Monday, August 02 2021
Clear Sky
18°C New York

1 € = $ 1.1895
1 $ = € 0.8407

Office market appears to be well shielded

The Greek office market appears shielded against the upcoming recession, at least as far as modern office buildings are concerned, as demand for them is expected to remain high due to their scarcity.

Even if the economic contraction in the coming months does deal a temporary blow to the market, the impact on modern office buildings will be limited as a result of the underinvestment in this sector over the last 10 years that has left the domain with very limited stock compared to demand.

Property market officials add that it is possible the economic support measures will not only soften the blow for corporations (at least those seeking modern-standard offices) but also lay the groundwork for their faster development in future; especially if the country’s return to normal comes with a generous injection of liquidity and incentives for the acceleration of economic growth.

 

In the meantime though, a side effect might be attempts by some companies to renegotiate their existing rates for a certain period.