Investor Confidence Strengthens Across the Nordic Region as Pricing Stabilises and Debt Conditions Improve

Stockholm, 24 March 2026 — CBRE today published the 2026 edition of its Nordic Investor Intentions Survey, revealing a clear uptick in confidence among Nordic real estate investors. Based on responses from 185 investors across the region, the survey shows renewed optimism driven by improved debt liquidity, more attractive financing costs, and stabilising pricing levels. 

Despite ongoing challenges, most notably the continued mismatch between buyer and seller expectations, investors anticipate more active market participation in 2026. 93% expect their purchasing activity to increase or remain stable this year, while 84% foresee selling activity rising or holding steady. This combined momentum is set to support market liquidity and further narrow the bid-ask spread, which has slowed transaction volumes in recent years. 
 

Core Capital Returns as Confidence Strengthens 

 
One of the most notable findings in the 2026 survey is the resurgence of interest in core investment strategies. After three years of lower appetite for core assets, one in five Nordic investors now favour this strategy—signalling increased confidence in pricing and a maturing recovery phase. 

“The stabilisation of pricing levels and improved debt conditions are restoring investor confidence across the Nordics. The re-emergence of core capital is a clear sign that investors believe the market has reached a more balanced stage and are ready to deploy capital across lowrisk segments again,” says Jussi Niemistö, Head of Research, Nordics. 
 
Value-add and core-plus strategies also remain highly favoured, with many investors continuing to seek higher-risk opportunities supported by attractive pricing and selective distress. 
 

Living and Logistics Remain in the Lead — Retail and Data Centres Gain Ground 

Living and logistics again emerged as the top two preferred sectors among Nordic investors. The living sector also leads expected allocation increases, with 75% of respondents planning to expand their exposure in 2026. 

Retail showed the strongest relative rebound, rising from 6% in 2025 to 10% in this year’s preferences, reflecting stabilised performance, stronger consumer fundamentals, and selective opportunities in retail parks and groceryanchored centres. 

Data centres made their first-ever appearance among the most preferred sectors this year, mirroring rapid AIdriven growth and heightened demand for digital infrastructure across the region. 

“We see investors broadening their sector focus in 2026. Logistics and living continue to dominate, but the rise of data centres is particularly striking and speaks to how AI is reshaping investment themes in the Nordics. Retail’s resurgence also demonstrates that investors are identifying opportunities where pricing has adjusted meaningfully,” says Jørgen Arnesen, Managing Director, CBRE Norway. 
 

Sustainability Continues to Shape Investment Decisions 

 
Sustainability remains a decisive factor for Nordic investors, with many viewing retrofitting as the most effective path for generating long-term value and enhancing the resilience of existing portfolios. Some investors also incorporate sustainability-aligned criteria directly into bidding processes for new acquisitions. 

“Nordic investors continue to lead globally when it comes to integrating sustainability into investment strategies. Retrofitting remains the preferred route for upgrading portfolios, and the region is showing strong conviction that sustainability and value creation go hand in hand,” adds Jussi Niemistö, Head of Research, Nordics. 
 

Allocation Growth Expected Across Investor Types 

Fund and asset managers are the most bullish about increasing real estate allocations, with 63% expecting to grow or significantly increase their exposure in 2026. Among LPs, 60% anticipate higher allocations—reflecting a broader belief that the Nordic markets offer attractive pricing, favourable financing conditions, and resilient long-term fundamentals. 

About the 2026 CBRE Nordic Investor Intentions Survey 

The survey captures the sentiment and expectations of 185 investors active in the Nordic real estate markets. The 2026 edition explores investment intentions, preferred strategies, sector allocations, and key drivers of decisionmaking for the coming year. 

You find the report here: https://www.cbre.fi/nordicsrealestate#insights