YIELD% 5.3 portion of the stock have been developed within the last years and consequently most of the Given the municipality´s favourable attitude towards developments are of relatively high quality. Vestby logistic developments, the overall attractiveness has already established itself as a significant of the area combined with lower rent than areas

E6 E18 logistics area, whereas both developers and closer to Oslo, we believe that Vestby will attract tenants have been able to find large parcels of land tenants and continue to grow as a logistics hub.

PRIME available. The municipality is favourable towards RENT Verpet NOK/m2 850 further development of the logistics sector. Vestby Vestby The prime rent in this area has stabilized and is 1300 8,5 % currently at 850 NOK/m2 which is unchanged 1200 8,0 % compared to last year’s report. In spite of Vestby 1100 7,5 % being a popular logistics destination, rents remain 1000 7,0 % slightly lower than many comparable areas. This is 900 6,5 % NOK/m2 800 6,0 % VACANCY largely due to its longer distance from Oslo. 14.8 RATE% 700 5,5 % However, considering the low vacancy in 600 5,0 % surrounding areas it is likely that Vestby will 500 4,5 %

experience increasing rents going forward, similar Prime Rent Prime yield

to the rent development in surrounding areas. Souce: Colliers International PAGE 66 28 //

AREA MAP THE SOUTHERN AXIS

Moss

There are four principal logistic hubs in Moss; 1) The The vacancy rate at Moss has gone down dock area, 2) Årvollskogen, 3) Solgaard Skog and from 12.7% to 6.3% after several of last year’s 4) Vanem Næringspark located to the west, south- vacancies have been leased out. The port of east and north-east respectively. The existing stock Moss will continue to play a crucial role as Moss consists of both older and newer developments of positions itself as an important logistics hub in varying quality. Local industry plays a vital role in the future. the development of Moss, with its port becoming increasingly important. Additionally, its proximity to According to the most recent municipality plan, PRIME the main highway E6 and its sizeable port, Moss is Moss will prioritize further development of the YIELD% 5.8 a natural region for logistic developments. logistics sector in the region. Based on the good connectivity with E6 and E18 along with its easy The dock area and the inland port in Moss are access to both the sea and airport, we believe Moss´ of particularly interest for the logistics sector in role as a logistic hub will become increasingly E6 terms of further development, due to the ongoing important in the years to come. Vanem Næringspark expansion at these locations. The port is of Solgaard Skog considerable size and catered to accommodate Moss PRIME RENT both commercial and public transport, as well as Årvollskogen 800 NOK/m2 the adjacent Rygge Airport. Moss 1200 8,5 % Moss as a logistics area is gaining traction amongst 1100 8,0 % PAGE 66 29 // both landlords and tenants alike. The city remains 1000 7,5 % one of the cheaper logistics hubs in the Greater 900 7,0 % Oslo region and the growth potential for rental 800 6,5 % NOK/m2 levels in Moss are certainly present. The prime 700 6,0 % VACANCY 136.3 RATE% rent has already increased during the last few 600 5,5 % years and is currently at 800 NOK/m2. This is 500 5,0 % also reflected in the prime yield which presently 400 4,5 % GREATER OSLO AREA 2019 / / sits at 5.75%, a decrease compared to our 2018 Prime Rent Prime yield estimation of 6.0%. Souce: Colliers International LOGISTICS

TABLE OF CONTENT AREA MAP THE WESTERN AXIS

The Western Axis

The western axis extends from Bærum and down The following areas will be explained towards Sandefjord. The western axis consists in more detail on the next pages: of more than 1.3 million m2 of logistics and warehouses, and the vacancy rate is estimated to • Bærum 2.1% within the axis. There is no distinctive tenant • Asker type that chooses to locate in the western axis, • Røyken there are however some physical attributes to these • Lier areas which may disqualify it for some tenants • Drammen seeking to rent in existing buildings. Bærum, Asker • Tønsberg and Røyken for instance all consist of a relatively • Sandefjord small stock, and the warehouses within these areas are relatively dispersed. Drammen is mainly car- oriented and further south we find warehouses and logistics associated with local businesses. Posten and Gilde is one of the biggest players that are located within this axis as well as Asko which is currently building a new facility in Sande. PAGE 66 30 //

AREA MAP Bærum

Rud is located only 20 km from Oslo by the main a logistics hub, as the easy access and proximity to highway. The area comprises a mix of smaller and Oslo are key selling point to tenants. One drawback a few larger logistics developments. Rud is one however, is that this specific section of the road of the smallest hubs in terms of stock within the often suffers from heavy traffic congestions. The Greater Oslo region, but has been one of the more adjacent location to Oslo nonetheless, makes this expensive logistics areas for many years due to its’ area one of the more expensive logistics areas in location. The area also consists of retailers, mainly the Oslo region with sharp rents and decreasing furniture stores and car dealers, as well as several yields. The current prime rent and yield at Rud is PRIME residential neighborhoods in proximity. The logistics respectively 1 200 NOK/m2 and 5.0%. YIELD% 5.0 developments at Rud are found in the north west of Bærum municipality, which is also the municipality From 2016 to 2017 the vacancy rate dropped with some of the highest residential prices in significantly from 12.0% to 6.3% and was stable at Noway. The municipality is otherwise generally 6.3% during 2018. Currently, we can see that the more known for its’ office markets, especially in vacancy rate continues to decline and is presently areas such as Fornebu, Lysaker and Sandvika. at 4.6%, which is a decrease of 1.7 percentage Vøyenenga points compared to last year. Rud PRIME RENT Several factors are putting pressure on the 1 200 NOK/m2 logistics market in Bærum. Land prices are E18 amongst the highest in Norway which makes Bærum logistics developments in this area expensive. The 1300 8,5 % PAGE 31 // 66PAGE 31 // municipality remains reluctant towards expanding 1200 8,0 % the existing stock of industrial and logistics 1100 7,5 % buildings in order to preserve the municipality’s 1000 7,0 % 900 6,5 % VACANCY status as an “affluent community”. This is unlikely 134.6 RATE% NOK/m2 to change, and certain logistics developments at 800 6,0 % Rud might come under pressure for redevelopment 700 5,5 % 600 5,0 % in the future. GREATER OSLO AREA 2019 / / 500 4,5 %

The adjacent E16 is currently undergoing Prime Rent Prime yield considerable roadworks which is positive for Rud as Souce: Colliers International LOGISTICS

TABLE OF CONTENT AREA MAP THE WESTERN AXIS

Asker

Asker is a municipality located to the west of a decrease of 0.3 percentage point compared to Akershus. It is a suburb to Oslo, and a substantial last year. The vacancy rate, on the other hand, part of the population commute to Oslo daily. has increased with 0.3 percentage point and is currently estimated to 3.0%. The logistics space within Asker is relatively limited, but a few can be found in the center as well as in the areas around Billingstadsletta. Asker is mainly characterized by offices and retailers, PRIME as well as large residential areas. The logistics in YIELD% 5.5 the area consists of relatively small warehouses, mainly combined with commercial use. The largest warehouse in our stock is only about 8 200 m2.

