Almost 190,000 m² of new retail space was under construction in the Helsinki Metropolitan area at the end of September, according to research and analysis specialists KTI.
The biggest projects include shopping centre Redi in Helsinki and the extensions of shopping centres Iso Omena and Ainoa in Espoo.
During the last five years retail development has mostly focused on major shopping centre redevelopment projects, and only few new retail projects have been completed in the area. Some large retail projects are under construction also in other major Finnish cities. For example, in Tampere, approx. 60,000 m2 of new retail space is under construction.
Despite recent uncertainty there are signs that the Finnish economy is on the right path in emerging from its structural rebuilding even though recovery could be slow over the next few years. The retail market had been affected by the sluggish economy as some retailers have found it difficult due to uncertainty in consumer spending. However, in terms of retail investment, some very strong figures were recorded in 2015, underlining the continued demand for retail assets in Finland and particularly in the Helsinki Metropolitan area.
Office construction volumes remain relatively low, due to low occupancy rates. Altogether, some 60,000 m2 of new office space and 25,000 m2 of major office redevelopment projects are under construction in the Helsinki Metropolitan area.
Source: KTI
