Nordic commercial real estate investment turnover grew to EUR 5 bn in the second half of 2009, up 60% on the first half of the year, according to figures from CB Richard Ellis. The rebound was witnessed across all Nordic markets and is confirmation that investor interest is spreading across the region, the adviser said in a press statement.

Nordic commercial real estate investment turnover grew to EUR 5 bn in the second half of 2009, up 60% on the first half of the year, according to figures from CB Richard Ellis. The rebound was witnessed across all Nordic markets and is confirmation that investor interest is spreading across the region, the adviser said in a press statement.

Following a recovery in sentiment in the second half of 2009, all Nordic markets saw an increase in investment activity on both a quarterly and a six-monthly basis. Local buyers dominated the market, accounting for 85% of the total, heavily led by domestic property companies, as well as institutional investors and funds.

Although cross-border activity was fairly limited in 2009, international investors were involved in several large deals in Finland, Norway and Sweden. German funds, looking to gain greater exposure in the region, made several acquisitions and were the most active cross-border buyers overall. Swedish property companies came a close second, choosing to explore intra-regional opportunities outside of their home market.

In terms of sector preferences, offices accounted for most of 2009 activity, particularly in the Danish and Norwegian markets. However, local investor preferences also boosted transactions in other markets. In Sweden, residential market activity saw a marked uplift in Q4, whilst Finland saw high level of retail transactions.

Robin Rich, Head of Research at CBRE Denmark said: 'Investor sentiment is clearly improving across the Nordic region, mirroring the better economic performance that has been seen in recent months, with all countries now out of recession. So far it is the prime end of the market that has been the centre of investor attention, and with increasing demand in this segment prime yields have stablised and are compressing slightly in some markets.'