Category: blog

Bulgaria Mall Tower – office premises of international standards

Mina Boycheva 11/08/2014

The new business building, which is part of the modern Bulgaria Mall, is to be recently completed according to the world standards applied for the office premises. The office part of the recently constructed (year 2012) Bulgaria Mall is to be completed soon. It has excellent location on one of the main boulevards of the capital, which allows for fast and easy access to each part of busy Sofia city. The construction of the office building Bulgaria Mall Tower has started in the beginning of 2013 and is now completed and ready to be used.

The offices of Bulgaria Mall Tower are of class AAA and they answer all requirements on the bases of the European and the Word standards for office premises.

The project of the business building has been designed with a focus towards the needs of the companies that will rent the offices. Certain offices can be transformed or arranged according to the special needs of the companies in order to form the area to suit them most, so that they could be successful at their business. The concept of a trade center and office premises is a good one, a well working formula for successful combination of work and relaxation after the busy day. The offices of Bulgaria Mall Tower are of class AAA and they answer all requirements on the bases of the European and the Word standards for office premises. The building has Building Management System and Building Integrated System, which makes the usage and the maintenance of the building very easy. Thanks to the location and its excellent coverage by the public transport system in Sofia, the people working in this office building, as well as those who have to come here to attend a meeting, will be able to do so easily. The building has yet another advantage – the adjacent Bulgaria Mall can provide all the things that the companies and their employees might need in terms of dining places, places for sports and recreation.

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In search of a new Sofia office

Mina Boycheva 08/08/2014

Many international companies which are looking to relocate and outsource their business activities, as well as many local companies whih are expanding and are looking for more spacious office premises in Sofia, are driving the office market in the capital and largest city of Bulgaria. The demand for new, modern and perfectly organized office buildings in Sofia is serious, while at the same time the developing companies that are actually investing into such projects and constructing office premises are not many in number. It is a fact that the professional real estate companies warn about – the high-quality office premises in Bulgaria of the class A are almost sold or rented out, leaving not many available office premises in Sofia for the new international companies that are emerging on the market.

Many international companies which are looking to relocate and outsource their business activities, as well as many local companies whih are expanding and are looking for more spacious office premises in Sofia, are driving the office market in the capital and largest city of Bulgaria.

Since there are only several new office projects of that type, the real estate experts predict an increase in the rental prices in the office premise in Sofia city. In 2013 have been issued only 156 certificates for construction of business builidngs on the territory of the entire country, which is the lowest number of construction certificates issued from the start of the crises until that moment. In Sofia city, where is the largest market for such office premises now are being constructed only the office zone of Bulgaria Mall and the business building Capital Fort. All other office buildings that are being constructed in Sofia are small in number and are being built at the periphery of the capital city.

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Sofia offices rental most affordable in Europe

Mina Boycheva 05/08/2014

The rental levels of the offices in Bulgaria remain amongs the most affordable of all compared to the rest of the office markets in Europe. Other countries with affordable office rentals are Cypruss and Croatia, as well as Macedonia and Estonia. The yearly expeses for renting an office in the center of Sofia is approximately 223 Euro per sq.m. This sum includes not only the monthly rental per month which is approximately 12-13 Euro per sq.m, but also the other expenses for monthly bills and maintenance taxes. At the same time the rental of office in the most expensive business destination on the earth – London is estimated to be 2122 Euro/sq.m per year or 10 times more.

The rental levels of the offices in Bulgaria remain amongs the most affordable of all compared to the rest of the office markets in Europe.

Bulgaria and especially Sofia is very attractive to the outsourcing companies for many reasons though and not just because of the low rental levels. Naturally, the low cost is very appealing to the intrentaional companies looking to outsource their business to Sofia. Yet, the managers in these companies are also taking into account the other expenses and bills, the local administration, the IT service, the financial planning, etc. These large international companies are also considering the fact that Bulgaria has one of the lowest corporate taxes in Europe and the fact that the wages in Sofia are among the lowest in the capitals of Europe. Naturally, the international companies looking to open offices in Sofia are searching for well-educated and trained employees and professionals, which they can find here.

