Office conversions in Finland could create over 10 thousand new apartments in Helsinki alone

Kalasatam area, Helsinki. LEHTIKUVA

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A recent assessment reveals that Finland’s Helsinki metropolitan area has approximately 528,000 square meters of vacant office space, with estimates suggesting this could reach one million square meters when considering additional areas. If converted into residential units, this space could yield around 10,560 apartments, assuming an average size of 50 square meters per apartment.

This trend mirrors findings from a study conducted by the ifo Institute and Colliers in Germany,

which indicated that the conversion of office spaces in major cities could create about 60,000 new apartments for approximately 102,000 people. The study noted that around 30% of vacant office space is technically feasible for conversion into residential space.

As remote work continues to reshape workplace dynamics, demand for traditional office spaces is declining. Companies are downsizing their office footprints and relocating to modern sites. This shift has led to an increase in office vacancies in both Finland and Germany.

In response to the housing shortage, Finnish developers are exploring opportunities to convert vacant office buildings into residential units. Projects like Peab’s ongoing transformation of an outdated office building into 58 apartments in Helsinki exemplify these efforts.

The potential for converting vacant offices into homes highlights a significant opportunity for urban development in Finland as cities adapt to changing living and working conditions.

HT

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Source: www.helsinkitimes.fi