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Monthly Archives: June 2013

Sofia offices part of the European office market

Mina Boycheva 12/06/2013

The general situation on the office premises market in Europe for the first three months of the year is predicting difficult moments for this segment of the real estate properties. In the first quarter of the year, the rental levels of the offices in Europe in general has dropped to its lowest level since 2009. At the same time, the interest towards the offices in Sofia remains stable and several new Sofia business buildings with rental offices are about to open. The reason behind that is the interest of the international companies which are looking to open their offices in Sofia and to outsource their business in the capital of Bulgaria. This is so, as the country offers good office buildings with offices premises of class A, located in the central areas of Sofia city and the presence of many young professionals.

The interest towards the offices in Sofia remains stable and several new Sofia business buildings with rental offices are about to open. The reason behind that is the interest of the international companies which are looking to open their offices in Sofia and to outsource their business in the capital of Bulgaria.

Even so, the tendencies are for more empty office premises throughout Europe, since many companies are still suffering from the financial crises and are trying to optimize the office area they use. According to the prognosis, at the end of 2014 there will be many new offices in Europe and in our case – including Sofia city. Most of the new office projects and business premises are situated in Western Europe and in Central Europe. They will offer all facilities and extras required, but will come at reasonable rental levels, in order to be afforded by the companies. This tendency in Sofia office market and European office market is expected remain until the end of the year due to the ongoing recession.

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Bulgaria supported by the European Commission for Schengen

Mina Boycheva 12/06/2013

Bulgaria will be supported by the European Commission in the country’s desire to enter the Schengen zone, which allows for passport-free trips. Bulgarian accession in the Schengen area was approved in the third biannual report on the Schengen zone functioning and the free movement for the period November 2012 – April 2013, which was issued by the European Commission. The full support from the European Commission is something that the country and its people need. Bulgaria, along with Romania, was blocked from entering into Schengen by the Council of Foreign Ministers, although in June 2011 the same council announced that the two countries are ready to join.

Bulgaria will be supported by the European Commission in the country’s desire to enter the Schengen zone, which allows for passport-free trips. Bulgarian accession in the Schengen area was approved in the third biannual report on the Schengen zone functioning and the free movement for the period November 2012 – April 2013, which was issued by the European Commission.

The possible access of Bulgaria into the Schengen zone will be very positive for the business, as it will lead to easier and more trips. At the same time, the local tour agencies will be able to organize more combined holidays. By becoming a member of the Schengen agreement, Bulgaria will develop into a transit country with two main directions – from Turkey and Greece towards the countries in Western Europe and from the countries in Western Europe to the resorts in Turkey, Greece and hopefully Bulgaria. Moreover, Bulgarian entry into Schengen will allow for the development of the general economic collaboration in the area, unification of the requirements and standards applied, integration of the value added tax and more freedom for positioning the business centers.

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