The number of new Sofia offices decreases

The number of the completed office premises in Sofia for the first half of 2013 has dropped down with 63 %, compared to the same period a year earlier. During the six months’ time were put into operation approximately 30 000 sq.m. of office premises. The low levels of activity from the investors are due to the increase number of premises in the recent years and the decreased number of companies that are looking for offices for rent. At the second half of the year were released only three office buildings – one in the downtown Sofia and two in the central zone of the city.

This reduction in the construction of office buildings is a result of the increased supply of Sofia offices over the last several years and the slow economic recovery of the country. The real estate agents warn however that the limited construction of offices now and the required time for completion of new projects could lead to a vacuum in the office market in Sofia during the next couple of years. Currently in Sofia are being constructed 193 thousand sq.m of office area. The prognoses are that there will be a 10 % increase in the number of rented office premises in Sofia city, in case the political and the financial situation in the country remain stable. Real estate agents confirm, that there is interested towards the rental of the office premises and not towards more serious investments like purchase.