Sofia Offices in the First Months of 2016

Sofia offices market saw an active search in the last three months, a tendency that was going on in the first five months of 2016 as well. The main factor for this market situation is the increased interest and need towards expansion of the offices that have been previously rented. This interest mainly comes from the BPO centers and the IT companies and it resulted in the creation of many new office projects. In 2015 only in Sofia city were completed more than 105 000 sq.m of offices. Great deal of them were rented before the office centers were even completed. That is why the current supply of office premises on the market is still insufficient.

The Sofia office market is being driven by the interest of the new tenants and the expansion of the companies that are already on the market. The average size of the rented offices in 2015 was 1200 sq.m. – a fact that confirms the need of the companies for more spacious offices. The offices that are planned to be completed in 2016 are only 70 000 sq.m., in smaller office buildings great part of which for the investor companies own usage. This means that the lack of high-quality office buildings will not be dealt with in 2016 as well and the tendency for renting offices that are still under construction will remain valid. The completion of the larger office projects is planned for the first half of 2017.