Monthly Archives: July 2013

The offices in Sofia stir the interest of the foreign investors

Mina Boycheva 29/07/2013

The number of available offices in Sofia has dropped, since the interest towards them is serious for the first time after the start of the global financial crises. The Sofia offices that are now available are around 20% from the total number of offices in Sofia or around 350 000 sq.m. Around 70% of the available office premises in Sofia are positioned in business buildings outside the center of the capital. Since the beginning of the year have been rented almost 76 000 sq.m of office premises which is an increase with 150% compared to the first half of 2012. The companies which are in search of offices in Sofia come from the outsourcing sector mainly. These are large international companies that are coming to Sofia for the low rental levels, the easy process of company registration in Bulgaria and the low taxes. These companies are renting the offices of class A, which offer many facilities and modern extras.

The number of available offices in Sofia has dropped, since the interest towards them is serious for the first time after the start of the global financial crises. The Sofia offices that are now available are around 20% from the total number of offices in Sofia or around 350 000 sq.m.

According to the real estate specialists, there are 18 office centers in Sofia of the highest class, which correspond to the international requirements for the quality of construction, the easy access with automobiles and public transport, etc. The offices that the investors like most are set along “Tsarigradsko Schousse” Blvd. and “Bulgaria” Blvd., as well as near the Sofia Airport and the ring road. The rental of Sofia offices varies from 9 to 12 Euro/sq.m depending on the location.

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France offers two-phase entry in Schengen for Bulgaria and Romania

Mina Boycheva 29/07/2013

A week or two ago, the Prime Minister of France Jean-Marc Ayrault had a meeting and talks with the President of Romania Mr. Traian Basescu. During that meeting he stated that Romania and assumingly Bulgaria could be accessed in the Schengen zone in two phases. He said that the first borders to be lifted are expected to be the air border controls, followed by the land border controls. According to the Prime Minister of France, his country shows support on the entry of Bulgaria and Romania and stated its opinion on several occasions. He stated that the integrity and the overall security of the European Union borders should be strengthened and the external borders should be well protected, as all countries that are members of the Schengen zone should fight against crime and corruption.

According to the Prime Minister of France, his country shows support on the entry of Bulgaria and Romania and stated its opinion on several occasions.

Bulgaria and Romania were supposed to enter the Schengen area in March 2011, when their accession was put off by France and Germany, two of the leading European Union member states. In September the same year, the Netherlands and Finland also blocked the bid for entry of the two countries, asking them to improve their results in the fight against organized crime and corruption. The new decision on whether the Bulgaria and Romania to enter the Schengen area will be taken not sooner than this December.

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The number of the available Sofia offices dropped with 12%

Mina Boycheva 26/07/2013

According to real estate company Colliers, in the first six months of the year were rented more than 75 000 sq.m. of office premises. This means that the number of the available offices in Sofia is decreasing and has dropped with 12% for that period. Currently, the available office premises in Sofia are around 348 000 sq.m. The research shows that there is a serious interest by many international companies and outsourcing companies which are looking for offices of high class in Sofia city. At the same time, year 2013 started with low level of activity in the construction of new office premises. The Sofia office buildings that were completed in the first half of the year had total area of 34 000 sq.m. and at the same time no new office projects were started. Currently are being constructed 190 000 sq.m of office premises, which will be completed next year. These offices will be part of two office centers – Bulgaria Tower on “Bulgaria” Blvd. and Capital Fort on “Tsarigradscko Schousse” Blvd.

Sofia offices that are on demand are those with good location, placed in office centers and business centers with many extras. The companies which are looking for offices in Sofia city work in the sphere of software, pharmacy, trade, call centers. The two large companies that entered the office market in Sofia are Covance Medical in Bulgaria House office center and Servantes Institute in Sveta Sofia business center.

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Bulgaria and Romania will join forces to work on Schengen acceptance

Mina Boycheva 26/07/2013

The Prime Minister of Bulgaria Mr. Plamen Oresharski had a meeting with the Prime Minister of Romania Mr. Victor Ponta at the end of June. The meeting was arranged to discuss various matters of mutual interest for the two countries, however the main topic was the two countries’ bid to enter the passport free Schengen area. The two prime ministers agreed to organize a summit in the city of Varna in the autumn. The main decision that resulted from their meeting in July was that the two countries decided to work together and to face the difficulties they encounter. The two countries will coordinate their positions in an attempt to have a better standing in front of their partners from the European Union.

The accession of Bulgaria and Romania to the Schengen zone was blocked in March by a group of member states, on the basis of problems with the organized crime and the corruption which the two countries are believed to have. During the meeting the two prime ministers also discussed several projects that concern both of the countries, such as the energy project of Nabucco and the natural gas networks between the two countries.

