The situation with the office construction in Sofia

In the past five years the tenants and the buyers of Sofia offices were the ones dictating the market for office space in the Bulgarian capital. This is expected to change in the near future, but why is this so? The answer is simple – the supply of office space in Sofia has increased just slightly in 2013 when only three business centers of class A have been completed. During the current year it is unlikely for significant office projects intended for rent to be completed. Some of those complexes that are currently under construction also slow a slight progress and the prognosis are that they will be delayed and will have 2015 as a completion date. The office space under construction may seem significant, but it is not certain that all projects will be completed as promised.

Five are the most sought after office centers in Sofia, where two of them are fully rented out or sold out. At the same time the vacant spaces in the other three are less than 10 %. The percentage of all office premises that are available in the top ten office complexes in Sofia are less than 14 %. This means that the large corporate companies will find it difficult to get office premises that correspond to their requirements for architecture of the building, location and transport connections. The rental levels have remain the same with the best and most prestigious offices being offered between 9 and 12 Euro/sq.m per month.