Athens

Space Measurement Standard

RICS

Space Unit of Measure

Square Meters

Financial Data Below Reported In

EUR

*
Typical Loss Factor from Rentable to Useable Square Meters

Loss Factor Notes:

*There is no terminology. SQM is calculated on either Gross or Net depending on the property

Landlord Concessions

Fit-Out Concession

The Landlord typically provides a contribution or concession to fit-out as a part of the lease transaction.

Fit-Out Cost Notes:

The fit-out contribution in Greece is usually in the form of fit-out works undertaken by the landlord and not in the form of money provided to the tenant to undertake the works due.

Rent-Free Period

In addition to the fit-out contribution, the Landlord typically provides a contribution or concession in the form of a rent-free period.

Standard Range of Rent-Free Months

2mo.-6mo.

Typical number of rent-free months.

Rent-Free Period Notes:

Two months rent-free in the first year of the lease

Six months rent-free is usually provided for over 3,000sqm of office space and applicable to properties that need extensive work.
Rent-free periods can also be applied in the entire duration of the lease but this is rare. Usually rent-free periods in Greece are provided in the first year of the lease.

Lease Provisions

Lease Term

3yrs.-9yrs.

Typical lease term in years.

Lease Term Notes:

Minimum required lease duration by the Greek commercial law is 3 years.

Operating Expenses & Service Charges Included

Quoted market rent typically does not include operating expenses (service charges). There are additional charges that apply to leasing space.

Additional Charges

€10/sm-€40/sm

Estimated range for all additional charges per Square Meters.

Additional Charges:

Utilities
Service Charges
Stamp Duty
Electric
Rates
HST
Cleaning
Hydro
Registration Fees
Taxes
Insurance
VAT
Other

Lease Timeline: The following apply to both office and industrial leases.

Lease Execution Requirements:

Typical upfront requirements
None for strong credit tenants
Upfront rental payment
Security deposit
Corporate guarantee
Not Applicable

Requirements Notes:

Security deposit of 2 months or corporate guarantee

Negotiated Subletting/Assignment

Typically, the tenant's right to sublease or assign the space is negotiated in the lease agreement.
Landlord Consent: Typically, the landlord's written consent IS still required.

Statutory Subletting/Assignment

This IS a statutory right.

Statutory Subletting/Assignment Notes:

Depending on what is stated in the lease agreement

Blend & Extend Strategies

Typically, a tenant can take advantage of "blend & extend" ("forward renewal", "early renewal", etc.) strategies when the appropriate market conditions exist.

Statutory Early Termination

This IS a statutory termination right.

Negotiated Early Termination

It IS typical for tenants to be able to negotiate an early termination right in the lease agreement.

Early Termination Notes:

Early termination depends on when the contract was signed, but it always comes with a penalty. Minimum lease duration is set at 3 years and any break option before the third year is liable to full compensation up until the expiration of the third year.

Typical cost: dependent on contract (Typically, after the third year of the lease with one months rent as penalty)

Obligations Upon Lease Expiration

Basic broom clean condition and removal of special installations.
Dilapidations.
Complete restoration to shell.
Other

Tenant Obligation Notes:

Reinstatement depending from provision in the lease agreement and repairs based on wear and tear

Workplace

Regional Office Space

12sm-15sm

Typical Square Meters per employee (includes office square footage for employees and contractors).

Regional HQ Office Space

17sm-22sm

Typical Square Meters per employee (includes office square footage for employees and contractors).

Athens market is typical.

Desk Sharing

Desk-sharing is a common practice in the market.

Desk Sharing Average

1/2

Average headcount per workstation.

Desk Sharing Notes:

Flexible workplaces have been introduced in the past two years

Urbanization of the workforce is: Equal to several other considerations driving location decisions

Landlord Concessions

Fit-Out Concession

The Landlord typically provides a contribution or concession to fit-out as a part of the lease transaction.

Fit-Out Cost Notes:

Low figure: 10 %
High figure: 17%

% of the annual rent calculated only on the first-year rent

Rent-Free Period

In addition to the fit-out contribution, the Landlord typically provides a contribution or concession in the form of a rent-free period.

Standard Range of Rent-Free Months

3mo.-6mo.

Typical number of rent-free months.

Rent-Free Notes:

Please note that it is either fit-out contribution or rent-free. Not both.

Lease Provisions

Lease Term

3yrs.-12yrs.

Typical lease term in years.

Operating Expenses & Service Charges Included

Quoted market rent typically does not include operating expenses (service charges). There are additional charges that apply to leasing space.

Additional Charges

€15/sm-€50/sm

Estimated range in total for all additional charges per Square Meters.

Additional Charges:

Utilities
Service Charges
Stamp Duty
Electric
Rates
HST
Cleaning
Hydro
Registration Fees
Taxes
Insurance
VAT
Other

Lease Timeline: The following apply to both office and industrial leases.

