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Greece Marketbeat

Nicky Simbouras • 5/16/2022
The projections for the new year, despite the Ukrainian crisis are positive and it is expected that the economy will grow by 3.1% recently being revised downwards. The reforms and investments, implemented under the Recovery and Resilient Plan, as well as the anticipated tourism and domestic demand growth, is expected to create a favorable economic environment and attract foreign investment. The outbreak of the Ukrainian crisis has fueled uncertainty, increased price levels and volatility, accelerated inflation, and aggravated supply chain disruptions.


Industrial Property Greece

The total contribution of the supply chain sector in Greece exceeds 9%, with 6.3% coming from third party services (3PL), according to data from Eurostat (fixed prices 2010), while the remaining 2.8% concerns in-house logistics. The industrial sector employs about 200 thousand employees and has higher productivity than the country average. The catalyst for the implementation of strategic goals is now digitization and integration of modern technologies in all the functions of the supply chain. The supply chain maintained high levels of efficiency during pandemic in all critical areas and especially in medicine and food.   

Occupier demand for logistics property in Greece continues to be particularly strong as e-commerce activity increases. The majority of occupier’s transactions are built to suit and concern newly built properties. While prime rents for large modern assets maintained their 2020 level, yields compressed by 20 bps compared to last quarter of 2020. The continual lack of available Grade A logistics stock has resulted investors to carry out forward purchase transactions. Given the allocation of real estate capital targeting the logistics sector, we anticipate further yield compression through the remaining of the year.  


Office Property Greece 

During the quarter, prime rents have stayed stable while the demand for high-quality spaces with high sustainability standards, in line with ESG criteria. Given the number of ongoing negotiations and agreed deals, we expect an even more positive second part of the year in terms of investment activity although geopolitical developments in Ukraine and the international economic consequences can be a risk to the momentum. Landlords and tenants will be faced with the challenge of significantly increased inflation and rising construction costs. Furthermore, material and staff shortages on construction sites might postpone the  completion of office projects. Even if most companies will continue to offer their employees the right to remote working, the office is proving to be a crucial place for internal exchange and cooperation, developing corporate identification and culture, and promoting employee satisfaction.



Retail Property Greece

The retail sector is recovering relatively well from the pandemic’s major disruptions. The restoration of inbound international travel is also expected to further boost retail sales in gateway markets. Athleisure, jewelry and premium retail are seeing strong sales performance. Shopping is focused even more on experience, with a greater emphasis on entertainment, leisure & dining elements. E-commerce is already implemented for most of the retailers who have integrated an omnichannel approach in their strategies. Rental values for the first quarter of 2022 were stable in the majority of the markets.

Current Marketbeats

Office buildings in Greece
Greece Office Data

Office Marketbeat is a summary of the Greek office property sector providing comment on recent trends as well as market data and analysis.


Metro mall Athens Greece
Greece Retail Data

Retail Marketbeat is a summary of the Greek retail property sector providing comment on recent trends as well as market data and analysis.


loading bay, Vienna, Austria
Greece Industrial Data

Industrial Marketbeat is a summary of the Greece industrial property sector providing comment on recent trends as well as market data and analysis.


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