New logistics facilities with a total area of ​​280,000 sq.m. will be brought to the market by the end of 2024, continuing the “rally” of new buildings in recent years. Approximately 180,000 sqm will be added by mid-year, with another 100,000 sqm added by mid-year, according to a related analysis by Cerved Property Services. they are expected to be open by the end of 2024. These are medium to large projects that will further strengthen the country’s role as a transit hub, as well as improve e-commerce services.

According to a study conducted by Cerved among 200 professionals (appraisers and realtors) in a network of partners, one in two expects a consistently strong demand for warehouse rentals in 2023. In fact, another 26% expect demand to strengthen further this year.

By the end of 2024, it is expected that 280,000 sqm will be available for rent. new warehouses.

Real estate managers also point out that any new large warehouse is required to provide tenants months before opening, which will drive up costs and rents. Thriasio is in the lead, collecting over 60% of new leases at prices that remain around 5 EUR/sqm/month for prime properties, followed by Thessaloniki, Mesogeia and Oinophyta. However, further rent growth is uncertain as companies face a significant reduction in their profits due to rising operating costs and rising construction costs, Cerved said in an analysis.

Among the large-scale investments launched, the transformation of the former Balkan Export facilities in Thessaloniki into a cargo center stands out. The 355-acre site was acquired by Dimand Real Estate in September last year for six million euros. The listed company’s goal is to develop a commercial logistics center with a total area of ​​120,000 m2, with an investment estimated at 160 million euros. The property will be developed in two separate phases (55,000 and 65,000 sqm respectively). The environmental impact study is currently under public comment.

Accordingly, in Attica, such projects as Triasium I are being “launched”, concerning the creation of the first cargo and transit center of Attica, on the territory of the SAIAESE. The project provides for the creation of infrastructure with a total area of ​​235,000 sq.m. on a 588 acre site and will be implemented by the Mytilinaios group on behalf of Goldair’s joint venture, ETVA BIPE. As stated in the Cerved report, the value of land in Triasia and the wider area of ​​Aspropyrgos has risen significantly in recent years, resulting in limited returns on such investments. Combined with rising prices for building materials, the average cost has increased by 30% or more compared to a few years ago and ranges from 450 euros/sq.m. up to 600 euro/sq.m. Accordingly, the yield fluctuates around 7-7.5%, from 8-8.5% in 2021, while before 2019 it was even double-digit.