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Sofia market with only 20% of high-class offices available

Mina Boycheva 21/07/2014

Only 20% of the high-class offices in Sofia are currently available for rent. Most of the offices of the highest class A are situated in the central zone and in the business area of Sofia close to the ring road. The demand is for offices between 150 and 250 sq.m, as well as for larger office premises in Sofia above 500 sq.m of area. The large international companies that are looking to outsource their business to Sofia and the local office that are expanding and are in need to relocated their Sofia offices are looking for modern business centers with good transport locations and many extras.

Only 20% of the high-class offices in Sofia are currently available for rent. Most of the offices of the highest class A are situated in the central zone and in the business area of Sofia close to the ring road.

The real estate agents confirm that approximately 60 000 sq.m of high-class office premises will be completed in Sofia by December 2014. According to them these office premises will not be available for too long on the market, as these premises are of great interest to many potential investors in the Sofia city office market.

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The second-generation Information System of Schengen

Mina Boycheva 21/07/2014

The Informational System of Schengen has been introduced and operational since 1995. Ever since the specialists started working on the new system based on modern technology and with better functionalities. The new system that was set has undergone many special tests by all member states. When the internal border controls were lifted, other approaches were considered including the formation of a brand new and very modern System of Schengen or SIS II, which was adopted by the Council at the end of 2008.

Bulgaria, aiming to become a member of the Schengen passport free travel zone, has joined and uses the Schengen Information System since November 2010.

Bulgaria, aiming to become a member of the Schengen passport free travel zone, has joined and uses the Schengen Information System since November 2010. Ever since that, the local authorities have the right and could enter and update the information, as well as take the necessary actions to register all activities associated with signals coming from other countries in the Schengen zone. Once Bulgaria becomes a full member of the Schengen agreement, it will be able to register in the system signals that concern third parties too.

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The type of companies interested in the Sofia offices

Mina Boycheva 18/07/2014

The reports of the leading real estate agents show a tendency of increased number of rented offices in Sofia. The Sofia rented office premises increased with 12% and most of the offices were rented by companies working in the IT and the outsourcing sphere. It seems that the property market is recovering and it all started with the office market. The total number of the rented office premises in Sofia has recently exceeded 100 thousand sq.m, which happened for the first time since the start of the global financial crises.

The total number of the rented office premises in Sofia has recently exceeded 100 thousand sq.m, which happened for the first time since the start of the global financial crises.

The players on the property market, which are showing interest in the modern office buildings in Sofia are local and international companies. These companies are working mainly in the IT sphere and in the outsourcing sector and they make 40 % of all the companies that are currently renting offices in Sofia city. Since the beginning of 2014 the number of the available office premises in Sofia in the top ten business centers has decreased with 7.5 %. The prognosis are for 60 000 sq.m of office premises of class A in Sofia to be completed by the end of 2014. However, since the companies looking to rent offices in Sofia are quite active, the number of the available office premises will not increase permanently.

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Bulgaria will accept the short-stay transit visas issued by Croatia, Cyprus and Romania

Mina Boycheva 18/07/2014

The government of Bulgaria took a decision, according to which by the date Bulgaria does become a member of the Schengen area with full rights, the country will recognize and accept as equal to the national visas all permits and visas for stay that are issued by Croatia, Romania and Cyprus. This will be done for the purposes of the short-term stays and transit trips. The information was announced by the Bulgarian government press service. Bulgaria hopes to become a member of the Schengen agreement. The country is supported by the Italian Ambassador, as the country has now gained the rotating presidency of the Council of the European Union for six months in the period July – December 2014.

The government of Bulgaria took a decision, according to which by the date Bulgaria does become a member of the Schengen area with full rights, the country will recognize and accept as equal to the national visas all permits and visas for stay that are issued by Croatia, Romania and Cyprus.

