Athens Office Market Report 08.Qxp

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Athens Office Market Report 08.Qxp Economy Economy GDP growth According to the latest European Commission (EC) Greece Euro Area forecasts for the Greek economy, economic activity is 5 estimated to continue to grow at well above the Euro area average at around 3.0% in 2008, however slower 4 compared to 4.0% in 2007. Weakening domestic demand was the main reason for the deceleration of 3 GDP growth during the year. Private consumption has benefited from continued 2 employment and wage growth over the past few years change % annual growing by 4.3% on average since 2001. In a context 1 of deteriorating confidence and financial uncertainty this growth is expected to slowdown to 2.5% in 2008. 0 2005 2006 2007 2008 2009 2010 The weakening of the housing sector is expected to have a negative impact on investment, and to bring Source: European Commission about a contraction of construction activity, especially dwellings. Although corporate investment remained high in the first half of 2008, according to the EC, it is expected to decline in the second half. The forecast for Total employment growth public consumption growth is that it will decelerate from the unusually high levels of 2007 and return to Greece Euro Area long term trends. In spite of the gradual erosion of 5 competitiveness, a deteriorated external environment and slowing economic activity in the Euro area, 4 exports appear to be growing strongly, mainly towards extra-EU trading partners. Imports on the other hand 3 are foreseen to slow in line with domestic demand 2 Outlook 1 annual % change % annual The EC expects the Greek economy to decelerate 0 further to 2.5% in 2009, while according to Consensus Forecasts GDP growth will be 1.4% in 2009. Either -1 way it is one of the few EU countries that could 2005 2006 2007 2008 2009 2010 maintain positive economic growth rates this year, driven by domestic demand. However, in a context of Source: European Commission uncertainty in the global financial and capital markets, tightening credit conditions would induce a further slowdown in private consumption, though this is Private consumption expenditure growth expected to show signs of recovery by the second half Greece Euro area of 2010. 5 The deceleration of economic activity will lead to lower growth in job creation, at around 1%, until 2010. The 4 decline in unemployment observed in recent years is accordingly expected to end and the unemployment 3 rate would increase. Following the developments in oil and commodity 2 markets, HICP inflation accelerated in the first three change % annual quarters of 2008 and is projected at 4.4%. Inflationary 1 pressures are expected to ease in 2009 and 2010, reflecting the expected stabilisation of oil prices. 0 2005 2006 2007 2008 2009 2010 Public finances remain fragile. The general government deficit for 2007 has been revised upwards Source: European Commission from 2.8% to 3.5% of GDP, and is expected to attain 2.2% of GDP om 2008, following a series of revenue enhancing and public consumption cutting measures. The EC project a deficit of 2.25% of GDP for 2009. Athens office market report - Winter 2008-2009 1 Main office submarkets Leasing market Office stock per submarket Main office submarkets CBD+midtown Athens South Athens North E75+Attiki Odos Athens West We estimate that the total office stock in Athens is in the region of 6m sqm, excluding public sector 7% 20% accommodation. Less than 40% of the total supply is 9% Grade A-B stock and is concentrated in the five main Athens office submarkets as analysed below. Central Business District (CBD) The CBD of Athens is a tightly defined area around Syntagma Square and along the main adjacent 27% streets. Traditionally the old CBD attracts public 37% administration, law and financial companies. The availability of high class offices in this segment is very low, with the vacancy rate below 3.5% for Grade A-B Source: Savills accommodation. Grade A-B stock and vacancy rate per submarket Mid-Town Grade A-B stock Average vacancy rate Tight supply in the CBD has shifted demand to the 700,000 25% fringe of the city centre defined as Mid-Town in our 600,000 analysis. This submarket is located mainly North of the 20% city centre in the region of Ambelokipi. Although still a 500,000 densely built up area, it has offered more opportunities 400,000 15% for the development of medium scale modern office 300,000 10% buildings over the past years. Total Grade A-B stock is 200,000 in the region of 120,000sqm and the vacancy rate 5% approximately 10%. 