Athens has the highest rate of empty office space in Europe, according to data for the year’s first quarter presented by BNP Paribas Real Estate.
Its report on the course of the European office market showed that the availability rate in the Greek capital soared to 20 percent in the January-March period from 15.5 percent in the same period last year.
This clearly illustrates the blow that the recession has inflicted on the country’s business activity, resulting in a major drop in demand for the lease of office space.
High-standard offices in the city’s main business districts have an annual lease rate of 216 euros per square meter, against an average of 264 euros/sq.m. last year. Athens’s rate is on a par with those of The Hague, Bucharest and Lisbon.