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Finland MarketBeat

Ville Suominen • 7/20/2022

Retail Property in Finland

Economic growth in Finland was on a healthy level, mostly due to pent-up demand and the recovery of the service sector from the pandemic. However, going forward the high inflation, tightening monetary policy, and slowing export sector will put pressure on the economy. Retail occupier demand has remained strong for the big box type occupiers and F&B sector. The war in Ukraine has affected demand towards high street retail premises (brand stores, fashion), as uncertainty related to tourism in Finland increased. Nevertheless, activity in smaller high street premises in the Helsinki CBD has been evident in Q2.


Industrial Property in Finland

The industrial sector in general survived the pandemic relatively unscathed. In 2021, occupier demand for industrial premises gained momentum, leading to increase in prime rents in H2 2021. The demand towards light industrial, warehouse, and logistics premises has further increased during the first half of 2022. An increase in rental levels in multiple segments and submarkets is forecasted in the short and medium-term.


Office Space Helsinki

Demand for office premises has remained on a healthy level after the easing of COVID-19 related restrictions in Q1. Demand continues for class A premises, and for space which brings additional value to employees, such as those with strong amenities. Moreover, flexibility in the lease terms is sought after. For class B premises the demand is scarce. In H1 2022 we have seen increased activity in larger premises (+2,000sqm). Out of the key office locations in the Helsinki Metropolitan Area, the CBD, Pasila, and Keilaniemi has seen increased activity in Q2.


Commercial Real Estate Investment Market Finland

In Q2 2022 the total investments were approximately €2.2bn – rolling 12-month investment volume being €8.7bn. This was the fourth consecutive quarter when transaction volume exceeded EUR 2 billion. Rising interest rates, the war in Ukraine and increasing construction costs have put yields under pressure in the Finnish market. There is some evidence of increased yields in the residential market where yields were approaching sub-three-levels, and which hasn’t fully recovered from the slight leasing shock caused by the COVID-19 pandemic. Appetite for prime offices remained on a healthy level and no yield compression was evident. 


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