The economy in the Nordic region weakened in 2022 as a result of the Russian invasion of Ukraine. Inflation, already high, rose in pace with the increase in energy prices and the rise in interest rates. The property industry has been impacted by the worsening economic situation, with rising costs of financing and a weaker bond market.

Rental market – offices

The trend in the rental market for offices in the Nordic region was positive in 2022 as a result of the recovery from the pandemic, with a positive trend in market rents and a high level of demand for offices in attractive locations where the vacancy rate has been low, and sustainable offices remain an important theme throughout the Nordic region.

Rental market – logistics

Performance in the market for logistics properties was robust, primarily an effect of the ongoing digitalisation that gained additional momentum during the pandemic. For 2022, the retail trade in stores and on the internet decreased in fixed prices relative to preceding years; however, the long-term development of e-commerce is felt to remain good. Despite record-high new production of logistics properties, logistics leases have performed positively and new production of logistics properties reached record levels in 2022.


The business cycle is expected to weaken in 2023, but the prospects are surrounded by a great deal of uncertainty. High inflation and rising interest rates could cause construction investments in Sweden to decrease drastically. The major drop is expected to be primarily in housing construction; Castellum, which has a focus on offices and logistics, will be affected to a lesser extent. However, falling demand in the economy and higher interest rates could draw recovery in the property industry out over time.

Property holdings, listed property companies

Source: The Q3 2022 reports of the respective companies.
Pertain to companies with a property value of SEK >5 M.