Fabege
Fabege is a Swedish property company focused on commercial real estate in selected submarkets of the Stockholm region. Its business combines property management, property development, project development and transactions around office-led city districts and mixed urban environments.
Fiscal year 2025 · change from previous year
Development 2021–2025
Business
Share of revenueOngoing leasing, tenant relations, technical operations and upkeep of investment properties.
Redevelopment and extension of properties to improve long-term use and tenant appeal.
Larger development projects that create new or substantially upgraded premises.
Property acquisitions and disposals used to shape the portfolio and capital base.
Customers
Fabege mainly serves companies, public authorities and organizations that lease offices and other commercial premises in Stockholm. The customer base is broad, but the business is especially tied to tenants that value central locations, transport access, flexible layouts and modern, environmentally certified space.
Companies leasing offices in Stockholm submarkets for accessibility, image and employee attraction.
Government and institutional tenants that need reliable, well-managed premises.
Businesses using mixed-use or support spaces tied to Fabege districts.
Customers that move into upgraded premises after redevelopment or extension projects.
Strategy
Fabege’s strategy is to create value through close property management, targeted redevelopment and disciplined transactions in Stockholm. The company emphasizes sustainable city districts, flexible offices and customer proximity as the basis for retaining tenants and supporting long-term district value.
Concentration supports local knowledge, tenant relationships and operational efficiency.
Tenant demand favors adaptable space, strong transport links and certified buildings.
Upgrading assets can attract long-term tenants and improve district quality.
Geography
Fabege’s operations are concentrated in the Stockholm region, with a focus on a limited number of well-located submarkets. The company’s value is tied to Stockholm’s office market, local transport links and district-level development, so geographic concentration is central to both its operating model and its exposure.
Risks
Fabege is exposed to leasing risk, vacancy risk and interest-rate sensitivity because its earnings depend on Stockholm office demand and property valuations. The company also faces project execution, contractor safety, climate-transition and financing risks, which are typical for urban property owners with active development portfolios.
- Vacancy and leasing risk in Stockholm officesImpact: HighLikelihood: Medium
Rental income depends on occupancy, renewals and tenant demand in the local office market.
Exposure: Commercial office portfolio in Stockholm
- Construction and contractor safety riskImpact: HighLikelihood: Medium
Redevelopment and project work create accident and work-environment exposure.
Exposure: Project sites and technical building environments
- Interest-rate and financing riskImpact: HighLikelihood: Low
The business uses significant debt and property values are sensitive to discount rates.
Exposure: Interest-bearing liabilities and valuation of investment properties
- Climate-transition and regulatory riskImpact: MediumLikelihood: Low
Stricter energy and emissions requirements can increase compliance and retrofit needs.
Exposure: Property portfolio and development pipeline
- Supplier conduct and anti-corruption riskImpact: MediumLikelihood: Low
The company relies on contractors and monitors procurement and code-of-conduct compliance.
Exposure: Construction and service suppliers
Accounting
Judgemental itemsProperty valuation changes can materially affect reported profit and equity.
Impact: Core driver of earnings volatility in a property company
Lease terms, renegotiations and occupancy changes affect timing and comparability.
Impact: Reported rental income and occupancy metrics
Interest-rate hedges are marked to market and can move profit or OCI.
Impact: Financial result and balance-sheet volatility
Debt issuance costs and amortization affect finance expense recognition over time.
Impact: Interest expense and carrying value of liabilities
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Last updated: 24/09/2026