Office space rental prices steady

As it is the major artery linking the high-priced northern suburbs with Athens’s center, the avenue’s future as a business district was to some extent pre-ordained. Prices skyrocketed during the 1990s, bringing a single firm – B. Vovos-International Technical – to the fore, with over 30 buildings on each side of the avenue to its credit. Kifissias Avenue established itself as the main market for upmarket office space, attracting the larger firms active in developing and managing commercial and office blocks. As a result, it is now home to the largest Greek and foreign firms, although there are signs it is reaching saturation point. Rent prices soared from 1999-2001, then fell by an estimated 30 percent. Local realtors say prices are now leveling out and that apart from the international situation, the lack of appropriate infrastructure is making it impossible to keep rents at the exorbitant heights of a few years ago. Moreover, development companies are somewhat limited by the lack of available properties, the high prices demanded for the few that are for sale and a declining market. Current demand is mainly for spaces between 1,000 and 4,500 square meters along the avenue or just behind it, between Neo Psychico and Maroussi. Among the deals concluded in the last four months are those by Societe Generale, CosmOTE, Procter & Gamble, McCann Erikson, American Express, as well as the purchase of an office building by Egnatia Insurance. Rent prices for upmarket space range from 23-25 euros per square meter per month and sales prices from 3,450-3,750 euros per square meter.

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