Thessaloniki: changing market conditions for retail, office and logistics
Thessaloniki: changing market conditions for retail, office and logistics
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Thessaloniki: changing market conditions for retail, office and logistics

RE+D magazine

For years, the ground for new projects in Thessaloniki has been favorable, something that the biggest real estate development companies and REICs have tried to take advantage of.

In addition, the upgrading of a number of public infrastructures, such as the road axes, the railway network and the port, upgrade the role of the city and make it a pole of attraction for businesses.

Many projects are underway in the west of the city, in collaboration with the region and municipalities such as the Holocaust Museum, which will start construction this year, the projects in the Pavlos Melas camps (already progressing) and Gonou (where a large Logistic Center will be built), the overall regeneration of the entire beachfront of Thessaloniki, the organization of the informal industrial concentration of Kalochori, but also smaller projects.

"The leading player" is the office sector, followed by Logistics and Retail in large-scale, mixed-use projects with "green" characteristics," says Mr. Dimitris Tzivras - General Manager of CBRE Atria's Thessaloniki office, on, emphasizing that "the deals that had been announced all the way back today after the necessary approvals are starting to develop."

The "bet" of the big ones

Investments of €400 million are planned by the company Dimand in the area, which seems to be the next big "bet" for the listed company after Urban Redevelopment in the area of Piraeus. A complex of five "green" buildings is set to take shape in 2027 on the former FIX property located on 26th October Street. The project, which is being carried out with co-investor Elvial, is worth €180 million. 46,500 m2 will be built on the premises, which will host residences, hotels, catering and cultural venues, shops and offices. The reconstruction of the historic brewery is part of the country's industrial heritage. In the revival of the property, which began to be built in the 1880s and was gradually completed by the end of 1980, an important role for its restoration is the strict preservation of its form, its architecture and its complex masonry. All of the interventions, both on the facades and inside the buildings, will be carried out with absolute respect for the historicity of the area, as the greater part and the technological equipment of the complex has been designated as a preserved monument of industrial heritage (Government Gazette 479/Β/24.6.1994) .

Dimand – Prodea collaboration

The "curtain" of the projects in the co-capital was opened by Dimand through the joint venture with Prodea Investments for the development of the first, large-scale bioclimatic business park in N. Greece of "Hub 26" which is located opposite FIX and will be a space for business activity for domestic and foreign businesses. More specifically, the project concerns the development of a complex of four offices with a total area of 20,200 sq.m. with basements of 10,800 sq.m. on an area of 7,700 sq.m. In the same project, the Citrus building is being developed, which completes the construction of 4,600 sq.m. in a total area of 9 acres and which will house the offices of Parefxinia Bank. Both projects are expected to be LEED Gold certified.

The extent of VALCAN EXPORT

Dimand plans to create a logistics center of European standards in Thessaloniki, on the land of VALCAN EXPORT, where the demolition of buildings and the remediation of the land have already begun. It is noted that the company is progressing in parallel - in collaboration with Alpha Services & Holdings and Premia Properties - the Skyline project, which includes 573 properties of various uses, of which approximately 40 are for development in Thessaloniki.

"Alive" retail

As Mr. Tzivras points out, "as far as Retail is concerned, the main street in the city center, Tsimiski Street, continues to be "alive" with two big moves in the new year. The relocation of the ZARA brand which will almost double its footprint and the move of H&M. The commercial real estate market recovered the levels of 2019 (before the covid crisis) as early as 2022 and today the values in the region remain stable".

Allatini Ceramics

In the next phase, the development of the area of the historic Kerameia Allatini has been approved, after the special town planning plan covering a total area of 81,191 acres in the area was approved, the land uses, building conditions and restrictions were determined and the street plan of application was also approved. The area has passed into the ownership of the company STANDA AEDA (Real Estate Management Company), whose president is the honorary president of Sani/Ikos, Stavros Andreadis. The objective of the head of the company is the residential, commercial and cultural development of the property within the urban fabric, with the investment estimated towill exceed €50 million

The specific project is estimated to be the new landmark of Thessaloniki, as it includes the creation of a 100 m high building, i.e. a skyscraper, as well as the creation of green spaces and the restoration and gentle utilization of the seven existing preserved buildings. Finally, it is noted that Streem Global's recent agreement with the acquisition of a modern logistics facility in the Sindos Industrial Estate, the largest industrial area in Greece, with an area of 33,000 m2, on a 60,000 m2 plot near Kalochori, was also important for Northern Greece. Also, shortly before it "departs" in 2023, preliminary work began on the creation of the fourth generation Thess INTEC technology park. The work is being done in the "Tsairia" area on the SE coast of Thessaloniki in Perea where the "Voice of America" used to be.