According to Korina Saia, managing director of Premier Realty, prices have being significantly increased since 2019. More specifically, based on data from the Spitogatos platform, office prices per square meter have increased by 47.3% in the center of Athens, by 40.6% in the eastern suburbs, by 49.9% in the southern suburbs and by 33.3 % in western Athens.
Demand remains strong for sustainable, energy-efficient office buildings in prime locations, while remaining offices may experience a slight decline in demand over the coming years. Over the same period, prices for warehouses and storage spaces have also seen notable increases: 45.7% in the center of Athens, 52% in the eastern suburbs, 39.3% in the southern suburbs and 28.4% in western Athens. .
In absolute terms, the prices of commercial space per square meter have increased from 2019 to 2024, with the center of Athens increasing from 8 euros to 10.4 euros, the eastern suburbs from 5 euros to 7.7 euros, the southern suburbs from 7.8 euros to 10.7 euros and Western Athens from 5.4 euros to 7.6 euros.
New trends in the market
An emerging trend in the Greek commercial real estate market, emphasizes Korina Saia, is the shift towards smart buildings. The global smart building market is valued at $108 billion in 2023. A smart building uses the internet (IoT) and automated technologies to control various systems, such as lighting, security, heating, ventilation and air conditioning. According to Ms Saia, another trend is the development of mixed-use projects, which combine different types of properties - such as residential, retail and office spaces and cinemas - within a single complex.
Mixed-use projects are gaining popularity because they offer a wide range of tenants, consistent cash flow and promote sustainability while maintaining low vacancy rates by offering housing at a variety of price points.
