Tight-Fisted Sofia-Based Cos Turn Choosey about Office Space
As Bulgaria's capital Sofia has put on offer a bumper crop of office space, companies based here become choosier about the working place they want to buy or rent, a survey shows.
More than 50% of the interviewed Sofia-based companies frown at current rental levels of office projects in the capital, saying they are not aligned to the market conditions, according to a report by realtor Colliers.
According to approximately 90% of the interviewed companies the supply of office properties in Sofia exceeds the demand.
Only 21% of the interviewed companies consider the supply of high quality office projects in Sofia not sufficient, according to the survey.
Asked to determine the characteristics of a high quality office project, respondents singled out environment and convenient location, high quality construction and parking space.
A total of 45% of the companies, which took part in the survey, said the office premises they are occupying currently provide quality working environment - quality illumination, sufficient fresh air, low levels of harmful emissions of the finishing works.
As a whole, the interviewed companies voiced positive expectations about the development of Bulgaria's economy in 2012.
Nearly 40% forecast a positive outlook for the economic development of the country in comparison with the previous year, while just as many say things will remain unchanged.
Even though they remain upbeat, Sofia-based companies are still more inclined to rent rather than buy their own office premises, the survey found out.
Colliers' data shows that first-class office space in Sofia totals 300.000 square meters, which accounts for only 19% of the total office space available.
About 30% of the total office space in the Bulgarian capital remains unoccupied.
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