Rising commercial rents are reshaping the retail landscape in Greece, creating new conditions for both businesses and investors.
The country’s most popular shopping districts are seeing rental prices reach record highs, attracting large chains and multinational brands, while smaller businesses either scale back their presence or relocate to more affordable areas.
In Athens, Ermou Street—Greece’s most expensive retail strip—commands rents of up to €300 per square meter, ranking 15th globally according to Cushman & Wakefield.
This upward trend is not confined to the city center but is spreading to commercial areas across the country, putting significant pressure on small and medium-sized enterprises struggling to keep up.
High rents are luring major retail players to invest in flagship stores. In districts such as Kolonaki and along Ermou, brands like JD Sports, Pandora, Adidas, and Vakko are securing prime spaces despite the cost.
Stadiou Street, which had seen years of low retail activity, is experiencing renewed momentum thanks to the renovation of the historic Arsakeio Mansion. Its retail wing is already fully leased, and the dining spaces are set to open in the autumn, benefiting from the daily flow of around 450,000 pedestrians.
In Omonia, the €55 million redevelopment of the iconic Mignon department store is attracting major tenants, with Zara occupying 6,000 square meters over four floors, at rents comparable to those of high-profile shopping streets.
Shopping centers are following a similar path. At The Ellinikon Mall—the largest under-construction mall in Greece—63.5% of its 100,000 square meters have already been leased, with rents averaging €52 per square meter.
Similarly, the Riviera Galleria, a €120 million development on Ellinikon’s coastal front, is targeting international luxury brands willing to pay premium rates for a prime location.
