Blog Category: Offices for rent

During the second half of last year the supply of modern office premises in Sofia grew by over 12%. This gave grounds for the real estate agents specializing in the rental and sale of offices in commercial buildings, to make prognoses for an increased interest in quality commercial and business properties in year 2012. According to the expectations of the agents, the greatest will be the interest shown by companies that are working in the spheres of Internet technology and those working in the pharmaceutical sector. In other words, the companies will search for new and modern offices for their business will be mainly from those sectors that are not affected by...

According to the prognosis of the realtors, the real estate market in 2012 will be more active if renting and purchasing of offices in the new and luxurious office buildings in the capital is concerned. Moreover, the professionals are optimistic that the city of Sofia will attract the solid investors from UK, USA and Greece, while there will also be an increased interest from established investors in Bulgaria. The analyses of the people who work in that sphere shows that these investors are willing to take higher risks, or wish to purchase office buildings under construction and to provide for their subsequent completion and rental.

It seems that the big companies are moving towards the end of Sofia, near the Ring Road. There are already several large business centers, except the Business Park, since there are serious plans for the construction of good and convenient road connections. Thanks to the good infrastructure, this area of the city is expected to attract more business companies and thus the new office area is expected to be near the new section between the big furniture store "Ikea" and the future "Sofia Ring Mall", which is expected to become one of the largest entertainment and shopping centers in Sofia.

Over the past few months the building companies in the capital were occupied mainly by finding new tenants for the existing office buildings and business centers they have built, rather than making new investments. In other words, the trend that is clearly seen is for a slow pace market when office construction is concerned and a focus on the newly established office areas in Sofia. However, the capital remains the main city for the large office projects and continues to be a preferred destination for the big foreign companies who now enter the Bulgarian market.

This year started with more than twenty percent vacant office space in Sofia. According to the prognosis, many companies are about to change their contracts and many new companies are to come on the market in the coming months. These companies are expected to be from the IT sector and different outsourcing companies. The contracts that are expected to be changed were signed during the crisis, so tenants are expected to have many demands for amendments thereto. This will be so, because companies today can easily find a better alternative and modern office space. The virtual offices in Bulgaria are also attracting considerable attention, particularly because of t...

Currently in the city of Sofia could be found more than 330 000 sq.m of offices available for rent. Among the office buildings there are some business centers which can not find long term tenants because of their poor location or lack of parking spaces. At the same time there is a strong interest in green offices and the high quality offices, which have provoked the interested of the international companies that have entered the Bulgarian business market. That is why the vacant offices of the highest class A are not many. This creates a niche for building of Class A office building projects, that are expected to be easily rented or purchased in the near future....

The offices in the Sofia business centers offer stable rental levels. The prices of the office premises of the prestigious class "A" cost about 12 euros per square meter for rent, while those of class "B" cost approximately 8 Euros per square meter. There are many companies that are trying to renegotiate and thus to reduce the level of their rent. There are also companies that benefit from lower prices and move from lower to higher class offices, mainly in the offices of the class "A" type. The available offices in the capital are about 25%.

For some time now, the offices in Sofia are in the focus of interest of the major outsourcing companies. These companies provide many new jobs in Bulgaria, and are renting a great part of the office space in the capital. The large companies usually register companies according to the requirements of the local laws, and thus step on the local market. They often create new job positions by taking advantage of the difference in the levels of wages in Sofia and those in the more developed economies. This, of course, is very good for the office market in Sofia at a time when most Bulgarian companies are shrinking their consumption and staff and transfer to smaller o...

The sale of offices in Sofia has been very peaceful in the first nine months of the year, even though the supply was serious. The prices however remained high and no actual discounts were made by the owners and developers, with the biggest reduction being ten percent. Even with these price discounts, the offices kept their prices of 1500 Euro/sq.m, to even more than 2000 Euros/sq.m for the class A office buildings. As a result there were almost no deals for sale of offices in the current year, which comes to show that the prices asked for are not realistic. The main driving factor for that sphere of Sofia offices is the price.