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Category: Virtual Offices

Numerous offices for rent in Sofia City

Mina Boycheva 11/01/2012

The city of Sofia is among the European capitals with the greatest number of available offices of the highest class A. In the last year 2011, the rental levels of the offices have been stable. The same tendency could be seen at the office markets in Central and Western Europe, as well as in Russia. The office markets in Moscow and London have faced an increase in the rental levels of approximately ten per cent, while the office markets in Sofia, Athens and Dubai has underwent a decrease of eight per cent. The reasons for that for the city of Sofia is not the lack of interest but the increased number of offices available for rent. The tendencies for Sofia city are for a great number of the available offices and stable return levels of the investment.

The city of Sofia is among the European capitals with the greatest number of available offices of the highest class A.

Approximately 1.4 million square meters is the overall area of the offices in Sofia with more than 27 000 sq.m of new offices being completed in the last months of the previous year. The rental market is still in a slow phase and there are not many contracts sign. Those, which show interest in renting a new office, are usually companies that want to relocate and have access to better conditions and more extras in the office buildings of class A in Sofia. More than 150 000 sq.m of offices are to become completed and functional until the end of year 2012. The rental levels of the offices are expected to remain stable. The interest in the virtual offices in Bulgaria is also keeping its good levels and many companies are choosing that formula for making successful business in the country.

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The Sofia offices have stable rents

Mina Boycheva 15/12/2011

The offices in the Sofia business centers offer stable rental levels. The prices of the office premises of the prestigious class “A” cost about 12 euros per square meter for rent, while those of class “B” cost approximately 8 Euros per square meter. There are many companies that are trying to renegotiate and thus to reduce the level of their rent. There are also companies that benefit from lower prices and move from lower to higher class offices, mainly in the offices of the class “A” type. The available offices in the capital are about 25%.

The offices in the Sofia business centers offer stable rental levels. The prices of the office premises of the prestigious class

The demand for offices along the major boulevards in the capital, as well as in the center has slightly decreased. The same applies to the demand for office space in the business centers of Sofia, which are in placed in other parts of the capital. At the same time, there is interest in the virtual offices, which provide flexible solutions for companies with specific needs.
 

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The Sofia offices occupied by outsourcing companies

Mina Boycheva 05/12/2011

For some time now, the offices in Sofia are in the focus of interest of the major outsourcing companies. These companies provide many new jobs in Bulgaria, and are renting a great part of the office space in the capital. The large companies usually register companies according to the requirements of the local laws, and thus step on the local market. They often create new job positions by taking advantage of the difference in the levels of wages in Sofia and those in the more developed economies. This, of course, is very good for the office market in Sofia at a time when most Bulgarian companies are shrinking their consumption and staff and transfer to smaller offices in less prestigious areas. Of course, there are small foreign companies in the IT outsourcing sector, which closed their offices in Sofia and opened virtual offices or moved to other countries where their costs will be even lower.

For some time now, the offices in Sofia are in the focus of interest of the major outsourcing companies. These companies provide many new jobs in Bulgaria, and are renting a great part of the office space in the capital.

Most of the outsourcing companies in Sofia, however, have concentrated their activities in Bulgaria and occupy less than 40 percent or approximately 30,000 sq.m of office space from the beginning of this year until now. In other words, these big companies have very good influence on the labor market and the office market. Currently, large office projects such as the European Trade Center to “Tsarigradsko shosse” Blvd. is three quarters full and all of its five buildings are open. This is just one example of the many available commercial buildings in Sofia city.

Most of the outsourcing companies in Sofia, however, have concentrated their activities in Bulgaria and occupy less than 40 percent or approximately 30,000 sq.m of office space from the beginning of this year until now.

According to the market research, Bulgaria ranks fourth in this part of Europe as a good place for investment and outsourcing. Aside from the financial side of things, the low taxes and the stable economy, Bulgaria attracts with its well-organized and stable business environment. In the offices of the outsourcing companies in Bulgaria work employees with good education and high work culture that are paid reasonably.

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More Companies Rent Virtual Offices

Mina Boycheva 22/07/2009

www.ft.co, Article by Alan Rappeport, May 2009

The collapse in commercial property prices is encouraging entrepreneurs to set up “virtual” offices at prestigious addresses, renting space by the month, the week or even the hour.

Landlords are providing such offerings as a way to fill space during hard times, allowing tenants to rent over short periods rather than locking them in for years at depressed rates.

Virtual users get the flexibility to use an office or conference room as needed. They can hold meetings, receive mail and have their telephone calls answered by a receptionist who will put them through to more humble home offices in distant locations.

The interest towards the renting of virtual offices is also expected to increase in Bulgaria. This service has already been offered on the market for a few years.

The growing interest comes as office rents in the US fall and vacancies rise in line with unemployment. Reis, a property research company, predicts that office vacancies will reach 15.2 per cent in the US this quarter. Even in Manhattan, where space is notoriously hard to find, the vacancy rate is approaching 10 per cent. With new jobs scarce, financially-pinched entrepreneurs starting new businesses want the credibility that a virtual office can bring.

New clients for Regus, the biggest virtual office provider in the US, were up by 38 per cent in March from the year before. At Rockefeller Group business has doubled in the past six months. The downturn has also benefited smaller providers, such as City Space Suites, which has office space in New York's Chelsea and Union Square neighbourhoods and says its offices are 95 per cent occupied.

“Some people don't need an office, but they need an address,” Mr Watler said. “Rockefeller Center in New York is better than Mockingbird Lane.”

Such was the case for Richard Wolfman, who runs Global Group Ventures, a new commercial mailing company, through a virtual office in Garden City, New York. He spends $240 a month for an address provided by Intelligent Office, where he can collect mail and have a receptionist handle his calls. A frequent traveller, he can also use the company's spaces in other cities across the US, making his business seem more national when he meets clients.

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