Office rents

Last updated 18/03/2021 - 12:55

Development of rental prices of office premises in the centre of Helsinki turned negative

According to the latest Market Review published by KTI Property Information Ltd, the rental price development in central Helsinki turned negative and KTI’s index describing new lease agreements declined by 1.3 per cent for leases that started between March and September. On an annual level, the index still indicates growth of approximately 1 per cent. Of the indicators related to new leases, the upper quartile that describes the most expensive leases dropped considerably, by approximately EUR 3 to EUR 33.50, whereas the median and average lease prices remained at around EUR 30.

KTI’s index of office rents describing the rents of office premises was 144 in the centre of Helsinki in September–February, while it was 142.8 the previous year. The pricing is muddled by the market clearly slowing down due to COVID-19: the lease market of the past months is marked by a considerably lower number of leases and leased square metres compared to previous review periods along with a decrease in the average size of leased spaces.