Category: blog

Right after the active 2015 on the office market in Sofia, the real estate experts gave prognosis for dynamic 2016 and the situation on the office market has proven them right. Despite all the new office premises that have started in 2015 and 2016, the demand for available office premises of the highest class will still be serious. Currently, the available offices on the market in Sofia are approximately 22 400 sq.m, which is quite insufficient for the number of international companies that want to open offices in Sofia and the ones that are already here and wish to expand and thus relocate to more spacious office areas.

According to the plans of the big construction companies, 80 000 sq.m of office premises are to be completed by the end of this year and another 240 000 sq.m of offices are planned to be ready in 2017. Not all of these office premises will be in Sofia, however, as some of them will be based in the cities of Bourgas and Plovdiv. The companies that are looking to invest in the office segment in Bulgaria are from the IT and the Outsourcing sphere, various call centers, consultant and shared services companies.

More than one fifth of the office premises that are under construction in Sofia are already rented, mainly by companies in the outsourcing industry. The international companies that want to make business in Bulgaria are focused on Sofia, but some are also looking towards the cities of Plovdiv, Bourgas, Varna and Rousse. The drop in the vacancy of office premises is another indicator of the office market in Sofia and the increased demand for quality office space in the capital of Bulgaria. The rental levels of the high-quality offices of class A are between 12 and 14 Euro/sq.m, however the number of discounts and special offers has dropped.

During the recent years Bulgaria has received several awards, among which Destination of the Year by the European Outsourcing Association and the UK Outsourcing Association. Another great recognition comes from the fact that Sofia city was chosen to host the annual conference Leadership Summit & Awards 2016, during which it became clear that the quality projects of class A that answer the needs and the requirements of the international companies will strongly differentiate from the other offices on the market.

The supply of high-quality office premises in Sofia has increased with more than 5 % in the last six months, reaching approximately 1 900 000 sq.m. This became possible as the new offices of 79 500 sq.m. of Capital Ford business center were added to the number of the available offices in the capital Sofia. The offices of class A that are on demand are usually rented by international companies working in the sphere of services, real estate, IT, outsourcing and pharmaceutical sphere.

The prognosis on the office market sector are for stable and serious demand for offices of the highest quality in Sofia for the year ahead. The rental levels of the office premises vary between 12 and 14 Euro/sq.m depending on the location and the available facilities. The interest towards Sofia and Bulgaria in general on the part of the companies and investors is quite serious. In the next two years, the offices in Bulgaria that are planned to be constructed are as follows – 80 000 sq.m in 2016 and 240 000 sq.m in 2017.

The Long Tower Office Building that is to be constructed in Sofia city is named so due to its impressive height of 56 meters. It will include office premises of various size and layout, welcoming waiting areas, underground parking zone and panoramic terrace. The new office center will be situated on Bulgaria Blvd, parallel to Todor Kablieshkov Blvd. above the roof of the already operating trade center Bulgaria Mall. The seven storey building will cover 18 550 sq.m of area and will feature many premises of different usage.

The main entrance of the Long Tower office center will be placed from the side of Todor Kableshkov Blvd. There will be a second entrance to the south towards Bulgaria Blvd. The ground area will provide the connection between the underground floors with the parking lots and the above ground floors with the offices. There will be located the main entrance and the welcoming zone. Close to the reception zone will be located the security guard’s premises. The connection to the shopping center will be possible from all levels of the office building.

Garitage Park in Sofia is a multifunctional gated project situated in the area above the Ring Road and after Sofia Park Villas. The project of the office building has been considered in a wise way including various premises that the professionals and the residents might need including modern offices of different size, commercial premises, school, sports zones and entertainment areas with two entrances – from the Ring Road and from the bridge at Arena Cinema.

Garitage Park will cover an area of 165 sq.m, which is almost double the size of Business Park Sofia. The project will offer 95 000 sq.m. of offices, 60 000 sq.m of apartments, 4500 parking lots, a sports center with a swimming pool, etc. The investment made will be around 150 million Euro. The project will be built in several phases. The first one will be focused on two office buildings of 18 000 sq.m, 120 apartments and the underground parking area for the first three office and residential buildings. The second phase will be focused on the infrastructure. The third phase will be focused on the taller office and residential buildings.