Lease Execution Requirements:

Typical upfront requirements
None for strong credit tenants
Upfront rental payment
Security deposit
Corporate guarantee
Not Applicable

Requirements Notes:

Security deposit of 2 months or corporate guarantee

Negotiated Subletting/Assignment

Typically, the tenant's right to sublease or assign the space is negotiated in the lease agreement.
Landlord Consent: Typically, the landlord's written consent IS still required.

Statutory Subletting/Assignment

This IS a statutory right.

Statutory Subletting/Assignment Notes:

Depending on what is stated in the lease agreement

Blend & Extend Strategies

Typically, a tenant can take advantage of "blend & extend" ("forward renewal", "early renewal", etc.) strategies when the appropriate market conditions exist.

Statutory Early Termination

This IS a statutory termination right.

Negotiated Early Termination

It IS typical for tenants to be able to negotiate an early termination right in the lease agreement.

Early Termination Notes:

Early termination depends on when the contract was signed, but it always comes with a penalty. Minimum lease duration is set at 3 years and any break option before the third year is liable to full compensation up until the expiration of the third year.

Typical cost: dependent on contract (Typically, after the third year of the lease with one months rent as penalty)

Obligations Upon Lease Expiration

Basic broom clean condition and removal of special installations.
Dilapidations.
Complete restoration to shell.
Other

Tenant Obligation Notes:

Reinstatement depending from provision in the lease agreement and repairs based on wear and tear

Section 1. Fit Cost Data

Total Fit-Out Cost

€400/sm

Class A Office

€250/sm

Class B Office

€150/sm

Class C Office

€200/sm

Flex Office / Warehouse

Total Fit-Out Cost Notes:

Fees exclude permits under Greek law

Furniture Cost

€200/sm

Class A Office

€110/sm

Class B Office

€50/sm

Class C Office

€50/sm

Warehouse

Furniture Cost Notes:

Costs depend on negotiation.

Floor Covering Cost

€100/sm

Class A Office

€60/sm

Class B Office

€15/sm

Warehouse

Floor Covering Cost Notes:

Costs depend on negotiation. For floor coverings, depends on carpet, laminate, etc.

Partitioning Walls Cost

€60/sm

Class A Office

€45/sm

Class B Office

€30/sm

Class C Office

€40/sm

Warehouse

Partitioning Walls Cost Notes:

Costs depend on negotiation.

Other (IT/etc) Cost

Other Cost Notes:

Costs depend on negotiation and from it, the requirements.

Typical Manpower Hourly Rates

€200/hr

Programme Manager

€150/hr

Senior Project Manager

€120/hr

Project Manager

€100/hr

Junior Project Manager

€50/hr

Project Assistant

€100/hr

Workplace Consultant

€300/hr

Designer/Architect

Project Management Base Fee

5-10%

Base fee [%] for the fitout of above office of 1000 m2.

Section 2. Scope of Work Description

Phase 1: Services Before and During the Transaction

Review the LOI and work letter portion of the Lease to ensure that the clients interests are protected during the build-out of the project.
Typically included in "Project Management" scope of work.
Advise Colliers broker and client on project issues and their resolution as they occur.
Typically included in "Project Management" scope of work.
Typically included in “Design/Build” scope of work.
Participate in building tours, if requested, to evaluate building systems and other cost-related observations and prepare a building due diligence report
Not typically included at all, but available for an additional fee.
Develop high-level project estimate and timeline based on test fit and Client standards
Typically included in “Design/Build” scope of work.
Schedule and chair Schematic Drawings and Design Development Drawings review meetings/conference calls
Typically included in “Design/Build” scope of work.
Define workplace strategy for client, research what kind of location, office / work environment accelerates business
Typically included in "Project Management" scope of work.
Typically included in “Design/Build” scope of work.
Define program of requirements for location, building and interior characteristics
Typically included in "Project Management" scope of work.
Typically included in “Design/Build” scope of work.
Engage with the Client Facilities Management (FM) Operations team to ensure alignment with Client standards
Not available / not a service that can be offered.
Phase 1 Notes:
Defining workplace strategy for client, researching what kind of location, office / work environment accelerates business and defining a program of requirements for location, building and interior characteristics depend on what the client requires.

Phase 2: Service Before and During the Design Process

Develop preliminary project budget and schedule.
Typically included in "Project Management" scope of work.
Develop the RFP for selection of a space planner/architect and any other consultants identified and required
Typically included in "Project Management" scope of work.
Analyze, compare and evaluate responses to the RFP.
Typically included in "Project Management" scope of work.
Orchestrate the space planner/architect interview process.
Not typically included at all, but available for an additional fee.
Negotiate, on behalf of the client, professional services agreements with the space planner/architect and other consultants.
Not typically included at all, but available for an additional fee.
Review architect’s final Program of Requirements.
Typically included in "Project Management" scope of work.
Monitor the design team’s schedule of deadlines and deliverables. Coordinate meetings with the design team and the client. Manage the design process on behalf of the client.
Typically included in "Project Management" scope of work.
Typically included in “Design/Build” scope of work.
Review and recommend payment of the invoices for services. Submit invoices for payment to landlord or client and prepare monthly reports of project costs versus project budget.
Not typically included at all, but available for an additional fee.
Negotiate all client-vendor contractors (IT, AV, Security/Access Control, Signage, High Density Filing) on behalf of client.
Typically included in "Project Management" scope of work.
Coordinate with either Architect or General Contractor in permitting process
Typically included in "Project Management" scope of work.
Typically included in “Design/Build” scope of work.
Schedule and chair weekly design review meetings/conference calls
Typically included in "Project Management" scope of work.
Typically included in “Design/Build” scope of work.
Other Value-Add Services: Test fits (including Look & Feel) - Cost Estimates - Schedule/timing/phasing scenarios - Floor plan, core and circulation efficiency ratios(GIA vs NIA) (NOA vs NIA) - Technical due diligence/Assessments - We may pack everything into a Feasibility Study or proposed them separately depending on the situation.
Not typically included at all, but available for an additional fee.
Define interior guidelines for architect based on workplace strategy
Not typically included at all, but available for an additional fee.
Control workplace strategy and functionality and during design process
Not typically included at all, but available for an additional fee.
Architectural design
Not typically included at all, but available for an additional fee.

