A significant increase (10.2%) was recorded in the first quarter of 2024 in the rents of modern office spaces, according to the quarterly report of Cushman & Wakefield Proprius.
The average price in the main areas of Attica was 21.83 euros per sq.m. per month compared to 19.8 euros last year in the corresponding period, based on the reports of the aforementioned real estate consulting company, while the average yield was 6.58%, unchanged.
The highest office rents were recorded downtown Athens at 29.5 euros/sq.m./month (against 25 euros/sq.m. month) with a yield of 5.8%, followed by the north-east regions (Kifisias, Attiki Odos, and Mesogeion) with 29 euros/sq.m./month, compared to 25 euros with the yield at 6%.
In the northern areas (E65) office rents are the lowest at 16 euros/sq.m/month, unchanged compared to a year ago and with a yield of 7%, on Syngrou and Vouliagmeni avenues 24 euros/sq.m/month , against 22 euros (yield 6.3%), in Piraeus 18 euros/sq.m/month, also unchanged and with a yield of 6.9% and in other areas 14.5 euros/sq.m/month, against 13 euros.
Investments of 58 million euros
The investments made in office spaces in the first three months of the year were worth a total of 58 million euros (last year it was 170 million) with a single transaction from an institutional investor. The biggest transactions were the sale of Cecil in the center of Kifissias to the Laskaridis group, the purchase of offices from the Black Sea Trade and Development Bank in Thessaloniki and the acquisition of an office building of 1,681 sq.m. at 7 Irakleitou Street, by Trastor.
C&W Proprius estimated an increase in the volume of investments in the second half of the year, due, among other things, to the expected reduction in interest rates.
