The formation of the office market in Attica

Now the picture of the office market in Attica is becoming clearer.

The market that has been in formation since 2017 until today is showing direction, with the picture becoming clear. Based on studies, analyses, available stocks, buildings under construction, current values ​​and demands, we can classify offices into three speed-classes:

A Speed ​​or A class:

Office buildings regardless of location, quality, modern, with an offer for the environment, digitized and automated systems, benefits within the building for employees (e.g. wellness systems). Indicatively, the newly built buildings in Kifissias (Paradisos Am.), Amarousiou Chalandriou (Soros), Piraeus, Elliniko, Alexandras etc. are mentioned. and the reconstructed ones such as in Patision, Pyrgos Piraeus, Michalakopoulou, Ampelokipos etc.

It is the sub-category with the smallest inventory, with increased demand mainly from public limited companies, public companies and banks. The prices per square meter are around €30, while there is already a slowdown in the increase in values ​​with the prospect of stabilization.

B' Speed ​​or B class:

Here you can see the largest stock, with the main characteristics being age, location on central axes (Kifisias, Mesogeion, Syngrou, Vouliagmeni), renovated or partially renovated, with or without parking spaces. Reduced demand and available inventory portend price stabilization and a mild recession. The value per square meter is set in the €15 zone.

C' Speed ​​or C class:

Oldness, secondary position, and energy-intensive performance (as unrenovated) are their characteristics. The demand is limited, the stock quite large and the values ​​move close to €5 per square meter. A decline in values ​​is expected as the type of tenants is not particularly attracted, they choose co-housing or the use of offices with flexible surface area and time.

The new reality in a nutshell:

In the (irreversible) era of digitization, flexible work is favored and the choice of location is weakened.

Foreign funds are absent from the office market.

The trend of decentralization is stronger