The Finnish Property Market 2012 - KTI

Leppävaara
Photo: SATO / Antonin Halas
Along the Ring Road I is the Leppävaara area comprising
a diversified, rapidly expanding office stock, shopping
centre Sello, a traditional shopping mall and some modern
residential supply. The area is characterised by business
park complexes with several buildings, including NCC’s
Alberga, NCC’s and Lemminkäinen’s joint project Polaris,
and Hartela’s Quartetto. During 2011, two new business
park properties were completed in Leppävaara, and another
four significant projects are currently underway.
Despite the abundant new supply, the amount of vacant
space has not increased in Leppävaara, as the area has been
able to attract new tenants. New projects have also attracted
investors, with OP Life Insurance, Veritas pension fund and
Union Investment as examples of investors who invested in
the new office buildings during 2011.
Espoo centre
54
The Finnish Property Market 2012
Matinkylä, the metro line stimulates a 25,000 sqm extension
to Iso Omena shopping centre, as well as 15,000 sqm of new
residential space. In Matinkylä, there are also some significant
business park projects under construction or being planned.
In late 2011, an unnamed German fund invested €50 million
in Business Park Safiiri. The first phase of Safiiri will be
completed in the first quarter of 2012.
Another important retail submarket in Espoo is
Suomenoja area, located west of Matinkylä and Olari.
Suomenoja is the concentration of retail park and big box
-type retail units.
The Helsinki University of Technology, currently
part of the new Aalto University, is situated in Otaniemi.
Aalto University is planning to expand its campus area in
Otaniemi.
“The new metro line
stimulates abundant
property development
in Espoo”
West of Tapiola, a new 325 hectar Suurpelto area is currently
being developed. The first phase comprises the development
of ca. 1,000 residential dwellings, which will be completed
by the end of 2012. In total, the Suurpelto area is planned to
comprise some 1.0 million sqm of building rights, which are
planned to be built within the next 10–15 years, including
residential, office, as well as premises for public services.
Espoo centre, an area accommodating the administrational
buildings of the city and various retail buildings, is situated
close to the Turku motorway and alongside the western
railway route.
Shopping centres Espoontori and Entresse are located
in the Espoo centre. A change in the city plan is currently
pending that would connect and extend the two shopping
centres, thus increasing their retail space to ca. 40,000
sqm. The centres would also be connected to the new bus
terminal. Additionally, new residential and hotel projects are
being planned in the area.
A new residential and business area is being planned
in Lommila, which is situated next to the Espoo centre in
the junction of the Turku motorway and Ring Road III. The
area currently accommodates several retail units trading
large unit-size goods. The future plans of the area include a
110,000 sqm shopping centre, as well as office and warehouse
properties.
6.1.3 Vantaa – new opportunities through
improved traffic connections
In Vantaa, the most important commercial property
market areas are concentrated around the airport and its
surroundings, as well as in the traditional Tikkurila centre.
The development of the new Ring Rail Line, due for
completion in 2014, will open up new property development
opportunities around the station areas.
Aviapolis
The Aviapolis area around the Helsinki-Vantaa Airport
has developed rapidly during the past few years. The main
players in the area include the City of Vantaa, Finavia, main
property developers as well as property companies Sponda,