Price Hike of Office Rental Rates in Bulgaria Expected
Premium class office space rents in Bulgaria will reach new heights in 2014.
The top office rental rates will rise in price up to EUR 10 per sq/m.
The prognosis is of the advisory company Forton, an Alliance Partner of Cushman & Wakefield for Bulgaria, Serbia and Macedonia.
According to a survey held by Forton this December, the demand for office buildings has increased substantially in the last months and many leaseholders face the prospect of a rental price hike. The tendency will continue next year, including the cities of Varna and Plovdiv.
Rental rates in Sofia fluctuate around EUR 7-10 per sq/m, while the prices in Plovdiv vary between EUR 6-9 per sq/m. These rates have remained almost unchanged throughout 2013, except for the oversized office spaces and those in the Sofia city outskirts which may drop to EUR 3-4 per sq/m.
According to the National Statistical Institute (NSI), only 64 commercial permits were issued in H1 2013, which is a decline of over 15% compared to the same period 2012.
- » Price of Agricultural Land in Bulgaria Increased by 8.6% in 2013
- » Bulgaria's Property Sales to Russians See Contradictory Trends
- » Free Space In Sofia Malls Decreases
- » Experts Warn about Property Bubble Risk in Eastern Bulgaria
- » English-Speaking Clients to Return to Bulgarian Real Estate Market
- » Construction in Bulgaria Posts Growth