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Sofia

The second half of 2007 consequently continued the trend of past years in Sofia: office market grew again and gained 16% with 98.000 square meters of new area in comparison to the first half year. Altogether the actual stock of office areas amounts to 704.600 square meters, which consist to one half out of category A objects (369.600 m²) and to the other out of category B objects (335.000 m²). At the end of the year there were over 590.000 square meters of office areas in progress.

The growth in the second half of the year was mainly brought up by periphery regions of Sofia, which contributed 66% with about 64.000 square meters of new office areas. Overall the stock in the suburbs includes about B 332.000 square meters.

The amount of areas around the city centre increased in the past six months to 12% and cover almost one third of the total office area stock in Sofia. In the central business district of the city, where building lots un short, office areas grew till 10.000 square meters, i.e. 10%.

New buildings in Sofia 2007

Building

Area
Business Park Sofia Building 8 18.080 m²
Business Park Sofia Building 6 9.340 m²
Fair Play International Business Center 9.100 m²
Commercial and Adm. Complex (Al. Malinov) 8.800 m²
Rainbow Center 7.200 m²
Bulgaria Business Center 5.080 m²
Expo 2000 - Phase 2 4.710 m²

Source: Colliers International

 

Rentings in Sofia 2007

Building Tenant Area
BPS 8 HP 5.700 m²
Expo 2000 Raiffeisen Bank 3.500 m²
BPS 5 IBM 3.000 m²
BPS 4 Eos Matrix 1.400 m²
BPS 5 Abcro 900 m²
Source: Colliers International

The demand on new modern office areas in Sofia seems to grow permanently. Especially international companies, which are endeavoured to expand and search for new locations, increase the high demand rate.

The overall area absorption grew in the second half of 2007 to 103.000 square meters, what corresponds to 77% in comparison to the first half year. The most active branches were IT, market research companies, financial institutions as well as clinical research. As consequence the low vacancy rates and the high demand increased the rent prices in Sofia. At the present moment the average rental prices lay at 15 Euro for square meter. In the city centre they lay between 14.5 and 17 Euro.

For 2008 the brokerage company Colliers does not expect remarkable increases in rental prices, because the awaited new buildings are already previously rented. The vacancy rates should also remain stable till the last quarter of the year. A considerable boost for available areas will be noticeable in 2009 when the large projects, such as Megapark, Serdika Business Center, Benchmark Center or the first block of Sofia Airport Center will be finished. Till then the market will remain underserved.

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