Monthly Archives: October 2013

In November 2012 was established the Bulgarian Outsourcing Association with Stefan Bumov as its chairman. The association was formed with the aim to unify the interests of the companies that offer outsourcing services and to offer better conditions for the international companies that are willing to make investments in Bulgaria. The companies that could outsource their businesses to Bulgaria work in the spheres of IT services, pharmacy, telecommunications, insurance finance, and even tourism. All international companies that are willing to open offices in Sofia or to outsource part of their activities in the Bulgarian capital are in demand for modern offices and pleasant working environment. These companies require central location or location near public transport, easy access and good infrastructure, excellent facilities and many extras. When the working conditions are good, the companies are reducing their monthly expenses and are provoking the interest of the job applicants, while at the same time are keeping the current employees.

According to Chairman Stefan Bumov, Bulgaria is quite appealing to the outsourcing companies due to its strategic location, the proximity to large European countries and the educated professionals with knowledge of English and other foreign languages. Bulgaria further offers good microeconomic and political situation, which turns the country into a stable destination for the outsourcing companies.

The large international companies that are entering the market in the capital of Bulgaria have certain requirements that concern the office premises in Sofia. In general the big international companies have demands on the type of the furniture and equipment in each of their offices. These companies have excellent reputation and have the status of good employers. That is why they do everything necessary to guarantee a comfortable and adequate working environment. Such an environment is expected to guarantee good results and an effective working process. That is why these companies that want to set such standards of office environment in Sofia are looking to buy or rent offices of the highest class A, with excellent standards of office equipment and facilities including open space premises, sports halls, recreation zones, café and a large terrace, as well as perfectly organized conference and presentation zones, plus parking area and zone for bicycles, as well as access for disable clients and employees. Another important issue is security of the office premises and the easy access. The modern office buildings in Sofia offer special cards for the access.

The international companies that are starting their business in Bulgaria are looking for employees with proven professional qualities and excellent personal characteristics. There is a demand for well-educated and trained employees. In general Bulgaria and especially Sofia are attractive outsourcing destination for the companies in the IT sector, financial, technical and bank services.

The office market in Sofia is busy and the office premises of the highest class A are on demand. The number of the available offices of that class however is going down. That is why many experts think that Sofia city needs several new office projects with excellent location and modern facilities. Large office premises in Sofia are on demand by banks and international companies which are already part of the Bulgarian market and economic life, but are willing to expand their business and services. Of course, there are some other companies that are new to the market and are now looking to enter it. Many of the companies that are coming to open an office in Sofia are companies that want to outsource their business aiming to reduce their expenses. Currently, the office market in Sofia is driven by such companies that want to outsource part of their business processes and companies from the IT sector.

According to the experts, Bulgaria is appealing to the outsourcing industry mainly thanks to the low rental levels of Sofia offices, the low levels of the wages and the low tax levels. In general, there are many well-qualified employees and good infrastructure as well. Even so, some of the international companies still prefer the office market and options in Poland, the Czech Republic and Slovakia. The international companies that decide to invest in an office in Sofia are usually looking at the best office buildings in Sofia at the moment including Megapark and Sofia Airport Center, ETC and Serdica Center and Sofia 1.

In a recent survey organized by leading real estate agencies based in the capital of Bulgaria, it became clear that the offices in Sofia resemble the offices in any European capital. In other words, the Sofia offices have the same qualities and offer the same high level of extras as all other offices in Europe. This declaration is especially valid for the offices which were constructed in the last four or five years, being characterized with excellent features and work conditions, which Bulgaria offers. It comes as no surprise that with the fantastic office premises in Sofia and the well-educated and trained staff, the favorable tax conditions and the low wages, Bulgaria ranks among the favorite outsourcing destinations in Europe for the companies.

The rental levels of Sofia offices are among the lowest in Europe. The offices of class A could be rented for 9 to 12 Euro/sq.m., depending on their location and the size of the rental office in Sofia. Even in a situation of economic crises, there is a tendency among the investors to be more demanding when their tenants are concerned. The investors now are not only looking for three-months rental as a guarantee but asks for guarantee for the branches of the international companies from the main office of the company. The tendency is for the offices of the highest class A to be quickly rented. In 2012 the rented office premises in Sofia were around 96 000 sq.m, while for the first half of 2013 they were 45 000 sq.m. with another 25 000 sq.m. of Sofia office premises to be rented in the near future. In general the second half of the year us more active than the first, which means that the real estate agencies are expecting more offices in Sofia to be rented with the rental peak to be in October.