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The Helsinki Research Forum updated the vacancy rate of the central office areas in the Helsinki Metropolitan Area as well as the office space under review. There was 616,000 square meters of empty office space at the end of March 2024. The vacancy rate decreased by 0.1 percentage points compared to the end of the previous quarter. The most significant changes were seen in Otaniemi, Aviapolis and Pasila.
The Helsinki Research Forum has published its assessment of the vacancy rates of the central office areas in the Helsinki Metropolitan Area. There was approximately 616,000 square meters of empty office space at the end of March 2024, which is approximately 7,000 square meters less than at the end of the previous quarter. The average vacancy rate was 14.5%, representing a decrease of approximately 0.1 percentage points compared to the previous quarter. It appears that the growth trend of the vacancy rate has been reversed. At the end of the quarter, there was approximately 4.25 million square meters of total space.
The vacancy rate decreased significantly in Otaniemi (-2.04 percentage points) and Aviapolis (-1.32 percentage points), where the net take up was significantly positive. The most significant negative change occurred in Pasila, where several large spaces were vacated and the net take up was negative by more than 4,000 square meters
The most significant changes in the total amount of space occurred in the CBD and secondary business district areas, where two buildings were removed, one due to renovations and another due to a change in its intended use. The changes reduced the total space by just over 5,000 square metres.
The data produced by the Helsinki Research Forum is published at the submarket level on Rakl’s website. In connection with the April update, the results of previous studies conducted by the Helsinki Research Forum were updated for both vacancy and spatial data. The information has been updated in a site-specific database, which will be provided upon request. Inquiries by e-mail to miika.kotaniemi(at)rakli.fi.
The Helsinki Research Forum is a research forum for real estate concultancy companies, which aims to improve the quality and transparency of information published about Helsinki’s real estate market. Current participants include CBRE, JLL, Cushman & Wakefield, Colliers, Reagle and KTI Kiinteistötieto. Rakli is a partner of the Research Forum and provides the technical framework for operations.
