The Greek commercial real estate market continues to grow

The Greek commercial real estate market is showing a steady upward trend, and its outlook indicates that this trend will continue over the next five years.

According to real estate experts, the Greek commercial real estate market, including offices, shops, hotels and logistics centers, will grow by an average of 0.46% per year from 2024 to 2029, with most of the investment going to office buildings and tourism facilities.

According to Spitogatos, the square meter of office space has increased in price since 2019 by 47.3% in the center of Athens, by 40.6% in the eastern suburbs, by 49.9% in the southern suburbs and by 33.3% in the western suburbs of the capital.

Demand for energy-efficient office buildings in prime areas remains high, while demand for other office space may decline in the coming years. Warehouse and storage prices also increased significantly: by 45.7% in the center of Athens, by 52% in the eastern suburbs, by 39.3% in the southern suburbs, and by 28.4% in the western suburbs of Athens.

Experts note two trends in the Greek commercial real estate market. The first is the shift to smart buildings, which use IoT and automation technologies to control systems such as lighting, security, and HVAC. In 2023, the global smart building market was valued at $108 billion.

The second trend is the growth of mixed-use developments that combine residential, retail, office, and entertainment spaces such as cinemas. Such projects are becoming popular due to the diversity of tenants, stable cash flow, and the ability to maintain low vacancy rates.