Phase 3: Services Before Construction

Liaise with the Landlord’s Representative.
Typically included in "Project Management" scope of work.
Prequalify a list of general contractors to be interviewed (consult lease to confirm any Landlord required GCs).
Typically included in "Project Management" scope of work.
Develop the RFP, including Landlord and/or Lease required documents, for selection of a general contractor.
Typically included in "Project Management" scope of work.
Analyze, level, and evaluate the responses to RFP.
Typically included in "Project Management" scope of work.
Orchestrate general contractor interview process and prepare evaluation scorecard.
Typically included in "Project Management" scope of work.
Review all proposed subcontractors and monitor the general contractor’s subcontractor bid process to ensure integrity of the process and quality of the workmanship.
Typically included in "Project Management" scope of work.
Monitor the general contractor’s schedule of deadlines and deliverables. Coordinate meetings between the design team, general contractor, client and appropriate vendors.
Typically included in "Project Management" scope of work.
Negotiate, on client's behalf, the General Contractor agreement for Client approval
Typically included in "Project Management" scope of work.
Schedule and coordinate Architect's 90% Construction Drawings review
Typically included in "Project Management" scope of work.
Typically included in “Design/Build” scope of work.
Develop Project Cost Summary + Invoice Tracker and update weekly
Not typically included at all, but available for an additional fee.

Phase 4: Services During Construction

Coordinate with the Landlord’s Representative.
Typically included in "Project Management" scope of work.
Conduct weekly construction meetings to assess progress, quality and conformance with the Contract Documents and distribute minutes of meetings.
Typically included in "Project Management" scope of work.
Monitor the general contractor’s schedule.
Typically included in "Project Management" scope of work.
Monitor the construction budget.
Typically included in "Project Management" scope of work.
Review, and recommend for payment, the contractor’s Applications for Payment.
Not typically included at all, but available for an additional fee.
Monitor all project documentation.
Typically included in "Project Management" scope of work.
Typically included in “Design/Build” scope of work.
Act at all times as client’s liaison to vendors contracted directly by Client (IT, AV, Security/Access Control, Signage).
Typically included in "Project Management" scope of work.
Typically included in “Design/Build” scope of work.
Oversee the punch list process to ensure acceptable completion of all items.
Typically included in "Project Management" scope of work.
Typically included in “Design/Build” scope of work.
Close out all consultant, contractor and vendor contracts.
Typically included in "Project Management" scope of work.
Deliver close-out documents, as specified in the Lease, to Client
Typically included in "Project Management" scope of work.
Typically included in “Design/Build” scope of work.
Coordinate value/engineering process, if required.
Not typically included at all, but available for an additional fee.
Provide as-built drawings and O&M Manuals to Client FM Operations team
Typically included in "Project Management" scope of work.
Typically included in “Design/Build” scope of work.

Additional Services: Services During Relocation

Develop RFP for moving companies, evaluate responses and recommend selection of moving company or identify, interview and review proposal for services from relocation consultants.
Typically included in "Project Management" scope of work.
Represent Client in development of move strategy.
Typically included in "Project Management" scope of work.
Monitor development of move activity checklist.
Typically included in "Project Management" scope of work.
Represent client on site during move process.
Typically included in "Project Management" scope of work.

Additional Services: Project Management Services Related to Furniture/Workstation Procurement

Conduct bid process for all furniture (workstations, case goods, seating, filing) purchases specified by the architect and/or client.
Typically included in "Project Management" scope of work.
Conduct bid process for refurbishment of existing furniture and/or workstations.
Typically included in "Project Management" scope of work.
Evaluate bids and negotiate purchase order with manufacturer(s).
Typically included in "Project Management" scope of work.
Negotiate national buying contract with select furniture dealerships, using Colliers International purchasing power
Typically included in "Project Management" scope of work.
Change management before, during and after moving to the new work environment
Typically included in "Project Management" scope of work.
Measuring/monitoring (KPI's) how the way of working and building accelerates business and goals of the client
Typically included in "Project Management" scope of work.
Typically included in “Design/Build” scope of work.

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