Asker Asker is located 23km, or about 20 minutes’ 1300 8,5 % 1200 8,0 % Billingstadsletta drive from Oslo. Compared to the neighbouring 1100 7,5 % PRIME municipalities of Bærum and Lier, where several RENT E18 2 1 100 1000 7,0 % NOK/m Asker larger logistics hubs can be found, the logistics stock in Asker is relatively small. This is primarily 900 6,5 % NOK/m2 due to high real estate prices, particularly for 800 6,0 % undeveloped land. 700 5,5 % 600 5,0 % This is also reflected in the rental level with current 500 4,5 %

prime rent at around 1 100 NOK/m2. The current Prime Rent Prime yield VACANCY yield level at Asker is estimated to 5.5% which is Souce: Colliers International 3.0 RATE% PAGE 66 32 //

AREA MAP Røyken

Røyken is located around 35 km southwest of At Røyken, we were unsuccessful in finding any Oslo. The commercial plots in Røyken is centrally vacancies at present, giving a vacancy rate of located on ‘Hurumhalvøya’, between the fjords of 0.0%. The prime rent within the area is currently Oslo and Drammen. It’s 30 minutes away from 800 NOK/m2 for logistic space. Considering Drammen & Asker and 40 minutes from Oslo. The recent sales, a decline in prime yield is projected Oslo fjord tunnel and highway 23 secure short and we are now seeing numbers down towards and effective connection to E6 and E18. 5.75%.

PRIME Røyken is an up and coming logistics destination YIELD% 5.8 and the Municipality want to encourage more development and create a new and modern logistics hub. There are currently various allocated commercial areas in the municipality, while the Groruddalen E18 neighboring municipalities are struggling with 1400 9,0 % scarcity of land in the segments wholesale, 1300 8,5 % 1200 8,0 % Røyken PRIME warehousing and logistics. In addition, Røyken RENT 1100 7,5 % Røyken 2 is presently a cheaper alternative in relation to Næringspark 800 NOK/m 1000 7,0 % other locations in the region. Their stated goal is 900 NO HISTORICAL DATA 6,5 % NOK/m2 to increase the commercial land plots available by 800 6,0 % at least 15,000 square meters annually as well 700 5,5 % PAGE 66 33 // as increasing retail trade by 40 MNOK. Røyken 600 5,0 % aims to be fast and predictable in its business 500 4,5 % case proceedings in order to attract investors and Prime Rent Prime yield VACANCY RATE% tenants to the area. Souce: Colliers International 130.0 GREATER OSLO AREA 2019 / / LOGISTICS

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Drammen

Drammen has since the turn of the millennia The rent for logistics developments has increased undergone rapid urban development and has rather significantly since 2009, nevertheless it has been significantly altered and redeveloped. Today, remained fairly stable in the past few years. Our Drammen has become a vibrant city with one of estimate for prime rent in Drammen has increased the highest and fastest growing residential prices and is currently estimated at 1 100 NOK/m2. As in Norway. It has also become an increasingly per October 2019, the vacancy rate has decreased attractive location for many businesses. from 6.1% last year to currently 4.1%. There are numerous properties with vacancies in the area, PRIME Several logistics areas do remain within and but they are all smaller with no premises larger YIELD% 5.5 close to the city, with the main hubs located to than 2 200 m2 available. The prime yield level in the east and west of the city center. In the south Drammen is stable at 5.5% which is corresponding east we find the dock area. In the west we find to last year’s report. logistics areas towards Nedre Eiker along the river Drammenselva and to the south we find a logistics Our outlook for the area remains positive, and we area in Kobbervikdalen which is located along E18, believe it will continue its strong development for <--Nedre Eiker Drammen PRIME the main highway. The construction of the new the logistics sector. RENT 1 100 Drammen havn NOK/m2 hospital at Brakerøya has started, hence the area is Drammen 1300 8,5 % Kobberviksalen no longer considered a logistic area. 1200 8,0 % E18 The Port of Drammen is one of the largest 1100 7,5 % and most important in Norway and is the main 1000 7,0 % automobile port in Norway in terms of volume. 900 6,5 % NOK/m2 With the minimization of the dock of Oslo, the 800 6,0 % 700 5,5 % VACANCY dock of Drammen has increased its’ importance 4.1 RATE% over the span of the past 15 years. In general, the 600 5,0 % municipality of Drammen remains eager to maintain 500 4,5 %

and strengthen its’ position as one of the most Prime Rent Prime yield

important logistics hubs in the Greater Oslo region. Souce: Colliers International PAGE 34 66 //

AREA MAP Lier

The logistics area in Lier is located next to Drammen development, we believe Lier will maintain its and while many will regard the two as one area, we position as a popular logistics area in the Greater have opted to define these separate for the purpose Oslo area going forward. of this report. All our measured variables, vacancy rate, yield The logistics developments of Lier are primarily and rents indicate that Lier has become a more located at Lierstranda next to the port of Drammen. attractive area during the past 18 months. The

Other areas can be found along E18 such as vacancy rate is currently low at 3.0%. The yield PRIME Liertoppen and Lierskogen. has decreased to 5.5% compared to 5.8% in 2018. YIELD% 5.5 Lastly, the prime rent is 950 NOK/m2, which is The area of Lier draws quite heavily on its similar to our 2018 report. adjacent location to Drammen as well as its good Lierskogen communication links towards Oslo. Currently, Liertoppen Drammen stands out as the more popular Lier destination although it is slightly further away from PRIME Oslo. RENT Lierstranda 2 Lier 950 NOK/m 1300 8,5 % In the future, the logistics area at Lierstranda will 1200 8,0 % undergo major developments, and will in the long E18 term be converted to a residential and commercial 1100 7,5 % PAGE 66 35 // area through the planned project “Fjordbyen Lier”. 1000 7,0 % As a consequence, a large portion of the stock will 900 6,5 % NOK/m2 have to relocate either to a different area within 800 6,0 % 700 5,5 % VACANCY Lier or to another location altogether. 133.0 RATE% 600 5,0 % However, with its’ relative proximity to Oslo, good 500 4,5 %

communication links along the E18 main highway Prime Rent Prime yield GREATER OSLO AREA 2019 / / and the municipality’s ambition to attract logistics Souce: Colliers International LOGISTICS

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Tønsberg

Tønsberg is the 9th largest city in Norway and The total logistics stock within Tønsberg municipality the second largest city in Vestfold county after is around 270 000 m2, of which 8 900 m2 has Sandefjord. It is located approximately 100 been completed during the last two years. kilometres southwest of Oslo and is Vestfold county’s most important commercial area. The Prime rent in the area sits at 825 NOK/ m2. The city also serves as the administration capitol of current prime yield level in Tønsberg is estimated the county with many of the public administration to 5.5% and the vacancy rate is currently 0.7%. services located in the city. There are many PRIME agricultural companies located in the area along YIELD% 5.5 with oil and offshore companies.

In the center of Tønsberg there are very few

logistics areas. The same applies to the rest of Groruddalen E18 the municipality where warehouses and logistic 1400 9,0 % buildings are relatively scattered. The main 1300 8,5 % Barkåker 1200 8,0 % PRIME logistics hubs within this area is primarily located RENT 1100 7,5 % NOK/m2 825 along the E18 towards and around Sem, as well 1000 7,0 % Sem as on Barkåker north of Tønsberg city center. 900 NO HISTORICAL DATA 6,5 % Tønsberg NOK/m2 The total logistics stock at Sem is approximately 800 6,0 % 130 000 m2, whereas the average size of the 700 5,5 % buildings is just below 2 600 m2. At Barkåker the 600 5,0 % total logistics stock is approximately 50 000 m2 500 4,5 %

and the average size of the buildings within this Prime Rent Prime yield VACANCY area is approximately 1 400 m2. Souce: Colliers International 0.7 RATE% PAGE 66 36 //

AREA MAP Sandefjord

Sandefjord is a town and municipality in Vestfold, approximately 18 000 m2 and the average size of bordering to Tønsberg in east and Larvik in west. the buildings are here just below 700 m2. There Sandefjord city center is located approximately 120 are also some smaller industrial areas with some kilometres south of Oslo. logistics around the fjord coming into the city.

