Savills Denmark acted as sell-side advisor on the transaction, which was completed at a price in the double-digit million range. The property was sold by the company Kivi-Tex A/S. 

The property comprises 1,592 sqm office area and is situated on a large plot of 6,500 sqm which includes a building right for an additional 2,300 square metres. The property underwent significant renovation in 2014 and is in excellent condition. The new owner of the property plans to make a few upgrades to its current condition including several energy improvement and biodiversity initiatives. In the future, the property will be the offices of PKA’s real estate branch, PKA Ejendomme. 

Dyregårdsvej 1 borders on the business area Lautruphøj, which is one of the leading business areas in Greater Copenhagen with the shortest distance to the most jobs. The business area Lautrup alone boasts the highest concentration of high-tech companies in the country. The area with almost 20,000 jobs in IT and technology is known as the “Silicon Valley” of Greater Copenhagen. 

New analysis: Copenhageners primarily work from the office
Around the world, we are seeing an increasing number of investors reducing their exposure to the office segment due to uncertainty of whether teleworking gaining ground will lead to a rise in office vacancy and lower office rent levels. According to a new report on the future of work (Fremtidens Arbejdsliv), the office is still the primary workplace for employees in Denmark. In Copenhagen, 70 percent work primarily at the office, 24 percent combine teleworking and working at the office, while only 6 percent primarily work from home. 

Combined with the stable, high employment rate, we see a continued low supply of vacant office space. The most recent vacancy figures from Ejendomstorvet show that the Copenhagen office vacancy rate was 3.85 percent in September 2023. In comparison, the office vacancy rate was 5.16 percent in March 2023. 

Anders Bengtsson, Partner at Savills Denmark and advisor on this transaction, also believes that Denmark will not be affected by the same global trends of teleworking and that the Danish office market will maintain its considerable strength and stability in the future. 

Savills Denmark: Strong history in the Ballerup area
Anders Bengtsson further elaborates that Savills Denmark has a strong track record in the Ballerup area. 

Savills Denmark congratulates the parties on the transaction and is grateful to everybody involved for a successful process. Deas has acted as legal advisor to PKA in connection with the acquisition. The final assignment of the property will be on 1 January 2024.