Prime office rates rise in 2021

The nominal prices for prime office space around the country increased on average by 1.8% in 2021 compared to 2020, against an increase of 1.2% in 2020, according to provisional data by the Bank of Greece.

Broken down by region, in 2021 nominal prime office prices increased on average by 4.5% in Athens, 0.4% in Thessaloniki, while they decreased by 1.2% in the rest of Greece, the central bank said in a report.

In the second half of 2021, nominal prime office prices increased by 1.2% at the country level compared with the first half of 2021 (provisional data). In the second half of 2020, prime office prices had decreased marginally by 0.1% compared with the previous half-year, whereas in the first half of 2021 they increased by 1.2%.

Regional data showed that in the second half of 2021 nominal prime office prices increased by 2.3% in the greater Athens area compared with the first half of 2021, by 0.4% in Thessaloniki, while they decreased marginally by 0.1% in the rest of Greece.

In 2021, nominal office rents for the entire country increased οn average by 3.7% in nominal terms. Broken down by region, the corresponding average annual rate of increase in rents was 2.3% in Athens, 5.5% in Thessaloniki and 5% in the rest of Greece.

In the second half of 2021, office rents for the entire country increased by 0.4% compared with the first half of 2021. The respective rates of change were 1.4% in the second half of 2020 and 2.7% in the first half of 2021.

According to provisional data, in 2021, nominal prime retail prices increased on average by 2.1% at the country level compared to 2020, against an increase of 2.6% in 2020. Broken down by region, in 2021, the corresponding average annual rates of increase were 2.1% in Athens, 0.9% in Thessaloniki and 2.3% in the rest of Greece.

In the second half of 2021, nominal prime retail prices increased by 1.2% compared with the previous half-year at the country level.