Sandefjord is a municipality with good transport The total logistics stock within the municipality is links. Both Vestfoldbanen and E18 pass through the around 500 000 m2. municipality, while Color Line and Fjord Line ferries PRIME go to Strømstad in Sweden. The municipality also Prime rent in the area sits at 775 NOK/ m2. The YIELD% 5.8 has its own airport, Torp, which has both national current prime yield level in Sandefjord is estimated and international flight connections. to 5.75% and the vacancy rate is currently 1.5%.

Sandefjord has a few logistics areas, some are located by Sandefjord Airport, Torp as well as there Torp Groruddalen are some warehouses and logistics buildings west 1400 9,0 % Sandefjord 1300 8,5 % PRIME of Torp Airport along the E18. The total logistics RENT Hegnaveien & 2 stock within this area is approximately 77 000 m2 1200 8,0 % Østerøyveien 775 NOK/m and the average size of the buildings here are just 1100 7,5 % above 1 600 m2. Furthermore, the logistics areas 1000 7,0 % 900 NO HISTORICAL DATA 6,5 % continue along E18 towards Larvik, where one NOK/m2 PAGE 66 37 //

800 6,0 % could find several logistics buildings. 700 5,5 % 600 5,0 % East of Sandefjord city center you will find two 500 4,5 % VACANCY logistic hubs along Hegnaveien and Øysterøyveien. 1.5 RATE% Prime Rent Prime yield The total logistics stock within these areas is Souce: Colliers International GREATER OSLO AREA 2019 / / LOGISTICS

TABLE OF CONTENT AREA MAP FORECAST

Forecast By Industrial and Logistics team Norway

We have had positive forecasts for the logistics The transaction market has reached new heights in to fit into existing buildings. Nonetheless, it can pay segment for several years in a row. The forecast recent years. This year, the volume of transactions off, as staff and labor costs are high in Norway. It well correlated with the actual result, when we has come out somewhat lower than expected, despite is also possible to cut down on power to light and look at the developments that has taken place. We many sales. Moreover, two large industrial parks heating, as machines do not need this to the same still believe that the logistics segment will continue have been sold which has increased the volume, degree. the positive trend going forward, on the following but there have generally been small transactions grounds. for the year. We believe that a somewhat lower Last mile logistics and delivery services as the level than expected is justified by too few items for finishing part of the puzzle has been an increasing Demand for new logistics buildings will continue sale. Although foreign investors have been absent, focus in recent years. Furthermore, we are to be high. This is both due to increased need for they have not disappeared from the Norwegian experiencing demand from numerous companies in traditional logistics, but also based on a forecast that transaction market. We register a lot of interest from this field, both from established carriers, as well as e-commerce will continue to increase. E-commerce foreign investors, however there have simply not new establishments that have this as a core business. requires shipping and reloading, and e-commerce been the right buildings for sale this year. This creates a need for transhipment and storage operators that have warehouses in Norway require close to the city centre. At the same time, the focus 2-3 times as much logistics area as traditional pallet Prime yield is now at 4.7% and has been declining on electrification is prominent and the range of the warehouses to handle storage, picking, packing and since 2009. Furthermore, we believe that the prime delivery vehicles is a decisive factor that generates returns. The newbuilding activity in the areas we yield may decline even further until the bottom is demand for new types of areas and solutions. cover was relatively low in the period 2012-2017, reached. This is reinforced by the changing interest and although it has increased to almost double in rate picture we are seeing. If it were to be a prime Logistics is and will be an important part of the 2018 and so far in 2019, there is still higher demand property for sale with a 15-20 year contract with development for trade and services, both in terms of than supply. This will affect rental rates in the future an A-tenant in the best area, we would be able to climate and sustainability, but also efficiency through as well. see far below 4.7%. Nevertheless, compared to the automation solutions. criteria we include in the report for prime yield, we Although Groruddalen had relatively stable top rents think the yield bottom is likely to be around 4.5- Hence, we believe that the future looks good for the for many years, the areas with proximity to Oslo 4.6%. In the areas around Oslo that encompass a logistics industry and we in Colliers logistics team have experienced an increase and are now close somewhat higher yield, there might still be room for are looking forward to take part of this journey going to Groruddalen. We believe this extended effect will some yield compression. forward and contribute to new and good solutions continue to spread, so that areas further from Oslo for the companies within the industry. in the future will have a rental increase. However, We see more automation, but it has yet to take over

PAGE 66 38 // except for the areas where relatively much land is the market. The installation cost is relatively high, available for development. and new buildings are best suited rather than trying Although foreign investors have been absent, they have not disappeared from the Norwegian transaction market. We register a lot of interest from foreign investors, however there have simply not been the right buildings for sale this year.

”Tobias Voraa & Carl Fredrik Marti Industrial & Logistics team Oslo, Norway PAGE 66 39 //

GREATER OSLO AREA 2019 / / LOGISTICS PORTS

Ports in Norway Definitions

The bulk segments RoRo is short for “Roll-on Roll-off”. Describes how (wet and dry) are cargo is loaded and discharged from a vessel. It unpackaged goods, which constitutes cargo that rolls on or off the vessel, as are transported in large opposed to being lifted using cranes. volumes. RoRo -Self propelled Self-propelled cargo, such Wet bulk is typically crude oil, as cars, that roll on and off the vessel on their own gas, petroleum products and wheels. chemicals, but can also be food (cooking oil and juice). RoRo - Not self propelled is cargo that is placed on handling equipment with wheels on the terminal to Break bulk or General cargo are roll the cargo on and off the vessel. goods that must be loaded individually, and not in intermodal containers nor in TEUs Twenty-foot equivalent unit, which is used to bulk. measure a ship’s cargo carrying ability.

Dry bulk is typically coal, grain, timber, Gross Tonnage is all volume, included cargo, stores, ore, metals, fertilizers and other types of fuel, passengers and crew. granules. MT Million tonnes. Containers - LoLo (lift on - lift off) are containers that are loaded and unloaded with quay or ship-mounted cranes.

