Trading activity expected to recover towards the end of the year
The beginning of the year has been interesting, and although transaction volumes have been lower than last year, we remain optimistic about the future. The potential decrease in interest rates gives us confidence in the market, and we anticipate investors will become more active in the real estate market.
It is unlikely that we will return to previous yield levels, and there may be challenges in the trading of prime properties. Property owners are reluctant to sell their top-tier assets in the current market, where yield requirements are higher than before, and thus record losses on their investments. This trend is most evident in the market for prime office properties.
Currently, interest is more focused on value-add properties, where better returns are expected due to real estate development activities. Logistics and light industrial properties continue to attract investor interest, as the rise in yield requirements in these sectors has been relatively lower compared to core properties. There is a limited supply of residential portfolios that are attractive to buyers, especially at yield levels that can withstand current interest rates.
In the retail market, there are signs of recovery, although transaction volumes remain relatively low. Social infrastructure properties located in growth centers continue to be of interest, but a clear cautiousness can be observed with properties located in smaller municipalities. This is likely influenced by factors such as the restructuring of social and health services, which are increasingly focusing on larger units.
The development of hotel and accommodation properties is highly dependent on consumer behavior as well as the growth of corporate and conference travel.
Overall, the real estate market remains in a waiting phase. While a buying rush is not yet evident, this may be precisely the time when the best acquisitions are made.
With spring greetings,
Matti Ahrelma
Executive Senior Advisor
+358 40 032 0999
matti.ahrelma@tuloskiinteistot.fi
Tuloskiinteistöt Selected as the Primary Brokerage Partner for the City of Turku
The City of Turku has chosen Tuloskiinteistöt Oy as the primary service provider for real estate and leasing brokerage, along with related consulting services, for the years 2024 and 2025. The agreement covers services related to both commercial properties and development properties.
The selection was made through a public procurement competitive bidding process, where both financial and numerous qualitative criteria influenced the decision.
“The city needs reliable and cooperative partners for many matters. One of the significant and large partnerships is the leasing and brokerage of commercial properties. Tuloskiinteistöt has been selected as our partner for this important task, and I believe the collaboration will be fruitful,” says Leevi Luoto, Director of Property Services for the City of Turku.
Tuloskiinteistöt thanks the City of Turku for their trust and looks forward to a successful partnership!
Elina Is an authorised property valuer who has been approved by Finland Chamber of Commerce’s Property Valuation Board, and a notary appointed by the National Land Survey of Finland. She carries out valuations of commercial premises, plots, residential properties and specialised properties.
What is an AKA valuation?
You should commission an AKA valuation when you need an impartial expert assessment, for example, in connection with demanding real estate transactions, collateral valuations, financial statements, leases, the distribution of inheritances and matrimonial assets, and disputes.
An AKA valuation requires the valuer to familiarise themselves with factors that affect the property’s value, such as the zoning plan, the property’s purpose of use, completed comparison transactions in the area, the costs of new construction, and the investors’ return requirements.
AKA valuers must have suitable qualifications and years of practical experience. They demonstrate their competence by passing the demanding AKA exam. AKA valuers undertake to comply with the Property Valuation Board’s rules, guidelines and regulations, Good Valuation Practice (Finnish guidelines) and international valuation standards.
The cost of a property valuation is influenced by factors such as the nature and complexity of the property and the scope of the valuation.
Certification of purchase
If you are buying, selling, donating or exchanging fixed assets (such as a plot), you will need the services of a notary. The notary will confirm the transfer of property. A certification of purchase costs EUR 120, plus any travel and documentation costs.
Get more information, order a valuation or certification of purchase
Elina Aalto-Waltimo
elina.aalto-waltimo@tuloskiinteistot.fi
tel. +358 400 209 548
We commissioned an image survey via the Oulu-based software company Zef Oy in order to find out what kind of impressions you have of Tuloskiinteistöt.
The number of responses exceeded our expectations – thank you! See below for some highlights and our thoughts on the survey results.
The survey was carried out both before and after the turn of the year, and we received a lot of valuable feedback.
We wanted to find out what our business looks like through the eyes of our clients and partners, and what kind of impressions you have of Tuloskiinteistöt and our business. Naturally, we also wanted to find out how we could
develop our operations and improve our customer experience.
We were particularly pleased with our high NPS score and the large number of free-form comments we received. Many of you felt that doing business with us is easy and pleasant. You felt that Tuloskiinteistöt is responsible, professional, reliable and high-quality. We also received praise for our good personalised service.
The free-form comments also highlighted some areas that require a little modernisation and a need to develop our communication channels. Tuloskiinteistöt was seen as “old-fashioned in a good way” and “a traditional senior operator”. Although these comments can be considered positive, they also indicate a slight need for renewal. Many people said they wanted our communications to include more client stories, market reviews and information about investment properties.
