At the spring annual general meeting, a new member, Essi Sten, was elected to the Board of Directors of Turun Teknologiakiinteistöt. Sten has over 20 years of experience in real estate executive positions, and previously she has worked as, among other roles, Head of Real Estate at Taaleri and as Country Manager at Hemfosa and PATRIZIA.
Helsinki-based Essi Sten is the first independent member elected to the Board of Directors of Turun Teknologiakiinteistöt. By training, Sten is a lawyer specializing in international taxation, but her interest in investment activities led her into the real estate sector even before graduation. Over the years, she has worked as, for example, CEO, Country Manager, and Business Director in both domestic and international companies.
– When I entered the real estate industry, the Finnish real estate market was very different from what it is today. The public premises segment did not exist in its current form, and few investors were interested in residential properties, as the focus was mainly on offices and retail premises. Now the industry has become internationalized and professionalized, and international transactions and taxation have become central to operations, Sten says.
Currently, Sten works as a professional board member, and in addition, she is a founding partner in a real estate consulting firm called COARES Partners.
– From the beginning of my career, I have been in board roles and also in various roles close to the board. The board always acts in the company's best interest according to the goals set collectively by all shareholders. An external board member often views things more objectively, which is valuable for the company.
Turku and Teknologiakiinteistöt were already familiar to Sten. In her previous roles, she has operated in the market, and family ties have also brought Sten to Turku.
"An external board member often views 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 rolling again, Turku will rise, Sten assesses.
Space is always needed – but not just any space
Sten has seen several economic cycles in the real estate sector. Finland is a late-cyclical market that follows Sweden with a delay, but despite the customs confusion in the United States, there is already hope in the air.
– An upturn always comes. There is constant demand for high-quality and energy-efficient premises even if the market fluctuates. Now that the key interest rate has started to decline, the situation may turn favorable for the real estate sector. More capital is needed in Finland, and it follows economic growth.
When talking about the future of offices, Sten emphasizes that remote work is here to stay – but it also has its downsides.
– I am a proponent of live work. Creativity easily diminishes in remote work, and not everyone knows how to manage themselves without clear rhythms. People imagine they are more efficient remotely, but often this is not the case. There is also a need in working life for meeting colleagues and even for the transition provided by commutes.
However, commercial 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-plan offices do not support concentration, so we need diverse, flexible spaces that adapt to different needs. People want efficiency and productivity from work – that is not achieved just by increasing Teams meetings, project tracking, and reports, but by focusing on the essentials and meeting people.