Containers - RoRo (roll on - roll off) are containers mounted on a rolling chassis (I.e semitrailer) for driving on and off the ship deck. PAGE 40 66 // Norwegian ports

The ports are the links between maritime and Sea transport on the other hand, can be far more vessels are an important driving force for the land transport which makes port activities crucial sustainable, than land transportation, in terms development. for production, services and consumption. In many of lower emission and use of energy. To give an cases, ports form the basis of the infrastructure example of this, one standard container ship can To fully meet the current increase in supply and creates synergies like residential and transport goods to equivalent of what 400 trailers and ship arrivals, several Norwegian ports has commercial development. Undoubtedly, it attracts can muster. Consequently, at a national level, it improved its infrastructure, capital management investments and economic activity. has long been a political goal to get more goods and port administration in terms of automation of onto the sea and rail. In order to restructure an the processes. Innovation through new technology With a lengthy coastline and decentralized economy based on petroleum extraction, the and robotization can provide higher yield/margins business and settlement structure, Norway has government has designated the sea as the major and opportunities for more efficient utilization many ports and highly diverse port structure. In focus area for the development of new industries of the port infrastructure and better logistics Norway, the port structure consists of 32 central in the years to come. Furthermore, investment solutions for the merchants. ports (defined by the government), where the in the sea also requires investment in onshore terminals are connected to the transport system infrastructure. either by rail or road. The rest of them are described as local ports, fishing ports and ports Cargo and container vessels have seen exponential for private boats. The Norwegian public ports are growth in terms of capacity. In 1980 a vessel 250 owned by the Municipalities, with some private could carry up to 4500 TEUs, in contrast to now, ownership. Meanwhile, the coastal administration where a ship can bear 18.000 TEUs. Inevitably, 200 runs the fishing ports, which are estimated to be this means that the ports must meet the increase

150 66PAGE // 41 around 650. in volume. Additionally, it’s important to note that not only the capacity has seen improvements.

Future prognosis put forward by the ministry of New engines powered by other types of fuel tons Million 100 transport and communications, states that the than fossil is developed in order to lower energy need for transportation will increase dramatically consumption and emissions. Digitalization and 50 towards 2050, and with the current structure, new technologies have led to automatization of close to 70% of the growth will be by transportation operations onboard the vessels. The opportunities 0

2013 2014 2015 2016 2017 2018 GREATER OSLO AREA 2019 / / on land. This poses a substantial higher risk of for efficiency and cost saving by being able to Domestic, included to/from Norway International Unspecified accidents, and depletion of the infrastructure. reduce or cut out manning on certain types of Souce: Statistics Norway LOGISTICS PORTS

Norwegian ports continues

Efforts in moving the transportation of goods Other cargo accounted for 7 percent of the total AMOUNT OF GOODS onto sea has proved to be successful so far. freight over Norwegian ports in 2018. Freight (TONS) IN NORWEGIAN PORTS 2018 Moreover, it was loaded and unloaded around transported in containers or on mobile freight units Overall cargo Share pr 215 million tons of goods to a variety of 3000 accounted for only 3 per cent and 1.5 per cent of Type (tons) cargo type quays in Norwegian ports in 2018. The amount the cargo loaded and unloaded in Norwegian ports, of goods increased by 2,2% from 2017 to 2018, respectively. Liquid bulk 85 599 722 39.73% not to mention a 7,5% increase during the last 5 years according to SSB. Additionally, two thirds Dry and liquid bulk is undoubtedly the dominant Dry bulk 104 723 706 48.61% were headed to or from foreign ports, while one type of cargo on sea. Container-goods make up Containers - LoLo 6 574 602 3.05% third was transported domestically to or from the a smaller percentage of the total amount of cargo Norwegian continental shelf. transported by sea. Even though the amount in tons Containers - RoRo 72 113 0.03% is lower, it regularly contains higher value goods During the last 5 years the volume of foreign goods and significance for the transport system. Other goods 18 467 479 8.57% in Norwegian ports has increased by nearly 15%, while the domestic goods volume has remained Total 215 437 622 100%

unchanged. Souce: Statistics Norway

AMOUNT OF GOODS (TONS) IN NORWEGIAN PORTS

TYPE OF CARGO 2013 2014 2015 2016 2017 2018

Liquid bulk 88 493 869 81 505 139 95 981 974 89 027 527 89 292 361 85 599 722 Dry bulk 88 637 876 90 436 077 86 047 332 88 164 641 97 996 572 104 723 706 Containers - LoLo 6 344 708 6 801 679 6 506 773 6 361 419 6 359 203 6 574 602 Containers - RoRo 59 044 102 558 64 849 73 953 79 569 72 113 RoRo self-propelled 2 008 757 2 211 668 2 364 449 2 088 535 2 368 859 2 366 149 RoRo not self-propelled 773 555 822 778 1 071 151 860 270 893 256 947 270 Break bulk 14 043 452 12 946 819 13 713 873 13 759 569 13 725 318 15 154 060

PAGE 42 // 66PAGE 42 // Total 200 361 261 194 826 718 205 750 401 200 335 914 210 715 138 215 437 622 imperative partof the future. something playthat will an and punctuality and is therefore cargo by sea provide predictability Choosing totransportgoods. of for future transport andsupply likeliness inall will bedetrimental role concerning importandexport and chemicals. These ports play an important industry eg.Petroleum, Ore, steelor to bulkcargo that corresponds to heavy by container traffic, whileothers are subject largely populatedareas andare dominated year. Someof these portsare locatednear goes to/fromon tonnageeach that port the These are amongst the largest ports in terms Porsgrunn, Drammen, Fredrikstad andMoss. surrounding ports(BOH),Narvik,Haugesund, In this report we have chosen Oslo,Bergen and amongst Norway’s mostimportantindustries. value from the year before. Hence,fishing export ranks This isa4%increase in volume anda5% increase in for approximately Norwegian 96Billion kroners in2018. seafood was transported from Norwegian fishingports, for more than half the volume. Notably, 2.7 Million tons of products, ore andmineral raw materials,whichaccounted bulk to foreign ports,mainly includedcrudeoil,petroleum while 40%was liquid bulk. Shipping of wet bulk anddry Norwegian portsduring2018was transported asdry bulk, Around 49%of the goods that wasLoaded/unloaded in

