Abstract. The process of gentrification is a process where both the commercial and cultural forces play a big part. In this master thesis I will look at the development of culture and business in Old Oslo the last decade in order to reveal features of gentrification in these two areas. The superior goal will be to analyze how economic and cultural, and hence also social forces, construct and define the urban landscape. Old Oslo is what can be describes as a typical inner city area, located east in Oslo. The area is a former working class area; today it is the area with the highest amount of immigrants in Oslo. Old Oslo has up until now been a city part associated with social clients and run down residencies, but it seem as this picture is about to change as there are so many new establishments there these days. The main question asked in this thesis will be to what extent and in which ways can one recognize gentrification processes in Old Oslo? My findings indicate that among the proprietors of Old Oslo there is a lot of optimism concerning the future of the city part. This is grounded in a belief that Old Oslo is the new place for the innovators and the cool. The authenticity of the area is mentioned as an important factor in why the area is interesting and so is the fact that Old Oslo most likely will be heavily influenced by the construction of the New National Opera and the area around it, Bjørvika. In analyzing the development of culture and business there can be seen an interaction between the two: The cultural institutions are using business strategies and “selling” themselves whereas culture is more and more becoming the business and the base of the city. This is reflected not only in the use of commonly known cultural activities, it is also reflected in the design and architecture of Old Oslo. The new and refurbished architecture of Old Oslo are displaying many signs gentrification. The design of the new establishments can be divided into three: authentic, ethnic and new which all three can be related to gentrification. I discuss the impact gentrified architecture can have on a city: how architecture of this kind can send out signals and creating distinctions in a city. The last section of the thesis is devoted to the actors in the city. Here I identify three main influences in Old Oslo: the internal influence, which mainly is the small actors, the external influence, which can be identified as the big entrepreneurs and the state which is the creator behind Bjørvika and therefore will be a major actor in Old Oslo in the years to come. I further suggest that Old Oslo is not only experiencing one type of gentrification, but two. The first type of gentrification is the “normal” one going which I have analyzed through looking at the business and cultural development of Old Oslo, the other gentrification process taking place in Bjørvika, once a deserted harbor area, now about to change into a whole new city part with the New National Opera as its landmark. I compare Bjørvika and the development in Old Oslo to two other cities which have undergone the same development as Old Oslo is about to undergo: The prime example of a town gentrified through a cultural spectacle; Bilbao and Gothenburg where abandoned harbor areas have been converted into the opera of Gothenburg with surrounding residencies and shops. I find that the development and gentrification, and hence also the future of such cities are hard to predict.