Office property features and Helsinki Metropolitan area submarkets preferred by the real estate investor

No Thumbnail Available
Journal Title
Journal ISSN
Volume Title
Insinööritieteiden korkeakoulu | Master's thesis
Ask about the availability of the thesis by sending email to the Aalto University Learning Centre
Real Estate Investment and Finance
Degree programme
Master’s Programme in Real Estate Economics
The goal of the thesis was to find out which property features Finnish property investors deem important when evaluating a single office property as an investment. Also, the goal was to find out more about the attractiveness of the office submarkets within the Helsinki Metropolitan Area. Additionally, a futuristic view was included by asking the investors about the development of the aforementioned topics by year 2030. There is little prior research in evaluating a single office property as an investment object in this regard. Research on office properties has been mainly from the tenant or space user perspective. Prior research of HMA submarkets is also hard to come by, at least from the investor point-of-view. Simultaneously, the information available on the real estate investment market shows us that investors prefer certain types of properties and submarkets over others. The studying of this phenomenon provided the motivation for this research. The empirical part of this thesis was conducted as a survey study. The theoretical part included theory on the real estate market environment as well as including the presentation of the HMA property investment market. In the survey, the investors were asked about their views on the importance of the property features and attractiveness of different submarkets. The basis for the included features were the attributes used to evaluate office properties or premises as well as property rent and price determinants, also included in the literature review. The results obtained were similar to that of previous research and literature. Location and accessibility features were viewed as important. Previous research on submarket attractiveness is little, but based on market intelligence, it is not surprising that the central business district was found to be the most attractive submarket. Some, but little development over time was evidenced. The relation of development of the features and the submarkets over time was discussed in the conclusions and it was observed that some of the changes in submarket attractiveness over time may have resulted of features that were not included in the survey.
Falkenbach, Heidi
Thesis advisor
Toivonen, Saija
property features, submarkets, real estate investment, office
Other note