Commercial property prices were up in the fourth quarter of 2020 compared with the same period in 2019, according to a report by Spitogatos.
Interesting trends are emerging in the current asking prices of commercial real estate for sale and rent according to a survey conducted in December by Spitogatos.
In key areas of the country (Athens, Piraeus, Thessaloniki, Heraklion, Larissa and Patras) the asking office rental prices show an increase in the last quarter of 2020, compared to the corresponding period of 2019, with the most significant change observed in the southern Athens (+ 9.5%) and Thessaloniki (+ 8.4%). Currently, the highest requested average rental price per square meter is recorded in the northern suburbs of Athens (€ 10.9) and the center (€ 10) and the lowest in Larissa (€ 5.5). A similar increase is observed in office sales prices, with the highest average price per square meter in the southern suburbs of Athens ranging to € 2,030.8 (+ 6.3% compared to 2019) and in the northern suburbs of Athens at 2,007.3 € (+ 11.9%). The only exception is Larissa, where office sales prices are down 4.0%. The lowest requested average selling price per square meter is recorded in Patras at 882.9 € (+ 11.1% compared to 2019).
| OFFICES | Sale | Rent | ||
| Areas | Asking price Q4 (€/sqm) | Annual change | Asking price Q4 (€/sqm) | Annual change |
| Athens - center | 1750.6 | 4.70% | 10 | 3.00% |
| Athens - East | 1330.9 | 9.80% | 6.5 | 5.00% |
| Athens - North | 2007.3 | 11.90% | 10.9 | 6.50% |
| Athens - South | 2030.8 | 6.30% | 9.9 | 9.50% |
| Athens - West | 1158.9 | 3.30% | 7 | 3.70% |
| Pireaus | 1173.3 | 7.30% | 7.1 | 4.70% |
| Thessaloniki | 1231.5 | 4.00% | 6.9 | 8.40% |
| Heraklion Crete | 1772.2 | 1.10% | 8.1 | 3.50% |
| Larissa | 1006.4 | -4.00% | 5.5 | 3.00% |
| Patras | 882.9 | 11.10% | 6 | 4.40% |
As for stores, significant increases are observed both in the asking rental prices and sale prices in all areas of the research, with the largest changes being observed in the sales prices of stores in the eastern suburbs of Athens (+ 16.3%), Heraklion Crete (+ 14.9%) and Piraeus (+ 14.7%). The northern suburbs of Athens hold the first place in the ranking of requested selling prices per square meter (2,542.3 €), with Patras having the lowest price (986.5 €). As for the store rentals, the average requested rental price per square meter in the northern suburbs of Athens is remarkable, which has skyrocketed to € 16.1 (+ 5.1%) and in the center, to 13.5% (+8.6 %). The largest increase in the requested rental prices of stores compared to the last quarter of 2019, is observed in Piraeus (11.5%).The highest average leasing price per square meter is in the northern suburbs of Athens (10.9 euros) and the city center (€10), while the lowest is in Larissa (€5.5), in central Greece.
| STORES | Sale | Rent | ||
| Areas | Asking price Q4 (€/sqm) | Annual change | Asking price Q4 (€/sqm) | Annual change |
| Athens - center | 1800.5 | 7.30% | 13.5 | 8.60% |
| Athens - East | 1560.6 | 16.30% | 7.5 | 3.90% |
| Athens - North | 2542.3 | 1.00% | 16.1 | 5.10% |
| Athens - South | 2262.2 | 5.60% | 11.7 | 4.00% |
| Athens - West | 1127.5 | 5.30% | 7.6 | 8.30% |
| Pireaus | 1315 | 14.70% | 9 | 11.50% |
| Thessaloniki | 1210.3 | 11.90% | 8.6 | 4.80% |
| Heraklion Crete | 1757.8 | 14.90% | 8.1 | 0.10% |
| Larissa | 1185.7 | 5.10% | 7 | 5.60% |
| Patras | 986.5 | 1.30% | 6.1 | 2.50% |
The prices of warehouses for sale for professional use present a different picture, as on one hand there is a fall throughout Athens - up to 12.6% in the eastern suburbs - and on the other hand in the other areas where the Spitogatos survey was conducted there is an increase that reaches in fact, 15.2% in Thessaloniki and 10% in Patras. As for the requested warehouse rental prices, there are mostly small increases, with the largest being observed in Thessaloniki (10.3%) and the northern suburbs of Athens (9.6%).
| WAREHOUSES | Sale | Rent | ||
| Areas | Asking price Q4 (€/sqm) | Annual change | Asking price Q4 (€/sqm) | Annual change |
| Athens - center | 429.1 | -3.90% | 3.8 | 0.00% |
| Athens - East | 699.4 | -12.60% | 3.3 | 5.80% |
| Athens - North | 601.7 | -2.30% | 4.3 | 9.60% |
| Athens - South | 471 | -10.50% | 3.7 | 2.80% |
| Athens - West | 465.1 | -5.20% | 3.6 | 0.60% |
| Pireaus | 469 | 4.20% | 3.4 | 3.30% |
| Thessaloniki | 205.9 | 15.20% | 1.9 | 10.30% |
| Heraklion Crete | 715.8 | -1.60% | 3.2 | 0.60% |
| Larissa | 360.3 | 7.20% | 1.7 | 0.00% |
| Patras | 248.3 | 10.00% | 2.1 | -4.20% |
Across the country, the requested rental prices had a small drop of -1% in offices and -9% in stores, while they rose by 23% in warehouses compared to last year. The requested selling prices increased in all three categories of commercial real estate, more specifically +6% in offices, +11% in stores and +33% in warehouses.
Spitogatos team
