EnergyWatch

Oil crisis has emptied offices in Norway's oil capital

Every fifth office in the city center of Stavanger is currently empty, writes Finansavisen. This is largely a result of the oil price collapse in late 2014, real estate agent tells the newspaper.

Photo: Norges Rederiforbund/Norwegian Shipowners' Association

A protracted crisis in the oil industry has emptied out a significant number of offices in Stavanger, an important hub for the Norwegian oil industry.

Every fifth office in the city center of Stavanger is currently empty, writes Norwegian media Finansavisen, with reference to figures from real estate agent Eiendomsmegler 1 SR-Eiendom. The numbers show that office vacancies are currently up to 20.4 percent, 2.2 percentage points more than one year ago.

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