BUSINESS

Office space rates stabilize in 2016, with positive signs for 2017

NIKOS ROUSSANOGLOU

TAGS: Property

The course of commercial property prices appeared to be stabilizing last year, which was confirmed by the notable strengthening of investment activity, a trend that has continued this year.

The latest available data from the Bank of Greece showed that nominal acquisition rates of high-standard office space rose 0.6 percent in 2016 from 2015, the first annual growth recorded since 2010.

Lease rates for this same property category fell 0.6 percent last year.

Market experts say demand for modern office space is being fueled by the very low rates compared to seven years ago, but prices are rebounding as supply is insufficient.

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