Greece’s commercial real estate market is seeing notable changes, as traditionally sought-after locations lose momentum while others gain prominence, thanks to growing needs for warehousing and logistics reshaping the sector’s outlook. Areas that once dominated demand, such as Piraeus, Chalandri, and Kifisia, are seeing reduced demand for commercial properties, primarily due to high costs and limited availability. Meanwhile, Peristeri and Kallithea are emerging as rising stars, gaining momentum due to affordable prices and increasing commercial activity. These cost-effective yet previously overlooked areas seem to appeal to businesses seeking strategic locations that can accommodate the rise of e-commerce and the demand for efficient “last-mile” delivery solutions. Ilioupoli, Chalandri, and Glyfada are experiencing minor declines in warehouse demand. Despite their advantages, higher costs are deterring some companies. As for traditional hubs, such as downtown Athens and Glyfada, they remain company strongholds, retaining their appeal in the market.

In Thessaloniki, the commercial market follows a unique path. Central areas, Kalamaria, and Evosmos maintain steady demand for retail spaces. Thermi, however, is gaining attention as a new hotspot for commercial properties, supported by residential expansion and its strategic location. In warehousing, Efkarpia is gaining traction, while Stavroupoli has newly emerged as a top choice for rentals in 2024, highlighting the need for affordable options outside the city center.

The evolution of the Greek real estate market clearly demonstrates a turn toward greater flexibility, driven by broader socio-economic changes, with industry insiders stating that the dynamics shift is a perfect opportunity for development and growth in alternative locations within major cities.