ECONOMY

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.