100,000 0 0% Athens North CBD Odos Midtown We define as Athens North the office submarkets E75+Attiki Athens West Athens North along Kifissias and Messogion Avenues that lead to Athens South the Northern suburbs of Athens and are connected to Source: Savills Attiki Odos ring road that leads to the airport. Kifissias Avenue has become the most sought after location for E75 - Attiki Odos (ring road) corporate offices in Athens. The development of modern accommodation with larger floorplates and This is one of the emerging submarkets in the Athens parking space and the improvement of infrastructure region. Since the relocation of some corporate have attracted major occupiers pushing the availability headquarters after the completion of the new ring-road of space below 5% of stock. The total supply of Grade in 2004 it has become an alternative location for A-B accommodation along Kifissias and Messogion occupiers that need large-scale accommodation and Avenues is in the region of 640,000sqm. they do not consider public transport accessibility as a major prerequisite. Business, industrial and media Athens South companies are the main types of tenants at the moment. A number of new developments over the past Athens South comprises the office submarkets along few years have been built-to-suit and today, more Syngrou, Posidonos and Vouliagmenis Avenues that speculative schemes have come onto the market lead to the coastal suburbs of Athens. Insurance and pushing the overall vacancy rate to almost 20%. shipping companies have been the main occupiers in Development activity is expected to increase further, this area. Since the beginning of the decade the office especially north of ‘Metamorfosi’ junction in E75. stock has increased by more than 60% reaching Currently the total Grade A-B stock is about almost 460,000sqm at the end of 2008. This 160,000sqm. development activity was driven by and large by owner-occupiers building their own premises Athens West especially along Syngrou Avenue. The overall vacancy rate for Grade A-B stock in Athens South is around Athens West is another developing submarket of 10% and it concentrates mainly in older, smaller Athens, which emerged from the regeneration process buildings. along Piraeus Avenue as well as the development activity that attracted the relocation of the Athens Stock Exchange at Athinon Avenue. Financial and banking Athens office market report - Winter 2008-2009 2 Demand and Supply services as well as public administration are the most construction and on the other hand following the falling common occupiers in this submarket. The expansion trend of economic growth, especially over the past 12 of the Metro network and the availability of larger sites months. In 2008 development completions of Grade A create the potential for the expansion of this office buildings in the submarkets analysed did not exceed submarket, although the environment still requires 55,000sqm of which around 60% is already committed. further uplift in order to attract more prestigious occupiers. So far, the current stock of Grade A-B Regarding the current development pipeline there are buildings is in the region of 120,000sqm and the around 140,000sqm of new office projects vacant quality space about 10% of the stock. (>1,000sqm) under construction or announced. We estimate that about one third of this space will be completed over the next two years, while a significant Demand and take-up number of new projects may be postponed either due to the lack of funding or until a pre-let is secured. Economic uncertainty and the slowdown in business Almost one third of the planned new developments is activity has had a negative impact on leasing activity in located in the submarket E75-Attiki Odos. 2008 with fewer deals and slower decision making process. Total take-up of Grade A-B space (>800sqm Development completions in main submarkets deals) is estimated to be in the region of 125,000sqm for the whole year, 11% lower compared to the 140,000 previous year. Banking, telecommunications, media 120,000 and insurance sectors continue to underpin the leasing activity with significant requirements. Around half of the 100,000 take-up regards pre-lets and owner occupation 80,000 acquisitions. Compared to the previous years the level of pre-lets has dropped significantly as some 60,000 companies delay their expansion or consolidation plans until the economic prospects become clearer. On 40,000 the other hand, there are still significant outstanding 20,000 requirements from the public sector that is still under the process of rationalisation. 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Grade A-B office take-up in main submarkets >2009 Source: Savills 180,000 160,000 140,000 Rents 120,000 Average prime rents have remained stable in the main 100,000 Athens submarkets over the past two years demonstrating only slight rises in submarkets with 80,000 strong demand and low availability of space. The 60,000 overall average achievable prime rent is currently 40,000 €20.50/sqm/month ranging from €17.50/sqm/month in Syngrou Avenue to €28.00/sqm/month or more for the 20,000 limited Grade A space in the CBD (Syntagma Square).
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