New office tower Horisontti under construction in Kalasatama district of Helsinki

Significant new office spaces are under construction in the Kalasatama district of Helsinki, even as many existing office buildings in the capital sit vacant. The new 26-story tower named Horisontti, developed by SRV, is set to welcome its first tenants in May of next year, with a third of its space already leased. Among its tenants will be SRV itself, alongside a restaurant located on the 24th floor. SRV’s CEO, Saku Sipola, is optimistic about filling the tower, citing strong demand and ongoing negotiations.

Currently, approximately 15.2% of office space in the Helsinki metropolitan area is vacant, which amounts to 651,000 square meters, covering key business zones. This translates to about the area of 91 football fields. The overall office space in the region is around 4.3 million square meters, a total equivalent to 600 football fields. Vacancy rates have seen steady growth; only 12.8% of office space was unoccupied in 2021.

The rising vacancy has persisted for nearly 15 years, largely attributed to the rise of remote work and companies optimizing their space usage. The new office structures like Horisontti are designed to accommodate the needs of various companies more efficiently than older buildings, which often offer less flexibility in layout.

Notably, Horisontti was built not to replace any existing structure, but to introduce new office spaces to an already saturated market. In light of increasing environmental concerns, the latest developments are being evaluated for their sustainability, with features designed for energy efficiency and responsible material use. As businesses increasingly prioritize quality office environments, demand is expected to gravitate towards areas with strong transport links and a robust service offering.