Commercial Property Development

Commercial Property Development provides offices and properties in selected geographic markets in the Nordic region, Europe and USA. Here you will find key figures, market drivers and trends.

Skanska creates healthy, environmentally responsible and customer-focused offices and properties. Commercial Property Development initiates, develops, leases and divests properties built by Skanska's Construction business stream. These buildings contribute to tenants’ well-being and creativity.

Key figures (2019)

SEK M 2019 2018
Revenue  17,850 16,271
Operating income 3,287 3,069
Of which gain from divestments of properties* 4,275 4,005
Investments –12,946 -11,452
Divestments  13,713 15,275
Operating cash flow from business operations** –1,063 -3,984
Capital employed, SEK bn 34.5 26.7
Return on capital employed, % *** 10.5 12.8
Number of employees 427 414

* Additional gain included in eliminations was 240 (321)
** Before taxes, financial activities and dividends.
*** As of January 1, 2019, return will be based on yearly earnings and not on
successive value creation. A definition is provided in Note 43 in Skanska Annual
and Sustainability Report 2019.





Commercial Property Development, Revenue(SEK M)2019201820172016201505101520
Commercial Property Development, Revenue 2019 2018 2017 2016 2015
(SEK M) 17,850 16,271 11,440 10,226 9,034
Commercial Property Development, Operatingincome(SEK M)2019201820172016201501234
Commercial Property Development, Operating income 2019 2018 2017 2016 2015
(SEK M) 3,287 3,069 2,714 2,336 1,947

Market drivers and key trends

Economic growth

Economic growth increases companies' recruitment needs, which drives activity in the leasing market.


More people moving to cities increases demand for offices and logistics centers close to cities.

Cost-efficient location

Energy-efficient, green premises in attractive areas are in demand and are contributing to relocation.

Attractive investment

Long-term tenants in high-quality properties offer attractive returns for investors.


  • Boston Properties
  • Echo investment
  • Ghelamco
  • Hines
  • Lemminkäinen/YIT
  • NCC
  • Skandia Fastigheter
  • Trammell Crow
  • Vasakronan

Market outlook 2019

Vacancy rates for office space in most of the Nordic and Central European cities where Skanska has operations are stable. In Sweden vacancy rates are low and rents are high. Demand for office space is strong in Poland and in other parts of Central Europe as well. In USA, demand from tenants is good in Boston and Seattle, while somewhat weaker in Washington D.C., and Houston’s energy corridor. Modern properties with high quality tenants are in demand from property investors, resulting in attractive valuations for these properties. Investor appetite remains strong in the Nordics, especially Sweden, USA and Central Europe, but the number of shortlisted investors in transactions are fewer and more selective regarding investment objects. Yield levels in Sweden and in USA have likely bottomed out.

Commercial property services

Our Commercial property services create healthy, environmentally responsible and customer-focused offices and properties.

Discover our services in Commercial property