Citycon says Finland’s real estate market is picking up

Growth in demand for shopping centre premises shows that the recession in over.

Finland’s real estate market is picking up, according to Citycon, the market leader in the Finnish shopping centre business with a total of 33 shopping centres and 49 other retail properties. Citycon’s CEO Petri Olkinuora says that the end of the recession is visible in the market for shopping centre properties. The market for business premises is still down, however. Rents have fallen for rented office space and the underutilization rate has increased. The market for business premises is more balanced, according to Olkinuora.

There are currently many interesting opportunities in the Finnish property market, especially in the Helsinki metropolitan area. The construction of the Ring Rail Line that will connect the Helsinki city centre to the airport by 2014 is creating new investment opportunities and the recently opened Vuosaari Harbour is also accelerating developments in the property business.

Source: Keskisuomalainen