Commercial property prices up in Q4

Commercial property prices were up in the fourth quarter of 2020 compared with the same period in 2019, according to a report by the property ads website Spitogatos on Tuesday. More specifically, leasing prices for offices in Athens, Piraeus, Thessaloniki, Heraklion, Larisa and Patra were up in the October-December period, with the southern suburbs of Athens (+9.5 pct) and Thessaloniki (+8.4 pct) recording the biggest increases.

The highest average leasing price per square metre is recorded in the northern suburbs of Athens (10.9 euros) and the city center (10 euros), while the lowest in Larisa (5.5 euros). Office sale prices were also up in the fourth quarter, with the southern suburbs of Athens recording the highest average price per square meter (2,030 euros, up 6.3 pct from 2019), followed by the northern suburbs (2,007 euros, up 11.9 pct). In Larisa, office sale prices fell 4.0 pct, while Patra recorded the lowest average price (882.9 euros, up 11.1 pct from 2019).

Commercial prices (both leasing and sale) rose significantly in the fourth quarter, with the eastern suburbs of Athens (16.3 pct), Heraklion (14.9 pct) and Piraeus (14.7 pct) recording the biggest percentage increases. The northern suburbs of Athens lead in sale prices per square meter (2,542 euros), while Patra has the lowest price (986.5 euros).
Warehouse sale prices were down in Athens (up to -12.6 pct in the eastern suburbs), but rose 15.2 pct in Thessaloniki and 10 pct in Patra.

Property leasing prices fell 1.0 pct in offices and dropped 9.0 pct in commercial assets, but rose 23 pct in warehouses in the fourth quarter compared with the same period last year. Sales prices rose 6.0 pct for offices, 11 pct for commercial assets and 33 pct for warehouses.