Growing demand for office and shop rental its experts predict real estate market for 2023. At the same time, they estimate that investor buying interest will remain consistently high, especially for office buildings, but also for stores. The above is based on the latest annual report of the research and analysis department. Serviced Real Estate Services (CPS)which was based on a survey of 200 real estate professionals.

In particular, 52% of experts expect an increase in demand for the rental of modern office buildings, and 49% – for the rental of shops in the main markets. As for the office space market, 55% report stable demand this year, and another 40% expect demand to grow. Accordingly, 56% expect strong demand for store acquisitions in major markets, and 35% predict an increase in buying interest in 2023.

However, the picture for properties of lower quality standards is diametrically opposed. For example, in stores located in the secondary markets, a decrease in rental demand is expected, according to 41% of experts (50% predict demand will stabilize). In the B and C category office real estate market (old buildings and in less privileged locations), 40% of experts predict a decrease in buying interest this year (52% expect stable demand), and in terms of rental demand, 32% predict a decrease in buying interest. decline this year (59% predict stabilization).

According to Cherved’s analysis, the office real estate market moves at different “speeds” depending on the quality characteristics of each property. “Telecommuting has nurtured a new generation of newly built offices, increased user demand for quality, and heightened the need for safe, flexible, comfortable, bioclimatic, and high standard housing. Modern companies are mainly looking for green buildings, and investors are interested in sustainable real estate portfolios. Prices for these offices are rising, increased demand is maintained, their profitability is declining, their occupancy is guaranteed, and therefore the gap between class B or C funds and modern offices is widening,” Cherved notes.

commercial roads

In terms of shops, the demand for rentals in the most commercial streets of Athens, Thessaloniki, Glyfada, Kifisia and Piraeus, as well as in shopping centers, is still high due to the lack of free shops and relatively moderate rental rates, especially compared to the period before the financial crisis, when they surpassed all historical precedents, making Ermou Street one of the ten most expensive shopping streets in the world.