As in many other building types, space efficiency in mid-rise timber apartment buildings is one of the critical design parameters to make a project feasible. Space efficiency depends on varying selection criteria related to construction materials, construction methods, and proper planning. To date, no study provides a comprehensive understanding of space efficiency in mid-rise timber apartment buildings. This paper examined data from 55 Finnish mid-rise timber apartment buildings built between 2018 and 2022 under the Finnish Land Use and Building Act to increase the understanding of which factors and design parameters influence the space efficiency of mid-rise timber apartment buildings. The main findings of this study indicated that: (1) among the case studies, the space efficiency ranged from 77.8% to 87.9%, and the average was 83%; (2) the mean values of the ratios of structural wall area to gross floor area, vertical circulation area to gross floor area, and technical spaces (including shafts) to gross floor area were found to be 12.9%, 2.6%, and 1.5%, respectively; (3) construction methods or shear wall materials make no significant difference in terms of space efficiency, and there is no scientific correlation between the number of stories and space efficiency; (4) the best average space efficiency was achieved with central core type, followed by peripheral core arrangement. This research will contribute to design guidelines for clients, developers, architects, and other construction professionals of mid-rise timber apartment building projects.