Some 43,000 sq.m. of Office Space Completed in Sofia in Q2

Business | August 22, 2018, Wednesday // 17:41
Bulgaria: Some 43,000 sq.m. of Office Space Completed in Sofia in Q2

SOFIA (Bulgaria), August 21 (SeeNews) - Around 43,000 square metres of Class A and B office space were completed in Sofia during the second quarter of the year, boosting the total inventory of the Bulgarian capital to 1.92 million sq. m., real estate consultancy MBL said on Tuesday.

A further 370,000 sq. m. are currently under construction, of which 240,000 sq. m. are expected to be completed by the end of next year, MBL said in its quarterly office space market overview.

Additionally, office buildings offering a further 220,000 sq. m. of office space are planned to break ground in 2018 and 2019, according to MBL.

The overall office space vacancy rate in Sofia was 10.1% during the second quarter.

Average rental rates remained stable in the second quarter at 12-14 euro ($13.8-16.1) for Class A offices and 7-11 euro for Class B.

However, the expected increase in office space availability is expected to put pressure on rent levels in Sofia, MBL notes.

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