LOGISTICS / GREATER OSLO AREA 2019 / PAGE 43 // 66 PORTS

Port of Oslo

FACTS LOCATION • Norway’s largest port in terms of; Public goods, The Port of Oslo can be divided in two port passengers & container traffic. areas; Byhavna and Sydhavna. Byhavna is the historic city harbour centre and the area for • Acts as the main harbour for Akershus, Oppland, cruise and passenger traffic, which stretches Hedmark and northern Buskerud county. from Hjortnes to Grønlia. Sydhavna, which • Between 50 and 70 ships carrying goods and is Norway’s largest container terminal, that passengers arrive at the port daily. stretches from Kongshavn to Ormsund, consists of terminals that handles • 238.000V in 2018. everything from dry and liquid bulk • 6.105.720 tons in 2018 (SSB). to cargo and containers. The port is connected to both rail and road. By • Current capacity; 280.000 TEUs a year, and a road it has access to E18 and E6. storage area of 2.600 m2. By rail, the port is connected to the • Half of Norway lives under a three-hour drive largest railway terminal, Alnabru. from the Port of Oslo. Hjortnes Akershus- CARGO stranda • Short distance to rail (Alnabru terminal) and Vippetangen The Port of Oslo has an even Fillipstad main roads (E18 and E6) distribution of liquid bulk, dry Grønlia • Modern and efficient freight terminals operated bulk and other goods like Kongshavn by YILport. containers and break bulk. Most of the liquid bulk • 7 million travellers yearly Sjursøya consist of oil, gasoline, • Three daily ferry services to Denmark and and other petroleum Germany. products, which are imported trough the • Total quay length of 9922 meters. terminal at Sjursøya. • Manages area of approximately 1.3 million m². There are 4 main PAGE 44 66 // and seafrom there. as dry andliquidbulk, andasother cargo. Then,distributedby rail, road Production materialsare transported to andfrom the portincontainers, the Norwegian populationlives withina3-hour drive from the port. TEUs registered in2018.Naturally this relates to the fact that half The Port ofOslois the leadingcontainer portinNorway with238.000 terminals andsilosnorthofSjursøya andVippetangen. of dry bulk that arrives in the port.Theseare distributedfrom timber, newsprint,grain andanimalfeedare the dominant types that handledry bulkare located.Moreover, salt,cement, stone, side ofsjursøya and vippetangen. Thisiswhere the companies city. Thedry bulkcargo facilities are locatedon the northern for further development of the urban areas in andaround the is undoubtedly the demandfor more construction materials the capital port since 2013, according to SSB. This increase Dry bulkis the goods category with the highest increase in harbour. gasoline daily to Gardermoen –everything through the supply two 300-meter-long trains withaviation supplying Osloresidents withgasoline, they also of Oslo and the oil pier on Sjursøya. In addition to Norwegian oilconsumption goes through the Port K, Norwegian andUNO-X. shell About40%of distribution for petroleum products. Esso, Circle distributors whichuse the portfor storingand • Metalrecycling: CelsaArmeringsstål • Cars: Møller Bil Break Bulk • Ferry goods:DFDS Seaways/Color Line/ • Oil/Gas: Esso /Circle K/Norwegian / Shell Liquid bulk • Fertilizer: Yara /Felleskjøpet Agri • Grain &feedconcentrate: Strand Unicorn • Salt-GC:Rieber SaltAS • Cement:Cemex /Norcem • Concrete: Unicon Dry bulk KEY DISTRIBUTORS Liquid bulk Dry bulk Conteiners RoRo - RoRo - Break bulk Stena Line UNO-X Self operational Non selfoperational 22% 29% 33% 6% 5% 5%

LOGISTICS / GREATER OSLO AREA 2019 / PAGE 45 // 66 PORTS

BOH (Bergen and surrounding ports)

FACTS LOCATIONS • ‘Bergen og Omland Havn AS’ is a collaboration BOH-Bergen & surrounding ports is an inter- between Bergen Harbor and 11 surrounding municipal company, comprised by eleven Municipalities. municipalities. Correspondingly, the ports are scattered along the coastline and provide • 44,3 Million tonnage of goods, in 2018. (Norway’s a variety of functionalities and capacity. largest, according to SSB) Nonetheless the main port terminals are; • 92% of the goods are Liquid Bulk primarily from Mongstad, Bergen port, Sture, and CCB the Offshore industry. (Ågotnes). Strategically located in relation • Key terminals are Mongstad, Sture, CCB Ågotnes to the Gulf Stream flowing, the ports and Bergen port (Private oil and gas terminals). are ice-free through the winter, and protected from tidal fluctuations. The • More than 82,000 ship calls yearly. facilities are conveniently located for • 275 million gross tonnage in 2017. effective distribution of bulk cargo with nearness to the North Sea and • About two million passengers in total. Mongstad a straight course over the Atlantic • 1.2 million domestic passengers, Ocean. Mongstad and Sture sits 223.000 foreign passengers. on the borders of Lindås and Austreim, while Ågotnes in Fjell. Sture • 20 public quays with shipping traffic. • The quay area of Bergen covers an area of Bergen port is the city harbour, with both cruise CCB 190,000 m². (Ågotnes) Bergen and container traffic. • 35.000 TEUs yearly. Nevertheless, it has been • BOH accounted for 20% of the total tonnage in determined to move the Norwegian ports in 2018 (SSB). city cargo docks from Dokken to Ågotnes • Large on-shore power system recently built in ones the new Sotra Bergen port. connection is in place. Additionally,

PAGE 46 66 // to minimize the Lo-Lo vessels, butalsoother types of vessels. cargo vessels arrive in the year, distributedmainly onRo-Ro ships andnew containers atDokken/Nøstet, Jekteviken andFrieleskaien. A total of 14.000 Bergen city port today handles550.000 tonnes ofgoodsand35.000 facility by pipelines. cluster for raw oilandgass. The terminal isconnected to the Mongstad The Terminal atSture inØygarden municipality isalsoanimportant of itisexported. is enough to cover 4 times Norway’s yearly consumption and75% Europe, witharound annually. 1500 ship calls This total production Mongstad isamong the largest oilandpetroleum product portsin world’s largest technology centre for CO2 capture from fluegas. plant (Gass), acrudeoil terminal, acogeneration plantand the by Equinor. Itconstitutes anoilrefinery, anNGLprocess Mongstad. Thebasewasestablishedin1975andisoperated Most of the liquidbulkcomes from the offshore-plant at America, Europe andAsia. products are stored inbulksand transported to North from the offshore industry. Oil,gasandother petroleum makes up92%ofall tonnage. Theliquidbulkisgenerated BOH hasadistributionofgoodswhere liquidbulk CARGO and the railway terminal atNygårdstangen. located atÅgotnes. Theportsare near E39/E16 properties. CCB (Coastcentre BaseAS)isalso construction omcommercial andresidential traffic andemissions around thecity docs for

KEY DIS • • Liquid Bulk Liquid bulk Dry bulk Conteiners RoRo - RoRo - Break bulk CCB Oil/Gas: Statoil/Petoro /ConocoPhillips AS / Esso (Exxon mobile) Self operational Non selfoperational TRIBUTORS 92% 0% 0% 0% 5% 3%

LOGISTICS / GREATER OSLO AREA 2019 / PAGE 47 // 66 PORTS

Narvik port

FACTS LOCATION: • Narvik is Norway’s second largest Port in terms The port of Narvik is central to the development of tonnage. of Narvik and as a transport and logistics centre in the North of Norway. The railway • 20.343.772 mt (2018, SSB). tracks (Ofotbanen) connect the quays to • 99% is Iron ore products transported by Ofotbanen. southern Scandinavia, Asia, central Europe • Narviks location in relation to road, railway, sea and Russia. It’s also a pivotal point for road and air makes it a natural logistics intersection. transportation in the north of Norway, with E6 that goes from North to south • Ice-free all year round. and E10 from East to West. Narvik and • Proximity to main coastal fairway. Ofotbanen join the so-called CORE Network, which is regarded as the • Bulk, container and RoRo Terminals. main network for transport within • The port of Narvik is incorporated in EU’s the EU. The port has three existing TEN-T CORE NETWORK. terminals. The Narvik terminal, which handles containers, • Railway between Kiruna and Narvik transports 20 general cargo and iron ore/ mt of iron ore per year. Narvik minerals. The Central harbour • The port will be at the core of the “new silk road” operates for passenger, to Asia. cruise and cargo. LKAB’s terminal is solely an ore/ • Three terminals; LKABS dry bulk, DIT terminal at mineral terminal (Privately Fagernes and central harbour piers close to the owned). The port is also city. connected by air trough • Building container area of 45.000 m2. the main airport which is Harstad/Narvik. PAGE 48 66 // the regional market andfor bunkering ofships. port by rail or sea.Plansexist to supply LNG(Liquidandnatural gas) to goods, andfishare alsoamongst thatgoods thatisdistributedfrom the the sizeof the largest terminal inNorway today. Minerals, consumer approximately 45.000m2hasbeeninitiatedwhichismore than twice Norway, and the city ofNarvik. An expansion of the container area of tonnage in the port,andremains animportantexport income for depart per direction eachday. Thismakes up96%of the goods From the port is shipped to countries worldwide. Around 11 trains LKAB-MTAS transport the iron ore with trains by Ofotbanen. of the ore isfrom the Swedish minesinKirunaand Kaunisvaara. the capacity isexpected to increase substantially by 2020.Most Narvik portannually ships18-20 mtofiron ore (Dry bulk),but CARGO by sea&rail in the coming years. Narvik portisexpected to beapivotal pointin transport consumption andenvironmental impact.Consequently, Cape horn.Thisdramatically reduces transit time, fuel through the SuezCanaland60%shorter than via between North Europe and China is 40% less than shipped over the Atlantic to the US. Thedistance where it’s the laststopbefore the cargo can new corridor” between BeijingandScandinavia Narvik hasaspeciallocationin terms of”The • Iron: LKAB-MTAS Dry Bulk KEY DISTRIBUTORS Liquid bulk Dry bulk Conteiner RoRo - RoRo - Break bulk Self operational Non selfoperational 100% 0% 0% 0% 0% 0%

