Fast growth logisticsas the investment programs of both real estate companies and users and logistics service providers accelerate. The goal is to fill a gap that still exists in the market for modern warehouses, which allow services to be digitized and at the same time placed in buildings with high energy efficiency. Especially this last element seems to have further enhanced the mobility seen in the market due to the significant increase in energy costs over the past 12 months.

“Last year, we found that rental prices for modern warehouse space, especially in the West Attica area, have risen by 5-10%, depending on the property and the specifications offered and, of course, where it is located. situated”, Yannis Xilas reports to K.Head of Geoaxis Property & Valuation Services, a certified appraiser company.

In the latest “Observatory of Value” for the logistics market, Geoaxis notes that Aspropyrgos has the highest average asking rental price of 4.5 EUR/sq.m. per month, while Mesogeia follows from 4.07 euros/sq.m. and Elefsina from 3.37 euro/sq.m. Prices are lower in Sindos VIPE – 2.85 euros / sq.m, in Oinophyta – 2.61 euros / sq.m. and Kalochori from 2.52 euro/sq.m.

The highest average asking rental price is found in Aspropyrgos – 4.5 EUR/sq.m.

According to analysts, luxury real estate is rented at a price above 4 euros/sq.m/month. “Today, each new logistics area of ​​more than 15,000 sq.m. can be rented immediately, as there is pent-up demand and non-existent supply. This market imbalance drives up prices as newly built warehouses are either built by the users themselves or leased out at the start of the project’s construction.

In terms of area, the largest average available area is recorded in Aspropyrgos with an area of ​​8,100 sq.m., followed by Mesogeia Attica with an area of ​​4,150 sq.m. and then Oinophyta with 3902 sq.m. The smallest accessible midsurfaces are shown by Sindos University of Applied Sciences with an area of ​​3,345 sq.m, Elefsina with an area of ​​3,100 sq.m. and Kalochori with an area of ​​2070 sq.m. As for the sale of logistics real estate, the highest average offer price is observed in Aspropyrgos – 687.2 euros / sq.m, while in Mesogei the average price is 634.14 euros / sq.m, and in BIPE Sindos – 468, 85 euro/sq.m. The lowest average price is observed in Kalochori – 345.65 euros / sq.m, and in Elefsina and Oinofit – 405.25 euros / sq.m. and 394.65 euros/sq.m. average.

Rising prices and higher construction costs have also reduced returns on logistic properties, which are now around 7% for quality properties, depending on the location and characteristics of each build,” Geoaxis says.

Investments in new facilities 250,000 sq.m.

Investment activity in the logistics sector is in full development during this period, as it is expected that by the end of 2024, about 250,000 sq.m. will be added. new spaces. Among the largest investments is Dimand Real Estate, which is in the final stages of licensing, for the development of a commercial center with a total area of ​​120,000 sq.m. in Thessaloniki. For this purpose, the listed company will use the former property of Balkan Export, which it acquired a few months ago. The total investment is estimated at 160 million euros, with the development aimed at multinational groups interested in gaining a foothold in the Greek market, with an easy promotion of their products in the rest of Europe.

It is also important to promote investments by Prodea Investments, which plans to develop a logistics complex with an area of ​​40,000 sq.m. on a 110-acre private property in the Aspropyrgos area. The appropriate building permit is likely to be obtained within the first half of the year.

Both Trastor AEEAP and Briq Properties AEEAP are starting new investments in the logistics sector with a desire to expand their footprint in the Aspropyrgos area. In this context, the two companies have recently started acquiring new land in areas where they are already located, wanting to create modern warehouse complexes that also have a high added value. Trastor, in contrast, will create a new 8,000 m2 facility, while Briq Properties plans to increase its warehouse under construction from 14,500 m2. in 19,000 sq.m.