From Vacancy to Value - Insights from NORNORM’s Circular Breakfast

Last Friday, we gathered at Norrsken House in Stockholm for another edition of NORNORM’s Circular Breakfast.

The theme was timely:

How do we design tomorrow’s offices to meet business needs while remaining sustainable and commercially viable?

The discussion was moderated by our Founder and Chairman, Jonas Kjellberg, and brought together leaders from across the property sector:

• Anna Kullendorff, Business Development Manager, Humlegården Fastigheter AB
• Åsa Blomkvist, Senior Commercial Property Manager, Pembroke
• Karl Engstam, Business Developer, Vasakronan
• Emil Steenhouwer, Deputy CEO, NORNORM

What followed was a clear message: the office is changing and so is the role of landlords.

The Office Is No Longer Just Four Walls

Square metres alone no longer define value.

Today’s occupiers expect workplaces that reflect identity, enable collaboration, and adapt quickly as teams evolve. Experience matters. Atmosphere matters. Flexibility matters even more.

Vacancy is no longer only about empty space. It’s about relevance.

For landlords, that means designing spaces that are ready to perform from day one without locking capital into static fit-outs.

Office-as-a-Service Is Becoming the Standard

Turnkey concepts and shared services are no longer niche. They are becoming the expectation.

Office-as-a-service models allow tenants to move in quickly, scale up or down, and avoid heavy upfront investment. Furniture plays a central role in this shift.

Circular office furniture delivered through subscription enables:

• Faster time-to-market
• Reduced CapEx
• Continuous optimisation as needs change
• Lower climate impact without operational friction

Flexibility is no longer a perk. It is a baseline requirement.

Sustainability Must Be Built Into the Business Model

One theme stood out clearly: sustainability cannot be positioned as a premium add-on.

Circularity must work commercially.

Property owners and operators are under pressure to meet climate targets while maintaining profitability. The panel agreed: solutions must reduce environmental impact while strengthening the business case.

A circular subscription model aligns environmental responsibility with financial logic. Furniture remains in use longer, is maintained and reallocated, and avoids unnecessary waste without increasing complexity for tenants.

As the panel put it:

“We can’t wait for tenants to demand sustainability. It’s our responsibility to lead by example and present better alternatives.”

Leadership now means presenting viable, ready-to-implement solutions, not waiting for regulation or tenant pressure.

From Landlord to Strategic Partner

Perhaps the most significant shift discussed was this: the role of the landlord is evolving.

Leasing space is no longer enough.

The future belongs to those who co-create long-term value with tenants.

That means:

• Supporting faster occupancy
• Enabling flexible lease structures
• Integrating circular systems into the property offering
• Acting as a proactive sustainability partner

When furniture becomes part of a managed, circular ecosystem rather than a one-off purchase, it strengthens the overall asset strategy.

Vacancy becomes opportunity.

Space becomes service.

And property becomes partnership.

What This Means for the Future of Real Estate

The discussion in Stockholm reinforced a broader industry shift:

• Offices must adapt continuously.
• Sustainability must be practical.
• Flexibility must be embedded, not retrofitted.

Circular office furniture is no longer just an interior choice. It is an operational strategy.

For landlords and occupiers alike, the question is no longer if change is coming but how quickly they can respond.

The future office is adaptable by design. And circular by default.