Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting cushmanwakefield.com to read:%0A%0A {0} %0A%0A {1}

Greece Marketbeat

Nicky Simbouras • 9/1/2023

Following revised projections, the Greek economy is expected to grow by 2.2% in 2023. Consumer confidence remains negative, although on average is moving higher compared with last year’s average. The Greek inflation rate fell sharply to 1.8% in June from 2.8% in May and 12.1% in June 2022. Industrial production rose 2.1% year-on-year in January-May 2023, and manufacturing, which accounts for 73% of the industrial index, rose 5.7% while mining production was up 9.6%. Seasonally adjusted PMI posted 51.8 in June, up slightly from 51.5 in May.

Industrial

In the 2nd quarter of 2023, investment volume was 25% higher compared to last year. There is high demand in the market - around 120,000 sqm of industrial and logistics space have been absorbed in the first half of the year in Attica, with 80,000 sqm of new space to be delivered with 95% already pre-leased. Headline prime rents are not expected to experience significant further increases in the short term and are standing at circa €5/sq m. Occupier demand is primarily driven by logistics and transportation companies and producers.

Office

The Greater Athens office market saw a total take-up volume of 51,000 sqm during Q2 2023 - 25% higher compared to Q1 2023 and 50% higher compared to Q2 2022. This take-up was driven by the technology, financial, and Public sectors. Grade A space accounts for 80% of the total volume, confirming that quality, energy, efficiency and sustainability remain the key drivers of demand. In terms of institutional investors, the activity is low, reflecting a wait-and-see attitude mainly due to the cost of money after the further increase in ECB rates in June. The vacancy rate decreased to less than 5% amidst limited new supply, while in Q2 2023 average rent remained stable, with increased rates for certified grade A office buildings. The prime headline rent for certified buildings, in both the CBD area and Athens Northeast, is reaching €28-30/ sqm/month, reflecting a year-on-year increase of close to 10%.

Retail

Rental values largely remain stable in the second quarter of the year, with slight increases at prime city center locations, Piraeus and Thessaloniki, despite low vacancy rate levels in prime retail in general, and strong tenant demand for strategic locations in all retail sectors. Cushman & Wakefield Proprius’s retail take-up registered 40 new deals in Q2 2023 in the key retail markets of Athens, 25% less compared to Q1 2023, but 20% higher than the same quarter of 2022.

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.

Download

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.

Download

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.

Download

With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on Privacy & Cookies.
MORE OPTIONS
AGREE AND CLOSE
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All
SAVE SETTINGS

More Insights

Above the clouds (image)
Podcast • Economy

C&W: Behind the Numbers

Our experts cut through the noise to provide you concise commentary on only the most important economic and sector-specific commercial real estate data points.
9/29/2023
XSF-Instant-Insight-Hero-webcard
Research • Workplace

Experience per Square Foot Instant Insights

Welcome to our monthly Experience per Square FootTM Insight page. The goal of our Total Workplace Research & Innovation Team is to keep you informed about the latest trends in the dynamic commercial real estate industry. Each month, we will present our own insights and in-depth examination of emerging shifts that can help you make informed real estate decisions.
9/27/2023
A businesswoman on the way to office with her bicycle
Research • Workplace

Rethinking the Office Sector

Identify obsolescence risks. Implement repositioning and repurposing strategies.
9/27/2023

CAN'T FIND WHAT YOU'RE LOOKING FOR?

Get in touch with one of our professionals.