The value of office transactions in Athens in the first half of the year stood at 278 million euros.
In the same period, the new lease agreements concerned 75,000 square meters with the average rent per square meter set at 29.5 euros per month for high-end office spaces, according to a survey held by the consultancy company Cushman & Wakefield Proprius.
The office and hotel sectors are the two categories of commercial real estate in which the largest volume of transactions was recorded in the real estate market in the period January-June 2024.
In particular, during the second quarter, investments in office spaces in Athens amounted to 110 million euros, with the center of Athens absorbing the largest part (55% or 60 million euros through 5 transactions, while around 33 million euros concern agreements in the wider region of northeastern Attica).
The largest transaction concerned the historic building at 4 Korai Street downtown Athens, following the relevant agreement of the National Insurance Group – Dimand. The property will be renovated and sold by Dimand to Piraeus Bank in order to install the Bank’s central services there. Of the total 14,500 sq.m. approximately 9,000 sq.m. will be allocated for the establishment of the bank’s offices and 3,000 sq.m. in retail and restaurant establishments.
At the same time, in the second quarter, new lease agreements were registered for 45,000 sq.m. in the greater Athens area, increased by 50% on a quarterly basis, but decreased by 13% compared to the same quarter of the previous year.
The public sector, the IT and service sectors were the most active in leasing new premises.
For high-end properties, the price per sq.m. per month in the center of Athens is 29.5 euros, followed by the northeastern suburbs with 29 euros per sq.m. in Marousi, Kifissias, around Attiki Odos and in Mesogion, with 16 euros at the offices on the National Highway in the north, at 24 euros in Syngrou and Vouliagmenis, at 18 euros at the port of Piraeus and at 14.5 euros in other regional markets.
