According to the recent Office Observatory data from Geoaxis, office rental prices have increased by an average of 65% over the past decade. The data monitors the values in six key areas (Kolonaki, Vouliagmenis Avenue, Kifisia Avenue, Mesogeion Avenue, Syggrou Avenue, and Syntagma).
Old offices make up more than 90% of the total stock, while the (few) newly constructed energy-efficient buildings are seeing rents more than double, reaching up to €35 per m²/month.
Analysts point out that the office market today is characterized by three distinct "speeds":
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High-quality, modern, green offices, regardless of location, are experiencing extremely high demand, with rents reaching up to €35 per m²/month and yields around 6.0%.
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Renovated older offices in Kolonaki and on key arterial roads, which show remarkable resilience, with rental values around €20-€25 per m²/month and yields of 7.0%.
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Older or non-renovated offices in secondary locations within central Athens, where rents do not exceed €10-€15 per m²/month, with yields around 7.5%.
These varying dynamics are expected to continue through 2025/2026, as the broader economy has yet to recover sufficiently to support the growth of small and medium-sized businesses and freelancers, which could help absorb the stock of lower-quality office spaces.
Office Rental & Purchase Prices
Office Rentals (2025)
Rental prices for offices vary depending on location and property quality:
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Central Athens (Premium areas like Syntagma, Kolonaki, Marousi, etc.):
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Rental prices remain high due to strong demand and limited availability of quality spaces.
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The average rental price for Grade A offices is between €22-30 per m² per month.
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For Grade B offices, rents range between €12-18 per m² per month.
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Southern & Northern Suburbs (Glyfada, Kifisia, Marousi, etc.):
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These areas have increased interest due to better accessibility and the development of new office buildings.
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Rental prices for modern spaces reach €18-25 per m² per month, while older buildings range from €10-15 per m².
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Western Suburbs & Greater Athens Region:
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Demand is lower, resulting in correspondingly lower rental prices.
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Rental prices range from €7-12 per m² for mid-range quality offices.
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Office Purchase Prices (2025)
The office market is seeing stabilization in purchase prices, as investors target high-quality properties with strong returns:
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Premium Areas (Syntagma, Kolonaki, Marousi):
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Prices range from €3,500-6,000 per m² for Grade A buildings.
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Newer "green" buildings attract higher prices due to their energy efficiency and ESG certifications.
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Secondary Areas & Suburbs:
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Prices for quality buildings range from €2,000-3,500 per m², depending on location and the age of the property.
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Peripheral & Low-Demand Areas:
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Purchase prices are significantly lower, starting from €1,200 per m² and going up to €2,500 per m² for prime locations.
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(Source: Geoaxis Price Observatory)
