ECONOMY

Colliers sees gloomy outlook for office rentals

The number of empty stores will increase and office rental rates will drop further this year, especially in less popular areas, according to Colliers International Greece.

A survey by the international real estate services company found that store rental rates in Greece declined by 25 to 30 percent last year, while the availability rate has soared to 30 percent. This is attributed to the drop in the country?s gross domestic product and the increasing economic uncertainty.

Colliers expects the availability rate to climb further to 35 percent in the coming months as demand is focused on major developments such as commercial parks and shopping malls, to which both foreign and local tradesmen have now turned their attention.

Notably, the firm estimates that the concession and utilization of state properties could and should revitalize the investment environment and mobilize the market.