According to realtors, the Greek commercial real estate market, including offices, shops, hotels and logistics centers, will grow by an average of 0.46% per year from 2024 to 2029, with most of the investment going to office buildings and tourist facilities.
According to Spitogatos, a square meter of office space has risen in price since 2019 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 the western suburbs of the capital.
Demand for energy-efficient office buildings in prestigious areas remains high, while demand for other office space may decrease in the coming years.Prices for warehouses and storage facilities also increased significantly: by 45.7% in the center of Athens, by 52% in the eastern suburbs, by 39.3% in the southern suburbs and by 28.4% in the western suburbs of Athens.
Experts note two trends in the Greek commercial real estate market. First, it is a transition to "smart" buildings that use Internet of Things and automation technologies to control systems such as lighting, security and heating, ventilation and air conditioning.In 2023, the global market for smart buildings was estimated at $108 billion.
The second trend is the growth in the number of multifunctional complexes combining residential, commercial, office and entertainment facilities, such as cinemas.Such projects are becoming popular due to the variety of tenants, stable cash flow and the ability to maintain a low vacancy rate.
Source: Ekathimerini
