A 2023 flashback with Flemming Joseph Jensen

By Flemming Joseph Jensen, CEO at Balder.

As another year nearly is completed, what could be more relevant than reflecting on the year that was? Our CEO, Flemming Joseph Jensen, sheds light on the most significant events at Balder in 2023 and peeks into the crystal ball for 2024.

The remaining days of the current year are few, and at Balder, we eagerly anticipate a new and exciting year ahead.

While 2022 was our busiest year to date with four completed constructions and 725 new leases, 2023 has also been a busy year. However, there has been a greater focus on customer care, sustainable initiatives, process optimization, and ensuring our employees remain motivated.

Property wise, we successfully completed three constructions: Green Hills, Triumph City, and Strandby Houses. Additionally, we handed over the first phase of Strandby Heights, welcoming over 450 new tenants.

We are also making progress on the construction of Torveporten in Valby in a 50/50 joint venture with Nrep. This project includes rental apartments, student housing, and an office building, with a topping-out ceremony held in the late summer. I am excited to see this project unfold further in 2024, as the first residents move in during early summer.
 

Enhanced service levels and improved customer communication
One of our major focuses in 2023 has been a series of customer engagement initiatives. It is important for us that our customers see us as more than just rent collectors and administrators. Fortunately, our dedicated approach to increasing customer satisfaction is paying off.

Combined with attractive locations and motivated staff, the increased customer focus has resulted in a vacancy rate of less than 1%. This is better than what is observed in the rest of the market and is a figure we are incredibly proud of.

Among the 2023 initiatives focused on customer care, I can mention:

• We hosted a total of 22 Balder gatherings for our tenants throughout the year. These events provided an opportunity for our tenants to meet each other and us on the properties over a meal and drinks.

• We dedicated a Balder gathering – an Expat Network – to our international tenants, who constitute a significant portion of our customers and often seek new communities among fellow expats.

• In late November, we invited all our residents to a Christmas event at Experimentarium. This recurring annual event places emphasis on community and customer care.

• We launched a resident app, soon to be rolled out across all our properties. The app significantly contributes to optimizing various processes, strengthening our service levels, and improving communication with our customers.

We take pride in offering the above-mentioned and more as part of the 'Balder package.' We look forward to continuing these initiatives and strengthening them even further in the new year.
 

Motivated employees are crucial
In 2023, we welcomed 23 new employees. For someone like me who appreciates numbers, having 23 new employees in '23 is a delightful coincidence.

Each of our employees contributes to creating and developing Balder, and we make a point of continuously allowing room for professional and personal development, as well as community-building events.

Throughout the year, we had several team events, participated in sports activities such as DHL, Royal Run, and paddle tournaments, and recognized Balder Hearts of the quarter.

We see both 2023 and 2024 as consolidation years, where instead of being a growing organization, we are an organization where our employees can grow.
 

2024 looks promising
When I gaze into the crystal ball for 2024, the picture appears more positive than it did for 2023.

Everything indicates that inflation is returning to a more normal level, and towards the end of 2023, we witnessed a decline in interest rates in the market. We expect further interest rate declines throughout 2024, which is positive for the entire real estate industry and provides the opportunity for Balder to explore new projects and investments in the long run.

With these words, I, and the rest of Balder Denmark, look forward to continuing to strengthen our position as a responsible and attractive real estate player with a focus on customer care, proximity, simplicity, innovation, and, most importantly, the Balder heart.

Finally, I would like to wish everyone, partners, suppliers, customers, employees, and other stakeholders, a Merry Christmas and a Happy New Year. I look forward to a promising 2024.