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Finland MarketBeat

Ville Suominen • 2/5/2024

Finland Market Overview 

The Finnish economy decreased slightly in 2023 with sectors significantly affected by the increased interest rates throughout 2023 suffering the most. Investments, building sector and the housing market saw major decreases in 2023 and weak development of the global economy has affected the export sector negatively. This trend is expected to continue in 2024. Inflation reduced rapidly in Finland during H2/2023 and this trend is set to continue in the early stages of 2024 before reaching and stabilizing around the ECB target level of 2% in the second half of 2024. 


Increased uncertainty in the office occupier market was evident in the latter half of 2023. Demand for prime offices and premises with strong amenities that bring additional value to employees remains strong, but demand for secondary assets remained sluggish and further downward pressure on the secondary rental levels is expected going forward. Vacancy in the HMA was 14.6% in Q4 2023 - an increase of by 0.2 percentage points compared to the previous quarter. In 2023, close to 50,000 sqm of new office space was delivered in the HMA, with around 140,000 sqm under construction due to be completed in 2024-2026. 


Shopping centres continued minor growth in Q3 2023 with total sales being 4.8% higher compared to Q3 2022. The footfall of shopping centres also grew by 5.5% in Q2 compared to previous year. During Q3 the retail occupier sentiment worsened, and more cautiousness was evident. This continued in the last quarter of the year. Up until Q3 the demand in the big box sector was still solid, but in Q4 a decrease in the demand was noted, especially among fashion retailers. Lower consumer spending is expected to put pressure on high street retail and F&B, resulting in increases in retail vacancies and downward pressure on prime high street rents. 


Solid demand for industrial premises continued throughout 2023. Due to the strong demand, occupancies are high and an increase in rental levels has been noted in light industrial, warehouse, and logistics premises in the most sought-after submarkets. In 2023, around 110,000 sqm of new logistics premises has been completed in the Helsinki Region, of which around 20,000 sqm was in the Helsinki Metropolitan Area. In addition, there are currently some 230,000 sqm of logistics premises under construction in the Helsinki Region. Occupier demand is expected to stay strong in primary logistics submarkets going forward as the e-commerce trend continues going forward. 

Current Finland MarketBeats

Europa office building, Brussels
Office data

Office Marketbeat is a summary of the Finland office property sector providing comment on recent trends as well as market data and analysis.


Nice, France
Retail data

Retail Marketbeat is a summary of the Finland retail property sector providing comment on recent trends as well as market data and analysis.


loading bay, Vienna, Austria
Industrial data

Industrial Marketbeat is a summary of the Finland industrial property sector providing comment on recent trends as well as market data and analysis.


Investment data

Investment Marketbeat is a summary of the Finland investment sector providing comment on recent trends as well as market data and analysis.


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Multifamily Digest

Welcome to the latest edition of “Multifamily Digest”; a periodic overview of the multifamily industry from Cushman & Wakefield and Greystone. We aim to provide you with invaluable multifamily market research and insights for your next investment.


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