Thessaloniki's logistics real estate market is characterised by a limited, ageing stock of warehouse space that, according to an analysis by property valuation firm Geoaxis, struggles to meet the needs of modern supply chains. The study highlights smaller average warehouse sizes in the city and points to a broader imbalance between supply and demand nationwide.
Geoaxis states that "the problem of the Greek market is that there is no product available for rent, as newly built warehouses were either constructed by their users or pre-leased before completion." As a result, any new logistics facility exceeding 15,000 square metres can reportedly be leased immediately due to "accumulated demand and non-existent supply."
The analysis indicates that this imbalance is pushing property values upwards while compressing yields to around 6.75%-7.00% for high-quality assets, depending on location and construction features. Geoaxis adds that "companies that moved early secured even lower purchase prices, with nearly double-digit annual returns." It also notes that yields in Greece remain competitive at the European level, with comparable prime assets in countries such as the United Kingdom, France, and Germany yielding around 5% and showing upward trends projected for 2026.
In terms of pricing, warehouse rents in Thessaloniki's key logistics areas, including Sindos Industrial Area (VIPE Sindou) and Kalochori, are significantly lower than in the Athens region, which accounts for approximately 60%-70% of total warehouse space nationwide. Median asking rents reach €5.52 per square metre in Aspropyrgos (Attica), compared with €3.36 in Sindos and €2.90 in Kalochori. A similar pattern is observed in sale prices, with Aspropyrgos leading at €841.71 per square metre, while Sindos averages €548.55 and Kalochori €396.00.
The data also suggest that available warehouse sizes in Thessaloniki are generally smaller. Listings indicate a minimum available space of 1,763 square metres in Kalochori, compared with larger units in Attica, such as Aspropyrgos and Oinofyta. Average available surfaces for sale are also lower in Thessaloniki, although some larger median plots, up to 13,500 square metres, are recorded in areas such as Sindos (outside the industrial zone) and Kalochori.
Looking ahead, Geoaxis reports that multiple logistics developments are planned or underway, with investments expected to exceed €800 million in Athens and Thessaloniki by 2026. These projects are expected to add approximately 800,000 square metres of new warehouse space. According to the firm, "a newly built warehouse with individual cooling spaces in a prime location could achieve a sale price well above €1,000 per square metre."
By Lina Tsireka - adapted from Greek by Vassia Barba
