There is a total of 150,000 m² Class A office space under construction in Athens, according to new Colliers International Hellas research. That compares to an existing inventory of Class A office space available for immediate take-up of 50,000 m², a vacancy rate of 3%.
Athens' total office market stock is estimated at more than 2 million m², with some 130,000 m² having been added in 2006. Vacancy rates have been falling from 12% in 2004 to 10% in 2005 to 8% at the end of 2006. Rental rates in the Central Business District have meanwhile stabilized after their declines of the previous years.
Initial yields are continuing to fall in Athens, narrowing the gap between the Greek capital and other major European cities say Colliers International Hellas in their Athens Office Market Overview for the first half of 2007. Recent transactions have suggested a yield rate of approximately 6.2% compared with rates of approximately 5.5% in other major European cities.
Richard Hazell, Managing Director of Colliers International Hellas, said, "Our research shows that this is a very dynamic market, and one where I am happy to say we are the clear market leaders. We are involved in some of the most exciting projects around, such as the leasing of the offices at the new Athens Stock Exchange."
Philip Bay, Regional Director, Colliers International Southeast Europe, concluded, "I am very proud of the excellent market research that we produce free of charge for everyone. It's an extremely valuable tool for executives, journalists and analysts. It's just another reason why Colliers International Southeast is the leading property consultants in the region."
The new research appears in the Athens Office Market Overview for the first half of 2007 and is available free of charge on the Colliers website.
Colliers International Southeast Europe was recently named Property Consultant of the Year for the region for the second straight year.