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Sofia office vacancy rate could reach 10% by year-end - report

Fri, Dec 12 2008 14:06 CET

byNick Iliev

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After a calm first half of the year, about 65 000 sq m of class A and B office space hit the market in Sofia in the third quarter of 2008, which could drive the office vacancy rate in the Bulgarian capital, financial news website investor.bg reported on December 12, quoting a survey by consultancy firm MBL.

The overall figure of office space now stands at 874 100 sq m, of which 81 per cent is outside the immediate city centre.

Construction activity during the period was high despite the developing global financial crisis and there was no change in the amount of new office buildings being built in the third quarter. In July-September, several large-scale projects were initiated, combining for over 750 000 sq m of office space, of which 75 per cent were in the Sofia suburbs, and 21 per cent in the wide central area of Sofia and the rest in the Sofia city center.

For the full story, please visit propertywisebulgaria.com

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