Dynamics of the commercial property markets in Finland
Kivilahti, Arhi and Kauko Viitanen
The paper discusses the characteristics, which affect the determination of rents of commercial properties. Statistical analyses of the rental data produced models, which explained how the rents are determined in the major Finnish cities. The results of the models show different effects for separate variables. On the basis of the R2 indicators the best models are related to the retail and office markets in the Helsinki metropolitan region, whereas in the other cities the explanatory powers of the models were relatively low. The paper also discusses a new project, which covers the effects of the international investors on the commercial property markets in Finland. International investors have been very active in Finland during the past few years and that has changed the Finnish commercial property markets dramatically. The new project includes also the investigation of office and retail submarkets in the Helsinki metropolitan region and aims to identify potential new submarkets.
Event: XXIII International FIG Congress : Shaping the change
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