Malls set to keep flourishing

The rental rates of store spaces at shopping centers in Greece are expected to grow throughout 2019 as the rising supply finds itself struggling to play catch-up with the constant increase in demand, according to a survey by Pepper Research.

The property service company found that the new conditions in the economy combined with the usual shortage in mall space supply – with most shopping centers reporting occupancy rates of 95 percent – create a particularly favorable environment for the development of more such properties.

Besides the monthly lease charge, tenants of mall stores also pay a share of their turnover, between 6 and 14 percent, as an additional rent to the mall owners.