LOGISTICS / GREATER OSLO AREA 2019 / PAGE 49 // 66 PORTS

Grenland port (Porsgrunn)

FACTS LOCATION • Constitutes the Municipalities Bamble, Porsgrunn Grenland port is strategically located between and Skien. Eastern & Southern Norway. It’s close to several districts domestically and to the • Norway’s third largest port in terms of tonnage: European market. The Grenland area has 12,4 mt (SSB, 2018). 120.0000 inhabitants and more than 3.000 • Terminals for Dry & liquid bulk, RoRo, LoLo and people employed in the industry sector. passenger traffic. Many of these people work in Herøya • Frequent bulk transport; fertilizers, gas, iron, industrial park where several companies plastics and cement. are related to the port’s activities. The park is 1.5 km2, with 600.000 m2 • The Grenland area has approx. 120,000 buildings, 80 tenants and 2.500 inhabitants, which makes up 70% of the population employees. in Telemark county.

Porsgrunn The port has 4 main terminals. Skien • Large industrial area in Norway with more than 3,300 employees in the industrial sector. The Breivik terminal has facilities for LoLo, RoRo and dry bulk Brevik • Houses Europe’s largest NPK fertilizer plant. handling, and is close to the • Connected to 16 ports globally. European highway with direct Langesund mainline rail access. The • Investment of NOK 22 billion in Grenland second one is the langesund industrial area. ferry terminal with daily • Connected to Herøya industrial park: 1.5 square departures to Hirtshals, kilometres. Stavanger and Bergen. Thirdly, the Porsgrunn harbour which has 3 PAGE 66 50 // rest ofEurope. between the localbusinesses and the industry due to access by sea to the The central locationofGrenland Harbor playsakey role in the interaction Grenland’s innovation, production, development andeconomic activity. strengthens the region. TheHerøya industrialparkisfundamental to This helps create an innovative and competitive local business that of several products like; Fertilizers, gas,iron, plasticsandcement. The industrialcluster in the Grenland area comprises the production processing ofraw materials,are dependenton the portsservices. Heavy industry companies associated with the production and UK, Sweden, Denmark and transhipment connections worldwide. and commercial sector in the area withscheduled routes to the calls- yearly.calls- Thisisprimarily becauseof the large industry bulk goods. The port has 12 mt of cargo and 2800 ships The distributionofgoodsinGrenland portis dominated by CARGO Airport (Geiteryggen). range: Theseare Sandefjord Airport(Torp) andSkien area isalsonear two airportswithina40-minute stretches from Drammen to Stavanger. The Grenland Sørlandsbanen, whichis549kilometers long,and The portsare alsowellconnected by rail trough handles bulkcargo, RoRo andLoLocontainers. public quays.Lastly the Skien terminal which • Metal:Eramet • Fertilizer: Yara Dry Bulk KEY DISTRIBUTORS Liquid bulk Dry bulk Conteiners RoRo - RoRo - Break bulk Self operational Non selfoperational 61% 31% 0% 0% 2% 6%

LOGISTICS / GREATER OSLO AREA 2019 / PAGE 51 // 66 PORTS

Karmsund port (Haugesund)

FACTS LOCATION • Constitutes 6 Municipalities in Rogaland county. There are three main ports that constitutes the port of Karmsund. These are Husøy, Killingøy • Three main ports at; Killingøy, Garpeskjær and and Grapeskjær. Husøy port is used as a Husøy. regional traffic and fishing port. Conditions • Strategically located between Bergen and are well facilitated for the development Stavanger. of new commercial areas in the corridor • Investment of 300 million kroners to expand between the traffic and fishing ports at Husøy terminal. Husøy and Haugesund Airport. It’s also well connected to the road system by • 10,6 mt goods in 2018 (SSB). E134. The infrastructure on land to/ • 50.000 ship calls yearly. from the port has seen upgrades, but only partially. Some areas are • Handles dry & liquid bulk, containers and break therefore considered bottlenecks. Killingøy bulk. These areas are expected to be

Garpeskjær • Roughly 75% was liquid bulk (Mostly from the upgraded to support the industry offshore industry). in the future.

• The fishing port at Husøy exports 700.000 tons Garpeskjær is used for cruise of seafood & fishing related products yearly. calls and as a waiting/ • Highest amount of container traffic in western unloading doc. Norway. Killingøy is the location of • The ports and related activities employ around the Equinor Subsea & 3.000 people. • Central ports for cruise traffic in western Norway. PAGE 66 52 // upgrades of the roads that leads to the FishingportaHusøy. has targeted afive doublinginsea food production, hence theplanned 700.000 tonnes offish exported yearly. TheNorwegian government Additionally, Husøy isconsidered anational fishingport,witharound which implies that ithandlesbreakbulk, RoRo, LoLoetc. and upgrades of the portareas hasmade the port multifunctional the logistics centre In Western Norway. The recent investments ready which increases the capacity to make sure that the port is In January 2019, the new container terminal at Husøy was equipment related to the offshore industry. leading front in the research of and technical installations Norge, reach subseaetc. Thesecompanies represent a & gasdistributioncompanies like; Equinor, Aibel,Technip The subsea&offshore baseatkyllingsøy houseslarge oil and other products related to the oilandgasindustry. Karmsund portprimarily distributesliquidbulk(74%) CARGO Pipeline Repair System(PRS). Sea emergency response through itsso-called on the northside.Here equinor operates the North Offshorebase with direct entrance to Haugesund • Seafood: Brødrene Karlsen Break Bulk • Oil/Gas: Aibel/DeepOceanEquinor Liquid Bulk • Metal:Marinaluminium Dry Bulk KEY DISTRIBUTORS Liquid bulk Dry bulk Conteiners RoRo - RoRo - Break bulk Self operational Non selfoperational 74% 16% 0% 2% 7% 1%