We have carried out a self-assessment of our operations and also feel a need to modernise, although without changing the basic concept that has allowed us to forge trusting partnerships and long-term client relationships that have in some cases lasted for decades.
The results of the client survey confirmed our thoughts on this.
The foundations are, as they say, in order, so now is a good time to do some surface renovations. We want to improve our services, operating methods and accessibility. We also want to introduce additional services enabled by new digital solutions, thereby generating more added value for you, our clients and our stakeholders.
We have a firm foundation to build on – thank you!
Solution-oriented with positive energy – Tuloskiinteistöt is commercial real estate agent of the year 2021
Sponda gave its 2021 Commercial Real Estate Agent of the Year award to Tuloskiinteistöt. The company’s expertise and attitude received particular praise from the jury during these exceptional times. “This team actively seek solutions and creates positive energy around itself,” says Rasmus Vuorinen, Sponda’s Head of Office Leasing.
The award was announced at Citycenter Helsinki on 17 March 2022, and was received by a five-person team from Tuloskiinteistöt: Jukka Knaapi (partner), Jussi-Pekka Kouki (partner), Matti Äijälä (CEO), Jorma Ryynänen (Head of Sales ) and Tommi Ryynänen (Junior Leasing Advisor.)
“This award constitutes very important recognition for a job well done. We’re happy and proud to have received it, and thanks are due to all our personnel”, says Knaapi. The award seeks to highlight top professionals in the field and the significant role they play in renting out business premises.
In addition to those collecting the award, the team from the award-winning office also includes Ritva Nuotio (Leasing Advisor), Juho Haapasalo (Leasing Advisor) and Julia Knaapi (Marketing Manager). The company operates in Helsinki and Turku, and focuses on renting out business premises.
Our proactive attitude stems from our corporate culture
Sponda’sRasmus Vuorinen, who presented the award, highlighted the company’s profound expertise and positive attitude, which were particularly important during these exceptional times.
“Tuloskiinteistöt’s professionals listen carefully to all parties and diligently work towards common goals. This has generated significant results. The team’s positive attitude and energy have also been exemplary and inspiring during these exceptional times”, says Vuorinen.
Knaapi says that the team’s proactive attitude stems from Tuloskiinteistöt’s corporate culture. In an agile company with nine employees, everyone works at the client interface in a self-directed manner. Many joint activities are also arranged at the office.
“One good example of this is that everyone wanted to work at the office during the pandemic, even though client contacts were mainly handled remotely,” the CEO says, laughing.
Everything revolves around listening to clients
There is a lengthy shared history to this productive and good-spirited cooperation. Tuloskiinteistöt was established in 1987 and has been Sponda’s partner for several decades.
“We know Sponda’s properties, needs and personnel very well. We appreciate their profound expertise and quick responses to the client’s requests or offers. The material we receive from Sponda is also of high quality, which gives our customers the impression of a professional client who takes good care of its properties”, says Knaapi.
“Although remote working has changed companies’ needs for office space, the work done by real estate agents remains unchanged.”
Although the pandemic and an increase in remote working have changed companies’ need for office space, Knaapi believes that the role played by real estate agents has not changed.
“A real estate agent must identify the needs of both the client and the landlord. The best experts will then work with the owner to fulfil the client’s needs and requests.”
Sponda’s Vuorinen also says that listening to clients should be the number-one priority.
“Tenants are increasingly quality conscious and seek offers from several properties. It’s important for the real estate agent to be able to convey both the client’s conscious and unconscious needs, so that we can respond to them as comprehensively as possible”.
Remote working increased the value of office space
Knaapi says that the location, attractiveness and responsibility of business premises have become increasingly important for companies in recent years. Premium premises in city centres and growth centres are in high demand. The recruitment value of premises has also increased.
Vuorinen says that it is vital for landlords to have a high-quality selection of premises and be able to respond quickly to clients’ changing needs.
It’s vital for landlords to have a high-quality section of premises and respond quickly to clients’ changing needs.
“The pandemic has been an effective catalyst in the transformation of office culture into hybrid work that utilises technology. This change has heavily underlined environmental responsibility, the quality of premises and wellbeing at work.”
Vuorinen says that many companies have noticed how the office has played a critical role in their success after the remote working boom.
“From the perspective of corporate culture and leadership, it’s important that encounters take place and ideas are generated. We aim to provide spaces that enable companies to grow and move forward.”
The award ceremony at Citycenter continued with some food, beverages and relaxed socialising. The team members received their flowers and congratulations, and no one seemed to be in a hurry to leave.
“Meeting people is the best part of my job, even if I don’t leave every event with a bouquet of flowers and a certificate of honour,” says Knaapi, laughing.
