The Finnish Property Market 2012 - KTI

Technopolis and IVG. There are currently some 16,000
inhabitants in the area, and the City of Vantaa expects it
to increase significantly. The area currently accommodates
some 35,000 jobs.
One of the stations of the new Ring Rail Line will be
located in Aviapolis, thus linking the area with the city centre
and main railway connections.
“New Ring Rail Line
will improve traffic
connections in Vantaa”
Commercial property stock in the Aviapolis area includes
modern office premises, logistics properties, as well as
abundant retail supply. The 85,000 square metre Jumbo
shopping centre is the major retail center in the area. In the
immediate neighbourhood, there is the Flamingo leisure
centre comprising hotel, office and leisure premises. In the
vicinity of Aviapolis, Pakkala and Tammisto areas are also
important retail areas favoured by big-box retail units, such
as outlets for motor vehicles, furniture and gardening.
During 2011, the space supply increased by the
completion of five new business park properties, some
redeveloped / new big-box retail units, as well as STC’s new
logistics unit. At the airport, the Hilton Hotel property’s
extension was completed. In addition, two business park
projects and several logistics projects are underway in the
airport area or its vicinity. In total, there were ca 55,000 sqm
of new logistics space under construction in Vantaa at the
end of 2011, most of which will serve the airport area.
In 2011, the main transactions in the area included the
acquisitions of the Plaza Business Park’s Hehku by Union
Investment, a retail property by PRUPIM’s M&G fund, as
well as two new logistics properties by Pohjola’s fund.
Office rents in the best premises in the Aviapolis area are
just slightly lower than in the Ruoholahti and Keilaniemi areas.
Increased supply prevents the rental increases in the area.
Marja-Vantaa
Vantaa’s biggest planned development project is in the socalled
Marja-Vantaa area, close to Ring Road III, alongside
the new Ring Rail Road. Some 30,000 inhabitants and nearly
as many jobs are being planned to be accommodated in the
area. The biggest individual project in the area is a 110,000
sqm shopping centre, close to the new Kivistö railway station,
for which the city plan process is currently underway. The
first 60,000 sqm phase of the centre is planned for completion
in 2014.
Tikkurila
“Marja-Vantaa is a
major development area
in Vantaa”
In addition to the airport area, Tikkurila is the main office
and retail area in Vantaa and the location for most of the
city’s administration buildings. The City of Vantaa is
currently planning a major redevelopment of the Tikkurila
and the neighboring Jokiniemi areas. The plan includes a
new station centre as well as new residential and business
premises.
Total returns in Finnish cities
55
■ Income return ■ Capital Growth
Whole Finland 6,0 %
6,2
-0,2
-2,4
Helsinki Metropolitan area 6,2 %
5,7
0,5
Other major cities 5,8 %
6,8
-1,0
7,9
7,4
Rest of Finland 5,4 %
-1,9
5,4
-2 -1 0 1 2 3 4 5 6 7 8 %
Source: KTI Index
The Finnish Property Market 2012