AmCham Financial Forum: National Budget Impacts for Business & (Re)negotiating Office Spaces

Member and partner leaders gathered at Dalan Advokatfirma’s downtown office for our quarterly Financial Forum. This session focused on commercial property agreements, the suggested 2023 Norwegian National Budget impacts for business and a transatlantic economy in flux.

As post-pandemic offices continue to evolve, many AmCham companies are (re)negotiating price, size, and shared costs – while increasingly focusing on ESG impacts.

Presenters

Benedicte Krogh Grimstad – Partner

Karoline Røvik Zeiner – Partner

Mahmoud Farahmand – (H), Member of Stortinget’s Finance & Economic Affairs Committee

Benedicte Krogh Grimstad and Karoline Røvik Zeiner, Partners at Dalan Advokatfirma, led the discussion through market trends within commercial real estate – noting their observations of a change in purpose for office spaces. Grimstad covered market trends as well as shared cost considerations for current energy pricing. According to Grimstad, companies are not downsizing as one would predict with prevailing work-from-home initiatives, but rather creating more flexible working environments with social zones and meeting points for collaboration. “The office is becoming a destination where people want to be.”

Karoline Røvik Zeiner when on to expertly detail the rapid emergence of standardized environmental addendums to commercial rental contracts. Obligating both landlords and renters to “contribute to environmentally friendly use and operation of the property,” such agreements include environmental standards, maintenance, improvement regimens and investment cost share provisions.

Slide Dalan

National Budget Impacts for International Business

On October 6th, Norway’s minority center-left coalition government presented its proposal for the 2023 National Budget. Mahmoud Farahmand (H), Member of Stortinget’s Finance & Economic Affairs Committee, joined to discuss the priorities and reductions set forth and how these will impact the international business community.

“Increased employment tax will hamper Norway’s ability to compete in international markets,” stated Farahmand. Some international companies are in fact already hesitating to hire locally, as roundtable employment venue selection examples illustrated.

Farahmand also emphasized that the proposed discontinuation of reduced electricity tax rates for Norway-based data centers will severely hamper the country’s ability to digitize and compete for strategic cloud infrastructure. Targeted crypto mining regulation, it was agreed, should be finalized in lieu of spoiling Norway’s longstanding industry efforts and progress.

AmCham and Hill+Knowlton have summarized the proposed budget with the international focus of AmCham members in mind, available HERE.

About the AmCham Financial Forum

AmCham’s collaborative Financial Forum enables cross-industry leaders to openly exchange and learn from their peers – building a better understanding of what it takes to maintain successful international operations in Norway.

Read more about our Financial Forum and please contact Madeleine.brekke@amcham.no for interest in future meetings

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