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Sofia offices for rent are on demand

Mina Boycheva 22/07/2013

According to a research organized by the International company for management of trade and office premises Tishman International, there is a demand for business premises and offices for rent in Sofia, the capital of Bulgaria. The potential investors in Sofia office buildings come from all parts of the world, being intrigued and attracted by the flat income tax and the well-educated staff with good knowledge of foreign languages. Jullian Edwards, the managing director of Tishman International confirmed that and talked about the region's prospects in the online based forum for international real estate and investment RINFOR.

The potential investors in Sofia office buildings come from all parts of the world, being intrigued and attracted by the flat income tax and the well-educated staff with good knowledge of foreign languages.

According to Mr. Edwards, the company he presents had several inquiries from global financial institutions, pharmaceutical and insurance companies, call centers, and also manufacturers who are interested in the opportunities that are offered by Bulgaria. He further stated that Sofia city is attracting major companies with worldwide reputation and this is despite the current political situation. Tishman International company confirms that the available office premises of the highest class A in Sofia city are not many and they hope that the new office projects in Sofia that are about to be completed soon will give more opportunities to the prospective investors.

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Slovakia and Lithuania support Bulgaria’s entry into the Schengen zone

Mina Boycheva 22/07/2013

In the middle of June during a meeting with the Romanian Prime Minister, the Prime Minister of Slovakia confirmed that his country strongly supports Bulgaria and Romania accession to the border-free Schengen zone. He also said that no new criteria are expected to be implied. According to the Prime Minister Roberto Fico, there should be no other criteria for the accession besides the requirements that have already been established and which the two countries follow.

Slovakia and Lithuania support Bulgaria’s entry into the Schengen passport-free travel area.

A few weeks later Lithuania declared its support for Bulgaria and Romania for their efforts to enter the Schengen zone. Lithuania will be the next country that will host the European Union presidency and it will offer a discussion on accepting Bulgaria and Romania in the border free Schengen zone. This is expected to happen in December during a meeting of the European Ministers of Interior. According to Lithuania, they will do their best to reach a favorable decision on Bulgaria and Romania entering the Schengen area. The president of the country has presented his credential letters to the Bulgarian ambassador in Lithuania, stating that his country strongly supports the accession. Bulgaria and Romania were postponed to enter the passport free zone of Schengen in the beginning of the year when several member state countries stated that they do not show serious results in their fight against organized crime and against corruption.

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Sofia offices, part of Central European office market

Mina Boycheva 19/07/2013

As part of the Central European office market, the offices in Sofia are in demand. The investments made in business properties in Central and Eastern Europe has reached 3.7 milliard Euro for the first five months of the year which marks 30 % increase compared to the first half of the last year. These data was provided by the consultancy company CBRE and were presented by Investor.bg website. The increase in the sales of offices in Sofia and the rest of Europe, as well as the increase of the rental of Sofia offices are due to the strong market in Russia. The Russian investors are heading towards the business properties and the office premises in Sofia and in the other capitals in Eastern and Central Europe. Still valid is the tendency according to which the investors are looking for high-class office premises with many extras and facilities.

The companies in Sofia which are looking for office premises show interest in the modern business centers, however they are also interested in the small individual offices in the very center of Sofia city.

The companies in Sofia which are looking for office premises show interest in the modern business centers, however they are also interested in the small individual offices in the very center of Sofia city. The prognosis are that once the situation in Bulgaria allows for more investments to be made these companies will move towards the new office buildings in Sofia, even though they are outside the very center of the capital. The companies are attracted by the office centers in Sofia which have parking area, 24-hour security service, management and service team and other comforts.

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Schengen: the oral report on Bulgaria was given yesterday

Mina Boycheva 19/07/2013

On July 18th the European Union member states presented the oral Cooperation and Verification Mechanism report on Bulgaria. The report contain facts and does not include political assessments. The spokesman of the European Commission Mr. Mark Gray stated that the report on Bulgaria will not criticize the current government of the country, which is opposed by strikes for a month already. Mr. Mark Gray confirmed that Bulgaria still has political will to work against corruption and to fight against the organized crime. The verbal presentation that was made by the European Commission this week is based only on trustworthy facts. In other words, the information that the European Commssion will recommend a postponement of the entry of Bulgaria into the passport-free Schengen area by at least one year because of the country’s unsatisfying progress and political crisis is false.

The verbal presentation that was made by the European Commission this week is based only on trustworthy facts. In other words, the information that the European Commssion will recommend a postponement of the entry of Bulgaria into the passport-free Schengen area by at least one year because of the country’s unsatisfying progress and political crisis is false.

At the same time, in the middle of last month, the two member states that are waiting to enter the Schengen zone Bulgaria and Romania, declared that they will joint their efforts for the construction of a third bridge over Danube River. The third bridge will connect the cities of Silistra in Bulgaria and Calarasi in Romania, as it was agreed by the presidents of the two countries during the 18th Central European Summit Meeting in Bratislava, the capital of Slovakia. Bulgaria and Romania will look for financing under the Structural Funds of the European Union, the Program for Cross Border Cooperation and Danube Strategy.

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