LOGISTICS / GREATER OSLO AREA 2019 / PAGE 53 // 66 PORTS

Drammen port

FACTS LOCATION • Constitutes 5 Municipalities. Drammen port is located at the northern end of the Drammen fjord at the outlet of the • Centrally located in Eastern Norway Drammens river on the city’s southeast side. • Customer base of two million people within a It is divided into three port sections, Holmen, radius of 100 kilometers. Brakerøya and Lierstranda. It constituted by • A logistics and transport hub for cars, boats and 5 Municipalities which are; Drammen, Lier, railways. Røyken, Hurum and Svelvik. To reach the port, ships sail through Skagerrak via the • Norway’s largest port for import of cars. Oslo-fjord and Drammens fjord. • Handles Containers, subsea equipment, project cargo, steel, general cargo and wet/dry bulk The port has seen many improvements in terms of capacity and availability • 3.006.695-ton goods in 2018 (SSB) for loading and unloading cargo. • 111.000 cars imported in 2018. Holmen is the main terminal for Drammen importing cars and dry bulk. • Around 23% were electric cars. Here they have large storage • 65.000 TEUs in 2015 (SSB). areas to receive and store cars that is transported by rail • New rail port constructed in 2016. which is directly connected • Railway tracks connected to the quay. to the quay. • Total area of 456.112 m2. In 2008 the Norwegian • Weekly container service to Immingham, Coastal Department Rotterdam, Helsinki, Tallinn, Klaipeda, Stettin. completed deepening • Direct connection to E18, E134 and Rv. 23. PAGE 54 66 // arrivals onaweekly basis to portsworldwide. over the portofDrammen today. Theporthas2weekly container ship offshore breakbulk, installations, steel, liquidanddry bulkare shipped infrastructure from companies in the region. Inaddition, containers, grain, cement,bitumenandindustrialproducts for construction and The dry bulkwith60%of the total tonnage islargely madeupof port and the areas around inBuskerud county aswell. very importantin the development andupgrading ofDrammen than liquid and dry bulk cargo. Furthermore, the cars have been transported by RoRo vessels has a muchhigher value per ton to rail. It’s important to note that cars whichare usually to the quay atHolmenwhere cars are unloadedfrom sea imported since1964.Railway tracks are directly connected largest in terms ofimportcars, close carsto 3million The portofDrammen haslongbeenrecognized as the CARGO (Gardemoen andTorp inbothdirections). connected by road (E18,E134andRv23),rail andair to andfrom the Drammen region. The portiswell effective andenvironmentally friendly sea transport million onupgrades.million Thishasfacilitated acost- into the city ofDrammen, andinvested NOK150 work in the Svelvik narrows, the fairway leading • Motor:Motorships AS • Containers: Maersk • Cars: Axess Logistics Norge /Autolink Break Bulk KEY DISTRIBUTORS Liquid bulk Dry bulk Conteiners RoRo - RoRo - Break bulk Self operational Non selfoperational 60% 19% 0% 8% 6% 7%

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Borg port (Fredrikstad)

FACTS LOCATION • Constitutes 5 Municipalities. Borg port constitutes the three Municipalities Frederikstad, Sarpsborg and Hvaler. The port • Centrally located in Eastern Norway administration manages areas from the fishing • Constitutes 3 Municipalities (Frederikstad, Hvaler ports and private boat quays in ‘Utgårdskilen’ and Sarpsborg) in the south, to the Alvim terminal in • Two terminals; Øra in Frederikstad and Alvim in Sarpsborg to the north. ‘Borg port’ is Sarpsborg. mainly associated with the industrial and commercial areas at Alvim and Øra, but • 3.618.068 tons in 2018 (SSB). the smaller ports and trafficated areas • Handles Dry & liquid bulk, break bulk and mobile at Hvaler is also important for their transport units. operations.

• Øra terminal with quay length of 1.125 m. The terminal at Øra is the end • Øra has a storage and terminal area of 510.000 point for national highway 22 m2. which splits from the E6 at Årum, making the terminal well • Alvim terminal; Storage area 40.000 m2. Alwim connected to the road system. Øra • Connected by rail road and air. The Alvim terminal, located on the west side of Glomma, is • Even distribution of bulk (48% dry bulk) directly linked to the E6. The • Professional warehousing and logistics industry ports are connected by the port. railway terminal at Valle. The terminals are also • Receives everything from industrial to chemical conveniently located in PAGE 66 56 // companies that utilizes the portsservices. quay. Theporthandlesdry &liquidbulkandhousesseveral industrial The port terminal atAlvim is40.000m cargo, andonegantry container crane. storage, 3mobileportcranes for handlingcontainers, bulkand the port facility isequipped with approx. 56 000m2 cold / hot for new tenants utilize that will the portsservices.Additionally, m2, most of which is in use or is currently under construction an underlying terminal andstorage area ofapprox. 510.000 kilometer longquayswith depthsup to 11meters, aswell bulk. Moreover, the portfacility consists ofanapprox. 1,15 pallet goods,steelproducts,pallet scrap iron, dry bulkandliquid loading andunloadingof vessels withcontainers and handling several different typesofgoods.Here, they do to the multipurpose terminal at Øra, that specializes in distribution ofbulkandcontainers. Muchof this isowed In 2018Borg porthad3.6 mtofgoods,andaneven CARGO Scandinavia. Gothenburg whichis the largest container portin terms ofcloseness to Sweden and the portof 2 , witha500-meter-long • Grain: Østfold Korn AS • Recycled metal:Norsk Gjennvining og metal Dry bulk • Biochemicals:Borregard Liquid Bulk KEY DISTRIBUTORS Liquid bulk Dry bulk Conteiners RoRo - RoRo - Break bulk Self operational Non selfoperational 44% 28% 12% 16% 0% 0%

LOGISTICS / GREATER OSLO AREA 2019 / PAGE 57 // 66 PORTS

Moss port

FACTS LOCATION • Constitutes the Municipality of Moss. The port of Moss is centrally located in the middle of the Oslo Fjord and has a total of 670 meters • Opened Norways first inland port in 2018. of quay. The location makes the port and • 47.997 TEU in 2018. region that encloses Moss a natural centre • 341.089 ton of good in 2018 (SSB). for transport, logistics and communication in Norways south-eastern part. Further- • Connected by road, air and rail. more, it is strategically located with • Quay length 670 meters. regards to the main highways E6 - Oslo/ Gothenburg, E18 - Oslo/Stockholm and • Distributes consumer goods to large areas E18 Drammen/Kristiansand. It is also around the Region. near Torp airport.

Concerning rail, Bane Nor is currently building 10 km of double track on the stretch from the

Moss Sand Bay in the north to Såstad in Rygge in the south, including two tunnels and a new railway station in Moss of approx. 800 meters.

