Investors have turned their attention to the development of new generation offices. In addition to the creation of properties with bioclimatic characteristics and the well-being of employees, the aim is to implement further differentiations in relation to existing properties.

First of all, these concern the development of offices in larger spaces, preferably further from the main points of interest, i.e. the axis of Kifissia Street to the north and the center of Athens, but also the addition of other uses, complementary to the work, such as catering and commercial areas (e.g. convenience stores), walking and exercise areas, and of course communal green areas.

In particular, the creation of business parks is being attempted, but not in the sense that prevailed abroad a few decades ago, i.e. the gathering of many similar businesses, or from related industries, in a large complex of individual office buildings, but in the sense of a campus, where employees will be able to collaborate, socialize with each other and meet their other needs.

This development is fueled both by the efforts of companies to attract workers back to the workplace, but also by the general trend of well-being and employment. Another reason is certainly the need to create new office buildings, at a time when there are no longer spaces for such in the established areas for office use. For example, in the northern sector of Kifisias Street and Mesogeion Street, the stock amounts to 1.85 million sq.m. but the availability of vacant spaces does not exceed 125,000 sq.m.

In this context, according to Mr. Yiannis Xylas, head of the company of certified real estate appraisers Geoaxis, “after the pandemic and the end of the war in Ukraine, we assume that the demand will turn to modern offices, regional of Athens, with easy access. These offices will concern mixed developments, which will combine additional residential uses and uses of daily activities, such as retail, catering and sports/exercise.

Certainly, the most characteristic example concerns the development that begins in Elliniko, where hundreds of thousands of sq.m. of new offices, alongside housing complexes for all “wallets”.

At the same time, however, two more important investments will be launched in the near future, one in the former industrial zone of Faliros and one in Kantza Pallinis (former Kamba estates), which will offer office buildings, which will be combined with other uses. In particular, the Cambas Project in Pallini, to be developed by REDS of the Ellactor group, foresees that a large park will be created on the area of ​​315 acres (on 50% of the area), as well as plenty of additional public green spaces and in the part of area to be built. Accordingly, from the 90,000 sq.m. of buildable surfaces, almost 50,000 sq.m. will concern offices, 25,000 sq.m. cultural spaces and 16,400 sq.m. shops and restaurants. A small hotel will also be created.

Accordingly, in Faliro, on the area of ​​the former VELKA, the development of seven buildings is planned, of which four will be offices and the rest residential complexes, while ground floor shops are also planned. It is an investment of 100 million euros, which foresees the development of 57,500 sq.m. It is promoted by Dimand Real Estate and Avax Development (subsidiary of the Avax group), while Mr. Christos Ioannou (major shareholder and CEO of Avax) and Mrs. Dimitra David also participate as investors.

Source: kathimerini.gr