Office Rental Rates in Bulgaria's Sofia Increase By 8% in Q1 2014
The office rental rates in Bulgaria's Sofia have increased by an average of 8% in Q1 2014 compared to the same period of last year.
The rents of more luxurious offices now range between EUR 10.50 and 12 per sq m per month, the Managing Director of Colliers International Iglika Yordanova told Bulgaria's Trud.
The main reason for the price hike is the decreasing supply of first-class office space, according to the expert.
Thus, currently in Sofia where there are no more than twenty first-class office buildings, the vacant space is only about 10%. For comparison, the vacancy in all commercial buildings in Sofia is about 18%. For the same period of 2013, the vacant office space was 25%.
The leading trend on the office space market in Sofia is for a higher demand for premises from 100 to 1500 square meters at the expense of larger offices, Trud daily informs.
By the end of the year some 80 000 square meters of offices will be complete. Those are located mostly along the Bulgaria and Tsarigradsko Shose Boulevards.
- » Bulgaria Posts 63% Rise in Number of Dwellings in New Buildings Completed in Q1
- » Building Permits Issued in Bulgaria Rise 3.4% Y/Y in Q1
- » Sofia Residential Property Market Makes Strong Start to 2016 - Industry
- » Moscow Launches Tender for Kamchiya Compound in Bulgaria
- » Sofia Apartment Prices, Sales Volumes Increase – Bulgarian Properties
- » Sofia Apartments Yield 5.4% Average Rental Return – Real Estate Agency