Monthly Archives: November 2015

Every 6 out of 10 companies that are operating on the territory of Sofia are looking for office premises larger than 500 sq.m. The companies working in Bulgaria that are most active in the search process are the coming from the IT sphere. Often, some of the outsourcing companies have two or three offices and they take steps towards setting all their employees under one roof for better expenses optimization and more productive communication. The other companies that show interest in the offices of class A in Sofia are new to the local market and usually they start with up to 50 employees, to increase their number within an year and start looking for larger offices in Sofia.

Sofia office market can provide available offices of class A with area of up to 500 sq.m, yet there are not many offices of the same quality in Sofia above 1000 sq.m in size. Several large office projects are about to be released in Sofia next year, which is good for the companies and the business. The rental levels of the Sofia offices of class A run between 10.5 and 12.5 Euro/sq.m. and 2-3 Euro/sq.m for the maintenance fee.

Throughout 2015, the companies that have decided to make business in Bulgaria have shown interest towards larger office premises situated in office buildings of class A. This comes as a result from the good expectations of the companies in connection with the future situation of the economics in Bulgaria, the region and the European Union in general.

The companies looking for offices in Sofia are focused on office premises of 500 sq.m (or more) where some of the outsourcing companies are looking for Sofia offices of 1000 sq.m. The companies that are on demand of such large office premises operate in the IT and in the outsourcing sector. They are usually relocating since their business is growing. Yet, the office market in Bulgaria is also attracting new companies that are planning to open their first office in Sofia. There is a serious interest towards unification and getting all office branches of one company under one roof aiming optimization of the expenses and better communication in the team. Approximately 80 % of all requirements for offices in Sofia come from companies that plan to start working with up to 50 people as staff.

The interest towards the offices for rent in Sofia has been strong throughout 2015 and the figures show that the companies show a demand for more than 100 000 sq.m. of office premises in Sofia and in the country in general. During the first half of 2015 the interest towards the offices for rent in Sofia and in Bulgaria has gone up with 40 % more compared to the same period in 2014 when the interest shown was towards 70 000 sq.m of modern office premises.

More than 60 % of the active companies on the market come from the IT and the outsourcing sector and this percentage is going up. That tendency in the rental market of Sofia is not new, yet in 2015 the contracts sign are much serious. That is so as the IT and the outsourcing companies are hiring more employees and need much more space. Back in 2014 the companies have shown interest in Sofia offices of approximately 1000-1400 sq.m, while in 2015 the interest was in class A offices in Sofia with area between 3000 and 5000 sq.m.

The companies that are most active on the Sofia office market are the new one which experiences increase in their business. The demand is for offices of the highest class with excellent location and large floor premises above 1000 sq.m, easy transport connections and easy access to the metro stations. The interest of the companies and the limited supply of such offices led to shortage of this kind of offices. And that led to new projects and start of the construction of new 66 000 sq.m of office premises in Sofia. That will result in a balance between the supply and the demand of offices and will keep the class A rental levels in Sofia reached between 10.5 – 12.5 Euro/sq.m.