The location is strategic for existing and new PAGE 66 58 // TEUs yearly. consumer goods.By 2024 the portexpects to handle around 90.000 port suited to handle larger quantitiesofeverything from bulkCargo to Subsequently a modern infrastructure and crane-park, make will the come from the newrailway connection beingestablishedin the area. port will beable port will to support the higher distributionofgoods that will DFDS) to move their transport route elsewhere. The new inland meantime, this has led to someof the maindistributors (Like and construction period that the portrecently endured. In the This is, on the other hand, repercussions of the rebuilding container traffic compared to previous years. tons ofgoods.Moreover, this isasubstantialdecrease in TEUs registered in 2018.Thisisequivalent to 341.574 containers made up 71%of the distribution, with 47.997 Moss portisfirst and foremost a container port.The CARGO up the inlandport. by the portis110.000m development areas. The total area that ismanaged actively use the Port ofMoss in their promotion of Residential andcommercial estatedevelopers business areas inVestby, Moss andVåler. 2 , where 20.000m 2 makes • Food: Asko Break Bulk • Insulation:Rockwool Containers • Fertilizer: Felleskjøpet Dry Bulk KEY DISTRIBUTORS Liquid bulk Dry bulk Conteiners RoRo - RoRo - Break bulk Self operational Non selfoperational 77% 12% 17% 0% 0% 1%

LOGISTICS / GREATER OSLO AREA 2019 / PAGE 59 // 66 PORTS

Interview Einar Marthinussen // Traffic Director - Port of Oslo

Not to mention, the freight volume in the container Why are more companies choosing the sea way terminal in Oslo has increased by approx. 25% over rather than by rode? the last two years. This increase is mainly related to ”shortsea” volumes from Europe, which is the - The increased volume of cargo transported largest contributor to a transition of transporting by sea is primarily caused by driver shortages, goods by sea contrary to road. higher road pricing and queue challenges in Europe. More freight by sea is also the result of Have you made any adjustments to increase the merchants taking hold of their own value chain to capacity in the Port of Oslo? reduce the environmental impact of transport and the increased risk of maritime transport operators - The Port of Oslo is constantly working to increase who establish a competitive offer to merchants and its capacity and facilitate continued growth. The those who buy transportation services. ports container terminal is Norway’s largest, and Do you think sea transportation will play a larger by 2015 almost 2 billion had been invested in new Which door to door logistics companies transport role in the future? quays, cranes and other infrastructure. This enables the most goods to and from the port? the growth displayed in transmitted volumes from - Sea transport will undoubtedly be the preferred road to sea. The Port of Oslo is in the next phase - Several container shipping companies offer door means of transportation in the future. The seaway to meet the development and is therefore investing to door logistics like Unifeeder, DFDS, Viasea, is a better alternative for the environment and 300 million to increase the capacity with a larger Samskip), while its predominantly independent strengthens its competitiveness with drivers- terminal, new cranes and a new administration forwarding agents who offer the door to door shortage, more ques and increased road costs in building. logistics with sea transport as part of their chain. Europe. Sea transportation is gaining ground both Before, shortsea-cargo (Cargo transported along a domestically and for goods from the Baltics and How can you contribute to more goods being coast without crossing an ocean) to/from Europe other areas in Europe. In recent years, the Port transported by sea? ”caught rides” with the shipping companies of Oslo has procured seven new connections to transporting the overseas goods on their boats to / other European ports such as Klaipeda, Gdynia, - Oslo Harbor KF expedites transport by sea not from Oslo. Now on the other hand, it’s the shortsea Gdansk, Lubeck, Rotterdam, Vlissingen, Moordijk only for containers and ferry goods, but also for dry shipping companies that account for the greatest and Immingham. Conjointly, Color Line has started bulk cargo such as building materials (sand, gravel, growth in transportation on sea. crushed concrete, asphalt, grain, etc.). Over the

PAGE 66 60 // a dedicated ro-ro service line for Kiel. past 10 years, dry bulk has increased substantially, and transferred most of the goods from road to sea. Swedish west coast. that passes Gothenburg by ferry over eg.Trelleborg andin transit along the entire and Gothenburg have a common in providing challenge a better offer for the cargo provided witha better alternative by transportation from Oslo.Additionally, Oslo departures three daysaweek, Norwegian industry andlogistics companies are Kiel than Oslo.Nonetheless, withColor Line’s new cleanro-ro linewithlater of ro-ro ships. They alsohave later andrecurring departures by ferry to in the UK,Gothenburg had the advantagewithhighcapacity andfrequency advantage and value creation. For some markets and industries, for instance and Swedish industry access to logistics that enhances their competitive Gothenburg. Both portsshare acommon interest inofferingNorwegian - There is little competition between the Port of Oslo and the Port of railway. Doyou have any plans to meet the increased competition? increase capacity and transport to Norway along the E6and via the Gothenburg Port hasmajor plansfor further development to 700 km2. in the north.The total area that constitutes the planisaround Frognerstranda in the west, and towards andFrogner Skillebekk borders Aker Brygge andTjuvholmenin the east, towards the development of the port areas at Filipstad. Filipstad biggest urbandevelopment project in the future be will Bjørvika, LohavnandGrønlia eastinOslo.However, the Eiendom’, there are several still remaining projects in development projects. Through our subsidiary ‘HAV - ThePort ofOsloisworking onseveral urban the harbor? planning more urban development projects around “Fjordbyen” was builtby OsloHavnIKF. Are you

LOGISTICS / GREATER OSLO AREA 2019 / PAGE 61 // 66 PORTS

Summary Ports

The eight ports that we have included in our rapport contribute to investors placing their investments on vary in size, functionality and type of cargo, yet land-based transportation rather than in maritime they all play an important role in the transportation transportation. Like we saw in the interview with network in Norway. Furthermore, the magnitude the transportation director in Port of Oslo, they and importance of ports will only increase in the have made several investments in the port facilities coming years. that has promoted larger amount of freight coming through the port. These are higher amounts of short In the National Transport plan (NTP) 2018- sea routes which means transportation from coast 2029, great emphasis is placed on seizing the to coast rather than across oceans. This implies opportunities that is provided by new technology routes that would in many cases be transported by in maritime transport, for instance regarding trucks on land instead. autonomous vessels and electrically-driven ports with land power plants to charge the vessels Correspondingly, many other Norwegian ports conjoined with electric cranes. This can help are increasing their capacity by building new create better accessibility for people and goods terminals and investing in better and more efficient throughout the country, reduce transport accidents equipment. The higher demand for goods that is and finally reducing greenhouse gas emissions that correspondingly increasing with the number of can contribute to a positive environmental impact. people in the country has led to Norwegian ports finding forward-looking and smart solutions that Although the goals are clear, concrete measures meet social development and reduce costs. must be taken. Moreover, if we want more goods at sea, it is essential to have more collocated industrial Conclusively, Norway has amongst the greatest and logistic areas around the port, which implies potential in the world regarding transportation of economic muscles power and more available goods by sea, due to having the second largest areas around the port. According to the National coastline in the world and a decentralized business port strategy from 2015, the ports of Norway are and settlement structure. It sure will be exciting fragmented and has a low level of regularity. This has to see how transportation by sea plays out in the resulted in costly infrastructure and operations that years to come, especially for Norway. PAGE 66 62 // LOGISTICS / GREATER OSLO AREA 2019 / PAGE 63 // 66 Carl Fredrik Marti Head of Industrial & Logistics Mob. +47 402 01 200 Epost: [email protected] The Norwegian Industrial and logistic team is a part of Colliers's global I&L team. Working closely with colleagues especially in the Nordic region, and Europe as well, is one of the strongest Tobias Weidemann Voraa Real Estate Advisor Industrial & Logistics competitive advantages that Colliers International has. Mob. +47 917 00 370 Epost: [email protected] Our dedicated senior real estate brokers have years of experience dealing with this type of property.

Petter Platou Head of Valuation & Research Mob. +47 913 18 115 Epost: [email protected]

Pernille Ender Analyst Valuation & Research Mob. +47 482 17 291 Epost: [email protected]

Feel free to download this report directly to your phone. Haakon Himle Skandsen Use your mobile camera to scan the code. Trainee Mob. +47 950 02 474 Epost: [email protected] PAGE 64 66 //

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