X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATHENS-The Greek economy is growing at almost twice the European average, according to new research from FPD Savills, and this is driving an unprecedented property boom. A record 1.3 million sf of offices are expected to have been let by the end of 2001.

Both the public and private sectors are finding it hard to find new office space, and the Greek government has a requirement to purchase up to 1.73 million sf of offices in order to relocate six ministries out of the city centre. The liberalisation of the telecommunications and energy sectors is also creating the need for additional office space.

Average office rents in Athens grew by 22% over the last year, the highest growth for the last five years. However, Eri Mitsostergiou, European research analyst at FPDSavills believes that this level is not sustainable, and she forecasts that the growth rate will fall in 2002 to around 10%, as some occupiers are becoming reluctant to pay the high asking rents.

‘At this stage it is difficult to predict what impact the events of September 11 will have on the office market in Athens,’ she said. ‘However, we believe that the strength of the Greek economy, which has little exposure to the US and has seen interest rates fall due to entry into the Eurozone, should ensure Athens’ ability to withstand any market negativity.’

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.