Rental prices for older office properties in central and downtown Athens continued to trend higher in the first quarter of 2026, underscoring the growing divide within the domestic commercial real-estate market as demand concentrates on premium and refurbished assets.

According to a new study by Geoaxis, asking rents increased across six major office districts and road axes in the Greek capital: Kolonaki Square, Syntagma Square, Kifisias Avenue, Vouliagmenis Avenue, Syngrou Avenue and Mesogeion Avenue. Over the past decade, average office rents in these districts have surged by approximately 74%, reflecting both inflationary pressures and the limited supply of modern office stock.

The report highlights that more than 90% of Athens’ office inventory still consists of aging buildings, while newly built, energy-certified offices command rents exceeding €35 per square meter per month, excluding parking and commons charges. In smaller premium units, rents can climb as high as €38–40 per square meter.

The findings reinforce a broader trend observed in Greece’s property market over the past six months, with institutional investors increasingly targeting sustainable, ESG-compliant commercial assets while older buildings struggle to remain competitive. Analysts cited by local media have noted that demand remains heavily concentrated among multinational firms, technology companies and flexible workspace operators seeking high-specification properties in prime urban corridors.

Geoaxis describes the office market as operating at “three different speeds”:

• Prime green offices continue to attract exceptionally strong demand regardless of location, generating rents around €35 per square meter and yields near 6%.
• Renovated older offices in prestigious districts such as upscale and central Kolonaki and along central avenues remain resilient, with rents near €25 per square meter and yields below 7%.
• Secondary older properties, particularly unrenovated offices in less desirable central areas, struggle to secure tenants even at €10–15 per square meter, despite offering yields around 7.5%.

The report warns that these disparities are likely to persist through 2026 and 2027, as Greece’s broader economy has yet to generate sufficient growth among SMEs capable of absorbing lower-quality office stock.

Flexible workspace trends are also reshaping the market. Athens now hosts at least 20 high-profile flexible office hubs, while international platforms are increasingly exploring short-term workspace models. Although the quantitative impact on demand remains unclear, analysts say user preference is gradually shifting away from traditional long-term leasing structures.

Another key uncertainty remains the management of NPLs by Greek banks and investment funds. While office exposure in distressed real-estate portfolios remains limited so far, analysts caution that a rapid release of repossessed office properties into what remains a relatively shallow market could place renewed downward pressure on weaker segments.

Despite those risks, GEOAXIS expects the market’s divergence to continue, i.e. stabilization for secondary office assets, further gains for renovated “legacy buildings” in high-visibility locations, and slower price growth for premium “green offices” after several years of sharp increases.