The Athens office market is continuing to grab the attention of investors and for good reason.
Low supply levels, along with high demand for ESG oriented work space, is supporting investment activity at a time where commercial assets are facing challenges elsewhere in Europe. Apart from helping lower energy consumption, the new offices are transforming the tired old facade of Athens office buildings into something new, innovative and forward looking - a key lift for any economy.
Impressive architectural designs and functionality in areas such as Piraeus (Piraeus port Plaza and reconstructed Piraeus Tower) are helping transform neighbourhoods and complete districts
But it all comes at a price for tenants though. Rents per square meter are reaching 25 euros per square meter in the central business district and in northern Athens, forcing many companies looking for new space to assess cheaper options offering fewer benefits.
How long will this positive momentum in good quality Athens offices last for? Consultants Danos give it 5 years.
“There is a backlog of new projects for Grade A certified office space, that will partially satisfy the ongoing demand, but there are optimistic plans for the sector's next five years, because the economy is growing overall and luring new players,” it said in a recent report.