Blog Category: Virtual Offices

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.

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...

The serious supply of office buildings in the city of Sofia in the last few years formed several different segments in that sphere of the real estate business. Several projects of office buildings of the highest quality are being preferred by the companies, while other projects are turning into outsiders. Those investors who have been smart enough to put their efforts on the planning and have carefully chosen the location of their office buildings, and have further insisted on the easy access, the good technical characteristics and the available parking options are now attracting the attention of the companies.

The city of Sofia is among the European capitals with the greatest number of available offices of the highest class A. In the last year 2011, the rental levels of the offices have been stable. The same tendency could be seen at the office markets in Central and Western Europe, as well as in Russia. The office markets in Moscow and London have faced an increase in the rental levels of approximately ten per cent, while the office markets in Sofia, Athens and Dubai has underwent a decrease of eight per cent. The reasons for that for the city of Sofia is not the lack of interest but the increased number of offices available for rent. The tendencies for Sofia city a...

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...

www.ft.co, Article by Alan Rappeport, May 2009 

The collapse in commercial property prices is encouraging entrepreneurs to set up "virtual" offices at prestigious addresses, renting space by the month, the week or even the hour.

Landlords are providing such offerings as a way to fill space during hard times, allowing tenants to rent over short periods rather than locking them in for years at depressed rates.

Virtual users get the flexibility to use an office or conference room as needed. They can hold meetings, receive mail and have their telephone calls answered by a recep...