Difficult year for the European offices

Leading real estate companies predict a difficult year for the sales and rental office market in Europe. The companies comment that many offices in Europe stay available. In the first three months of the year the interest of the companies in the European countries has dropped to its lowest levels since year 2009. An increase in the interest of offices is seen in the countries of Central and Eastern Europe. The office markets there are welcoming new office and business projects, since many international companies are showing interest to register companies in Bulgaria and to open their own offices there. Bulgaria and especially Sofia is a good example of that trend. Many companies are outsourcing their businesses to Sofia, since the rental levels are quite low and there are many good office buildings of the highest class A.

It is expected that by the end of this year and in 2014, on the European markets will be presented more new office projects. Many of them will be located in important new markets in Central and Western Europe. As for the rental levels of the offices in Europe – they are expected to remain the same due to the ongoing recession. The Sofia offices rental levels remain lowest and are expected to keep that even after the slight growth in the rental levels of the European offices that is expected to happen in 2014.