The Year of Growth and Development 2024
Rental market
The year 2024 was positive both in terms of commercial leasing and valuation services. During the year, we brokered a total of 24,000 square metres of commercial space and completed 119 lease agreements. Of the different space types, the highest number of leases was concluded for office premises, which accounted for around 40% of all leased agreements. A nearly equal number of leases was made for retail premises, with the rest distributed evenly between production and logistics spaces. Most leases were concluded in Turku, where office spaces—particularly in the city centre—were in very high demand. In the Helsinki metropolitan area and Tampere, offices, especially those located in the city centre or in otherwise prime locations, were likewise the most sought-after and leased space type.
Transaction market thin in euro volume, yet high in number of deals
In terms of property transactions, the year 2024 was busier than expected. Although the transaction volume in euros remained relatively low due to the weak market, the number of deals was nevertheless high. During the year, we completed 29 transactions involving commercial units or properties, compared to 21 in 2023. Most transactions involved production facilities and suitable plots, but office, logistics, and retail premises were also well represented in the deals. The buyers and sellers were most often local private investors, and in some cases—particularly regarding production facilities—also owner-occupiers.
Valuations and advisory
Demand for property valuations—and especially AKA valuations—continued to grow. In 2024, we completed exactly 100 valuation statements, which is 25% more than in 2023. In addition, we have served as an advisor in several large-scale commercial property and real estate development projects. These advisory engagements have strengthened our position as an industry expert. We hope to be able to share more concrete details about these projects later on.
Expansion of Operations and Additional Resources
The year 2024 was, in many ways, a year of growth and development for us. Our subsidiary, TK Asset Management Oy, began its operations in January 2024. In late summer, Tuloskiinteistöt Tampere Oy also commenced operations, giving us a strong local presence in the growing Tampere economic region. Our business support unit, which assists our sales operations, was strengthened during the year with two new team members, and in total our staff grew by six skilled professionals in 2024. In addition to expanding our personnel resources, we have implemented several new processes and software tools that enhance customer management, sales work, and customer service. We believe these improvements will bring added value to our clients in the future.
The positive momentum of 2024 continued in January 2025
The start of the year has been exceptionally active. So far, we have completed 27 leases and 5 property or unit transactions. In terms of volume, leasing activity has been roughly three times higher, and even the number of transactions is one-third greater than during the same period in 2024.Vuoden alku on ollut poikkeuksellisen vilkas. Olemme tehneet kuluvan vuoden aikana jo 27 vuokrausta ja 5 kiinteistö- tai huoneistokauppaa. Volyymi on vuokrausten osalta ollut noin kolminkertainen ja kauppojenkin osalta kolmanneksen enemmän kuin vuoden 2023 vastaavana ajankohtana.
We believe that tenant demand will remain strong throughout the current year. In the transaction market, we do not expect a significant increase in total volume, but we can clearly see that the gap between buyers’ and sellers’ price expectations is narrowing. Combined with decreasing interest rates, this is expected to gradually increase market activity in this segment as well.