50% increased sales in the northern suburbs from 2019 to today, according to a recent Spitogatos survey. At the same time, there was a significant rise in office rents, which are more expensive by 44.2%. Major increases are also recorded in the southern suburbs, as sales prices of new office spaces have increased by 49.9% over the last six years, while rents have increased by 49.1%. At high levels prices in the center were also moved, with sales increases reaching 47.3% and leases 32.7%. In this context, a pole of attraction continues to be the Northern Suburbs for modern office developments. PwC’s new “strategic” is already ready at 65 Kifissia Avenue, at the height of Paradise Amarusio. It is a modern office complex, which took “sarka and bones” on the last available plot of the area. One of the most important new developments is the exploitation of land, owned by TEE, in the area next to the Athens Medical Center, at the hub of Attica Road. This is a project jointly involving GEK TERNA and Dimand and in which construction work has begun. A total of two separate buildings are planned to be constructed. A little further, in the former Kodak factory, Noval jointly with Brook Lane Capital develops a new bioclimatic office complex called “The Grid” and will be the new headquarters of EE Greece. Following a competition, the construction of the new office complex is entrusted to TERNA. The new office campus will cost a total of 110m euros and is expected to be delivered in the first half of 2025 to EY for the necessary tasks, so that the company’s relocation begins in 2026. EY will lease two of the four buildings of the complex, with a total area of more than 12,230 sq.m. Another office is currently designed by Prodea Investments, also next to the node of the Attiki Street (“Daird”), where the amusement park “Aedonakia” previously operated. Finally, Trastor builds an office building on Heimarras Street at its confluence with Amaroussi Chalandri Street. This building complex will be ready for operation in the first quarter of 2025. The demand for modern office spaces in the center of Athens has been particularly strong in recent years. One of the most characteristic examples that shows the strong interest that the SNEs have in the headquarters of the center, is the case of Trastor. The company went on to acquire an office building of a total area of 1,681 sq.m., which is located on Heraclitus 7 Road, in the Kolonaki area. At the same time, the office building on the 94 Vasilissis Street, where the Piraeus Bank offices were previously housed. Soon the tenant of the renovated property, which comes from the energy sector, will be officially announced. The building will also get Leed Gold certification and will be delivered by the company except unexpectedly in April, where in turn the new tenant will proceed to some work himself. Turning interest is also in the southern suburbs, as renovations and new office constructions are increasing. Specifically, BriQ Properties has also moved on to the recovery of a new office building. This office, a surface of 2.393 sq.m., in L. Poseidon 42, at the height of Kallithea, which will be certified with Leeds – Gold. This investment will reach 6.3m euros and will be financed by 50% from the Recovery Fund. The plans are to complete the new building in 2025. Another example of reconstruction is what Dromeus Capital implements at the confluence of Pericleus and Doirani 240 roads in Kallithea. It is a building – offices that is to be certified according to the LEED standard. The total investment for the office building in Kallithea amounts to 12m euros. Another big investment implemented by the company in the Greek region is “Ten Brinke Hub: The Syndesis”. This is a 5-story bioclimatic office building of a total of 5,500 sq.m., built directly opposite the major project of Lamda Development.
A rapid rise in sales and office rental prices
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