International demand for Cyprus office spaces

International demand for Cyprus office spaces

Cyprus’ office rental market is booming, with prices reaching a five-year high in the first quarter of 2024 and surpassing pre-pandemic levels.

This surge is fuelled by robust demand, particularly for modern, Grade A office space.

Market research from Danos International Property Consultants and Valuers shows a rental price increase of roughly 8.5% across Cyprus compared to 2023. This translates to a 10% jump from the same period in 2019.

“Demand remains high for Grade A offices,” said Kyriacos Kiliaris, Chief Marketing Officer at Danos. “We expect this trend to continue throughout 2024, with both the private and public sectors seeking modern, high-specification office space.”

This trend is attributed to a shift of businesses and organisations from older buildings to more contemporary and professional premises. While new office developments are underway, strong demand, rising construction costs, and the growing need for energy-efficient features are expected to keep rental prices at relatively high levels in the medium term.

Danos International cited an inquiry from a major petroleum processing company seeking to relocate to energy-efficient office space.

Additionally, the firm highlighted rising investor interest from abroad, with a recent sale of office facilities worth €40 million to a Greek Real Estate Investment Company (REIC). khmertimeskh

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