Demand remains high in Greece for modern office space, with some 90 million euros in investment funneled into the sector in the third quarter of 2023 alone, a figure that up by 25 percent compared with the corresponding quarter last year.

According to figures released by the Cushman & Wakefield Proprius real estate agency, an additional 50,000 square meters of office space was occupied in 3Q 2023, more-or-less equally the same level as the preceding quarter, 2Q 2023. Nevertheless, compared to the third quarter of 2022, the figure was up by more than 100 percent.

The historic and commercial center of Athens, with Ermou being the capital’s “high street”, records an average lease rate of 28 euros per square meters and a yield of 5.8 percent. Roughly the same figure is estimated for the corporate office-lined Kifissias and Mesogeion avenues in the northeast (a 6 percent yield). The figure stands at 23 euros per square meters and a 6.3-percent yield for the more commercial southern thoroughfares, such as Syggrou and Vouliagmenis avenues and the upscale southeast coastal district of Glyfada.

The biggest highlight in the specific quarter of 2023, in terms of commercial real estate, was an agreement by the Mytilineos group to lease 29,000 square meters of office and 1,100 parking spots along the Attiki Odos tollway east of Athens proper, and specifically at the Peania municipality, near the Greek capital’s international airport.