“For us, this is a strategic investment. One of our goals has been to divest some outdated properties outside the city and invest in modern, flexible serviced office in CBD. As both local and national level economic indicators are currently favorable, and support rental growth and office demand, we think this is the time to play offence in Oulu,” says Keith Silverang, CEO of Technopolis.

The second phase will add another 8,400 square meters to the campus, bringing the total rentable area to over 19,000 square meters. The project will also bring an additional parking garage and the total number of parking places to over 400. The initial yield of the project is estimated at 7.2 percent and the stabilized yield at 8.4 percent. The new building is on track to achieve a Gold-level Leed certificate.

“We are excited about being able to extend our offering in CBD Oulu and finish the campus. Our existing City Center building’s vacancy is well below the Oulu CBD market average, which gives us confidence in the success of this project. There is clearly demand for modern, flexible office space with a range of services for both companies and employees,” says Marko Lind, Director, Oulu operations of Technopolis Plc.