Helsinki Research Forum recently updated its estimates on the vacancy rates of the central office areas in the Helsinki metropolitan area, as well as the current state of the office stock. As of the end of March, there were approximately 528,000 square meters of empty office space, with an average vacancy rate of 12.6 percent.
The research group examined the use of office space in a total of 12 different neighborhoods in Helsinki, Espoo, and Vantaa.
Out of the 4.2 million square meters of office space in these areas, 528,000 square meters were vacant. The smallest vacancy rates during the first quarter of this year were in Pasila and Keilaniemi. The average vacancy rate in Pasila was 4.5 percent, while in Keilaniemi it was 8 percent. The highest vacancy rate was found in Pitäjänmäki, where every fourth office square meter was unoccupied.
"More than half a million empty and unused square meters is a big number in the Helsinki metropolitan area," says Miika Kotaniemi, the Director of Property Owners and Builders Rakli. "If we include the areas that were not covered by Helsinki Research Forum's analysis, we have a total of one million square meters of empty space waiting to be used, either as offices or converted into other uses, such as housing."
Helsinki Research Forum is a research forum made up of six reputable real estate companies: CBRE, JLL, Cushman & Wakefield, Colliers, Reagle, and KTI Kiinteistötieto. The group aims to improve the quality of market information about the Helsinki office market. The data produced by Helsinki Research Forum is published on Rakli's website at the sub-market level. The group's previous research results on vacancy rates and inventory were updated in April. The information is updated in a property-specific database that can be requested by email to miika.kotaniemi(at)rakli.fi.
Helsinki Research Forum is a research forum made up of property industry experts, with the aim of improving the quality and transparency of information about the Helsinki office market. The current members include CBRE, JLL, Cushman & Wakefield, Colliers, Reagle, and KTI Kiinteistötieto. Rakli serves as a partner to the Research Forum and provides the technical framework for its operations.
HT
