Prime office prices rose 2.8% in the first half of 2023, compared to the second half of 2022, according to the data on commercial property indices published on Tuesday by the Bank of Greece (BoG). Accordingly, office rents in the country went up by 3.8%. Moreover, commercial store prices increased by 4.2% and their rents by 3.9%.
More specifically, based on the available provisional data, the nominal prices of office spaces increased by 2.8% for the whole country in the first half of 2023 compared to the second half of 2022.
Based on the geographical criterion:
- prices rose by 1.8% in Athens,
- prices fell by 0.4% in Thessaloniki, and
- prices increased by 4.9% in the rest of Greece.
Based on the revised data, the average annual growth rate of prime office prices for the country in 2022 stood at 3.5%. The corresponding annual rate of change in Athens was 5.9%, in Thessaloniki 5.7%, while in the rest of Greece prices remained unchanged.
Regarding office rents, in the first half of 2023 they increased by 3.8% compared to the second half of 2022 (provisional data).
Based on the revised data, office rents rose by 1.7% in the first half of 2022 and 1.8% in the second half of 2022, compared to the previous half.
For the year 2022, office rents increased at an average annual rate of 2.9%.
