Office rents in Limassol, on the southern coast of Cyprus, are expected to head higher amidst growing demand and a shortage of quality space, say asset managers Pepper Hellas in a report.
The Cypriot economy is showing solid growth with economic output tipped to expand by 3.3 percent this year, after growing by 3.8 percent in 2018, according to the European Commission. The country's office market contains of a large supply of grade C offices and a significantly lower amount of grade A and B accomodation, says Pepper.
"Limassol is expected to achieve higher rents given the increased level of demand that exists for Grade A stock, which is expected to be met gradually with the upcoming supply in high quality offices. Vacancy rates in Nicosia and Limassol for Grade B buildings remain higher than Grade A offices as a result of the increased demand for good quality accommodation," says the report.
According to the Royal Institution of Chartered Surveyors (RICS), the Cypriot office market witnessed an average fall in capital and rental values between 2009-2015 of 36 percent and 39 percent, respectively. Since 2015, there has been a steady growth in both capital and rental values, with local and international developers offering newly designed modern buildings.
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