Office space rental rates soar in 2020

Office space rental rates soar in 2020

After residential properties, it is the turn of modern office spaces in Athens to record major hikes in their rental rates.

According to the latest report by Geoaxis Property & Valuation Services, at the start of the year the average increase amounted to 8 percent from a year earlier, and in several cases the hikes were even higher.

The category of self-sufficient office buildings with parking spaces, which are the top pick of institutional investors, has seen a greater advance in rents.

Among the market leaders is Kifissias Avenue, north of the city center, which posted a rise of 9 percent compared to the first couple of months of 2019 as the average rate comes to 10.75 euros per square meter on a monthly basis.

That is followed by Vouliagmenis Avenue, south of the center, where rents have climbed 8.9 percent year-on-year to 8.5 euros/sq.m. per month.

In the city center, where there is significant leasing interest but very few properties with parking spaces, there has been a 10.43 percent rise to 13 euros/sq.m. for the few available office spaces around Syntagma Square.

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