Bulgarian Shopping Malls Rent Prices Drop by 11%
Rents in shopping centers in Bulgaria fell by 11% during the summer months over growing competition among them, leading to pressure on prices of retail space.
The data was reported by darikfinance.bg.
The main reason is attributed to the opening of new retail space in recent months, and to the fact that some of the new contracts were signed for districts outside the cities' downtowns.
The expected new openings in 2014 will increase the competition even further.
According to a survey, Bulgaria has 735,000 square meters of retail space in shopping malls, and another 139,000 square meters are under construction.
Most of them, about 120 000 square meters, are in the capital Sofia, where in 2014, three new sites are expected - Sofia Ring Mall on the southern loop of the beltway, Megamall Lyulin in the Lyulin district, and Plaza West in the western part of the city.
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