Commercial property sales and leasing in Iceland
Vilhelm Patrick Bernhöft
Licensed real estate agent and leasing broker who knows commercial property from the owner’s side — as Chief Operating Officer at Eik fasteignafélag hf., adviser to property funds and investors.
Services
Offices, retail, warehouse and industrial space. I have sat on both sides of the table — as landlord, investor and broker — and know what matters to each party.
Leasing
Marketing vacant space, finding reliable tenants, negotiating lease terms and drafting the lease agreement.
Sales
Sale of commercial property, vacant or tenanted — from valuation and presentation to buyers and investors through to the purchase agreement and transfer of title.
Valuations
Valuations of commercial property for sale or financing, based on rental income, market rent and comparable transactions.
Who I work with
Owners and property companies
Looking to lease or sell space at the right price and to reliable tenants.
Investors
Buying or selling commercial property in Iceland and wanting a clear view of rental income, risk and realistic pricing.
Companies looking for space
Needing an office, shop or warehouse. Tell me what you need and I will let you know about suitable options.
About
I have worked in commercial property since 2004. During ten years at Eik fasteignafélag hf. I handled marketing, leases and tenant relations, finally as Chief Operating Officer. Since then I have advised and invested on behalf of property funds and my own companies.
I have invested in commercial and residential property myself and owned a number of let properties. I know what an owner needs to know before signing — and what tenants and buyers will ask.
- 2019– Licensed real estate agent and leasing broker, RE/MAX Iceland
- 2014– Advisory and investment for property funds and property companies, including building up a commercial property fund
- 2012–2014 Chief Operating Officer, Eik fasteignafélag hf.
- 2004–2012 Specialist, Eik fasteignafélag hf. — market analysis, lease negotiation, owners’ associations and maintenance planning
- 2011–2013 MBA, Reykjavík University, focusing on management, finance and negotiation
Frequently asked questions
What does a broker do when leasing commercial property?
The broker assesses market rent, markets the space, finds and vets prospective tenants, negotiates the lease terms and finalises the lease agreement. The goal is the right rent and a reliable long-term tenant.
How is commercial property valued?
The value of commercial property is driven mainly by the rental income it can generate. A valuation looks at existing leases and market rent, lease length and tenant quality, location, the condition of the property and comparable transactions.
Does the Icelandic Rent Act apply to commercial property?
Yes, but for commercial premises the provisions of the Rent Act No. 36/1994 (húsaleigulög) can be deviated from and apply only where the parties have not agreed otherwise (Art. 2). A well-drafted lease therefore matters even more for commercial property than for residential.
Can a tenanted commercial property be sold?
Yes. Unless otherwise agreed, the tenant’s consent is not required and the buyer takes over the landlord’s rights and obligations (Art. 42 of the Rent Act). The seller must notify the tenant of the sale within 30 days of signing the purchase agreement (Art. 43). A property with a solid lease can be attractive to investors.
My company is looking for space. Can I get in touch?
Yes. Tell me what kind of space you need, the size and location, and I will let you know about properties that fit.
What does it cost?
Fees depend on the scope of the assignment and are agreed in advance. Get in touch and I will send you a proposal.
Contact
Do you have commercial property to sell or lease, or are you looking for space for your business? Send me a message and I will get back to you at the first opportunity.