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Finland MarketBeat

Ville Suominen • 7/19/2023

Finland Market Overview 

The Finnish economy expanded in the first quarter of 2023 and is expected to see accelerated growth through the second half of the year. GDP growth is forecast at around 1.7% for 2023, while improved conditions in the energy market have had a beneficial impact on inflation, which is expected to fall below the 2% target set by the European Central Bank for 2024. Household consumption and consumer confidence is expected to increase over the second half of this year. 
 

Office 

Demand continued to be stable for prime offices and premises with strong amenities that bring additional value to employees. Some companies are growing and expanding; however, the most common inquiries are from companies that are downsizing or looking for cost savings. Some occupiers are willing to pay higher rent/sq.m for premises that bring additional value for the tenants through taking less space. Long-term confidence is still present, but many are looking for shorter contracts and flexibility. Vacancy increased by 0.8 percentage points compared to the previous quarter – a negative net take up of nearly 40,000 sq.m. 
 

Retail 

In the retail sector, the activity remains good in the food and beverage sector, however more caution has been evident compared to 2022. Demand for Helsinki CBD high street space has increased, and slight improvement in the occupancy has been seen in this area . However, high street demand still remains low compared to pre-COVID, and the pressure for rent levels, especially in large units occupied by e.g., fashion retailers, has pushed prime rents further down in Q2 2023. 

Industrial 

Solid demand for industrial premises has continued through the first half of 2023. Due to strong demand, occupancies are high and an increase in rental levels has been noted in light industrial, warehouse, and logistics premises across all primary submarkets. Occupier demand is expected to stay strong in primary logistics submarkets going forward as the e-commerce trend continues. Due to strong demand and scarcity of opportunities, vacancy is starting to approach all-time low levels. 

Current Finland MarketBeats

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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.

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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.

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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.

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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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