How is the situation with office rents in Athens?
For raises real estate appraiser, Yiannis Xylas, spoke to ERT about rent prices, specifically for business premises and offices.
According to him, despite the drop in rental prices in Western Europe and America, “in Greece over the last ten years we have had a continuous increase in office values”.
This happens, according to Yiannis Xylas, “because it is the phase of the cycle that we are in”.
“Real estate, like stocks or commodities, have phases that go up. We get to the peak and then they go to the lowest point,” he explained.
“At the moment in Western Europe we have come out of a real estate slump and are facing a virtuous cycle of rising values,” he added.
Office rents: The three categories
According to the real estate appraiser, in Greece the office market can be divided into three categories:
- The first category includes quality modern green offices whose rents can exceed 30 euros/sqm per month. The properties in question are currently not more than 100 throughout Greece.
- The second category, which concerns the vast majority of properties, are old renovated offices in Kolonaki and in central streets of Athens such as Mesogeion Avenue, Syggrou Avenue, Kifisias Avenue. There the prices range from 15 to 20 euros per square meter.
- The third category includes a multitude of older unrenovated offices, which is 70% to 80% of all offices. Those offices that are neither in central areas nor on main roads. The rents are not more than 10 euros per square meter per month.
Office rents: Prices with or without parking
Examples of monthly rents priced per square meter in older flats with a parking space, according to the Value Observatory:
- Kolonaki 16.88 euros
- L. Kifisias 16.36 euros
- Vouliagmenis Street 12.50 euros
- L. Mesogeion 9.56 euros
- L. Syngrou 9.42 euros
The monthly rent per square meter in old horizontal properties without parking spaces is according to the Value Observatory:
- Constitution (not in the Square) 15.90 euros
- Kolonaki 13.67 euros
- L. Kifisias 10.47 euros
- Vouliagmenis Street 9.8 euros
- L. Syngrou 8.04 euros
- L. Mesogeion 7.03 euros
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