Plovdiv has emerged as the most dynamic regional office market in Bulgaria, with over 237,000 square meters of Class A and B office space, according to the latest “Offices in Regional Cities in Bulgaria” report published by Colliers International.

Plovdiv: Strong Demand and Steady Growth

The office market in Plovdiv shows signs of maturity and stability, largely driven by sustained demand from IT companies and firms in professional services. The city’s vacancy rate dropped to 9.8% by early 2025, a significant decline from the peak levels reached during the onset of the COVID-19 pandemic in 2020. Currently, nearly 58,000 sq.m of new office space is under construction, with the majority falling under the Class A category.

Over the past three years, nearly all net office space absorption in Plovdiv has come from IT firms expanding their operations. This trend has reinforced the city’s position as a prime location for high-value-added businesses outside the capital.

Rental prices have remained stable, with Class A office space averaging €10 per sq.m per month, and Class B space renting for around €5 per sq.m per month.

In terms of location:

• 54% of office space is located in the outskirts of the city,

• Over 25% is in the wider central area, and

• 20% is in the central business district (CBD).

Currently, Class A offices account for 56% of total office supply in Plovdiv.

Varna: Balanced Market with Focus on Professional Services

Varna maintains a stable office market, with a total of 271,800 sq.m of available space. In 2024, only one new office building was completed. The vacancy rate remained steady at 10.6%, a level that has held consistently in recent years.

The most active tenants are companies in the professional services sector, followed by businesses in retail, logistics, and IT. Over the past three years, more than half of all net office space absorption in Varna has been driven by professional services firms.

Rental levels remain unchanged, with Class A offices at €9 per sq.m per month and Class B at around €5. Currently, 17,200 sq.m of new space is under construction.

Despite a high share of Class A offices (54%), the quality varies widely. Office space is primarily distributed across:

• Outskirts – 55%,

• Wider center – 23%, and

• Central business district – 22%.

Burgas: Smaller Scale, Yet Stable and Focused on IT and Outsourcing

Burgas lags behind in terms of total supply, with 92,700 sq.m of office space, but shows market stability nonetheless. In 2024, one new building added 3,000 sq.m to the inventory.

The vacancy rate stands at 8.4%, with most of the unoccupied space concentrated in a single project. Over the last three years, all net take-up in Burgas has come from IT and outsourcing companies, reinforcing the city's role as a secondary hub for digital businesses.

Average monthly rents follow national trends:

• €8.5 per sq.m for Class A, and

• €5 per sq.m for Class B.

Only 2,600 sq.m of new space is expected to enter the market in the near term.

Class A offices make up 62% of the total supply. In terms of distribution:

• 48% of modern office space is located in the wider center,

• 19% in the CBD, and

• 33% in the outskirts.

Outlook: Regional Markets Show Resilience and Long-Term Potential

“Office markets in Plovdiv, Varna, and Burgas continue to demonstrate resilience and moderate growth,” commented Denitsa Doneva, Office Space Manager at Colliers Bulgaria. She emphasized Plovdiv’s leadership role, thanks to its proximity to Sofia and a strong local business environment, alongside growing interest in alternative regional locations.

According to Colliers, the demand for modern, energy-efficient office space is expected to continue rising, with a growing shift toward flexible workspaces. Regional cities are increasingly positioning themselves as viable alternatives to Sofia—provided local administrations offer the right incentives, access to skilled talent, and solid infrastructure.

Rental rates are projected to remain stable in the major regional centers. However, prime office buildings with minimal vacancy may see modest rent increases. Older buildings, on the other hand, may face downward pressure on rents due to competition and evolving tenant expectations.

The vacancy levels are expected to remain within sustainable margins, signaling a balanced market environment going forward.