Sofia office market situation

In year 2013 were constructed almost 70 000 sq.m of new administrative premises and office areas. The increase is significant f compared with the situation on the office market in 2012. The new projects for office buildings that started are focused mainly on small office premises and many of them are arranged for the usage of the companies that own the land and the property. Usually these are office projects that have been prepared long time ago, but have been postponed because of the financial situation of the past few years. Still, the real estate experts say that time has to pass until the complete recovery of the office market in Sofia and this recovery will be reached once 80 000 sq.m. of new office premises are started each year.

The large office buildings that are in project have been started several years ago. Among these large projects are the business center City Tower, the construction of which is postponed. Another large project is the Millenium Center which is in construction but it goes slowly and is expected to be completed in 2015. These new business buildings are expected to bring another 90 000 sq.m of new office premises in Sofia. The office centers that are planned to be completed in 2014 include the Capital Fort project on Tsarigradsko Schousse Blvd., Grammy Complex on Alexander Malinov Blvd. and Bulgaria Towers center, which is the office part of Bulgaria Mall. Further to be completed in the third section of Expo 2000 business center in Sofia city. The new office centers in the area are expected to increase the competition, the quality and the good maintenance of these business centers in the next few years.