The commercial real estate market, and in particular logistics, quality offices and big-box retail, appears to be in a transitional stage.
Yields are falling, indicating increased confidence and maturity, while transaction intensity is increasing, reflecting the growing demand for a limited number of quality properties.
At the same time, despite the gradual convergence with the rest of Europe, Greece continues to offer higher yields compared to mature markets, an element that maintains investment interest.
The data, which comes from Savills Research and was made public in the context of a recent presentation by Premia REIC to investors, reflects the change in the main market sizes in both yields and rents and transaction volumes.
The picture that emerges is of a market that is moving towards lower yields and higher rents, without however losing the advantage of returns over other European markets.
In comparison with other European markets, Greece shows a prime logistics yield of 6.3%, compared to 5.5% in Portugal, 4.75% in France and 4.4% in Germany. This means that the Greek market offers a yield that is 0.80 percentage points higher than the Portuguese market, 1.55 points higher than the French market and 1.90 points higher than the German market.
The picture is similar for quality offices in Athens. In 2025, yields are set at 5.8% for the northern suburbs market and 5.65% for the city center market, while the corresponding rents reach 35 and 34 euros per sq m per month. At the level of the overall market, Athens shows a yield of 5.26%, while London City is at 5.25%, Barcelona at 4.65%, Amsterdam at 4.4%, Munich at 4% and Paris also at 4%.
In big-box retail, the picture is more stable. In terms of transactions, the market shows strong fluctuations from year to year.
In detail, in logistics, transactions amounted to 30 million in 2018, 33 million in 2019, 150 million in 2020, 90 million in 2021, 277 million in 2022, 220 million in 2023, 85 million in 2024 and 30 million euros in 2025. The peak was recorded in 2022 and a decline followed, with the last year returning to 2018 levels.
In offices, the corresponding transaction volumes were 125 million in 2018, 395 million in 2019, 230 million in 2020, 240 million in 2021, 275 million in 2022, 370 million in 2023, 455 million in 2024 and 823 million euros in 2025. This is the category with the largest contribution to the total market volume, but also the one that provides the main impetus in 2025.
In big-box retail, transactions amounted to 20 million in 2018, 165 million in 2019, 65 million in 2020, 50 million in 2021, 180 million in 2022, 145 million in 2023, 177 million in 2024 and 610 million euros in 2025. The most pronounced change is also recorded in the last year, when the category moves to a clearly higher scale.
Based on the above, the increase in total transaction volume in 2025 results mainly from offices and big-box retail, while logistics is moving lower compared to previous years.
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