Sofia offices rental levels are going up

In year 2012, the office market in Sofia city was characterized with dynamics as far as the renting of administrative premises is concerned. The number of the rented offices last year exceeds the number of the offices that have been taken in 2011 and 2010. The total square surface of the rented offices in Sofia for year 2012, the capital of Bulgaria, is estimated to be 76 500 sq.m. On these basis have been calculated a 30 % increase in the rental levels of the office premises and 1.5 sq.m increase in the offered office premises area. Currently, in the beginning of year 2013, there are 330 000 sq.m. of offices offered on the market, with most of the business premises being concentrated outside the city center, in the business zone of Sofia.

The main factor that has influence on the rental market of Sofia offices is the unstable economic situation in the country. Because of that, two offices out of ten are empty and in search of a company to rent them. Later in 2013 and in 2014 there will be several big projects for office buildings that will be released, like Bulgaria Tower with its 20 000 sq.m, followed by Vertigo Business Center with its 18 000 sq.m. In the end of 2014, the office market will welcome three other projects City Tower Capital Fort and Millennium Centre, which are expected to add another 100 000 sq.m. of office premises. These business buildings will be constructed according to the latest technologies and will have all extras required for making business. The offices there are expected to be rented or purchased by registered IT companies, off-shore and outsourcing companies.