Business spaces’ heady days
The increase in new leases for business premises, offices and shops, for both individual businesses and retail chains in Greece’s two largest urban centers and other cities, has been steep this year.
According to a survey by real estate services company Proprius (representative in the Greek market of Cushman & Wakefield) on the course of the office market during the first quarter, there was a surge in new real estate lease agreements, as these concerned spaces with a total area of 40,000 square meters. This exceeds the average of the previous five years by 50%, a sign of the great momentum in the market.
The percentage of vacant offices in Attica has now dropped to just 6.24%, from 7.45% a few months ago. As far as rents are concerned, for now they have stabilized, at around 25-28 euros/sq.m. for green office buildings on the northern axis of Kifissias Avenue, certainly not excluding even higher rents, although these are the exception and not the rule.
Accordingly, in the commercial store sector, based on Proprius data, in the most popular commercial markets a 40% increase in new leases was observed in January-March compared to the previous quarter.
