BUSINESS

Ermou Street sees store rental rates soar 12.8 pct from 2016

NIKOS ROUSSANOGLOU

TAGS: Property

Ermou in the center of Athens has climbed six spots in the global rankings of main streets based on their prime rental value over the course of the last 12 months.

Ermou, which begins from central Syntagma Square and stretches south to Monastiraki Square, is now 19th (from 25th last year) in the world, with its average annual rent standing at 2,640 euros per square meter, according to the latest annual report by Cushman & Wakefield.

This amounts to some 220 euros/sq.m. per month, up from 195 euros/sq.m. last year. Consequently, the average cost of leasing a store on Ermou has soared 12.8 percent in a year.

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