Investments in logistics totaling 50 million euros were made in the second quarter of the year, up by 25% compared to last year, according to the survey of the real estate consulting company Cushman & Wakefield Proprius.
Among the most important investments is Trastor’s acquisition of an area of 30,100 sq.m. in Aspropyrgos, in which a modern storage and distribution facility of 23,800 sq.m. will be built.
Premia Properties acquired 11,300 sq.m. logistics in Aspropyrgos, which were leased to an international tenant and the project will be completed by October 2023. Autohellas increased its shareholding in Trade Estates (Fourlis group), by 6 million euros, with a warehouse complex of 16,655 sq.m. within a plot of 45,408 sq.m., in the Business Park of the Vamvakia area of the Municipality of Elefsina. The transport/logistics company, Transcombi Express, acquired 10,000 sq.m. new logistics areas with the right to expand with an additional 6,000 sq.m.
As pointed out by C&W Proprius “demand is very high. A total of approximately 120,000 square meters of industrial and logistics spaces were absorbed in the first half of the year in Attica and by the end of 2023, new spaces with a total area of 80,000 square meters will be delivered, with 95% of them already pre-leased. Investors are becoming more demanding, both in terms of environmental performance and technology.”
Rents for modern warehouses are around 5 euros/sq.m./month in Athens and 4.25 euros/sq.m. in Thessaloniki and the prime yields at 7% with the estimate for the next 12 months showing a downward trend.
