BUSINESS

Office market in Athens remained stable in 2015 as empty space shrank

NIKOS ROUSSANOGLOU

TAGS: Property

The Athens office market remained stable in 2015, with 52,000 square meters of office space leased out for the first time last year, according to data compiled by BNP Paribas Real Estate.

That performance has placed the Greek capital 36th out of the 42 cities in Europe covered by the company’s survey. Sector professionals speak of a similar picture seen in 2013 and 2014.

Office rental rates remained unchanged last year: The average annual lease rate came to 216 euros per square meter (or 18 euros/sq.m. per month), exactly the same as in 2014, while in 2013 the market had reached its lowest point, averaging at 168 euros/sq.m. on an annual basis. This rental rate concerns only modern office spaces with easy access and in popular spots. Lower-standard offices are considerably cheaper, as their rates have dropped more than 50 percent compared to the period before the outbreak of the financial crisis.

BNP Paribas views positively the fact that the share of empty office spaces has been in constant decline since 2013, amounting to 12.1 percent of all offices in the last quarter of 2015 from 13 percent a year earlier.
 

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