A new member, Essi Sten, was elected to the Board of Directors of Turun Teknologiakiinteistöt at the spring Annual General Meeting. Sten has over 20 years of experience in real estate management positions, and has previously worked as, among other roles, Head of Real Estate at Taaleri and Country Manager at Hemfosa and PATRIZIA.
Helsinki-based Essi Sten is the first member independent of the company's owners to be elected to the Board of Directors of Turun Teknologiakiinteistöt. Sten is a lawyer by training, specializing in international taxation, but her interest in investment activities led her to the real estate sector even before graduation. Over the years, she has worked as, among other things, CEO, Country Manager, and Business Director in both domestic and international companies.
“When I entered the real estate sector, the Finnish property market was very different from what it is today. The social infrastructure segment did not exist in its current form, and few investors were interested in residential properties, as the focus was mainly on offices and commercial premises. Now, the industry has internationalized and become more professional, and international transactions and taxation have moved to the center of operations,” Sten says.
Currently, Sten works as a professional board member, and is also a founding partner in a real estate consultancy company called COARES Partners.
“From the very beginning of my career, I have been in board roles and various positions close to the board. The board always promotes the company's interests in accordance with the goals set collectively by all shareholders. An external board member often looks at things more objectively, which is valuable for the company.”
Turku and Turun Teknologiakiinteistöt were already familiar to Sten. In her previous roles, she has worked in the market, and family ties have also brought Sten to Turku.
“An external board member often looks at things more objectively, which is valuable for the company.”
“The Turku real estate market is one of the largest in Finland, and it looks particularly interesting right now. Turku is not yet as much of a field for international investors as Tampere, but when the market starts to move again, Turku will rise,” Sten evaluates.
There is always a need for premises – but not just any space
Sten has seen several economic cycles in the real estate sector. Finland is a post-cyclical market that follows Sweden with a delay, but despite the tariff turmoil in the United States, there is hope in the air.
“There is always an upturn. There is continuous demand for high-quality and energy-efficient premises even when the market fluctuates. Now that the key interest rate has started to fall, the situation may turn favorable for the real estate sector. More capital is needed in Finland, and it follows economic growth.”
When speaking about the future of offices, Sten emphasizes that remote work is here to stay – but it also has a flip side.
“I am an advocate of working on-site. Creativity often decreases in remote work, and not everyone knows how to lead themselves without clear rhythms. People imagine they are more efficient remotely, but that is often not the case. There is also a need in working life for meeting colleagues and even the transition provided by commutes.”
However, office premises must meet the requirements of hybrid work and how the way of working will change over the next 5–10 years.
“Part of office work will be replaced by artificial intelligence, which will emphasize the importance of human interaction. Open offices do not support concentration, so there is a need for diverse, flexible spaces that adapt to different needs. We want efficiency and productivity from work – that is not achieved just by increasing Teams meetings, project monitoring, and reports, but by focusing on the essentials and meeting people.”