ECONOMY

Malls set to keep flourishing

malls-set-to-keep-flourishing

The rental rates of store spaces at shopping centers in Greece are expected to grow throughout 2019 as the rising supply finds itself struggling to play catch-up with the constant increase in demand, according to a survey by Pepper Research.

The property service company found that the new conditions in the economy combined with the usual shortage in mall space supply – with most shopping centers reporting occupancy rates of 95 percent – create a particularly favorable environment for the development of more such properties.

Besides the monthly lease charge, tenants of mall stores also pay a share of their turnover, between 6 and 14 percent, as an additional rent to the mall owners.