The level of rents for office space in Finland remains very reasonable and rents outside Helsinki’s central business district centre have remained unchanged, according to the latest Nordic City Report published by Jones Lang LaSalle. The report states that rents for grade A premises increased by 2.2% in the Helsinki office market during the final quarter of 2010 and moderate growth is expected to continue in 2011.
During the latter half of 2010, vacancy rates turned slightly downwards and rents were pushed slightly upwards, particularly in Helsinki’s central business district. The report states that the optimistic economic outlook for 2011 and the relatively strong demand for grade A premises indicates a continuing rental growth potential in Helsinki’s central business district.
At the same time, development activity has been picking up and the amount of new space will increase noticeably in 2012. A growing number of office transactions were also completed, with a trend for lower yield levels, according to the report. Jones Lang Lasalle is a financial and professional services firm specializing in real estate, serving clients in 60 countries worldwide.
Source: Nordic City Report