2026年北欧投资者意向调查报告

REPORT Foreword In the 2026 edition of CBRE’s Nordic Investor Intentions Survey,respondents expressedcontinued optimism regarding Nordic realestate market. Key factors underpinning this sentiment include theimproved debt liquidity and cost and the stabilisation of pricing levels.The latest edition of the annual survey provides insights into thecurrent sentiment and intentions of Nordic investors with anextensive coverage of185investors. Jussi NiemistöHead of ResearchNordics While the mismatch in buyer and seller expectations is most often cited asthe mainchallenge to the current investment market, most Nordic investors expect to increaseboth purchasing and selling activity this year. Respondents also indicated that pricinglevels are more stable than last year, signalling that price convergence is alreadyunderway. Our 2026 survey highlights several interesting changes in the investor sentiment. Amongthe most significant is the rise in the preference for core capital for the first time in threeyears. Living and logistics continue to dominate sector preferences, while offices did notsee a recovery yet. Retail has seen an increase in popularity, and data centres made theirfirst appearance in this year’s survey. Nordic respondents also continue to seesustainability-aligned retrofitting as means of value creation, and sustainability remains akey factor for the Nordic players in 2026. Sentiment has improved and investment activity has increased with investors seeingopportunities across a range of asset types and locations in the Nordics, supported bystrong debt liquidity and more attractive pricing. We expect the ongoing positive trend tocontinue in 2026. Jorgen ArnesenManaging DirectorNorway Nordic Investor Intentions Survey 2026Highlights New strategy, allocation, and pricing trends have emerged Investment activity toincrease in 2026 93% of investors willmaintain or increase buying activity% of respondents expecting buying/selling activity to change relative to 2025 Core capital is making a comeback in Nordic investors’strategypreferences% of respondents believing a given strategy will be the most attractive in 2026 Principal ways in which sustainability initiatives impact investment activity Contents Investor SentimentCapital Markets OutlookReal Estate StrategiesSustainability and InvestmentInvestor Implications0102030405 Key Findings01 03 04Investor sentiment around investing in the Nordics in 2026 isstrong with 93% of Nordic respondents anticipating that theirpurchasing activity will either increase or hold steady in thecoming year. Likewise, 84% expect selling activity to rise orremain unchanged, signalling robust liquidity ahead. Thisincreased willingness tobuyand sell should help narrow thebid-ask spread, which has been a persistent constraint duringthe recovery phase.Lower debt costs, attractive price entrypoints and reduced supply pipelines were the key tailwinds in2026 for Nordic respondents. Allocations to real estate are projected to increase acrossdifferent investor profiles. Fund / Asset Managers areshowing highest conviction for increases in allocationexpectations at 63% highlighting large or small increase inallocation. Among LPs,60%anticipate that they will increasetheir allocation to real estate in 2026. The living sector leadsin expected allocation increases with 75% of Nordicrespondents planning to increase their allocation in thesector. Nordic investors continued to demonstrate a clearpreference for living and logistics sectors, while retail madethe largest relative increase in sector preference from 6% in2025 to 10% this year. Data centres made the first-timeappearance among the most preferred sectors in 2026,highlighting the boom in the AI led growth for the sector. 05 Nordic investors continue tofavourvalue-add and core-plusstrategies that are higher on the risk spectrum. Thepreference for core is making a comeback in 2026 and onefifth of Nordic investors show preference for this strategy,markedly higher from last year, supporting the renewedconfidence in the pricing environment and further restoringfaith into the investment recovery. Sustainability remains important to Nordic investors as acatalyst for driving value in real estate portfolios.Retrofitting is the preferred path to improving portfolios,but some investors reflect sustainability criteria in theirbidding for new assets. CBRE’s Nordic Investor Intentions Survey2026 was conducted between 4November2025, and 3 December 2025. Total Nordic Responses: 185 Respondent Profile(N=185) 01 InvestorSentiment 2026 purchasing activity How are Nordic investors expectingtheir 2026investment activity tochange relative to 2025? -2026 is showing a continuation of the positive trend thatstarted last year. Purchasing expectations remained strongwith 58% of Nordic respondents expecting to increaseactivity this year. A mere 7% of Nordic investors expect toreduce acquisitions or make no acquisitions. 2026 selling activity