According to the accepted decision of the Bulgarian government, people who have the necessary documents will be welcome to Bulgaria and stay for a period of up to 90 days with no need of Bulgarian visa for a short stay. Bulgaria expects to attract the attention of the foreign travelers and business people who have Schengen visas and special permits of stay that are issued by the member states of the European Union.

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Sofia office buildings: few in number but larger in size

Mina Boycheva 11/07/2014

According to data presented by the National Statistics Institute that was released at the beginning of this year, the permits for the construction of new office buildings in Sofia city that were issued at the end of 2013 were few in number. At the same time these projects for office centers in Sofia were for larger buildings with more office premises. For example, in the last quarter of 2013 the Sofia authorities have issued building permits for 36 new Sofia office buildings. This marks a decrease of 36% compared to the permits issued during the previous quarter a decrease on a yearly basis of 25%. At the same time, these buildings feature a 100 % increase in the space or in other words the office buildings in Sofia are becoming much larger in size.

The companies which are outsourcing their business to Sofia city in search of well-educated employees are in search of modern office buildings of the highest class, with many extras and easily-accessible parking zone, as well as with good location close to the stops of the public transport.

In general, the total area of the new office centers that are to be built in Sofia will be increased by 33 % percent compared to the office buildings in the middle of 2013. The companies which are outsourcing their business to Sofia city in search of well-educated employees are in search of modern office buildings of the highest class, with many extras and easily-accessible parking zone, as well as with good location close to the stops of the public transport.

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Bulgaria supported for Schengen by the Italian Ambassador

Mina Boycheva 11/07/2014

Bulgaria was recently supported by the Italian Ambassador in the country – Mr. Marco Conticelli. The Ambassador declared his support concerning Bulgaria’s bid to enter the Schengen zone. He expressed his hopes for this entry to happen during the period of the Italian Presidency of the Council of the European Union. Italy will be in charge of the rotating presidency of the Council of the European Union for six months in the period July – December 2014.

Bulgaria was recently supported by the Italian Ambassador in the country – Mr. Marco Conticelli. The Ambassador declared his support concerning Bulgaria’s bid to enter the Schengen zone.

In a recent interview given for the Bulgarian National Radio, the Ambassador of Italy in Bulgaria stated that both Romania and Bulgaria are ready to join the Schengen Area. The Ambassador declared that Italy will support the bid of Bulgaria to enter the Schengen zone along with the bid of Romania. He confirmed that the bid to enter the Schengen zone of Bulgaria and Romania will be in the agenda during the meeting and the debates of the foreign ministers of the EU countries. If they achieve a consensus decision, the two Romania and Bulgaria will enter the Schengen travel free zone. Yet, there are many Schengen member countries that oppose the abolition of the internal border control as Bulgaria has shown poor results concerning the spheres of home affairs and justice.

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Sofia offices for rent at 12 Euro/sq.m

Mina Boycheva 04/07/2014

The office market in Sofia city is not only recovered, but it is actually in a process of being very stable. According to the reports of leading real estate companies, since year 2013 the office property market in Sofia reached its highest level since 2008. During the last year and in the current year the office situation in Sofia has been very stable and for the first time since the crises, it has exceeded 100 000 sq.m. of newly constructed market space. The office premises in Sofia that have been bought for investment purposes has increased to 56 million Euros, though the number of the deals signed is not large.

The number of available offices in Sofia city has dropped significantly as the international companies outsourcing their business to Bulgaria have been renting the existing offices of class A.

The number of the available offices in Sofia city has dropped significantly as the international companies outsourcing their business to Bulgaria have been renting the existing offices of class A. That is why currently the office market in Sofia has a limited number of available high-class offices and the rental levels at the moment have reached 12 Euro/sq.m. a month. The modern office buildings of the highest class come with high occupancy. It is expected these rental levels of offices in Sofia to reach new, higher levels of occupancy.

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